nep-knm New Economics Papers
on Knowledge Management and Knowledge Economy
Issue of 2018‒07‒09
650 papers chosen by
Laura Ştefănescu
Centrul European de Studii Manageriale în Administrarea Afacerilor

  1. Measuring the impact of business: Sustainability Reporting by Corporations in Emerging Asia By Sta. Romana, Leonardo L.
  2. Measuring the impact of business: Sustainability Reporting by Corporations in Emerging Asia By Sta. Romana, Leonardo L.
  3. A Blended Learning Model Used to Prepare Saudi Arabian Doctoral Students to be Knowledge-Based Educational Leaders By Abdourahmane Barry; Fatemah Abdullah Alhazmi
  4. Are subsidies to weather-index insurance the best use of public funds? A bio-economic farm model applied to the Senegalese groundnut basin By Aymeric Ricome; François Affholder; Françoise Gérard; Bertrand Muller; Charlotte Poeydebat; Philippe Quirion; Moussa Sall
  5. Proposition of a Method enabling Components Requisitions and Forecasts Analysis in Assemble-to-Order Systems By Mohammed Hichame Benbitour; Evren Sahin; Yves Dallery
  6. Auction design and auction outcomes By Koutroumpis, Pantelis; Cave, Martin
  7. The Impact of Exogenous Demand Shock on the Housing Market: Evidence from the Home Purchase Restriction Policy in the People’s Republic of China By Cao, Xiaping; Huang, Bihong; Lai, Rose Neng
  8. A New model of mergers and innovation By Piuli Roy Chowdhury
  9. Cooperation stability: A representative sample in the lab By Toke R. Fosgaard
  10. Rethinking Age-heaping, a Cautionary Tale From Nineteenth Century Italy By Brian A'Hearn; Alexia Delfino; Alessandro Nuvolari
  11. Is socially responsible investing (SRI) in stocks a competitive capital investment? A comparative analysis based on the performance of sustainable stocks By Blankenberg, Ann-Kathrin; Gottschalk, Jonas F. A.
  12. Kamuda Yenilik: İstanbul’daki Kamu Kurumları Üzerinden Bir Araştırma By Pişkin, Fatih
  13. Knowledge management in Interreg cross-border cooperation: A project perspective By Marx, Susanne
  14. Capital Skill Substitutability and the Labor Income Share: Identification Using the Morishima Elasticity of Substitution By Paul, Saumik
  15. Online Appendix to "Gradualism and Liquidity Traps" By Taisuke Nakata; Sebastian Schmidt
  16. Regional digital market: Strategic aspects By -
  17. Digital Traces: Personalization and Privacy By Li, T.
  18. Online Appendix to "The Asymmetric Cyclical Behavior of the U.S. Labor Market" By Domenico Ferraro
  19. The Effect of Emigration on Household Labor Supply: Evidence from Central Asia and South Caucasus By Paul, Saumik
  20. Active Learning Fosters Financial Behavior: Experimental Evidence By Tim Kaiser; Lukas Menkhoff
  21. L'aventure industrielle de la 4 CV Renault By Dominique Lejeune
  22. Intellectual Structure and Emancipation of Word of Mouth Research: A Bibliometric Analysis of a Multidisciplinary Research Field By Reckmann, Tobias
  23. Future green economies and regional development: a research agenda By Gibbs, David; O'Neill, Kirstie
  24. The Link Between Benevolence and Well-Being in the Context of Human-Resource Marketing By Catherine Viot; Laïla Benraiss-Noailles
  25. The Role of Financial Literacy and Money Education on Wealth Decisions By Alessandro Bucciol; Martina Manfre'; Marcella Veronesi
  26. What kinds of regional innovation systems occur around federal agencies? By Martin Warland
  27. Technology, business model, and market design adaptation toward smart electricity distribution: Insights for policy making By Pereira, Guillermo Ivan; Specht, Jan Martin; Pereira da Silva, Patrícia; Madlener, Reinhard
  28. Historical Roots of Entrepreneurial Culture and Innovation Activity?An Analysis for German Regions By Michael Fritsch; Martin Obschonka; Michael Wyrwich
  29. Human capital accumulation through recurrent education By Mariko Tanaka
  30. Impact d'un risque technologique majeur dans l'attractivité des territoires By Charles REGNACQ
  31. Historical Roots of Entrepreneurial Culture and Innovation Activity - An Analysis for German Regions By Michael Fritsch; Michael Wyrwich; Martin Obschonka
  32. A Consistent Variance Estimator for 2SLS When Instruments Identify Different LATEs By Seojeong Lee
  33. Agiles Business Model Management mit dem Canvas Business Model By Becker, Marco; Daube, Carl Heinz
  34. From numbers to practice - identification and analysis of the indicators related to the quality of the didactic process in the primary education in Macedonia By Ana Mickovska-Raleva; Ana Tomovska-Misoska; Olimpija Hristovska-Zaeva; Suzana Cerepnalkovska; Vesna Kostik Ivanovik
  35. Financial Markets and the Allocation of Capital: The Role of Productivity By Filippo Di Mauro; Fadi Hassan; Gianmarco I. P. Ottaviano
  36. Economic Modeling and Valorization of Biobanks By Carole HARITCHABALET; Catherine BOBTCHEFF
  37. Building Nations Through Shared Experiences: Evidence from African Football By Emilio Depetris-Chauvin; Ruben Durante; Filipe R. Campante
  38. Do higher salaries yield better teachers and better student outcomes? By Cabrera, José María; Webbink, Dinand
  39. Propositions pour une modélisation des processus de didactisation sur des Questions Socialement Vives By Alain Legardez
  40. Asymptotic Refinements of a Misspecification-Robust Bootstrap for Generalized Method of Moments Estimators By Seojeong Lee
  41. Economic crisis slows European convergence By Diermeier, Matthias; Jung, Markos; Sagner, Pekka
  42. Expertise in the relationship between biobanks and research units By Carole HARITCHABALET; Catherine BOBTCHEFF
  43. Children’s work and Wages, 1270-1860 By Sara Horrell; Jane Humphries
  44. Prudence and preference for flexibility gain By Daniel Danau
  45. The Bretton Woods Experience and ERM By Chris Kirrane
  46. Local budgets and procurements: Qualitative insights from the municipalities of Prilep, Krushevo and Krivogashtani By Despina Tumanoska
  47. Introduction to the special issue: a new economic history of China By Mitchener, Kris James; Ma, Debin
  48. An axiomatisation of the Banzhaf value and interaction index for multichoice games By Mustapha Ridaoui; Michel Grabisch; Christophe Labreuche
  49. The Long-term Effects of Long Terms: Compulsory Schooling Reforms in Sweden By Fischer, Martin; Karlsson, Martin; Nilsson, Therese; Schwarz, Nina
  50. The Effects of Highway Tolls on Private Business Activity – Results from a Natural Experiment By João Pereira dos Santos; David B. Audretsch; Dirk Christian Dohse
  51. How Does School Accountability Affect Teachers? Evidence from New York City By Rebecca Dizon-Ross
  52. Le rapport Duron fait des économies, le rapport Spinetta fait de l’économie By Alain Bonnafous
  53. Do Criminally Accused Politicians Affect Economic Outcomes? Evidence from India By Nishith Prakash; Marc Rockmore; Yogesh Uppal
  54. The Hardships of Long Distance Relationships: Time Zone Proximity and Knowledge Transmission within Multinational Firms By Dany Bahar
  55. The autocatalytic sprawl of pseudorational mastery (version 0.12) By Martin, Ulf
  56. Vague lies and lax standards of proof: On the law and economics of advice By Mikhail Drugov; Marta Troya-Martinez
  57. Does My High Blood Pressure Improve Your Survival? Overall and Subgroup Learning Curves in Health By Raf Van Gestel, Tobias Mueller, Johan Bosmans
  58. Sustainability of the pension system in Macedonia: A comprehensive analysis and reform proposal with MK-PENS - dynamic microsimulation model By Blagica Petreski; Pavle Gacov
  59. The price for instrumentally valuable information By Roxane Bricet
  60. Impact evaluation of the program for training, mentoring and internship/employment of persons exposed at social risk By Blagica Petreski; Nikica Mojsoska-Blazevski
  61. Patterns, Trends and Policy Implications of Private Spending on Skills Development in Mexico and the United States By Miguel Székely; Pamela Mendoza
  62. Sensitivity of Regular Estimators By Yaroslav Mukhin
  63. Tullock Contests Reward Information Advantages By Shitovitz, Benyamin; Selay, A.; Moreno Ruiz, Diego; Haimanko, Ori; Einy, Ezra; Aiche, A.
  64. Common Ownership of Public Goods By Maija Halonen-Akatwijuka; Evagelos Pafilis
  65. Weak Correlations of Stocks Future Returns By Ludovico Latmiral
  66. Learning from failure in healthcare: Dynamic panel evidence of a physician shock effect By Raf Van Gestel, Tobias Mueller, Johan Bosmans
  67. Customs Administration in Russia: What to Do? By Balandina, Galina; Ponomarev, Yuriy; Sinelnikov-Murylev, Sergei G.; Tochin, Andrey
  68. Fiscal disparity, institutions and asymmetric yardstick competition By Farah, Alfa
  69. Long-run Effects of Lottery Wealth on Psychological Well-being By Erik Lindqvist; Robert Östling; David Cesarini
  70. Introduction: Aspects des transmissions familiales entre générations By Michel Forsé; Maxime Parodi
  71. Exporters, importers and employment firm-level evidence from Africa By Duda-Nyczak, Marta.; Viegelahn, Christian.
  72. Inflation targeting in low-income countries: Does IT work? By Michael Bleaney; Atsuyoshi Morozumi; Zakari Mumuni
  73. Russian Real Wages Before and After 1917: in Global Perspective By Robert Allen; Ekaterina Khaustova
  74. Making investment work for productivity-enhancing, inclusive and sustainable development: What we know, and what we would still like to know By Görg, Holger
  75. Sieben Szenarien zum Euroausstieg By Dilger, Alexander
  76. Budget 2018-2019 : quel impact des mesures socio-fiscales sur le taux d’épargne des ménages ? By Pierre Madec; Mathieu Plane
  77. Pension Reform: Disentangling Retirement and Savings Responses By Lindeboom, Maarten; Montizaan, Raymond
  78. Insécurité et congestion : comment évaluer les coûts externes ? By Yves Crozet
  79. Associating Turkey with the Transatlantic Trade and Investment Partnership: A costly (re‐) engagement? By Altay, Serdar
  80. Testing for the Conditional Geometric Mixture Distribution By JIN SEO CHO; JIN SEOK PARK; SANG WOO PARK
  81. L'indicateur avancé : baisse de régime de l'économie française By Hervé Péléraux
  82. Size-Dependent Policies and Efficient Firm Creation By Sakai Ando
  83. Tele-Communications 2.0: The Age of the Internet By Vahagn Jerbashian; Anna Kochanova
  84. Uncertainty and economic activity: a multi-country perspective By Cesa-Bianchi, Ambrogio; Pesaran, M Hashem; Rebucci, Alessandro
  85. Vagueness of Language: Indeterminacy under Two-Dimensional State Uncertainty By Saori CHIBA
  86. The distribution of value added among firms and countries the case of the ICT manufacturing sector By Delautre, Guillaume.
  87. Overhaul of the social assistance system in Macedonia: Simulating the effects of introducing Guaranteed Minimum Income (GMI) scheme By Marjan Petreski; Nikica Mojsoska-Blazevski
  88. Economic Policy Uncertainty Spillovers in Booms and Busts By Giovanni Caggiano; Efrem Castelnuovo
  89. Optimal investment and consumption with forward preferences and uncertain parameters By Wing Fung Chong; Gechun Liang
  90. On importance indices in multicriteria decision making By Michel Grabisch; Christophe Labreuche; Mustapha Ridaoui
  91. A Framework to Study the Role of Structural Transformation in Productivity Growth and Regional Convergence By Fukao, Kyoji; Paul, Saumik
  92. Deep Integration: Considering the Heterogeneity of Free Trade Agreements By Jaime Ahcar; Jean-Marc Siroën
  93. Qualité de l’emploi et aspirations professionnelles : quels liens avec la mobilité volontaire des jeunes salariés en CDI ? By Mickaël Portela; Camille Signoretto
  94. Bootstrapping Mean Squared Errors of Robust Small-Area Estimators: Application to the Method-of-Payments Data By Valéry D. Jiongo; Pierre Nguimkeu
  95. Informal sector inclusion in the sustainable waste management system as an opportunity for employment and social inclusion of vulnerable groups By Zoran Sapuric; Sanela Shkrijelj; Blazhe Josifovski
  96. Editorial: Special issue on sustainability trends: metrics and approaches By Cecilia Temponi; Valérie Botta-Genoulaz
  97. Universal Health Insurance in the Republic of Macedonia and Effects from the Implementation of the Project "Health Insurance for All" By Maja Parnardzieva-Zmejkova; Vladimir Dimkovski
  98. Eterogeneità delle imprese e tagnazione del capitalismo italiano By A. Arrighetti; F. Landini
  99. The influence of Sen’s applied economics on his “social choice” approach to justice: agency at the core of public action to remove injustice By Muriel Gilardone
  100. Foreign Direct Investments: A Comparison of EAEU, DCFTA and Selected EU-CEE Countries By Peter Havlik; Gabor Hunya; Yury Zaytsev
  101. Quicksand or Bedrock for Behavioral Economics? Assessing Foundational Empirical Questions By Victor Stango; Joanne Yoong; Jonathan Zinman
  102. The Role of Human Capital Resources in East African Economies By Urgaia; Worku R.
  103. Taux de change euro/dollar: Un effet BCE ou Réserve fédérale ? By Christophe Blot; Paul Hubert; Rémi Odry
  104. Specialization within global value chains: The role of additive transport costs By Lanz, Rainer; Piermartini, Roberta
  105. Adjustment to Trade Opening: The Case of Labor Share in India's Manufacturing Industry By Gupta, Prachi; Helble, Matthias
  106. On endogeneity and shape invariance in extended partially linear single index models By Jiti Gao; Namhyun Kim; Patrick W. Saart
  107. Business models for freight and logistics services By Meyer, Niclas; Horvat, Djerdj; Hitzler, Matthias; Doll, Claus
  108. Three Generations of Changing Gender Patterns of Schooling in the People’s Republic of China By McGarry, Kathleen; Sun, Xiaoting
  109. Selection versus Talent Effects on Firm Value By Briana Chang; Harrison Hong
  110. Tax Progressivity and Self-Employment Dynamics By Arulampalam. Wiji; Papini, Andrea
  111. The labor share in the service economy By Luis Díez Catalán
  112. Ethics and economics: making cyclical downturns less severe: remarks at the Fourth Annual O. John Olcay Lecture on Ethics and Economics, Peterson Institute for International Economics, Washington, D.C., June 27, 2018 By Rosengren, Eric S.
  113. Accounting for Mismatch Unemployment By Herz, Benedikt; van Rens, Thijs
  114. On-call and related forms of casual work in New Zealand and Australia By Campbell, Iain
  115. Effects from state investments in public health care for the period 2010-2016 By Biljana Indova; Branko Adjigogov
  116. State Of Manufacturing In South Africa By Haroon Bhorat; Chris Rooney
  117. Hedonic Recommendations: An Econometric Application on Big Data By Okay Gunes
  118. Social distance, immigrant integration, and welfare chauvinism in Sweden By Goldschmidt, Tina; Rydgren, Jens
  119. The long run impact of foreign direct investment, exports, imports and GDP: evidence for Spain from an ARDL approach By Verónica Cañal-Fernández; Julio Tascón Fernández
  120. Mining Pipe-Shaped Ore Deposits By Bell, Peter
  121. Economic challenge and new maritime risks management: What blue growth? By Patrick Chaumette
  122. What is a foreign firm? Implications for productivity spillovers By La Cour, Lisbeth; McGaughey, Sara; Raimondos, Pascalis
  123. Higher order risk attitudes and prevention under different timings of loss By Takehito Masuda; Eungik Lee
  124. Pengaruh Zakat Harta Untuk Kesejahteraan Ekonomi Masyarakat Petani di Wilayah Bandung By Muhammad, Tsani Abdulhakim; Chyntia, Indah Pratiwi
  125. Wirtschaftskrise bremst europäische Konvergenz By Diermeier, Matthias; Jung, Markos; Sagner, Pekka
  126. Optymalizacja polityki finansowej samorządów By Korniluk, Dominik
  127. FDI as a contributing factor to economic growth in Burkina Faso: How true is this? By Zandile, Zezethu; Phiri, Andrew
  128. Dismissal Laws, Innovation, and Economic Growth By Subramanian, Krishnamurthy V.
  129. Nonlinear Class Size Effects on Cognitive and Noncognitive Development of Young Children By Marie Connolly; Catherine Haeck
  130. Preferences for information precision under ambiguity By Roxane Bricet
  131. Peran Zakat Maal Dalam Perkembangan Ekonomi Indonesia Dengan Basis Ekonomi Pertanian By Aqil Alviana, Gunawan; Muhammad, Tsani Abdulhakim
  132. Trophée entreprise et territoire : immersion dans le métier de l’audit By Christel Dubrulle; Nathalie Duran; Cécile Maunier
  133. Opportunistic Migration: A Collateral Promise for Development in Seasonal Migration of Southwest Coastal Bangladesh By Md Mostafizur Rahman; Mahmud Uz Zaman; Ali Haider
  134. Volatility Linkages between Energy and Food Prices: Case of Selected Asian Countries By Taghizadeh-Hesary, Farhad; Rasoulinezhad, Ehsan; Yoshino, Naoyuki
  135. School Finance Reforms, Teachers’ Unions, and the Allocation of School Resources By Eric J. Brunner; Joshua Hyman; Andrew Ju
  136. Prélèvement à la source de l'impôt sur le revenu et année de transition : quel impact pour les finances publiques et l'équité générationelle ? By Gilles Le Garrec; Vincent Touze
  137. Österreichs Wettbewerbsfähigkeit im internationalen Vergleich By Michael Peneder; Nicole Schmidt; Anna Strauss; Stefan Weingärtner
  138. Die Verantwortung von Wirtschaftswissenschaftlern für Wirtschaftskrisen und die Wirtschaft allgemein By Dilger, Alexander
  139. Die zukünftige Bedeutung der REFA-Methodenlehre im Rahmen von Industrie 4.0 By Ahrens, Volker
  140. Parameter Learning and Change Detection Using a Particle Filter With Accelerated Adaptation By Karol Gellert; Erik Schl\"ogl
  141. Pratiques de GRH dans les très petites entreprises sénégalaises : pertinence d'une gestion qui concilie tradition et modernité By Serge Francis Simen
  142. Fast Track to Growth? The Impact of Railway Access on Regional Economic Development in 19th Century Switzerland By Konstantin Buechel, Stephan Kyburz
  143. Türk Bankacılık Sektörü Tarafından Alınan Sendikasyon Kredilerinde Spreadi Belirleyen Faktörler By Pişkin, Fatih
  144. International monetary policy spillovers through the bank funding channel By Lindner, Peter; Loeffler, Axel; Segalla, Esther; Valitova, Guzel; Vogel, Ursula
  145. E-commerce Development and Entrepreneurship in the People’s Republic of China By Huang, Bihong; Shaban, Mohamed; Song, Quanyun; Wu, Yu
  147. La concentración de los mercados en la economía digital By Núñez Reyes, Georgina; De Furquim, Júlia
  148. Der MB-IX in börsennotierten Unternehmen: Verankerung der Mitbestimmung im letzten Jahrzehnt By Scholz, Robert; Vitols, Sigurt
  149. Stability results for martingale representations: the general case By Antonis Papapantoleon; Dylan Possamai; Alexandros Saplaouras
  150. Final assessment report. Assessment of development account project 14/15 AJ: Logistics integration for a more sustainable exploitation of natural resources in Latin America and the Caribbean By -
  151. Geography Dictates, But How? Topography, Spatial Concentration and Sectoral Diversification By Chowdhury, Mohammad Tarequl Hasan; Rahman, Muhammad Habibur; Ulubasoglu, Mehmet Ali
  152. Do digital information technologies help unemployed job seekers find a job? Evidence from the broadband internet expansion in Germany By Gürtzgen, Nicole; Nolte, André; Pohlan, Laura; van den Berg, Gerard J.
  153. Two Great Trade Collapses: The Interwar Period & Great Recession Compared By Kevin Hjortshøj O'Rourke
  154. Combining budget cuts and efficiency of hospitals in France and the United Kingdom: the example of the tariff policy for day surgery. By Isabelle Hirtzlin
  155. Contagion of Pro- and Anti-Social Behavior Among Peers and the Role of Social Proximity By Eugen Dimant
  156. Household Education Spending in Latin America and the Caribbean: Evidence from Income and Expenditure Surveys By Santiago Acerenza; Néstor Gandelman
  157. Stock and Flows in the Countegration Context By Micha³ Majsterek
  158. Pacte ferroviaire, Etat actionnaire, Etat stratège ou … Etat présomptueux ? By Yves Crozet
  159. Fiscal Rules: Towards a New Paradigm for Fiscal Sustainability in Small States By Allan Wright; Kari Grenade; Ankie Scott-Joseph
  160. Bank profitability and economic growth By Klein, Paul-Olivier; Weill, Laurent
  161. What Makes An Asset Useful? By Yves-Laurent Kom Samo; Dieter Hendricks
  162. A managerial approach to corporate sports hospitality: The case of Belgian football By BALLIAUW, Matteo; VERLINDEN, Thomas; DE CROOCQ, Lisa; FOBE, Aline; VAN DEN SPIEGEL, Tomas
  163. Naïve and Sophisticated Mixing: Experimental Evidence By Christian Alcocer;Thomas D. Jeitschko; Robert Shupp; Thomas D. Jeitschko; Robert Shupp
  164. Exit problem as the generalized solution of Dirichlet problem By Yuecai Han; Qingshuo Song; Gu Wang
  165. Testing Cointegrating Relationships Using Irregular and Non-Contemporaneous Series with an Application to Paleoclimate Data By J. Isaac Miller
  166. Eurokrise: Austrittserwartungen aus dem Euroraum spiegeln sich in Zinsaufschlägen wider By Alexander Kriwoluzky; Christian Bayer; Chi Hyun Kim
  167. Incentive effects from write-down CoCo bonds: An empirical analysis By Hesse, Henning
  168. Ill-posed Estimation in High-Dimensional Models with Instrumental Variables By Christoph Breunig; Enno Mammen; Anna Simoni
  169. Eliciting temptation and self-control through menu choices: a lab experiment By Toussaert, Séverine
  170. The Impact of Trade and Technology on Skills in Viet Nam By Poole, Jennifer; Santos-Paulino, Amelia; Sokolova, Maria; DiCaprio, Alisa
  171. Que doit-on déduire des chiffres d’inflation ? By Eric Heyer
  172. Maastricht and Monetary Cooperation By Chris Kirrane
  173. La politique dans la chaîne des générations: Quelle place et quelle transmission ? By Anne Muxel
  174. Effects of Institutional History and Leniency on Collusive Corruption and Tax Evasion By Johannes Buckenmaier; Eugen Dimant; Luigi Mittone
  175. Agencias regulatorias del Estado, aprendizaje y desarrollo de capacidades tecnológicas internas: Los casos del Servicio Nacional de Pesca y Acuicultura y el Servicio Nacional de Geología y Minería de Chile By Cáceres, Rodrigo; Katz, Jorge; Dini, Marco
  176. Schriftliche Stellungnahme zu einer öffentlichen Anhörung des Bundestagsausschuss für die Angelegenheiten der Europäischen Union - zu der Mitteilung der Europäischen Kommission "Weitere Schritte zur Vollendung der Wirtschafts- und Währungsunion Europas: Ein Fahrplan" (Ratsdokument 15653/17) By Demary, Markus; Diermeier, Matthias; Hüther, Michael; Jung, Markos; Matthes, Jürgen
  177. IFRS 11 und 12 - Fluch oder Segen für die Finanzberichterstattung der Kooperationspartner? Erste Ergebnisse aus der Analyse der Eigenkapitalkostenentwicklung der Unternehmen des deutschen Prime Standards By Wolf, Robin Paul
  178. The Determinants of Price Rigidity in the UK: Analysis of the CPI and PPI Microdata and Application to Macrodata Modelling By Zhou, Peng; Dixon, Huw David
  179. The emergence of the RMB: A "New Normal" for China's exchange rate system? By Kunze, Frederik; Basse, Tobias; Wegener, Christoph; Spiwoks, Markus
  180. On critical dynamics and thermodynamic efficiency of urban transformations By Emanuele Crosato; Ramil Nigmatullin; Mikhail Prokopenko
  181. Volatility-of-volatility risk By Huang, Darien; Schlag, Christian; Shaliastovich, Ivan; Thimme, Julian
  182. Foreign Multinationals and Vietnamese Firm Exports, 2010-2013 By Eric D. , Ramstetter
  183. The anatomy of a trade collapse: The UK, 1929-33 By Kevin Hjortshøj O'Rourke; Alan de Bromhead; Alan Fernihough; Markus Lampe
  184. Discounted Solidarity Values By Emilio Calvo; Esther Gutiérrez-López
  185. Política de competencia y convergencia de sectores: Tecnologías de la información y financieras By Núñez Reyes, Georgina; De Furquim, Júlia
  186. Leaving no one behind: Some conceptual and empirical issues By Stephan Klasen; Marc Fleurbaey
  187. Using multiple reference levels in Multi-Criteria Decision Aid: the Generalized-Additive Independence model and the Choquet integral approaches By Christophe Labreuche; Michel Grabisch
  188. Common Values, Unobserved Heterogeneity, and Endogenous Entry in U.S. Offshore Oil Lease Auctions By Giovanni Compiani; Philip A. Haile; Marcelo Sant'Anna
  189. Skill Selection and American Immigration Policy in the Interwar Period By Alexander A. J. Wulfers
  190. Public Policy in an AI Economy By Austan Goolsbee
  191. Calcul et affichage des émissions de CO2 dans les transports : pour en finir avec le niveau 1 By Maurice Bernadet; Yves Crozet
  192. Tactical Extremism By Jon X. Eguia; Francesco Giovannoni
  193. Combining sign and parametric restrictions in SVARs by Givens Rotations By Lance A. Fisher; Hyeon-seung Huh
  194. Regulation and risk shuffling in bank securities portfolios By Fuster, Andreas; Vickery, James
  195. Finanzinvestoren und Mitbestimmung: Wie der Wandel der Investorenlandschaft die Mitbestimmung herausfordert By Sekanina, Alexander
  196. Quality certifications for nonprofits, charitable giving, and donor's trust: experimental evidence By Adena, Maja; Alizade, Jeyhun; Bohner, Frauke; Harke, Julian; Mesters, Fabio
  197. Lending by Regional Financial Institutions Driven by Hometown Tax Donation and Ensuing Prospects for Intra-regional Industry-Government-Banking Collaboration By Takaaki Hoda; Yuichiro Kubo
  198. Accelerating Digital Trade in Latin America and the Caribbean By Kati Suominen
  199. Jupiter, le COI et les grands projets, du bon usage de la marche arrière By Yves Crozet
  200. Regional economic disparities in Finland By Fornaro, Paolo
  201. A Second Look at Post Crisis Pricing of Derivatives - Part I: A Note on Money Accounts By Hovik Tumasyan
  202. Estimation of costs to the NHS and social care due to the health impacts of air pollution By Pimpin, L; Retat, L; Fecht, D; De Preux Gallone, LB; Sassi, F; Gulliver, J; Belloni, A; Ferguson, B; Corbould, E; Jaccard, A; Webber, L
  203. Does Ignorance of Economic Returns and Costs Explain the Educational Aspiration Gap? Evidence from Representative Survey Experiments By Lergetporer, Philipp; Werner, Katharina; Woessmann, Ludger
  204. Housing Taxation and Financial Intermediation By Hamed Ghiaie; Jean-François Rouillard
  205. An Assessment of the Forward-Looking Hypothesis of the Demand for Cigarettes By Robert Kaestner; Kevin Callison
  206. Taux de change d'équilibre et ampleur des désajustements internes à la zone euro By Sébastien Villemot; Bruno Ducoudre; Xavier Timbeau
  207. The marginal cost of public funds in large welfare state countries By Geir H. M. Bjertnæs
  208. When Britain turned inward: Protection and the shift towards Empire in interwar Britain By Kevin Hjortshøj O'Rourke; Alan de Bromhead; Alan Fernihough; Markus Lampe
  209. Optimal proportional reinsurance and investment for stochastic factor models By Matteo Brachetta; Claudia Ceci
  210. When does team remuneration work? An experimental study on interactions between workplace contexts By Bartke, Simon; Gelhaar, Felix
  211. Re-Thinking the CSP-CFP Linkage: Analyzing the Mechanisms Involved in Translating Socially-Responsible Behavior to Financial Performance By Mehrpouya, Afshin; Chowdhury, Imran
  212. Ältere Einfamilienhausgebiete im Umbruch: Eine unterschätzte planerische Herausforderung - Zur Situation in Nordrhein-Westfalen By Adam, Brigitte; Aring, Jürgen; Berndgen-Kaiser, Andrea; Hohn, Uta; Jochemsen, Kerstin; Kötter, Theo; Krajewski, Christian; Mielke, Bernd; Münter, Angelika; Utku, Yasemin; Weiß, Dominik; Wiese-von Ofen, Irene; Zakrzewski, Philipp
  213. Independent Ireland in Comparative Perspective By Kevin Hjortshøj O'Rourke
  214. Long-term Consequences of the Atomic Bombing in Hiroshima By Satoshi Shimizutani; Hiroyuki Yamada
  215. Estimation of a Scale-Free Network Formation Model By Anton Kolotilin; Valentyn Panchenko
  216. Unternehmensgründungen und Hochschulen: Eine Analyse der Bedeutung von universitärer Entrepreneurship-Bildung und Clustermitgliedschaften auf regionale Unternehmensgründungen By Bollmann, Tobias
  217. Exporting, importing and wages in Africa Evidence from matched employer- employee data By Duda-Nyczak, Marta.; Viegelahn, Christian,
  218. Foreign Ownership and Exports of Thai Manufacturing Plants by Industry in 1996 By Eric D. , Ramstetter
  219. Inter-ethnic Relations of Teenagers in England’s Schools: the Role of School and Neighbourhood Ethnic Composition By Simon Burgess; Lucinda Platt
  220. 'Economics' of prosperity: Why the dominant perspectives may be unhelpful to make sense of underdevelopment By Gupta, Avinash
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  224. Integración productiva entre la Argentina y el Brasil: Un análisis basado en metodologías de insumo-producto interpaís By Amar, Anahí; García Díaz, Fernando
  225. Taux d’activité et durée du travail : des impacts différenciés sur le taux de chômage By Bruno Ducoudre; Pierre Madec
  226. Do Living Labs Live in Russia? By Anna Kokareva; Evgeniy Kutsenko; Ekaterina Islankina
  227. Vertiefung und Konvergenz der europäischen Wirtschafts- und Währungsunion durch konzeptionelle und institutionelle Reformen der makroökonomischen Koordinierung By Willi Koll; Volker Andrew Watt
  228. Health and income: testing for causality on European elderly people By Amélie Adeline; Eric Delattre
  229. Power-law cross-correlations: Issues, solutions and future challenges By Ladislav Kristoufek
  230. Relancer l'investissement en Tunisie By Isabelle Joumard; Saïd Kechida; Hedi Larbi
  231. Stochastic model specification in Markov switching vector error correction models By Florian Huber; Michael Pfarrhofer; Thomas O. Z\"orner
  232. Government Financial Institutions and Capital Allocation Efficiency in Japan By Masami Imai
  233. On Historical Household Budgets By Brian A'Hearn; Nicola Amendola; Giovanni Vecchi
  234. Intermittent electric generation technologies and smart meters: substitutes or complements By Fadoua Chiba; Sebastien Rouillon
  235. Financial Inclusion, Financial Literacy, and Financial Education in Azerbaijan By Ibadoghlu, Gubad
  236. Linguistic Distance, Languages of Work and Wages of Immigrants in Montreal By Ibrahim Bousmah; Gilles Grenier; David Gray
  237. The Impact of Supervision and Incentive Process in Explaining Wage Profile and Variance By Nitsa Kasir; Idit Sohlberg
  238. Do Borrowing Constraints Matter for Intergenerational Educational Mobility? Evidence from Japan By Niimi, Yoko
  239. Fighting Mobile Crime. By Rosario Crinò; Giovanni Immordino; Salvatore Piccolo
  240. Asset Pricing with Downside Liquidity Risks By Sean A. Anthonisz; Talis Putnins
  241. Do Contemporary Plays Feature Fewer Roles? Some Empirical Evidence By Sacit Hadi Akdede; Victor Ginsburgh; Aynur Uçkaç
  242. Informe nacional de monitoreo de la eficiencia energética de Guatemala 2018 By -
  243. Ubérisation des services : les clients sont-ils toujours gagnants ? By Catherine Viot
  244. Interfirm Relationships and Business Performance_ By Jing Cai; Adam Szeidl
  245. Ethnische Hierarchien in der Bewerberauswahl: Ein Feldexperiment zu den Ursachen von Arbeitsmarktdiskriminierung By Koopmans, Ruud; Veit, Susanne; Yemane, Ruta
  246. Informe nacional de monitoreo de la eficiencia energética de México, 2018 By -
  247. Ageing, the socioeconomic burden, labour market and migration. The Chinese case in an international perspective By Bruni, Michele
  248. The Lights of Iraq: Electricity Usage and the Iraqi War-fare Regime By Cerami, Alfio
  249. Participation in global value chains and varieties of development patterns By Bruno Smichowski; Cédric Durand; Steven Knauss
  250. Financial asset bubbles in banking networks By Francesca Biagini; Andrea Mazzon; Thilo Meyer-Brandis
  251. Inference in structural vector auto regressions when the identifying assumptions are not fully believed : Re-evaluating the role of monetary policy in economic fluctuations By Baumeister, Christiane; Hamilton, James D.
  252. Asymmetric monetary policy responses and the effects of a rise in the inflation target By Benjamín García
  253. International Joint Ventures and Internal vs. External Technology Transfer: Evidence from China By Kun Jiang; Wolfgang Keller; Larry D. Qiu; William Ridley
  255. Estimating option prices using multilevel particle filters By P. P. Osei; A. Jasra
  256. Generalized framework for applying the Kelly criterion to stock markets By Tim Byrnes; Tristan Barnett
  257. Attractiveness of low-cost companies? The Influence of the employer brand on the attractiveness of low-cost companies By Laïla Benraiss-Noailles; Catherine Viot
  258. Krankenhäuser in privater Trägerschaft 2018 By Augurzky, Boris; Beivers, Andreas; Pilny, Adam
  259. Intermediary Organizations in Labor Markets By Takayuki Oishi; Jun Tomioka; Shin Sakaue
  260. The Effect of Grade Retention on Secondary School Performance: Evidence from a Natural Experiment By Ferreira Sequeda, Maria; Golsteyn, Bart; Parra Cely, Sergio
  261. The effect of grade retention on secondary school performance: Evidence from a natural experiment By Ferreira Sequeda, Maria; Golsteyn, Bart; Parra Cely, Sergio
  262. International Trade and Retail Market Performance and Structure: Theory and Empirical Evidence By Philipp Meinen; Horst Raff
  263. Neue Prioritäten für die Europäische Union: Normative Ableitung und Umschichtungspotenzial im neuen mehrjährigen Finanzrahmen By Busch, Berthold; Matthes, Jürgen
  264. Has Eastern European Migration Impacted UK-born Workers? By Becker, Sascha O.; Fetzer, Thiemo
  265. Correlates of ICTS and employment in Sub-Saharan Africa By Safia Khan; Kezia Lilenstein; Morne Oosthuizen; Christopher Rooney
  266. Expired and Expiring Authorizations of Appropriations: Fiscal Year 2018, Revised By Congressional Budget Office
  267. A parsimonious model of longevity, fertility, HIV transmission and development By Gori, Luca; Manfredi, Piero; Sodini, Mauro
  268. Consideraciones sobre las regulaciones aplicables en Centroamérica al intercambio comercial de las mercancías producidas en el régimen de zona franca By Ocampo, Fernando
  269. Taxes and the Location of Targets By Arulampalam. Wiji; Devereux, Michael P; Liberini, Federica
  270. International trade and retail market performance and structure: Theory and empirical evidence By Meinen, Philipp; Raff, Horst
  271. Transmission of Monetary Policy with Heterogeneity in Household Portfolios By Ralph Luetticke
  272. Euroscepticism and EU Cohesion Policy: The Impact of Micro-Level Policy Effectiveness on Voting Behaviour By Julia Bachtrögler; Harald Oberhofer
  273. Testing DSGE Models by indirect inference: a survey of recent findings By Meenagh, David; Minford, Patrick; Wickens, Michael; Xu, Yongdeng
  274. Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce By Austan D. Goolsbee; Peter J. Klenow
  275. Teori uang dan inflasi dalam analisis pemikiran Al Maqrizi By Hamidin, Dede
  276. Consumer Resistance By Halbheer, Daniel; Bertini, Marco; Buehler, Stefan
  277. Green Energy Finance in Australia and New Zealand By Diaz-Rainey, Ivan; Sise, Greg
  278. Young Enterprises and Bank Credit Denials By Mascia, Danilo V.
  279. Vollgeld und Vollreserve: Was bringt eine neue Geldordnung? By Stolzenburg, Ulrich
  280. Semiparametrically Point-Optimal Hybrid Rank Tests for Unit Roots By Bo Zhou; Ramon van den Akker; Bas J. M. Werker
  281. Instrumental Variables in the Long Run By Casey, Gregory; Klemp, Marc
  282. BARCOM REPORT 2: Bargaining Systems in the Commerce Sector By Marta Kahancová
  283. Application of SCOR flexibility metrics to assess the Industry 4.0-Readiness of Supply Chain Networks: An empirical study By Reder, Laura; Klünder, Timo
  284. Grants-in-aid and the prospect of re-election: The impact of EU funds on mayoral elections in Poland By Monika Banaszewska; Ivo Bischoff
  285. Working Capital Management, Cash Flow and SMEs’ Performance By Afrifa, Godfred; Tingbani, Ishmael
  286. Uncertainty about QE effects when an interest rate peg is anticipated By Gerke, Rafael; Giesen, Sebastian; Kienzler, Daniel
  287. A Tale of Three Crises in Turkey: 1994, 2001 and 2008–09 By Hasan Cömert; Erinç Yeldan
  288. Looking for work? Or looking for workers? Days and hours of work in London construction in the eighteenth century. By Judy Stephenson
  289. Warum fallen manche Adressatengruppen durch das Wahrnehmungsraster von Politik und Verwaltung? Hürden und Fehlanreize für die Berücksichtigung von Schutzbedarfen im politisch-administrativen Prozess By Reuse, Sandra
  290. Inflation targeting and monetary policy in Ghana By Michael Bleaney; Atsuyoshi Morozumi; Zakari Mumuni
  291. Asymptotic Refinements of a Misspecification-Robust Bootstrap for Generalized Empirical Likelihood Estimators By Seojeong Lee
  292. The transition in play worldwide employment trends in the electricity sector By Montt, Guillermo E.; Maître, Nicolas.; Amo-Agyei, Silas.
  293. The Growth slowdown and the working of inflation targeting in India By Ashima Goyal
  294. Pemikiran Ekonomi Al-Ghazali By Jeri, Ramsito
  295. The cocktail or about war in business affairs By Jean-Luc Moriceau
  296. Political Legacies By Fong, Christian; Malhotra, Neil; Margalit, Yotam M.
  297. Keep It Simple: A field experiment on information sharing in social networks By Catia Batista; Pedro Vicente; Marcel Fafchamps
  298. Has Fiscal Rule changed the Fiscal Marksmanship of Union Government? By Chakraborty, Lekha; Sinha, Darshy
  299. Are long-run output growth rates falling? By Ivan Mendieta-Munoz; Mengheng Li
  300. Advertising Economics Under Uncertainty: An Alternative Approach By James P. Gander
  301. The Housing Market Impacts of Constraining Second Home Investments By Christian A. L. Hilber, Olivier Schoeni
  302. Exchange Rates, International Trade, and Growth: Re-evaluation of Undervaluation By Sokolova, Maria V.
  303. The Triangle of ICOs, Bitcoin and Ethereum: A Time Series Analysis By Christian Masiak; Joern H. Block; Tobias Masiak; Matthias Neuenkirch; Katja N. Pielen
  304. Real Wages and Skill Premiums during Economic Development in Latin America By Pablo Astorga Junquera
  305. International confidence spillovers and business cycles in small open economies By Michał Brzoza-Brzezina; Jacek Kotłowski
  306. La Réserve fédérale hausse le ton By Christophe Blot
  307. Privatisierung, Kuratierung, Kommodifizierung: Kommerzielle Plattformen im Internet By Dolata, Ulrich
  308. BARCOM REPORT 1: Contents of Collective Bargaining Agreements in the Commerce Sector By Kea Tijdens
  309. On social preferences and the intensity of risk aversion By Stark, Oded
  310. Medida de aversión al Riesgo Mediante Volatilidades Implícitas Realizadas By Nicolás Álvarez; Antonio Fernandois; Andrés Sagner
  311. Aristotle vs. Plato: The distributive origins of the Cold War By Grigoriadis, Theocharis
  312. Is Liquidity Risk Priced in Partially Segmented Markets? By Langlois, Hugues; Chaieb, Ines; Errunza, Vihang R.
  313. Transborder Ethnic Kin and Local Prosperity : Evidence from Night-Time Light Intensity in Africa By Christophe Muller; Pierre Pecher
  314. Automation and Unemployment: Help is on the Way By Nakamura, Hideki; Zeira, Joseph
  315. Espagne : un budget 2018 dans les clous, n’en déplaise à la Commission By Christine Rifflart
  316. Cohesive Institutions and Political Violence By Fetzer, Thiemo; Kyburz, Stephan
  317. Your Retirement and My Health Behavior: Evidence on Retirement Externalities from a fuzzy regression discontinuity design By Tobias Mueller, Mujaheed Shaikh
  318. Institutional and organisational change in the German rail transport sector By Gandenberger, Carsten; Köhler, Jonathan Hugh; Doll, Claus
  319. Using Rules-of-Thumb: A Note on Sophisticated vs. Simple Mixing in Two-Player Randomly Matched Games By Christian Alcocer; Thomas D. Jeitschko; Thomas D. Jeitschko
  320. Cheap talk? Financial sanctions and non-financial activity By Besedeš, Tibor; Goldbach, Stefan; Nitsch, Volker
  321. Bodenzustandserhebung im Wald - Dokumentation und Harmonisierung der Methoden By Höhle, Juliane; Bielefeldt, Judith; Dühnelt, Petra; König, Nils; Ziche, Daniel; Eickenscheidt, Nadine; Grüneberg, Erik; Hilbrig, Lutz; Wellbrock, Nicole
  322. Input-Output-Verflechtungen der Sachgüternachfrage und von Ausgaben für Forschung und Entwicklung By Fritz, Oliver; Streicher, Gerhard; Unterlass, Fabian
  323. La negociación colectiva en el sector textil vestimenta en Uruguay By Mazzuchi, Graciela.; González, Eloísa.
  324. Giving once, giving twice: A two-period field experiment on inter-temporal crowding in charitable giving By Adena, Maja; Huck, Steffen
  325. Bolivia: Los Avances Sociales y Laborales en el Periodo de Boom Económico y los Desafíos con el Fin de la Bonanza By Wanderley, Fernanda
  326. The Changing Structure of Immigration to the OECD: What Welfare Effects on Member Countries? By Michal Burzynski; Frédéric Docquier; Hillel Rapoport
  327. Bayesian epidemic models for spatially aggregated count data By Malesios, C; Demiris, N; Kalogeropoulos, K; Ntzoufras, I
  328. Policy and Regulation for Energy Storage Systems By Miguel Vazquez; Matteo di Castelnuovo
  329. Targeting financial stability: macroprudential or monetary policy? By Aikman, David; Giese, Julia; Kapadia, Sujit; McLeay, Michael
  330. Identification of interbank loans and interest rates from interbank payments – A reliability assessment By Q. Farooq Akram; Mats B. Fevolden; Lyndsie H. Smith
  331. Pourquoi les inégalités de patrimoine sont-elles mieux tolérées que d'autres ? By Michel Forsé; Alexandra Frénod; Caroline Guibet Lafaye; Maxime Parodi
  332. Female Creativity in Organizations: What is the Impact of Team Composition in Terms of Gender during Ideation Processes? By Guy Parmentier; Séverine Leloarne-Lemaire; Mustapha Belkhouja
  333. Optimal Inflation and the Identification of the Phillips Curve By McLeay, Michael; Tenreyro, Silvana
  334. Priority to the furthest behind By Marc Fleurbaey
  335. The Impact of Monetary and Tax Policy on Income Inequality in Japan By Taghizadeh-Hesary, Farhad; Yoshino, Naoyuki; Shimizu, Sayoko
  336. Asymmetric response to PMI announcements in China's stock returns By Yingli Wang; Xiaoguang Yang
  337. The impact of the leverage ratio on client clearing By Smith, Jonathan; Ferrara, Gerardo; Rodriguez, Francesc
  338. Identification in Nonparametric Models for Dynamic Treatment Effects By Sukjin Han
  339. Cheap Talk? Financial Sanctions and Non-Financial Activity By Tibor Besedeš; Stefan Goldbach; Volker Nitsch
  340. Trade Networks and Economic Fluctuations in Asia By Giudici, Paolo; Huang, Bihong; Spelta, Alessandro
  341. Unemployment and Marital Breakdown: The Spanish Case By González-Val, Rafael; Marcén, Miriam
  342. Health Investment and Long run Macroeconomic Performance:a quantile regression approach By Francisca Silva; Marta Simões; João Sousa Andrade
  343. Counterparty credit risk and the effectiveness of banking regulation By Iman van Lelyveld; Sinziana Kroon
  344. An empirical investigation on the distributional impact of network charges in Germany By Schlesewsky, Lisa; Winter, Simon
  345. The ECB's Fiscal Policy By Hans-Werner Sinn
  346. Gender and climate change: Do female parliamentarians make difference? By Mavisakalyan, Astghik; Tarverdi, Yashar
  347. Can For-Profit Business Alleviate Extreme Poverty in Developing Countries? By Eswaran, Mukesh
  348. Understanding the gender wage gap differential between public and private sector in Italy: A quantile approach for panel data By Carolina Castagnetti; Maria Letizia Giorgetti
  349. Monthly Report No. 12/2017 By Vasily Astrov; Edward Bbaale; Leon Podkaminer; Oliver Reiter
  350. Efficient Liability in Expert Markets By Chen, Yongmin; Li, Jianpei; Zhang, Jin
  351. Using IRS Audit Data to Identify Income Shifting to Foreign Affiliates By De Simone, Lisa; Mills, Lillian F.; Stomberg, Bridget
  352. The Nexus of Entrepreneurship and Regional Development By Fischer, Manfred M.; Nijkamp, Peter
  353. Analyzing Decisiveness of Migration Intentions: Social Kinship that Matters By Aubrey D. Tabuga
  354. Japan and the Great Divergence, 730-1874 By Stephen Broadberry; Jean-Pascal Bassino; Kyoji Fukao; Bishnupriya Gupta; Masanori Takashima
  355. Representation of the people: Franchise extension and the "Sinn Féin election" in Ireland, 1918 By De Bromhead, Alan; Fernihough, Alan; Hargaden, Enda
  356. Uncertainty and Hyperinflation: European Inflation Dynamics after World War I By Jose A. Lopez; Kris James Mitchener
  357. How does the regular work of WTO influence regional trade agreements? By McDaniels, Devin; Molina, Ana Cristina; Wijkström, Erik
  358. Financial Incentives and Earnings of Disability Insurance Recipients: Evidence from a Notch Design By Ruh, Philippe; Staubli, Stefan
  359. Unreal Wages? A New Empirical Foundation for the Study of Living Standards and Economic Growth in England, 1260-1860 By Jane Humphries; Jacob Weisdorf
  360. Precise versus imprecise datasets: revisiting ambiguity attitudes in the Ellsberg paradox By Roxane Bricet
  361. Estimation of the common component in Dynamic Factor Models By Peña Sánchez de Rivera, Daniel; Caro Navarro, Ángela
  362. Determining the dimension of factor structures in non-stationary large datasets By Matteo Barigozzi; Lorenzo Trapani
  363. African states and development in historical perspective: Colonial public finances in British and French West By Denis Cogneau; Yannick Dupraz; Sandrine Mesplé-Somps
  364. Die europäische CO2-Regulierung für Pkw nach 2021: Plädoyer für eine effizientere Regulierung By Puls, Thomas
  365. Critical slowing down associated with critical transition and risk of collapse in cryptocurrency By Chengyi Tu; Paolo DOdorico; Samir Suweis
  366. Uncertain altruism and non-linear long-term care policies By Canta, Chiara; Cremer, Helmuth
  367. Dynamic Effects of the Chilean Fiscal Policy By Antonio Lemus
  368. Uncertainty-dependent Effects of Monetary Policy Shocks: A New Keynesian Interpretation By Efrem Castelnuovo; Giovanni Pellegrino
  369. Financial Inclusion, Regulation, Financial Literacy, and Financial Education in Armenia By Nurbekyan, Armen; Hovanessian, Naneh
  370. Improved Modelling of Spatial Cost of Living Differences in Developing Countries: A Comparison of Expert Knowledge and Traditional Price Surveys By John Gibson; Trinh Le
  371. On-call work in the Netherlands trends, impact, and policy solutions By Burri, Susanne.; Heeger-Hertter, Susanne.; Rossetti, Silvia.
  372. The Truth About Tattoos By B.J. Ruffle, A. Wilson
  373. Cross-border Electricity Interconnectors in the EU: the Status Quo By Gert Brunekreeft; Roland Meyer
  374. International Currencies and Capital Allocation By Maggiori, Matteo; Neiman, Brent; Schreger, Jesse
  375. Análisis de las capacidades regionales para atender las necesidades identificadas a nivel nacionaldepartamental Separata No. 5 de 6 By Edgard MONCAYO JIMENEZ
  376. Using satellite data to track socio-economic outcomes: a case study of Namibia By Thomas Ferreira
  377. Pension reform: Disentangling retirement and savings responses By Lindeboom, M.; Montizaan, Raymond
  378. Crecimiento económico, estructura del mercado laboral, pobreza y desigualdad por ramas de actividad económica By Vásquez Núñez, Javiera.
  379. The role of socio-cultural factors in static trade panel models By Fischer, Manfred M.; LeSage, James P.
  381. Does personalized information improve health plan choices when individuals are distracted? By Cornel Kaufmann, Tobias Mueller, Andreas Hefti, Stefan Boes
  382. Assessing the Effectiveness of IMF Programs Following the Global Financial Crisis: How Did It Change Since the Asian Crisis? By De Resende, Carlos; Takagi, Shinji
  383. Information Flows across the Futures Term Structure: Evidence from Crude Oil Prices By Delphine Lautier; Franck Raynaud; Michel Robe
  384. The Likelihood of Effective Lower Bound Events By Michal Franta
  385. Immigration and the Reallocation of Work Health Risks By Giuntella, Osea; Mazzonna, Fabrizio; Nicodemo, Catia; Vargas-Silva, Carlos
  386. Heterogeneous Effects of Migration on Child Welfare: Empirical Evidence from Viet Nam By Morgan, Peter J.; Trinh, Long Q.
  387. The Rise of the Robot Reserve Army: Automation and the Future of Economic Development, Work, and Wages in Developing Countries By Lukas Schlogl; Andy Sumner
  388. Foreign Exchange Markets with Last Look By Alvaro Cartea; Sebastian Jaimungal; Jamie Walton
  389. Entwaldungsfreie Agrarrohstoffe - Analyse relevanter Soja-Zertifizierungssysteme für Futtermittel By Hargita, Yvonne; Hinkes, Cordula; Bick, Ulrich; Peter, Günter
  390. An Empirical Evidence of Dynamic Interaction among price level, interest rate, money supply and real income: The case of the Indian Economy. By Rasool, Haroon; Adil, Masudul Hasan; Tarique, Md
  391. The belt and road initiative: A hybrid model of regionalism By Grimmel, Andreas; Li, Yuan
  392. Evolución de los Medios de Pago en Chile y su Incidencia en el Comportamiento de los Componentes de M1 By Erika Arraño; Juan Pablo Cova
  393. Review on tax research in accounting: Is the information given by U.S. GAAP income taxes also provided by IFRS? By Frey, Lisa; Engelhard, Lisa
  394. Sustainability transitions in local communities: District heating, water systems and communal housing projects By Köhler, Jonathan Hugh; Hohmann, Claudia; Dütschke, Elizabeth
  395. Do Working Hours Affect Health? Evidence from Statutory Workweek Regulations in Germany By Kamila Cygan-Rehm; Christoph Wunder
  396. Pricing Long-Lived Securities in Dynamic Endowment Economies By Jerry Tsai; Jessica A. Wachter
  397. Optimal investment of participating contracts under VaR-Regulation By Thai Nguyen; Mitja Stadje
  398. ¿Por qué cumplimentar un Código de Gobierno Societario voluntariamente? Experiencia del mercado de capitales de Argentina 2012-2015 By María Luisa Streb
  399. Pedagogy versus school readiness : the impact of a randomized reading instruction intervention and community-based playgroup intervention on early grade reading outcomes in Tonga By Macdonald,Kevin Alan David; Brinkman,Sally Ann; Jarvie,Wendy; Machuca-Sierra,Myrna; Mcdonall,Kristen Andrew; Messaoud-Galusi,Souhila; Tapueluelu,Siosiana; Vu,Binh Thanh
  400. Cadena Productiva de productos Hortofrutícolas Estructura, Comercio Internacional y Protección By Víctor Manuel NIETO GALINDO; Tatiana Carolina NIÑO
  401. Identification of Conduit Countries and Community Structures in the Withholding Tax Networks By Tembo Nakamoto; Yuichi Ikeda
  402. A Lot of Ambiguity By Zvi Safra; Uzi Segal
  403. Jobs, FDI and institutions in Sub-Saharan Africa evidence from firm-level data By Blanas, Sotiris.; Seric, Adnan.; Viegelahn, Christian,
  404. The role of conflict in sex discrimination: The case of missing girls By Mavisakalyan, Astghik; Minasyan, Anna
  405. Diffusion Approximations for Expert Opinions in a Financial Market with Gaussian Drift By J\"orn Sass; Dorothee Westphal; Ralf Wunderlich
  406. Financial and Fiscal Interaction in the Euro Area Crisis : This Time was Different By Caruso, Alberto; Reichlin, Lucrezia; Ricco, Giovanni
  407. Credit shocks, employment protection, and growth: firm-level evidence from Spain By Laeven, Luc; McAdam, Peter; Popov, Alexander
  408. Foreign currency bank funding and global factors By Krogstrup, Signe; Tille, Cédric
  409. El diálogo social en el servicio público enpaíses seleccionados de América latina By Canessa Montejo, Miguel F.,
  410. Growing, Shrinking and Long Run Economic Performance: Historical Perspectives on Economic Development By Stephen Broadberry; John Wallis
  411. The development of Chinese accountingand bookkeeping before 1850:insights from the Tŏng Tài Shēngbusiness account books (1798-1850) By Yuan, Weipeng; Macve, Richard; Ma, Debin
  412. International tax cooperation and sovereign debt crisis resolution: reforming global governance to ensure no one is left behind By José Antonio Alonso
  413. Heterogeneous Agent Models in Finance By Roberto Dieci; Xue-Zhong He
  414. ¿Cuál es el alcance de las transferencias no contributivas en América Latina?: Discrepancias entre encuestas y registros By Villatoro S., Pablo; Cecchini, Simone
  415. The gendered effects of air pollution on labour supply By Montt, Guillermo E.
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  417. Order-book modelling and market making strategies By Xiaofei Lu; Fr\'ed\'eric Abergel
  418. Results of the Assessment of the Utilization of the Motor Vehicle User's Charge in the Philippines By Napalang, Ma. Sheilah G.; Agatep, Pia May, G.; Navarro, Adoracion, M.; Detros, Keith, C.
  419. An IV framework for combining sign and long?run parametric restrictions in SVARs By Lance A. Fisher; Hyeon?seung Huh
  420. The Night Lights of North Korea. Prosperity Shining and Public Policy Governance By Cerami, Alfio
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  423. EIF SME Access to Finance Index - June 2018 update By Torfs, Wouter
  424. Measuring Venezuelan emigration with Twitter By Hausmann, Ricardo; Hinz, Julian; Yildirim, Muhammed A.
  425. Forced Migration and Human Capital: Evidence from Post-WWII Population Transfers By Becker, Sascha O.; Grosfeld, Irena; Grosjean, Pauline; Voigtländer, Nico; Zhuravskaya, Ekaterina
  426. Human development thresholds for inclusive mobile banking in developing countries By Simplice Asongu; Nicholas M. Odhiambo
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  428. Reclassification Risk in the Small Group Health Insurance Market By Sebastián Fleitas; Gautam Gowrisankaran; Anthony Lo Sasso
  429. An Ontology of Ownership and Control Relations of Bank Holding Companies By Liju Fan; Mark D. Flood
  430. Investing in medication adherence improves health outcomes and health system efficiency: Adherence to medicines for diabetes, hypertension, and hyperlipidaemia By Rabia Khan; Karolina Socha-Dietrich
  431. A heterogeneous-agent model of growth and inequality for the UK By Meenagh, David; Minford, Patrick; Yang, Xiaoliang
  432. Toddlers, teenagers & terminal heights: The determinants of adult male stature Flanders 1800-76 By Ewout Depauw; Deborah Oxley
  433. Household Savings and Marriage Payments: Evidence from Dowry in India By S Anukriti; Sungoh Kwon; Nishith Prakash
  434. Model Selection in Time Series Analysis: Using Information Criteria as an Alternative to Hypothesis Testing By R. Scott Hacker; Abdulnasser Hatemi-J
  435. Affine processes under parameter uncertainty By Tolulope Fadina; Ariel Neufeld; Thorsten Schmidt
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  437. The impact of the European sovereign debt crisis on banks stocks. Some evidence of shift contagion in Europe By Jean-Pierre Allegret; Hélène Raymond; Houda Rharrabti
  438. BARCOM REPORT 3: Bargaining Systems and Collective Bargaining Agreements in the Commerce Sector By Kea Tijdens
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  443. Forced Migration and Human Capital : Evidence from Post-WWII Population Transfers By Becker, Sascha O.; Grosfeld, Irena; Grosjean, Pauline; Voigtländer, Nico; Zhuravskaya, Ekaterina
  444. The Effect of Forest Access on the Market for Fuelwood in India By Boskovic, Branko; Chakravorty, Ujjayant; Pelli, Martino; Risch, Anna
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  448. Looking at the bright side: The motivation value of overconfidence By Chen, Si; Schildberg-Hörisch, Hannah
  449. I Am Ashamed of... vs I Am Proud of...: History as an Accusation and Justification in Public Political Activities By Arkhipova, Alexandra; Radchenko, Darya
  450. Generation of regional input-output tables: a spatial econometric approach with illustrative simulations for France,Germany and Poland By Andrzej Toroj
  451. How Important Are Local Community Banks to Small Business Lending? Evidence from Mergers and Acquisitions By Jagtiani, Julapa; Maingi, Ramain Quinn
  452. Redistribution through Markets By Piotr Dworczak; Scott Duke Kominers; Mohammad Akbarpour
  453. Transnationalizing democracy properly: Principles and rules for granting consociated citizens voting rights and partisan representation in the parliaments of nation states By Blatter, Joachim
  454. Social rewards and the design of voluntary incentive mechanism for biodiversity protection on farmland By Rupayan Pal; Ada Wossink; Prasenjit Banerjee
  455. The impact of submarket concentration in the US pharmaceutical industry in 1987-1998 By Francesca Di Iorio; Maria Letizia Giorgetti
  456. Wildcat Bankers or Political Failure? The Irish Financial Pantomime, 1797-1826 By Kenny, Seán; Turner, John D.
  457. A matheuristic for the pre-positioning of emergency supplies By TURKEŠ, Renata; SÖRENSEN, Kenneth; PALHAZI CUERVO, Daniel
  458. Imaging object-scene integration in visible and invisible natural scenes By Nathan Faivre; Julien Dubois; Naama Schwartz; Liad Mudrik
  459. Textual Sentiment, Option Characteristics, and Stock Return Predictability By Yi-Hsuan Chen, Cathy; Fengler, Matthias; Härdle, Wolfgang Karl; Liu, Yanchu
  460. Inference under Covariate-Adaptive Randomization with Multiple Treatments By Federico A. Bugni; Ivan A. Canay; Azeem M. Shaikh
  461. Electricity availability: A precondition for faster economic growth? By Rohan Best; Paul J. Burke
  462. Economic security of minimum old-age pensions in age groups of older adults in Cuba By José Estrada Hernández; María de Las Mercedes Ivonet Munder
  463. Introducing Severance Payment Systems in Japan ——A Proposal for Vacancy Decontrol—— By Hatta, Tatsuo
  464. Lessons Learned in Developing Productive Capacity: Fourteen Case Studies By Committee for Development Policy Secretariat
  465. Wildcat bankers or political failure? The Irish financial pantomime, 1797-1826 By Kenny, Seán; Turner, John D.
  466. Investment choice with managerial incentive schemes By Shubhro Sarkar; Suchismita Tarafdar
  467. Labor Market and Distributional Effects of an Increase in the Retirement Age By Johannes Geyer; Peter Haan; Anna Hammerschmid; Michael Peters
  468. Economic Transfers and Social Cohesion in a Refugee-hosting Setting By Elsa Valli; Amber Peterman; Melissa Hidrobo; UNICEF Office of Research - Innocenti
  469. Evolution of Modern Business Cycles: Accounting for the Great Recession By Kehoe, Patrick J.; Midrigan, Virgiliu; Pastorino, Elena
  470. The Strategies of Integration on the Textile Companies in the Meiji Period :A Case Study the Kyoto Cotton Flannel Co. Ltd By Taiki Kamei
  471. International Environmental Agreements and Trading Blocks - Can issue linkage enhance cooperation? By Effrosyni Diamantousi; Eftichios Sartzetakis; Stefania Strantza
  472. Toward a better understanding of elicitation effects in stated preference studies By Christian A. Vossler; Ewa Zawojska
  473. The Indian fiscal-monetary framework: Dominance or coordination? By Ashima Goyal
  474. Working Time, Dinner Time, Serving Time: Labour and Law in Industrialization By Douglas Hay
  475. Teacher Performance and Accountability Incentives By Hugh Macartney; Robert McMillan; Uros Petronijevic
  476. Debunking the Granular Origins of Aggregate Fluctuations: From Real Business Cycles back to Keynes By Giovanni Dosi; Mauro Napoletano; Andrea Roventini; Tania Treibich
  477. Quality of Life in Long-term Cancer Survivors: Implications for Future Health Technology Assessments in Oncology By Cubi-Molla, P.; Mott, D.; Shah, K.; Herdman, M.; Summers, Y.; Devlin, N.
  478. Strategic behaviour and indicative price diffusion in Paris Stock Exchange auctions By Damien Challet
  479. Integrated Likelihood Based Inference for Nonlinear Panel Data Models with Unobserved Effects By martin Schumann; Thomas A. Severini; Gautam Tripathi
  480. China, Europe and the Great Divergence: A Study in Historical National Accounting, 980-1850 By Stephen Broadberry; Hanhui Guan; David Daokui Li
  481. The Effects of the Minimum Wage on Employment and Wages By Nicolás Grau; Jorge Miranda; Esteban Puentes
  482. Wealth Preference and Rational Bubbles By Jean-Baptiste Michau; Yoshiyasu Ono; Matthias Schlegl
  483. Trade and currency weapons By Agnès Bénassy-Quéré; Matthieu Bussière; Pauline Wibaux
  484. Frauen in Führungspositionen: Empirische Befunde auf Basis des IW-Personalpanels 2017 By Schmidt, Jörg; Stette, Oliver
  485. Voting on behalf of a future generation: A laboratory experiment By Yoshio Kamijo; Yoichi Hizen; Tatsuyoshi Saijo; Teruyuki Tamura
  486. State Merit Aid Programs and Youth Labor Market Attachment By David E. Frisvold; Melinda Pitts
  487. Atlas optimaler Touren By Mumm, Harald
  488. Equilibrium wage rigidity in directed search By Gabriele Camera; Jaehong Kim
  489. What Will Make Energy Systems Sustainable? By Angela Köppl; Stefan Schleicher
  490. A Quantitative Analysis of Possible Futures of Autonomous Transport By Christopher L. Benson; Pranav D Sumanth; Alina P Colling
  491. Central Bank Communication and the Yield Curve By Leombroni, Matteo; Vedolin, Andrea; Venter, Gyuri; Whelan, Paul
  492. Bank liquidity provision and Basel liquidity regulations By Roberts, Daniel; Sarkar, Asani; Shachar, Or
  493. Nutritional and economic impact of 5 alternative front-of-pack nutritional labels: experimental evidence By Paolo Crosetto; Anne Lacroix; Laurent Muller; Bernard Ruffieux
  494. Leverage effects and stochastic volatility in spot oil returns: A Bayesian approach with VaR and CVaR applications By Liyuan Chen; Paola Zerilli; Christopher F Baum
  495. Why Leave Benefits on the Table? Evidence from SNAP By Colin Gray
  496. Time-Varying Economic Dominance Through Bistable Dynamics By Xue-Zhong He; Kai Li; Chuncheng Wang
  497. The transmission of uncertainty shocks on income inequality: State-level evidence from the United States By Fischer, Manfred M.; Huber, Florian; Pfarrhofer, Michael
  498. Financial Institutions’ Business Models and the Global Transmission of Monetary Policy By Isabel Argimon; Clemens Bonner; Ricardo Correa; Patty Duijm; Jon Frost; Jakob de Haan; Leo de Haan; Viktors Stebunovs
  499. On the determinants of pro-environmental behavior: A guide for further investigations By Blankenberg, Ann-Kathrin; Alhusen, Harm
  500. The Role of Energy Prices in the Great Recession - A Two-Sector Model with Unfiltered Data By Aminu, Nasir; Meenagh, David; Minford, Patrick
  501. Trust and its determinants: Evidence from the Trustlab experiment By Fabrice Murtin; Lara Fleischer; Vincent Siegerink; Arnstein Aassve; Yann Algan; Romina Boarini; Santiago González; Zsuzsanna Lonti; Gianluca Grimalda; Rafael Hortala Vallve; Soonhee Kim; David Lee; Louis Putterman; Conal Smith
  502. The Effect of Skilled Emigration on Real Exchange Rates through the Wage Channel By Ouyang, Alice Y.; Paul, Saumik
  503. Corporate Currency Risk and Hedging in Chile: Real and Financial Effects By Roberto Alvarez; Erwin Hansen
  504. International Environmental Agreements and Trading Blocks - The Impact of Heterogeneity among Countries on Stability By Effrosyni Diamantousi; Eftichios Sartzetakis; Stefania Strantza
  505. Efek Penerimaan Zakat Fitrah Pada Tingkat Kesejahteraan Ekonomi Masyarakat (Studi Kasus di Kecamatan Ranca Ekek Kabupaten Bandung) By Aurisa, Fanny Rahmadianti
  506. An Analysis of Optimal Attributes of Organic Shampoo By Achiraya Monthathip; Winai Puttakul; Chakrit Potchanasin
  507. GVC centrality and productivity: Are hubs key to firm performance? By Chiara Criscuolo; Jonathan Timmis
  508. Economic Reasoning with a Racial Hue: Is the Immigration Consensus Purely Race Neutral? By Malhotra, Neil; Newman, Benjamin
  509. Short and medium term financial-real cycles: An empirical assessment By Engelbert Stockhammer; Rob Jump; Karsten Kohler; Julian Cavallero
  510. Duration dependence as an unemployment stigma: Evidence from a field experiment in Germany By Nüß, Patrick
  511. General multilevel Monte Carlo methods for pricing discretely monitored Asian options By Nabil Kahale
  512. How Credit Cycles across a Financial Crisis By Krishnamurthy, Arvind; Muir, Tyler
  513. The supply side of discrimination: evidence from the labor supply of Boston taxi drivers By Jackson, Osborne
  514. Cross-Border Portfolio Investment and Financial Integration in Asia and the Pacific Region By Shirai, Sayuri; Sugandi, Eric
  515. On the economics of forced labour. Did the employment of Prisoners-of-War depress German coal mining productivity in World War I? By Tobias A. Jopp
  516. Do Electoral Rules Matter for Female Representation? By Paola Profeta; Eleanor Woodhouse
  517. The Gender Gap in Wage Expectations: Do Young Women Trade off Higher Wages for Lower Wage Risk? By Vaishali Zambre
  518. Perceived FOMC: The Making of Hawks, Doves and Swingers By Michael D. Bordo; Klodiana Istrefi
  519. Revisiting the causal effects of exporting on productivity: Does price heterogeneity matter? By Tewodros Ayenew Wassie
  520. Ancient Roman Politics – Julius Caesar By Maria Sousa Galito
  521. How EU Markets Became More Competitive Than US Markets: A Study of Institutional Drift By Gutierrez, German; Philippon, Thomas
  522. Balance sheets, exchange rates, and international monetary spillovers By Akinci, Ozge; Queralto, Albert
  523. Unbiased Estimation of Competitive Balance in Sports Leagues with Unbalanced Schedules By Young Hoon Lee; Yongdai Kim; Sara Kim
  524. Dynamic connectedness of global currencies: a conditional Granger-causality approach By Tan Le; Franck Martin; Duc Nguyen
  525. An auction model for selling products in real time By Daniel Fraiman
  526. Measuring Skewness Premia By Langlois, Hugues
  527. How to Measure Financial Market Efficiency? A Multifractality-Based Quantitative Approach with an Application to the European Carbon Market By Cristina Sattarhoff; Marc Gronwald
  528. Sub-pattern analysis of Chinese guarantee network By Yingli Wang; Xiangyin Chen; Xiaoguang Yang; Qingpeng Zhang
  529. Crisis and Extremism: Can a Powerful Extreme Right Emerge in a Modern Democracy? Evidence from Greece’s Golden Dawn By Costas Roumanias; Spyros Skouras; Nicos Christodoulakis
  530. How do informal institutions influence inward FDI? A systematic review By Jasmine Mondolo
  531. Model-Free International Stochastic Discount Factors By Sandulescu, Paula Mirela; Trojani, Fabio; Vedolin, Andrea
  532. Model Perhitungan Zakat Pertanian Dan Perhitungan Ekonomik Zakat di Kecamatan Cileunyi Kabupaten Bandung By Muhammad, Tsani Abdulhakim; Dhifa, Syahida Alamsyah
  533. How do banks and households manage interest rate risk? Evidence from mortgage applications and banks’ responses By Basten, Christoph; Guin, Benjamin; Koch, Catherine
  534. The regulation of internships a comparative study By Stewart, Andrew,; Owens, Rosemary J.; Hewitt, Anne; Nikoloudakis, Irene.
  535. Concentration of dynamic risk measures in a Brownian filtration By Ludovic Tangpi
  536. One-off Export Events By Ingo Geishecker; Philipp J.H. Schröder; Allan Sørensen
  537. Pre- and within-season attendance forecasting in Major League Baseball: A random forest approach By Steffen Q. Mueller
  538. Capital Requirements, Risk-Taking and Welfare in a Growing Economy By Pierre-Richard Agénor; Luiz A. Pereira da Silva
  539. Stretching the Duck's Neck: The effect of climate change on future electricity demand By Rivers, Nicholas; Shaffer, Blake
  540. Forecasting Expected Shortfall: Should we use a Multivariate Model for Stock Market Factors? By Fortin, Alain-Philippe; Simonato, Jean-Guy; Dionne, Georges
  541. Empirical Analysis of Factors Influencing Price of Solar Modules By Taghizadeh-Hesary, Farhad; Yoshino, Naoyuki; Inagaki, Yugo
  542. Bank runs, prudential tools and social welfare in a global game general equilibrium model By Daisuke, Ikeda
  543. The Stock Market Has Grown Unstable Since February 2018 By Blake C. Stacey; Yaneer Bar-Yam
  544. Trade Network Reconstruction and Simulation with Changes in Trade Policy By Yuichi Ikeda; Hiroshi Iyetomi
  545. The strategies of economic research - An empirical study By Martin Paldam
  546. The Dynamic Provision of Product Diversity: under Duopoly By Ramon Caminal
  547. State and Network Structures of Stock Markets around the Global Financial Crisis By Jae Woo Lee; Ashadun Nobi
  548. MOSOE: Konjunkturzenit überschritten By Vasily Astrov; Julia Grübler
  549. Price strategies of independent and branded dealers in retail gas market. The case of a contract reform in Spain By Pilar Cuadrado; Aitor Lacuesta; María de los Llanos Matea; F. Javier Palencia-González
  550. Women's political participation and intrahousehold empowerment: Evidence from the Egyptian Arab Spring By Olivier Bargain; Delphine Boutin; Hugues Champeaux
  551. Faces of Joblessness in Portugal: A People-centred perspective on employment barriers and policies By Nicola Düll; Céline Thévenot; Herwig Immervoll; James Browne; Rodrigo Fernandez; Dirk Neumann; Daniele Pacifico
  552. Well-being Inequality in the Long Run By Leandro Prados de la Escosura
  553. 経営者能力と財務的意思決定―投資政策・株主還元政策・現金保有― By 河内山, 拓磨; 石田, 惣平
  554. Financial System Architecture and Systematic Risk By José Jorge
  555. Nonlinear household earnings dynamics, self-insurance, and welfare By Mariacristina De Nardi; Giulio Fella
  556. Taxing Highly Processed Foods - Impacts on Obesity and Underweight in Sub-Saharan Africa By Ole Boysen; Kirsten Boysen-Urban; Harvey Bradford; Jean Balié
  557. The Development and Transformation of the People’s Republic of China’s Financial System By Tobin, Damian; Volz, Ulrich
  558. Long Term Care Risk Misperceptions By Martin Boyer; Philippe De Donder; Claude Fluet; Marie-Louise Leroux; Pierre-Carl Michaud
  559. The Money View Versus the Credit View By Baker, Sarah S.; López-Salido, J David; Nelson, Edward
  560. “An Overview of Urbanization in Ecuador under FUAs Definition” By Moisés Obaco; Juan Pablo Díaz-Sánchez
  561. “An Overview of Urbanization in Ecuador under FUAs Definition” By Moisés Obaco; Juan Pablo Díaz-Sánchez
  562. Payment and Provision Consequentiality in Voluntary Contribution Mechanism: Single or Double “Knife-Edge” Evidence? By Jie He; Jérôme Dupras; Thomas Poder; Thomas G. Poder
  563. Working it out: Career Guidance and Employer Engagement By Pauline Musset; Lucia Mytna Kurekova
  564. Estimating the Benefits and Costs of New and Disappearing Products By Diewert, Erwin; FEENSTRA, Robert
  565. State-Dependent Transmission of Monetary Policy in the Euro Area By Jan Pablo Burgard; Matthias Neuenkirch; Matthias Nöckel
  566. The Financial Transmission of Housing Bubbles: Evidence from Spain By Alberto Martín; Enrique Moral-Benito; Tom Schmitz
  567. Evaluating macroprudential policies By Buch, Claudia M.; Vogel, Edgar; Weigert, Benjamin
  568. Faces of Joblessness in Estonia: A People-centred perspective on employment barriers and policies By James Browne; Herwig Immervoll; Rodrigo Fernandez; Dirk Neumann; Daniele Pacifico; Céline Thévenot
  569. An International Comparison of the Contribution to Job Creation by High-growth Firms By Michael Anyadike-Danes; Carl Magnus Bjuggren; Michel Dumont; Sandra Gottschalk; Werner Hölzl; Dan Johansson; Mika Maliranta; Anja Myrann; Kristian Nielsen; Guanyu Zheng
  570. A note on the predictive power of survey data in nowcasting euro area GDP By Kurz-Kim, Jeong-Ryeol
  571. Active labour market programmes in Latin America and the Caribbean evidence from a meta analysis By Escudero, Verónica.; Kluve, Jochen.; López Mourelo, Elva.; Pignatti, Clemente.
  572. Structural Change with Public Educational Expenditure: Evidence from the People’s Republic of China By Zhang, Xun
  573. Trotz geringer Zuzugszahlen noch immer eine Herausforderung: Aktueller Stand der Flüchtlingsaufnahme By Geis, Wido
  574. Technological change and labor market integration By Elisabeth Bublitz; Michael Wyrwich
  575. Time-Varying Risk Premia in Large International Equity Markets By Langlois, Hugues; Chaieb, Ines; Scaillet, O.
  576. Overcoming Euro Area fragility By Andrew Watt; Sebastian Watzka
  577. The international transmission of monetary policy By Buch, Claudia; Bussiere, Matthieu; Goldberg, Linda; Hills, Robert
  578. Using Ethical Dilemmas to Predict Antisocial Choices With Real Payoff Consequences: An Experimental Study By David L. Dickinson; David Masclet
  579. Older Men’s Labor Force Participation in Belgium By Alain Jousten; Mathieu Lefebvre
  580. Driving by the Elderly and their Awareness of their Driving Difficulties (Hebrew) By Idit Sohlberg
  581. Oil currencies in the face of oil shocks: what can be learned from time-varying specifications? By Jean-Pierre Allegret; Cécile Couharde; Valérie Mignon; Tovonony Razafindrabe
  582. Les dispositifs de monnaies locales en quête de ressources : entre expérimentation et modèles socio-économiques [= Local currency schemes in search of resources: between experiment and socio-economic models] By Jérôme Blanc; Marie Fare
  583. Faces of Joblessness in Spain: A People-centred perspective on employment barriers and policies By Rodrigo Fernandez; Herwig Immervoll; Daniele Pacifico; James Browne; Dirk Neumann; Céline Thévenot
  584. Faces of Joblessness in Ireland: A People-centred perspective on employment barriers and policies By James Browne; Herwig Immervoll; Rodrigo Fernandez; Dirk Neumann; Daniele Pacifico; Céline Thévenot
  585. Economic Shocks and Internal Migration By Monras, Joan
  586. Tourism, amenities, and welfare in an urban setting By G. Lanzara; G. A. Minerva
  587. Market disequilibrium, monetary policy, and financial markets : insights from new tools By Jean-Luc Gaffard; Mauro Napoletano
  588. Changing risk-return profiles By Crump, Richard K.; Giannone, Domenico; Hundtofte , Sean
  589. The Market Turn: From Social Democracy to Market Liberalism By Avner Offer
  590. Factor models for portfolio selection in large dimensions: the good, the better and the ugly By Gianluca De Nard; Olivier Ledoit; Michael Wolf
  591. On the backtesting of trading strategies By Yen H. Lok
  592. A Deep Learning Based Illegal Insider-Trading Detection and Prediction Technique in Stock Market By Sheikh Rabiul Islam
  593. A Machine Learning Framework for Stock Selection By XingYu Fu; JinHong Du; YiFeng Guo; MingWen Liu; Tao Dong; XiuWen Duan
  594. Women across Subfields in Economics: Relative Performance and Beliefs By P. Beneito; J. E. Boscá; J. Ferri; M. García
  595. The Effects of Means-tested, Noncontributory Pensions on Poverty and Well-being: Evidence from the Chilean Pension Reforms By Italo López García; Andrés Otero
  596. Linkages Between Oil Price Shocks and Stock Returns Revisited By Firmin Doko Tchatoka; Virginie Masson; Sean Parry
  597. Population aging and housing prices: who are we calling old? By Ye Jin Heo
  598. Student Mobility Across Schools and its Links to Underachievement By Sylvia Dixon
  599. Review of Methodological Specifics of Consumer Price Index Seasonal Adjustment in the Bank of Russia Under the inflation targeting regime, the main goal of the Bank of Russia is to maintain price stability. In order to analyse the options that the central bank can use to implement its monetary policy aimed at bringing inflation down to sustainable low levels it is necessary to understand, considering the available short-term statistical data, the dynamics of consumer prices and individual components of the seasonally adjusted consumer price index. At the same time, the seasonal adjustment of the consumer price index requires solving a number of methodological problems, one part of which is common for all economic time series with a seasonal component and the other part is determined by the specific nature of the consumer price index as an aggregate indicator. The paper suggests approaches to solving conceptual problems related to the seasonal adjustment of the consumer price index. It also describes basic principles and methods for their implementation that can lead to a significant increase in the quality of identification and interpretation of short-term meaningful variations in consumer prices that the Bank of Russia takes into account when making its monetary policy decisions. By Arina Sapova; Aleksey Porshakov; Andrey Andreev; Evgenia Shatilo
  600. Faces of Joblessness in Italy: A People-centred perspective on employment barriers and policies By Daniele Pacifico; James Browne; Rodrigo Fernandez; Herwig Immervoll; Dirk Neumann; Céline Thévenot
  601. Macroeconomic policy, inclusive growth and productive employment in Uganda By Waeyenberge, Elisa Van.; Bargawi, Hannah.
  602. Do We Really Know that U.S. Monetary Policy was Destabilizing in the 1970s? By Qazi Haque; Nicolas Groshenny; Mark Weder
  603. The Intergenerational Transmission of Welfare Dependency By Monique De Haan; Ragnhild C. Schreiner
  604. “What drives the spatial wage premium for formal and informal workers? The case of Ecuador” By Alessia Matano; Moisés Obaco; Vicente Royuela
  605. Is Trust in Companies Rooted in Social Trust, or Regulatory Quality, or Both? By Markus Leibrecht; Hans Pitlik
  606. Have a son, gain a voice: Son preference and female participation in household decision making By Javed, Rashid; Mughal, Mazhar
  607. A Primer on the Canadian Bankers’ Acceptance Market By Kaetlynd McRae; Danny Auger
  608. Reputation and Sovereign Default By Amador, Manuel; Phelan, Christopher
  609. Assets for Alimentation? The Nutritional Impact of Assets-based Programming in Niger By Tilman Brück; O.M. Dias Botia; N. T. N. Ferguson; J. Ouédraogo; Z. Ziegelhoefer; UNICEF Office of Research - Innocenti
  610. Faces of Joblessness in Lithuania: A People-centred perspective on employment barriers and policies By Daniele Pacifico; Herwig Immervoll; James Browne; Rodrigo Fernandez; Dirk Neumann; Céline Thévenot
  611. WTO trade monitoring ten years on: Lessons learned and challenges ahead By Bogetoft Pedersen, Peter; Diakantoni, Antonia; Pérez del Castillo, Carlos; Mkhitarian, Amaliia
  612. Working Moms, Childlessness, and Female Identity By Andreas Steinhauer
  613. Comparing the Productive Effects of Cash and Food Transfers in a Crisis Setting: Evidence from a randomized experiment in Yemen By Benjamin Schwab; UNICEF Office of Research - Innocenti
  614. Impact of World Oil Prices on an Energy Exporting Economy Including Monetary Policy By Alekhina, Victoriia; Yoshino, Naoyuki
  615. Do startups provide employment opportunities for disadvantaged workers? By Fackler, Daniel; Fuchs, Michaela; Hölscher, Lisa; Schnabel, Claus
  616. The GFC Investment Tax Break By David Rodgers; Jonathan Hambur
  617. The future of work a literature review By Balliester, Thereza.; Elsheikhi, Adam.
  618. Leave-out estimation of variance components By Patrick Kline; Raffaele Saggio; Mikkel S{\o}lvsten
  619. Oil prices and stock markets: A review of the theory and empirical evidence By Stavros Degiannakis; George Filis; Vipin Arora
  620. Guaranteed Renewable Life Insurance Under Demand Uncertainty By Michael Hoy; Afrasiab Mirza; Asha Sadanand
  621. Structural policies in the euro area By Masuch, Klaus; Anderton, Robert; Setzer, Ralph; Benalal, Nicholai
  622. Impact of Exchange Rate on Vietnam-China Bilateral Trade: Findings from ARDL Approach By Pham, Tuan; Tran, Thi Ha
  623. Heights Across the Last 2000 Years in England By Gregori Galofré-VilÃ; Andrew Hinde; Aravinda Guntupalli
  624. In-Kind Transfer and Child Development: Evidence from Subsidized Rice Program in Indonesia By Gupta, Prachi; Huang, Bihong
  625. Rethinking Path Creation: A Geographical Political Economy Approach By Danny Mackinnon; Stuart Dawley; Andy Pike; Andrew Cumbers
  626. No Lost Generation: Supporting the School Participation of Displaced Syrian Children in Lebanon By Jacobus De Hoop; Mitchell Morey; David Seidenfeld; UNICEF Office of Research - Innocenti
  627. Un modelo estocástico de equilibrio general de una economía pequeña y abierta para evaluar el desempeño de la política fiscal y monetaria: el caso mexicano 1990-2015 By Hernández-Ramos, Lesdy Natalie; Venegas-Martínez, Francisco
  628. Cooperative arrangements and cultural micro-enterprises. Three case studies By Philippe Henry
  629. Have a son, gain a voice: Son preference and female participation in household decision making By Rashid Javed; Mazhar Mughal
  630. Co-construction et évaluation d’un programme de promotion de la santé pour conjuguer nutrition et budget au quotidien : les ateliers Opticourses By Dubois, C.; Gaigi, H.; Pérignon, M.; Maillot, M.; Darmon, N.
  631. The Iranian Economy: Challenges and Opportunities By Vasily Astrov; Mahdi Ghodsi; Richard Grieveson; Robert Stehrer
  632. Reserve Provision by CHP Units and its Impact on Equilibria in Spot and Reserve Markets By Christian Furtwängler; Christoph Weber
  633. Cities and the Structure of Social Interactions: Evidence from Mobile Phone Data By Konstantin Buechel, Maximilian von Ehrlich
  634. The impact of climate change and the social cost of carbon By Richard S.J. Tol
  635. Tackling non-performing loans in the Euro area: What are the costs of getting banks fit for a European Deposit Insurance Scheme? By Demary, Markus
  636. The future of work in African agriculture trends and drivers of change By Jayne, Thomas S.; Kwame Yeboah, Felix.; Henry, Carla.
  637. Food for fuel: The effect of the US biofuel mandate on poverty in India By Chakravorty, Ujjayant; Hubert, Marie-Hélène; Marchand, Beyza Ural
  638. School Feeding or General Food Distribution? Quasi-Experimental Evidence on the Educational Impacts of Emergency Food Assistance during Conflict in Mali By Elisabetta Aurino; Jean-Pierre Tranchant; Amadou Sekou Diallo; Aulo Gelli; UNICEF Office of Research - Innocenti
  639. Can an Emission Trading Scheme really reduce CO2 emissions in the short term? Evidence from a maritime fleet composition and deployment model By Gu, Yewen; Wallace, Stein W.; Wang, Xin
  640. Cryptocurrencies and monetary policy By Grégory Claeys; Maria Demertzis; Konstantinos Efstathiou
  641. How is internal radiation exposure risk evaluated at the markets? Perceived quality degradation of Fukushima peach By Shigeru Matsumoto; Viet Ngu Hoang
  642. Gender Budgeting: A Useful Approach for Aotearoa New Zealand By Suzy Morrissey
  643. How to Target Households in Adaptive Social Protection Systems? Evidence from Humanitarian and Development Approaches in Niger By Pascale Schnitzer; UNICEF Office of Research - Innocenti
  644. Estimating the Welfare Costs of Reforming the Iraq Public Distribution System: A Mixed Demand Approach By Nandini Krishnan; Sergio Olivieri; Racha Ramadan; UNICEF Office of Research - Innocenti
  645. Upgrading agricultural work a comparative analysis of voluntary certification schemes By Henry, Carla.; Pechevy, Anouk.
  646. Decentralized Terrorism and Social Identity By Eswaran, Mukesh
  647. Light cannabis and organized crime. Evidence from (unintended) liberalization in Italy By Carrieri, V.;; Madio, L.;; Principe, F.;
  648. A systematic review of the cost-effectiveness of liver transplantation By Roberta Longo; Alastair Young; Ian A. Rowe; Rebecca L. Jones; Amy Downing; Adam Glaser; Giles J. Toogood
  649. EU financial services policy since 2007: crisis, responses and prospects By Nicolas Véron
  650. Economic and financing aspects of removing asbestos in residences By Leo Dobes

  1. By: Sta. Romana, Leonardo L.
    Abstract: This study addresses the issue of sustainability reporting by corporations, and the framework(s) and guidelines used in the preparation of those annual reports. It takes as its starting point the UN Sustainable Development Goal 12: “Ensure sustainable consumption and production patterns”, with its Target 12.6: “Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their reporting cycle”. And it is the Indicator 12.6.1: “Number of companies publishing sustainability reports” that provides the inspiration for the idea for doing this study. The study provides, firstly, a brief background on the group responsible for the sustainability reporting framework widely used by companies, the Global Reporting Initiative (GRI). This is followed with another short background on a second, though newer, group with another framework, the International Integrated Reporting Council (IIRC). The study presents - to the best of the author's knowledge - the first comparative study of corporate sustainability reports (and the frameworks used) across ten Emerging Asian economies. It proceeds to this core empirical contribution of the paper by explaining the process how the corporations in Emerging Asia were selected for inclusion in the study. It notes that the companies and the economies of origin were not picked directly for inclusion. The first step was to find reputable corporate sustainability rankings and ratings. Seven information sources yielded a list of 150 companies from ten Emerging Asian economies. These economies are: China, Hong Kong, India, South Korea, Taiwan, Thailand, Indonesia, Malaysia, Philippines and Singapore. It then presents the findings from a survey of the sustainability reports of the 150 corporations. Across the entire sample, almost 90 percent cite the use of the GRI guidelines. In three economies with more than just a handful of companies in the sample -- South Korea, Taiwan and Thailand -- all of their companies cite the GRI framework. However, the picture is not as one-sided in India, where less than half cite the GRI.
    Keywords: Environmental sustainability, Corporate social responsibility (CSR), Environmental economics, Sustainable development, Sustainable development goals (SDGs), Sustainability reporting, Environment and development, Emerging Asia, Environmental, social and governance (ESG), Global Reporting Initiative (GRI), International Integrated Reporting Council (IIRC), Integrated reporting, China, Hong Kong, India, South Korea, Taiwan, Thailand, Indonesia, Malaysia, Philippines, Singapore
    JEL: D62 M2 O44 Q5 Q56
    Date: 2018–04–16
  2. By: Sta. Romana, Leonardo L.
    Abstract: This study addresses the issue of sustainability reporting by corporations, and the framework(s) and guidelines used in the preparation of those annual reports. It takes as its starting point the UN Sustainable Development Goal 12: “Ensure sustainable consumption and production patterns”, with its Target 12.6: “Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their reporting cycle”. And it is the Indicator 12.6.1: “Number of companies publishing sustainability reports” that provides the inspiration for the idea for doing this study. The study provides, firstly, a brief background on the group responsible for the sustainability reporting framework widely used by companies, the Global Reporting Initiative (GRI). This is followed with another short background on a second, though newer, group with another framework, the International Integrated Reporting Council (IIRC). The study presents - to the best of the author's knowledge - the first comparative study of corporate sustainability reports (and the frameworks used) across ten Emerging Asian economies. It proceeds to this core empirical contribution of the paper by explaining the process how the corporations in Emerging Asia were selected for inclusion in the study. It notes that the companies and the economies of origin were not picked directly for inclusion. The first step was to find reputable corporate sustainability rankings and ratings. Seven information sources yielded a list of 150 companies from ten Emerging Asian economies. These economies are: China, Hong Kong, India, South Korea, Taiwan, Thailand, Indonesia, Malaysia, Philippines and Singapore. It then presents the findings from a survey of the sustainability reports of the 150 corporations. Across the entire sample, almost 90 percent cite the use of the GRI guidelines. In three economies with more than just a handful of companies in the sample -- South Korea, Taiwan and Thailand -- all of their companies cite the GRI framework. However, the picture is not as one-sided in India, where less than half cite the GRI.
    Keywords: Environmental sustainability,Corporate social responsibility (CSR),Environmental economics,Sustainable development,Sustainable development goals (SDGs),Sustainable reporting,Environment and development,Emerging Asia,Environmental, social and governance (ESG),Global Reporting Initiative (GRI),International Reporting Council (IIRC),Integrated Reporting,China,Hong Kong,India,South Korea,Taiwan,Thailand,Indonesia,Malaysia,Philippines,Singapore
    JEL: D62 M2 O44 Q5 Q56
    Date: 2018
  3. By: Abdourahmane Barry (College of Education, Taibah University, Saudi Arabia); Fatemah Abdullah Alhazmi (College of Education, Taibah University, Saudi Arabia)
    Abstract: To secure a better future in today’s globalized world, a knowledge-based society must be a priority for every nation. For a long time, many nations have relied primarily on passive resources—that is, natural and financial resources—for their existence. However, in the era of globalization dominated by knowledge and information technologies, the focus is shifting towards active resources—that is, human resources. Human resources are perceived by nations as a key engine for competitiveness, economic prosperity, national sovereignty, and human dignity. One of the media through which these human resources are developed is education, which involves teaching and learning. To respond to the increased demands for human competencies to function in a knowledge-based society, educators must adapt to the emerging teaching and learning approaches. One of these emerging approaches is the blended learning approach, which has the ability to improve learning and cost-effectiveness, increase access and flexibility, and help institutions stay up-to-date. Therefore, in contrast to a traditional research paper, this paper describes a teaching and learning practice, with the aim of achieving two objectives: 1) to present a brief background of the blended learning approach and its models and 2) to share a specific blended learning model used to prepare Saudi Arabian doctoral students to be knowledge-based educational leaders.
    Keywords: blended learning, educational leaders, knowledge-based, Saudi Arabia
    Date: 2018–05
  4. By: Aymeric Ricome (JRC - European Commission - Joint Research Centre [Ispra]); François Affholder (Centre de Coopération Internationale en Recherche Agronomique pour le Développement - Université de Lille, Sciences Humaines et Sociales); Françoise Gérard (GREEN - Gestion des ressources renouvelables et environnement - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement); Bertrand Muller (LEPSE - Écophysiologie des Plantes sous Stress environnementaux - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier); Charlotte Poeydebat; Philippe Quirion (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 - CNRS - Centre National de la Recherche Scientifique); Moussa Sall (ISRA - Institut Sénégalais de Recherches Agricoles - ISRA)
    Abstract: While crop yields in Sub-Saharan Africa are low compared to most other parts of the world, weather-index insurance is often presented as a promising tool, which could help resource-poor farmers in developing countries to invest and adopt yield-enhancing technologies. Here, we test this hypothesis on two contrasting areas (in terms of rainfall scarcity) of the Senegalese groundnut basin through the use of a bio-economic farm model, coupling the crop growth model CELSIUS with the economic model ANDERS, both specifically designed for this purpose. We introduce a weather-index insurance whose index is currently being used for pilot projects in Senegal and West Africa. Results show that insurance leads to a welfare gain only for those farmers located in the driest area. These farmers respond to insurance mostly by increasing the amount of cow fattening, which leads to higher crop yields thanks to the larger production of manure. We also find that subsidizing insurance is not the best possible use of public funds: for a given level of public funding, reducing credit rates, subsidizing fertilizers, or just transferring cash as a lump-sum generally brings a higher expected utility to farmers and leads to a higher increase in grain production levels.
    Date: 2017–09
  5. By: Mohammed Hichame Benbitour (LGI - Laboratoire Génie Industriel - EA 2606 - CentraleSupélec); Evren Sahin (LGI - Laboratoire Génie Industriel - EA 2606 - CentraleSupélec); Yves Dallery (RP - Réseaux et Performance - LIP6 - Laboratoire d'Informatique de Paris 6 - UPMC - Université Pierre et Marie Curie - Paris 6 - CNRS - Centre National de la Recherche Scientifique)
    Abstract: In this report, we aim at determining the probability distribution of components demand in Alpha plants. Alpha is one of the world's top ten auto parts makers (the company's name has been altered for confidentiality issues). Based on the case of Alpha, we develop a general method of components requisitions and forecasts analysis in Assemble-to-Order systems. This method allows to find the probability distribution of components demand and to estimate the parameters of this distribution. We apply the proposed method to the case of an Alpha plant situated in the west of France. We find that component demand follows a compound Poisson distribution.
    Keywords: automotive industry,2,assemble-to-order,demand analysis
    Date: 2018–05–29
  6. By: Koutroumpis, Pantelis; Cave, Martin
    Abstract: We study the impact of spectrum auction design on the prices paid by telecommunications operators for two decades across 85 countries. Our empirical strategy combines information about competition in the local market, the level of adoption and a wide range of socio-economic indicators and process specific variables. Using a micro dataset of almost every mobile spectrum auction performed so far—both regional and national—we show that auction design affects final prices paid. Two designs (SMRA with augmented switching and CCA with core pricing) result in auctions with systematically higher normalized returns. Further, we document that spectrum ownership appears to affect prices paid in subsequent auctions. We discuss the mechanisms of cost minimization and foreclosure faced by operators in different regulatory environments. Our findings have implications for policy-makers and regulators.
    Keywords: Auction; Digital communications; Spectrum; Market power
    JEL: C78 D44 L96
    Date: 2018–06
  7. By: Cao, Xiaping (Asian Development Bank Institute); Huang, Bihong (Asian Development Bank Institute); Lai, Rose Neng (Asian Development Bank Institute)
    Abstract: To deal with the rampant increase in housing prices, the Government of the PRC implemented the home purchase restriction (HPR) policy to curb speculation and prevent housing bubbles. This policy triggered an exogenous demand shock to the housing market. Employing a two-step difference-in-differences approach, we find significantly negative policy effects on property transaction volume but a small impact on housing prices. Cities that rely heavily on land sales for fiscal revenue experience a considerably higher increase in property investments after implementing the HPR policy.
    Keywords: home purchase restriction policy; demand shock; housing bubble; land financing
    JEL: G12 G18 H83
    Date: 2018–03–19
  8. By: Piuli Roy Chowdhury (Indira Gandhi Institute of Development Research; Institute of Economic Growth)
    Abstract: This paper reexamines the impact of merger on innovation. Unlike as in Federico et al (2017), it considers the scenario where merged firms combine their research labs. It shows that, in equilibrium, each firm chooses a higher R&D effort after the merger, while industry effort may rise or fall due to the merger. Furthermore, it shows that given a sufficient condition, profits of the merged firm falls and consumer surplus rises in the post merger scenario. These results are in sharp contrast to the findings of Federico et al (2017).
    Keywords: Innovation, R&D, Mergers
    JEL: D43 G34 L40 O30
    Date: 2018–03
  9. By: Toke R. Fosgaard (Department of Food and Resource Economics, University of Copenhagen)
    Abstract: The ability to cooperate is a central condition for human prosperity, yet a trend of declining cooperation is one of the most robust observations in behavioral economics. The massive replication of declining cooperation has almost exclusively been carried out in student populations, which opens up for the question of whether the declining cooperation is predictive for the population at large. I make two steps to address this knowledge gap about cooperation stability in the general population. First, I measure repeated cooperation among students and a representative sample. Among the students, I confirm the usual decay effect of cooperation. However, among the non-students, the behavior is hugely different and approaches no decay. Secondly, I stress test the cooperation stability among non-students by manipulating the composition of preferences so that fast decay and no decay are predicted. I observe that the cooperation stability is remarkably unaffected by this manipulation.
    Keywords: Cooperation, decay, preference composition, non-students, students
    JEL: H41 C92
    Date: 2018–06
  10. By: Brian A'Hearn; Alexia Delfino; Alessandro Nuvolari
    Abstract: A swelling stream of literature employs age-heaping as an indicator of human capital, more specifically of numeracy. We re-examine this connection in light of evidence drawn from nineteenth century Italy: census data, death records, and direct, qualitative evidence on age-awareness and numeracy. Though it can stand in as an acceptable proxy for literacy, our findings suggest that age-heaping is most plausibly interpreted as a broad indicator of cultural and institutional modernisation rather than a measure of cognitive skills.
    Keywords: Age-Heaping, Numeracy, Human capital, Italy
    JEL: N33 J24
    Date: 2016–10–20
  11. By: Blankenberg, Ann-Kathrin; Gottschalk, Jonas F. A.
    Abstract: In the last few decades, socially responsible investments (SRI) have growingly become a relevant issue. The market size in the United States grew from less than a trillion US Dollars to 8.72 trillion US Dollars in 2016, in the past 20 years (US SIF 2016). Approximately 11 trillion Euro was invested in sustainable investments in Europe (EuroSIF 2016). Previous research focused on SRI mutual funds but rarely on green stocks for different reasons. Investing directly in stocks can have different advantages than investment in mutual funds. This article focus on the risk-adjusted competitiveness of a sustainable portfolio based on stocks. We show that a sustainable portfolio does not perform significantly different than a conventional one. The consideration of sustainable criteria does not influence the investment result negatively and could be applied by investors without the need to sacrifice returns.
    Keywords: Socially Responsible Investing,Sharpe Ratio,sustainable portfolios,ethical investing
    Date: 2018
  12. By: Pişkin, Fatih
    Abstract: Bu çalışma kamuda yeniliğin amaçlarını, itici güçlerini ve önündeki engelleri belirlemeyi ve İstanbul’daki kamu kurum ve kuruluşlarının yenilik alanındaki mevcut durumlarını ortaya koymayı hedeflemektedir. Bu amaçla geliştirilen anket formu İstanbul’daki kamu kurum ve kuruluşlarına gönderilerek cevaplamaları istenmiştir. En çok gerçekleştirilen yenilik türünün hizmet yeniliği olduğu ve büyük kurumların küçük kurumlara göre daha yenilikçi oldukları sonucuna ulaşılmıştır. Yenilik faaliyetlerinin sadece %17'si işbirliği yapılmaksızın kurum bünyesinde gerçekleştirilirken, en çok işbirliği özel sektör ile yapılmıştır. Kurumların %31,5’inin yürüttükleri yenilik faaliyetleri ya da projeleri için finansal desteklerden yararlanırken, genç personele sahip kurumların desteklerden daha fazla yararlandığı belirlenmiştir. Yenilik faaliyetlerinde bilginin kaynağı olarak kurum içi kaynakların kurum dışı kaynaklara kıyasla daha önemli bir yere sahip olduğu görülmektedir. Benzer bir durum yenilik faaliyetlerinin arkasındaki itici güçlerin değerlendirilmesinde de ortaya çıkmaktadır. Kamuda yeniliğin önündeki engellerin başında kurumlarda yeniliği destekleyen ödül ve teşvik mekanizmalarının olmaması gelmektedir. Kamu kurumlarında uzun vadeli plan yapmanın zorluğu, bürokratik idari yapılanma ve finansal kaynakların yetersizliği, yeniliğin önündeki diğer başlıca engeller olarak karşımıza çıkmaktadır. Kamu kurumlarında yeniliğin çoğunlukla kamu hizmetlerinde etkinliğin artırılması, hizmet kalitesinin ve kullanıcı memnuniyetinin artırılması ve idari işlem yükünün azaltılması amaçlarıyla gerçekleştirildiği sonucuna ulaşılmıştır.
    Keywords: Yenilik, Hizmet Yeniliği, Yenilik Ekosistemi, Yenilik Performansı, İnovasyon, Kamu
    JEL: O30 O38 O39
    Date: 2017–07
  13. By: Marx, Susanne
    Abstract: The management of knowledge in projects delivers benefits, while the im-plementation of knowledge management is challenged by (project-specific) issues. Based on practice in interorganizational, cross-border projects funded by the Interreg South Baltic Programme (SBP), this paper analyses the potential value and hindrances of knowledge management in projects funded within Interreg programs. The SBP mentions repeatedly "Transfer of knowledge and exchange of good practices" as an example activity in the program manual (Interreg South Baltic Programme 2016b, pp. 13, 25, 34, 38), however, dedicated knowledge management processes, tools or plans are not part of the com-pulsory application for funding nor its assessment. Knowledge management (KM) can provide value at different levels: to individuals, project partner organisations, the entire programme and even cross-programme as well as other project stakeholders. While KM can support strategy towards building competitive advantage in the programme region, KM processes can enhance the efficiency of project implementation. Worth noting is the impact of KM on individual motivation both for joining a project and for contributing to knowledge exchange. [...]
    Keywords: Project Knowledge Management,Interreg,EU project,Inter-organizational Cooperation,Cross-border Cooperation,Knowledge Management Framework,Knowledge Management Processes,Project Knowledge Facilitator
    JEL: M16 O13 O22
    Date: 2018
  14. By: Paul, Saumik (Asian Development Bank Institute)
    Abstract: The relationship between a declining labor income share and a falling relative price of capital requires capital and labor to be gross substitutes at the aggregate level (i.e., σ_Agg>1). We argue that this restriction can be relaxed if we distinguish labor by skills and identify differential capital-labor substitutability across skill groups. Using the Morishima elasticity of substitution in a three-factor nested-CES production function, we analytically estimate the elasticity of substitution parameters between capital and skilled labor (ρ) and between capital and unskilled labor (σ). We then derive the necessary conditions for a decline in the labor income share based on ρ and σ, which does not require σ_Agg to be greater than unity.
    Keywords: substitution elasticity; labor income share; production function parameters
    JEL: E21 E22 E25
    Date: 2018–05–02
  15. By: Taisuke Nakata (Board of Governors); Sebastian Schmidt (European Central Bank)
    Abstract: Online appendix for the Review of Economic Dynamics article
    Date: 2018
  16. By: -
    Abstract: This document identifies certain barriers and obstacles to the expansion of the digital economy in the region, proposes some strategic lines of action and presents a set of objectives aimed at guiding policy decisions regarding connectivity, electronic commerce, postal performance, consumer protection, digital financial inclusion and online means of payment and cybersecurity, in addition to reviewing chapters pertaining digital matters of regional economic integration agreements.
    Date: 2018–06–06
  17. By: Li, T.
    Date: 2018–06–20
  18. By: Domenico Ferraro (Arizona State University)
    Abstract: Online appendix for the Review of Economic Dynamics article
    Date: 2018
  19. By: Paul, Saumik (Asian Development Bank Institute)
    Abstract: Using a novel data set, this paper find that households with migrants experience a 26% drop in the labor force participation rate in four economies (Armenia, Azerbaijan, the Kyrgyz Republic, and Tajikistan) from the Central Asia and South Caucasus region. It is twice as large for households with permanent migrants as for households with seasonal migrants. The results do not alter in the presence of selection on unobservables, model misspecification, and selection bias due to the absence of more productive workers. Direct evidence on the remittances that each household received is not available. The empirical findings do, however, suggest the possibility of an increase in reservation wages.
    Keywords: emigration; labor mobility
    JEL: F22 J61
    Date: 2018–03–15
  20. By: Tim Kaiser; Lukas Menkhoff
    Abstract: We conduct a randomized field experiment to study the effects of two financial education interventions offered to small-scale retailers in Western Uganda. The treatments contrast “active learning” with “traditional lecturing” within standardized lesson-plans. We find that active learning has a positive and economically meaningful impact on savings and investment outcomes, in contrast to insignificant impacts of lecturing. These results are not conditional on prior education or financial literacy. The active learning intervention seems to be superior as it works via three cognitive and non-cognitive mechanisms, i.e. increased financial knowledge, self-control, and financial confidence, while lecturing only affects financial confidence.
    Keywords: financial behavior, financial literacy, active learning, lecturing, training method, field experiment
    JEL: O16 D14 I21
    Date: 2018
  21. By: Dominique Lejeune (CPGE, Louis le Grand)
    Abstract: La 4 CV est un des symboles de la France d’après-guerre, des débuts des Trente Glorieuses, de la société de consommation et des loisirs, de la vocation française persistante à produire essentiellement des petites voitures populaires. De surcroît, la 4 CV a longtemps été le symbole de la Régie Renault. Rattrapant et devançant la Citroën 2 CV qui ne verra le jour qu’en 1948, la 4 CV apparaît au Salon de l’auto de 1946 avec l’exergue que lui donne le patron de la Régie, Pierre Lefaucheux : l’automobile n’est pas un objet de luxe, elle doit être « à la portée du plus grand nombre ». Pour tout cela la 4 CV fonde très explicitement son succès, très volontariste, sur la modernisation de l’outil industriel et l’étude de marché. Ce succès n’est pas aperçu d’emblée par les constructeurs concurrents de Renault et par la presse automobile ou sportive, mais la Quatrième République naissante — l’adoption de la constitution par référendum est presque exactement contemporaine du Salon de l’Auto de 1946 — sent bien la carte à jouer : le véhicule nouveau va prouver les capacités industrielles de croissance d’une Régie nationale dont les statuts sont tout jeunes, montrer un visage neuf de la France et de Renault, et enfin assurer le progrès social du pays. Première véritable auto française d’évasion, petite puce de sympathie, gentille « motte de beurre », la 4 CV va offrir des plaisirs divers grâce à la première vitesse non synchronisée et au démarrage en seconde, elle sera une mine de plaisanteries pour les chansonniers radiophoniques, une source d’accidents par le capot, les portes avant, les arbres de roues arrière et la prise au vent, mais la 4 CV est la voiture du renouveau et une arme industrielle et commerciale essentielle pour Renault !
    Keywords: Automobile France,Industrie années 50,Renault,Ingénieurs français
    Date: 2018
  22. By: Reckmann, Tobias
    Abstract: Word of mouth (WOM) information have become an integral part of consumer decision-making and have revitalized investigations of a social phenomenon to serve marketing objectives. This study addresses the fast-growing yet diverse WOM literature with its heterogeneous background. An objectified and methodologically enriched analysis is carried out to synthesize the literature and realign the richness of online WOM publications with their intellectual foundations. Drawing on meaningful publications, the present analysis systematically processes relevant knowledge to address statistically distinguishable research streams in the field of WOM, their coherence, as well as temporal developments. Results provide evidence of a shared core of WOM research as well as six (sub)streams of varying importance over time that describe two higher research orien-tations. Practical implications can be derived concerning most influential journals dedicated to specific research on WOM. By discussing the various findings, avenues for future research are revealed.
    Keywords: Word of mouth,Consumer behavior,Bibliometrics,Co-citation analysis,Text mining
    JEL: M30 M31 M10
    Date: 2017
  23. By: Gibbs, David; O'Neill, Kirstie
    Abstract: The past thirty years have seen an explosion of interest and concern over the detrimental impacts of economic and industrial development. Despite this, the environmental agenda has not featured substantially in the regional studies literature. This paper explores a range of options for regional futures from a ‘clean tech’ economy and the promise of renewed accumulation, through to more radical degrowth concepts focused on altering existing modes of production and consumption, ecological sustainability and social justice. In so doing, we investigate the potential role of regions as drivers of the new green economy, drawing on research into sustainability transitions.
    Keywords: Green economy; Transitions research; Clean tech; Degrowth; Regional Development
    JEL: Q5 Q58
    Date: 2017–01–02
  24. By: Catherine Viot (UCBL - Université Claude Bernard Lyon 1 - Université de Lyon); Laïla Benraiss-Noailles (IRGO - Institut de Recherche en Gestion des Organisations - Université Montesquieu - Bordeaux 4 - Institut d'Administration des Entreprises (IAE) - Bordeaux)
    Abstract: Although interest in the subject of human-resource marketing is growing among researchers and practitioners, there have been remarkably few studies on the effects on employees of how benevolent their organization is. This article looks at the link between the presumption of organizational benevolence and the well-being of employees at work. The results of an empirical study of 595 employees show that the presumption of organizational benevolence is positively linked to employee well-being. The effect is indirect, as it is mediated by the perceived level of organizational support. The existence of a link between employee well-being and intention to quit the company is also confirmed. Keywords Human-resource marketing, presumption of organizational benevolence, well-being at work, perceived organizational support, intention to leave the job. List of abbreviations WB Well-being POB Presumption of organizational benevolence POS Perceived organizational support
    Keywords: intention to leave the job,perceived organizational support,well-being at work,Human-resource marketing,presumption of organizational benevolence
    Date: 2018
  25. By: Alessandro Bucciol (Department of Economics (University of Verona)); Martina Manfre' (Department of Economics (University of Verona)); Marcella Veronesi (Department of Economics (University of Verona))
    Abstract: We investigate the impact of financial education on a wide range of wealth decisions using Dutch data from the DNB Household Survey. We consider two indexes representative of basic and advanced financial literacy acquired when adults, and money education received from the family during adolescence. Advanced financial literacy is a significant determinant of all the wealth outcomes under examination, while basic financial literacy affects only the propensity to plan for retirement and the likelihood of holding debt. Studying the individual components of financial literacy, the most relevant effects are associated with the understanding of numeracy and inflation, together with the correct knowledge of market mechanisms. Interestingly, money education received from the family during adolescence is as important as advanced financial literacy to foster individuals’ wealth decisions. We also find evidence of a gender gap, with males’ wealth decisions more affected by higher levels of financial education. Our results highlight the importance of improving financial knowledge not only through proper educational programs when adults, but also in the family environment during adolescence, where teens can learn positive attitudes towards money that are maintained throughout their life.
    Keywords: Financial literacy, Money education from family, Wealth decisions, Gender difference
    JEL: D14 I22
    Date: 2018–07
  26. By: Martin Warland
    Abstract: Scholars in innovation studies increasingly highlight that federal governments on the demand side spur innovation activities of government contractors. While government contractors tend to concentrate in capital cities, the kinds of regional innovation system (RIS) that occur around federal agencies remain poorly understood. Drawing on the RIS approach, this paper examines the actors and activities that are placed at the interface between public demand and private supply. The analysis draws on 122 interviews with RIS actors in Bern, The Hague, Ottawa and Washington, D.C. The results indicate that intermediaries play crucial roles in stimulating knowledge exchange between public demand and private supply. One important role relates to getting involved in policy formulation in order to enhance interactive learning in federal procurement practices. In interaction inspiring federal procurement policies, government contractors generate technical knowledge that they also can exploit through private sector clients.
    Date: 2016–07
  27. By: Pereira, Guillermo Ivan (University of Coimbra); Specht, Jan Martin (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN)); Pereira da Silva, Patrícia (University of Coimbra); Madlener, Reinhard (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN))
    Abstract: The ongoing European Union sustainable energy transition has a disruptive potential regarding the role of infrastructure and utilities in the electricity sector. The increased spread of digital technologies, renewable energy sources, and prosumers calls for a swift and well-guided adaptation of the electricity distribution industry towards a smart grids context. We analyze the challenges and opportunities associated with this adaptation through nine multi-stakeholder workshops, held in Germany and Portugal in 2016-2017, engaging distribution system operators (DSOs), researchers, academics, and integrated utility companies to obtain up-to-date insights. Our results indicate uncertainty regarding the value of large-scale rollout of smart meters for DSOs. Also, a corporate culture with resistance to change is observed, challenging the integration of novel technologies and processes. Traditional regulation is seen as a barrier to smart grid investments, is associated with job losses, and knowledge destruction. Policy-makers can benefit from these insights by taking them into account in policy design and market restructuring.
    Keywords: Electricity distribution; smart grid; technology; business model; market design; policy
    JEL: O18 O25 O33 Q41
    Date: 2018–03
  28. By: Michael Fritsch; Martin Obschonka; Michael Wyrwich
    Abstract: There is a research gap with respect to understanding the role of entrepreneurial culture and tradition for actual start-up behaviour. We combine historical self-employment data (entrepreneurial tradition) with a psycho- logical measure for entrepreneurial attitudes (entrepreneurial culture). The results reveal a positive relationship between the historical level of self- employment in a region and the presence of people with an entrepreneurial personality structure today. Our measure for a regional culture of entrepreneurship is positively related not only to the level of new business formation but also the amount of innovation activity.
    Keywords: Entrepreneurship, self-employment, new business formation, personality traits, culture, innovation
    JEL: L26 N94 O11 O30 R11
    Date: 2018–06
  29. By: Mariko Tanaka
    Abstract: Sustaining economic growth under rapid aging is one of the most important policy issues in Japan. Because of the difficulty of increasing labor force in an aging society, it is desirable to promote human capital accumulation for improvement of labor quality in the long run. However, since human capital accumulated in the young may become obsolete for elder workers, we cannot achieve sufficient level of human capital to sustain economic growth only through education for the young. Thus, we need recurrent education for the elderly or retired female workers in an aging society as in Japan. Hence, this paper investigates whether we can achieve socially optimal level of human capital when the decision to participate in recurrent education is left to the private sector.
    Date: 2018–03
  30. By: Charles REGNACQ
    Abstract: L'objectif premier est d’estimer l’attractivité d’un territoire lorsque ce dernier est soumis à de potentielles externalités négatives de la part de son activité productive principale. Plus spécifiquement, cette recherche s’attèle à déterminer les possibilités de diversification des activités économiques et d’organisations structurantes aptes à un développement durable au sein d’un espace productif contraint par des risques technologiques majeurs. Le cas de la Communauté de Lacq-Orthez (CCLO) est particulièrement pertinent puisqu’elle est dorénavant bien engagée dans une dynamique de redéveloppement de son territoire et dans une réappropriation de son système productif. En effet, la CCLO affiche une stratégie de diversification des activités productives du Bassin afin de préserver un pôle de qualité de vie à ses administrés en plus du pôle de compétition, assurant ainsi un auto-renforcement de son attractivité vers un développement durable.
    Date: 2018–05
  31. By: Michael Fritsch (FSU Jena); Michael Wyrwich (FSU Jena); Martin Obschonka (Queensland University of Technology Business School Brisbane)
    Abstract: There is a research gap with respect to understanding the role of entrepreneurial culture and tradition for actual start-up behaviour. We combine historical self-employment data (entrepreneurial tradition) with a psychological measure for entrepreneurial attitudes (entrepreneurial culture). The results reveal a positive relationship between the historical level of self-employment in a region and the presence of people with an entrepreneurial personality structure today. Our measure for a regional culture of entrepreneurship is positively related not only to the level of new business formation but also the amount of innovation activity.
    Keywords: Entrepreneurship, self-employment, new business for mation, personality traits, culture, innovation
    JEL: L26 N94 O11 O30 R11
    Date: 2018–06–25
  32. By: Seojeong Lee
    Abstract: Under treatment effect heterogeneity, an instrument identifies the instrument-specific local average treatment effect (LATE). With multiple instruments, two-stage least squares (2SLS) estimand is a weighted average of different LATEs. What is often overlooked in the literature is that the postulated moment condition evaluated at the 2SLS estimand does not hold unless those LATEs are the same. If so, the conventional heteroskedasticity-robust variance estimator would be inconsistent, and 2SLS standard errors based on such estimators would be incorrect. I derive the correct asymptotic distribution, and propose a consistent asymptotic variance estimator by using the result of Hall and Inoue (2003, Journal of Econometrics) on misspecified moment condition models. This can be used to correctly calculate the standard errors regardless of whether there is more than one LATE or not.
    Date: 2018–06
  33. By: Becker, Marco; Daube, Carl Heinz
    Abstract: Es wird in diesem Working Paper untersucht, in wie weit sich das Canvas Business Model zum agilen Business Model Management für Unternehmen in der Vorgründungs- und Gründungsphase eignet.
    Keywords: Business Model,agil,Business Model Management,Canvas Business Model
    JEL: M13 L16
    Date: 2018
  34. By: Ana Mickovska-Raleva; Ana Tomovska-Misoska; Olimpija Hristovska-Zaeva; Suzana Cerepnalkovska; Vesna Kostik Ivanovik
    Date: 2017–09
  35. By: Filippo Di Mauro; Fadi Hassan; Gianmarco I. P. Ottaviano
    Abstract: The efficient allocation of credit is a key element for the success of an economy. Traditional measures of allocative efficiency focus on the Q-theory of investment and, in particular, on the elasticity of finance to investment opportunities proxied by firm real value added. This paper introduces a theory-based alternative measure that focuses instead on the elasticity of credit to firm productivity. In doing so, it develops a simple theoretical framework that delivers clear predictions for the elasticity of credit to current and future productivity depending on capital market frictions. When applied to the novel firm-level dataset of the Competitiveness Research Network (CompNet) set up by the EU System of Central Banks, the proposed measure leads to normative statements about the efficiency of credit allocation across the largest Eurozone economies, changing the conclusions that one would reach based on traditional empirical applications of Q-theory.
    Keywords: bank credit, capital allocation, productivity, credit constraints
    JEL: G10 G21 G31 D92 F3 O16
    Date: 2018–07
  36. By: Carole HARITCHABALET; Catherine BOBTCHEFF
    Abstract: Biobanks are service-provider infrastructures that offer access to biological resources for academic and industrial researchers. These centers make samples available to researchers, allowing them to test hypotheses and develop innovations. This research helps to improve the diagnosis and therapeutic management of patients. Biological samples are the essential input for the success of this innovation. The management of these biological resources requires considerable scientific and technical expertise. Biobanks must comply with numerous legal and regulatory requirements, particularly concerning the collection and transport of samples and the management of personal data. This data represents all the information that relates to the sample and that allows its use in the best conditions. One of the difficulties for biobanks is to master the collection of this information. Sample production requires a great deal of coordination between various professions to produce a high-quality input.
    Date: 2018–07
  37. By: Emilio Depetris-Chauvin; Ruben Durante; Filipe R. Campante
    Abstract: We examine whether shared collective experiences can help build a national identity, by looking at the impact of national football teams’ victories in sub- Saharan Africa. Combining individual survey data with information on official matches played between 2000 and 2015, we find that individuals interviewed in the days after a victory of their country’s national team are less likely to identify with their ethnic group than with the country as a whole and more likely to trust people of other ethnicities than those interviewed just before. The effect is sizable and robust and is not explained by generic euphoria or optimism. Crucially, we find that national victories not only affect attitudes but also reduce violence: using plausibly exogenous variation from close qualifications to the African Cup of Nations, we find that countries that (barely) qualified experience significantly less conflict in the following six months than countries that (barely) did not. Our findings indicate that, even when divisions are deeply rooted, shared experiences can work as an effective nation-building tool, bridge cleavages, and have a tangible effect on violence.
    JEL: O12
    Date: 2018–05
  38. By: Cabrera, José María; Webbink, Dinand
    Abstract: We study the effects of a policy aimed at attracting more experienced and better qualified teachers in primary schools in disadvantaged neighborhoods in Uruguay. Teachers in these schools could earn higher salaries. Estimates from regression discontinuity models show that the policy increased experience by two to three years. The policy was especially successful in ‘hiring experience from other schools’, but also increased tenure. However, the effect on student outcomes appears to be small. The distinction between ‘hiring or keeping’ teachers seems important for explaining this result. Keeping teachers appears to be more beneficial for students than hiring experienced teachers. We also find that the effect of the policy is better for schools that replaced teachers with less than five years of experience.
    Keywords: teacher salaries, teacher experience, student performance, disadvantaged students.
    JEL: I2 J24
    Date: 2018
  39. By: Alain Legardez (ADEF - Apprentissage, Didactique, Evaluation, Formation - AMU - Aix Marseille Université)
    Abstract: L’objectif de cette contribution est d’avancer dans la caractérisation et la structuration du domaine de recherches sur les Questions Socialement Vives (QSV) – ou Socially Acute Questions (SAQ) –, en revisitant des propositions faites dans la période d’émergence de cette thématique. Il s’agit donc de proposer une nouvelle présentation de travaux de chercheurs du champ, en termes de processus de didactisation de QSV, ainsi que dans une perspective transformatrice. Cette analyse se fait en relation avec notre grille d’analyse des rapports aux savoirs dans l’enseignement et la formation (Legardez, 2004), désormais revisitée dans une perspective de didactique de questions « hyper-vives » – liées notamment à l’écocitoyenneté – à visée transformatrice-critique (Legardez & Jeziorki, 2017) -. L’objectif de nos travaux est aussi d’éclairer la réflexion et les pratiques des acteurs de l’enseignement et de la formation, dans une perspective d’émancipation et de transformation.
    Keywords: Questions Socialement Vives,Didactisation,Rapports aux savoirs et aux valeurs,Perspective transformatrice-critique
    Date: 2017
  40. By: Seojeong Lee
    Abstract: I propose a nonparametric iid bootstrap that achieves asymptotic refinements for t tests and confidence intervals based on GMM estimators even when the model is misspecified. In addition, my bootstrap does not require recentering the moment function, which has been considered as critical for GMM. Regardless of model misspecification, the proposed bootstrap achieves the same sharp magnitude of refinements as the conventional bootstrap methods which establish asymptotic refinements by recentering in the absence of misspecification. The key idea is to link the misspecified bootstrap moment condition to the large sample theory of GMM under misspecification of Hall and Inoue (2003). Two examples are provided: Combining data sets and invalid instrumental variables.
    Date: 2018–06
  41. By: Diermeier, Matthias; Jung, Markos; Sagner, Pekka
    Abstract: Up until the economic and financial crisis, economic conditions in the European regions had been converging. This process has come to a complete standstill in recent years due to lower growth in Eastern Europe and stagnation in Southern Europe.
    Date: 2018
  42. By: Carole HARITCHABALET; Catherine BOBTCHEFF
    Abstract: We propose to model the relationship between a biobank and a research unit. We are interested in the problem of a research unit that wishes to invest in a new project. This project can potentially lead to a new drug or process whose profitability is uncertain. This project requires access to a collection of biological resources (biological samples and associated data) stored in a biobank. The commercial value of this innovation is unknown by the biobank and the research unit, but it is endogenous, i.e. it depends on the actions and decisions of the different actors. Our objective is to identify how these actions and decisions modify the value of the innovation.
    Date: 2018–07
  43. By: Sara Horrell; Jane Humphries
    Keywords: Children’s work and pay; Labour Markets; Demography; Britain, long-run
    JEL: N33
    Date: 2018–03–20
  44. By: Daniel Danau (LET - Laboratoire d'économie des transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)
    Date: 2018–06–04
  45. By: Chris Kirrane
    Abstract: Historical examination of the Bretton Woods system allows comparisons to be made with the current evolution of the EMS.
    Date: 2018–07
  46. By: Despina Tumanoska
    Date: 2018–05
  47. By: Mitchener, Kris James; Ma, Debin
    JEL: N0
    Date: 2016–12–16
  48. By: Mustapha Ridaoui (Centre d'Economie de la Sorbonne - Paris School of Economics); Michel Grabisch (Centre d'Economie de la Sorbonne - Paris School of Economics); Christophe Labreuche (Thales Research & Technology - Palaiseau)
    Abstract: We provide an axiomatisation of the Banzhaf value (or power index) and the Banzhaf interaction index for multichoice games, which are generalisation of cooperative games with several levels of participation. Multichoice games can model any aggregation model in multicriteria decision making, provided the attributes take a finite number of values. Our axiomatisation uses standard axioms of the Banzhaf value for classical games (linearity, null axiom, symmetry), an invariance axiom specific to the multichoice context, and a generalisation of the 2-efficiency axiom, characteristic of the Banzhaf value
    Keywords: Banzhaf value; multicriteria decision aid; multichoice games; interaction
    Date: 2018–03
  49. By: Fischer, Martin (University of Duisburg-Essen, Essen); Karlsson, Martin (University of Duisburg-Essen, Essen); Nilsson, Therese (Research Institute of Industrial Economics (IFN)); Schwarz, Nina (University of Duisburg-Essen, Essen)
    Abstract: We evaluate the impact on earnings, pensions, and further labor market outcomes of two parallel educational reforms increasing instructional time in Swedish primary school. The reforms extended the annual term length and compulsory schooling by comparable amounts. We find striking differences in the effects of the two reforms: at 5%, the returns to the term length extension were at least half as high as OLS returns to education and bene ted broad ranges of the population. The compulsory schooling extension had small (2%) albeit significant effects, which were possibly driven by an increase in post-compulsory schooling. Both reforms led to increased sorting into occupations with heavy reliance on basic skills.
    Keywords: Educational reforms; Compulsory schooling; Term length; Returns to Education
    JEL: I28 J24 J31
    Date: 2018–06–25
  50. By: João Pereira dos Santos (Nova School of Business and Economics, Universidade Nova de Lisboa, Campus de Campolide); David B. Audretsch (Institute for Development Studies, Indiana University, 1315 East 10th Street, SPEA Room 201, Bloomington); Dirk Christian Dohse (Kiel Institute for the World Economy, Kiellinie 66, 24105 Kiel, Germany)
    Abstract: The paper studies the impact of a switch from free to charged highway provision on firm numbers and private sector employment in a panel of Portuguese municipalities covering the period 2007–2013. It exploits the fact that tolls on certain highways in Portugal were unexpectedly introduced in reaction to the sovereign debt crisis to establish causality. Results from a difference-in-differences analysis indicate a significantly negative effect of highway tolls on number of firms and employment in treated municipalities vis-à-vis the comparison group. We also find negative effects of tolls in municipalities not directly traversed by the treated highways, with larger firms and manufacturing firms being most strongly affected.
    Keywords: infrastructure provision, highway tolls, regional economic development, natural experiment
    JEL: R48 L25
    Date: 2018–06
  51. By: Rebecca Dizon-Ross
    Abstract: Does holding schools accountable for student performance cause good teachers to leave low-performing schools? Using data from New York City, which assigns accountability grades to schools based on student achievement, I perform a regression discontinuity analysis and find evidence of the opposite effect. At the bottom end of the school grade distribution, I find that a lower accountability grade decreases teacher turnover and increases joining teachers’ quality. A likely channel is that accountability pressures induce increases in principal effort at lower-graded schools, especially among high-quality principals, and teachers value these changes. In contrast, at the top end of the school grade distribution, where accountability pressures are lower, low accountability grades may negatively impact joining teachers’ quality.
    JEL: I2
    Date: 2018–05
  52. By: Alain Bonnafous (LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)
    Abstract: L'auteur nous livre des clés d'analyse des rapports dits "Duron" et "Spinetta".
    Keywords: France,réforme du système ferroviaire,rapport Spinetta,rapport Duron,système ferroviaire français,modèle économique ferroviaire
    Date: 2018
  53. By: Nishith Prakash (University of Connecticut); Marc Rockmore (Clark University); Yogesh Uppal (Youngstown State University)
    Abstract: We study the causal impact of electing criminally accused politicians to state legislative assemblies in India on the subsequent economic performance of their constituencies. Using data on the criminal background of candidates running for state assembly elections and a constituency-level measure of economic activity proxied by intensity of night-time lights, we employ a regression discontinuity design that controls for unobserved heterogeneity across con-stituencies and find 22-percentage point lower yearly growth in the intensity of night-time lights arising from the election of a criminally accused politician. These effects are driven by serious, financial and the number of criminal charges and appear to be concentrated in the less devel-oped and more corrupt Indian states. Similar findings emerge for the provision of public goods using data on India’s major rural roads construction program.
    Keywords: Criminal Accusations, Politicians, Night-time Lights, Regression Discontinuity, India
    JEL: D72 D73 O40 O12
    Date: 2017–03
  54. By: Dany Bahar
    Abstract: Using a unique dataset on worldwide multinational corporations with precise location of headquarters and affiliates, I present evidence of a trade-off between distance to the headquarters and the knowledge intensity of the foreign subsidiary’s economic activity, emerging from dynamics related to the proximity-concentration hypothesis. This trade-off is strongly diminished the higher the overlap in working hours between the headquarters and its foreign subsidiary. In order to rule out biases arising from confounding factors, I implement a regression discontinuity framework to show that the economic activity of a foreign subsidiary located just across the time zone line that increases the overlap in working hours with its headquarters is, on average, about one percent higher in the knowledge intensity scale. I find no evidence of the knowledge intensity and distance trade-off weakening when a non-stop flight exists between the headquarters and the foreign subsidiary. The findings suggest that lower barriers to real-time communication within the multinational corporation play an important role in the location strategies of multinational corporations.
    Keywords: multinational firms, multinational corporations, knowledge, location, proximity concentration hypothesis, FDI
    JEL: F23 L22 L25
    Date: 2018
  55. By: Martin, Ulf
    Abstract: According to Shimshon Bichler and Jonathan Nitzan capital is not an economic quantity but a mode of power; it could be sumarized as: "Capital is power quantified in monetary terms". So, what do we do when we "quantify"? What is the nature of "money" in a capitalist society? And, indeed, what is "power" in the first place? In the following I will try to develop a concept of power as the ability of persons to create particular formations. The kind of formations persons can think of depends on the society a person lives in, which can be identified by what Cornelius Castoriadis called its social imaginary significations (SIS). The core SIS of capitalism is rational mastery operating with computational rationality. Computational rationality in turn rest on a particular understanding of how signification works: operational symbolism, as theories by Sybille Krämer (following Leibniz). When the concept of the SIS of modern rationality was developed in the 1950s and 60s, bureaucracy was seen as its main organisational mode or rational mastery. I will argue that capitalisation and bureaucratisation are the two modes of rational mastery which interact with each other. The paper concludes with deliberations on the future of rational mastery and the possibility of "ways out".
    Date: 2018
  56. By: Mikhail Drugov (New Economic School and CEPR); Marta Troya-Martinez (New Economic School and CEPR)
    Abstract: This paper analyses a persuasion game where a seller provides (un)biased and (im)precise advice and may be fined by an authority for misleading the buyers. In the equilibrium, biasing the advice and making it noisier are complements. The advice becomes both more biased and less precise with a stricter standard of proof employed by the authority, a larger share of credulous consumers, and a higher buyers' heterogeneity. The optimal policy of the authority is characterized in terms of a standard of proof and resources devoted to the investigation.
    Keywords: Advice, Persuasion, Legal Procedure, Consumer Protection
    JEL: D18 D8 K4 L1
    Date: 2018–06
  57. By: Raf Van Gestel, Tobias Mueller, Johan Bosmans
    Abstract: Learning curves in health are of interest for a wide range of medical disciplines, healthcare providers and policy makers. In this paper, we distinguish between three types of learning when identifying overall learning curves: economies of scale, learning from cumulative experience and human capital depreciation. In addition, we approach the question of how treating more patients with speci c characteris- tics predicts provider performance. To soften collinearity problems, we explore the use of Lasso regression as a variable selection method and Theil-Goldberger mixed estimation to augment the available information. We use data from the Belgian Transcatheter Aorta Valve Implantation (TAVI) registry, containing information on the rst 860 TAVI procedures in Belgium. We nd that treating an additional TAVI patient is associated with an increase in the probability of 2-year survival by about 0.16%-points. For adverse events like renal failure and stroke, we nd that an extra day between procedures is associated with an increase in the probability for these events by 0.12%-points and 0.07%-points respectively. Furthermore, we nd evidence for positive learning e ects from physicians' experience with de brillation, treating patients with hypertension and the use of certain types of replacement valves during the TAVI procedure.
    Date: 2017–02
  58. By: Blagica Petreski; Pavle Gacov
    Date: 2018–02
  59. By: Roxane Bricet (Université de Cergy-Pontoise, THEMA)
    Abstract: In this article, I propose an experimental design to measure the value of instrumental information in a model-free setup. In particular, this study provides operating instructions to test Blackwell’s ranking of informative structures under risk and under ambiguity. Drawing on Ellsberg’s two-color thought experiment, the subject faces three different types of choice situations: simple risk, compound risk and ambiguity. The original experiment is modified by enabling the agent to observe random draws with replacement so that he can learn about the composition of the urns. The proposed design allows to estimate the value of signals that differ in their informativeness and how it relates to ambiguity attitudes.
    Keywords: Value of Information, Ambiguity, Blackwell’s theorem, Reduction of Compound Lotteries, Ellsberg paradox, Experiment, Prince.
    JEL: C91 D81 D83
    Date: 2018
  60. By: Blagica Petreski; Nikica Mojsoska-Blazevski
    Date: 2017–07
  61. By: Miguel Székely; Pamela Mendoza
    Abstract: This paper explores families' investment in skills development through education in a high-inequality, low-education quality country such as Mexico, comparing it to a lower-inequality, higher-quality education country such as the United States. The paper uses a series of high-quality Household Income and Expenditure Surveys for both countries spanning around 20 years and different methodological approaches. Of particular interest is the analysis of education expenditure patterns along the income distribution. Policy implications for both cases are discussed. While in Mexico stimulating private spending in education through public resources might be regressive, the opposite might be the case in the United States.
    Keywords: Education Expenditure, Household Expenditure, School Attendance, Children, Private Investment, High School, Household Income, Labor markets, Higher Education, Human Capital Investment, School Enrollment, Household Income, Household Expenditure, Private Investment
    JEL: D11 J21 I2
    Date: 2017–03
  62. By: Yaroslav Mukhin
    Abstract: This paper studies local asymptotic relationship between two scalar estimates. We define sensitivity of a target estimate to a control estimate to be the directional derivative of the target functional with respect to the gradient direction of the control functional. Sensitivity according to the information metric on the model manifold is the asymptotic covariance of regular efficient estimators. Sensitivity according to a general policy metric on the model manifold can be obtained from influence functions of regular efficient estimators. Policy sensitivity has a local counterfactual interpretation, where the ceteris paribus change to a counterfactual distribution is specified by the combination of a control parameter and a Riemannian metric on the model manifold.
    Date: 2018–05
  63. By: Shitovitz, Benyamin; Selay, A.; Moreno Ruiz, Diego; Haimanko, Ori; Einy, Ezra; Aiche, A.
    Abstract: In Tullock contests in which the common value of the prize is uncertain, information advantages are rewarded: if a player i has better information about the value than some other player j, then the payoff of i is greater or equal to the payoff of j, regardless of the information of the other players.
    Keywords: Information Advantage; Common Value; Tullock Contests
    JEL: D82 D44 C72
    Date: 2018–06–28
  64. By: Maija Halonen-Akatwijuka; Evagelos Pafilis
    Abstract: We analyze optimal ownership of public goods in a repeated game focusing on common ownership. Under common ownership an owner’s access to the public good cannot be restricted by other owners. We find that under common ownership both the value of the relationship and the gain from deviation are high. Common ownership is optimal when the marginal return to maintenance investments is low consistent with the stylized facts.
    Keywords: public goods, common pool resources, property rights, repeated games, common ownership, joint ownership.
    JEL: D23 H41 L14 L33
    Date: 2018–06–13
  65. By: Ludovico Latmiral
    Abstract: We analyze correlations of stock returns via a series of widely adopted market and stock parameters which we refer to as \textit{explanatory variables}. We subsequently exploit the results to propose a quantitative adaptive technique to infer predictions on expected relations among future stock returns.
    Date: 2018–06
  66. By: Raf Van Gestel, Tobias Mueller, Johan Bosmans
    Abstract: Procedural failures of physicians or teams in interventional healthcare may positively or negatively predict subsequent patient outcomes. We identify this effect by applying (non-)linear dynamic panel methods to data from the Belgian Transcatheter Aorta Valve Implantation (TAVI) registry containing information on the first 860 TAVI procedures in Belgium. We find that a previous death of a patient positively and significantly predicts subsequent survival of the succeeding patient. We find that these learning from failure effects are not long-lived and that learning from failure is transmitted across adverse events.
    Keywords: Physician behavior, Learning, Failure
    JEL: I10 I13 I18 C93
    Date: 2018–04
  67. By: Balandina, Galina (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Ponomarev, Yuriy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Sinelnikov-Murylev, Sergei G. (Russian Foreign Trade Academy; Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tochin, Andrey (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: Modern customs administration in Russia in comparison with the best world practices provides insufficient efficiency both for the state and for participants in foreign economic activity. The level of unreliable declaring by the business or importing goods into the country bypassing the established rules remains high. This leads to such negative consequences as unfair competition, evasion from payment of internal taxes, escalation of shadow turnover. The discretionary powers of customs authorities and their officials with existing control technologies (the multiplicity of supervisory bodies and the lack of necessary interaction between them) create conditions for administrative pressure on the business that promotes corruption.
    Date: 2018–06
  68. By: Farah, Alfa
    Abstract: Fiscal disparity leads to a yardstick bias, in that incumbents in fiscally-rich jurisdictions can provide more public goods, extract more rents and yet have a higher probability to be reelected. This study further emphasizes disparity among jurisdictions, not only in terms of fiscal resources but also of costs of rent appropriation. In a setting in which jurisdictions with a higher fiscal capacity have lower costs of rent appropriation whilst those with a lower fiscal capacity have higher costs of rent appropriation, the difference in costs of rent appropriation might moderate the bias caused by the fiscal disparity.
    Keywords: accountability,rent,fiscal capacity,institutions,yardstick competition
    JEL: H71 H72 H77 D72
    Date: 2018
  69. By: Erik Lindqvist; Robert Östling; David Cesarini
    Abstract: We surveyed a large sample of Swedish lottery players about their psychological well-being and analyzed the data following pre-registered procedures. Relative to matched controls, large-prize winners experience sustained increases in overall life satisfaction that persist for over a decade and show no evidence of dissipating with time. The estimated treatment effects on happiness and mental health are significantly smaller, suggesting that wealth has greater long-run effects on evaluative measures of well-being than on affective ones. Follow-up analyses of domain-specific aspects of life satisfaction clearly implicate financial life satisfaction as an important mediator for the long-run increase in overall life satisfaction.
    JEL: D69 I31
    Date: 2018–05
  70. By: Michel Forsé (Centre Maurice Halbwachs); Maxime Parodi (Observatoire français des conjonctures économiques)
    Abstract: Dans nos sociétés modernes, on considère souvent que l’individualisme conduit à négliger et à dévaloriser le rôle de l’héritage et de la transmission sous tous ses aspects – comme si l’individu ne pouvait affirmer son individualité qu’en rejetant ce qu’il doit à ses aïeuls. Pourtant, aujourd’hui encore, la socialisation familiale exerce une influence notable sur les goûts et les croyances des enfants et des adultes – même si la démultiplication des sources d’influences peut en réduire l’importance. Quel est aujourd’hui le poids de ces transmissions familiales sur les convictions et les engagements des individus ? (Premier paragraphe)
    Keywords: transmission familiale; génération; héritage
    Date: 2018–06
  71. By: Duda-Nyczak, Marta.; Viegelahn, Christian.
    Abstract: This paper studies the relation between firms’ export and import status, and the quantity and types of employment they offer, using firm-level data from 47 African countries in 2006-14. The paper also analyses how the quality of policies at the country-level relates to the difference between exporters and non-exporters, and between importers and non-importers. This paper shows that both exporters and importers employ on average more full-time permanent workers than their respective non-trading counterparts, even after controlling for a wide range of firm-level characteristics. This employment premium is larger in countries with a better quality of infrastructure. In addition, importers employ higher shares of non-production workers compared with non-importers. In addition, both exporters and importers are characterized by higher shares of female employment than their non-trading counterparts. Successful gender policies are positively associated with the female employment premium of trading firms. This paper also finds that there is a larger proportion of temporary workers in the workforce of exporters compared with non- exporters, but a better developed rural sector reduces this difference in the use of temporary manpower. The results presented in this paper suggest that the quality of policies has an impact on the extent to which trading firms are able to generate decent job opportunities in Africa.
    Keywords: commercial policy, commercial enterprise, trade, working conditions, Africa
    Date: 2017
  72. By: Michael Bleaney; Atsuyoshi Morozumi; Zakari Mumuni
    Abstract: Previous research on inflation targeting (IT) has focused on high-income countries (HICs) and emerging market economies (EMEs). Only recently has enough data accumulated for the performance of IT in low-income countries (LICs) to be assessed. We show that IT has not so far been effective in reducing in inflation in LICs, unlike in EMEs. Weak institutions, a typical feature in LICs, help explain this result, particularly under fl oating exchange rate regimes. Our interpretation is that poor institutions, leaving fiscal policy unconstrained, impair central banks' ability to conduct monetary policy in a way consistent with IT.
    Keywords: infl ation targeting, low-income countries, institutions
    Date: 2018
  73. By: Robert Allen; Ekaterina Khaustova
    Abstract: The paper measures real wages in St Petersburg, Moscow, and Kursk between 1853 and 1937 and compares them to real wages in Boston, Manchester, Bombay, and Cairo. Russian living standards grew little between 1853 and 1913 and were like Egypt and India. Wages in the UK and USA were 2.5 - 5 times greater. Real wages in Russia almost doubled between 1913 and 1928. When seen in a Russian perspective, this looks like a big advance; when seen internationally, it is much less so. Real wages dropped to their pre-War level between 1928 and 1937 during the industrialization drive.
    Keywords: Russia, real wages, economic development, inequality, revolution
    JEL: D33 J30 N93 N94 P22 P23
    Date: 2017–08–16
  74. By: Görg, Holger
    Abstract: Goal 8 of the UN Sustainable Development Goals (SDGs) calls for promoting "sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all". One driver that may help to achieve this goal is foreign direct investment (FDI). It has the potential to foster productivity growth and generate quality employment, and also - though many globalization critics may disagree - to help moving towards more socially and environmentally sustainable business practices (e.g., Görg, Hanley, Hoffmann, Seric, 2015). This short note reviews briefly what we do know from recent work using large scale firm level datasets about the potential benefits or costs of foreign direct investment as regards these aspects. It then sets out what else we would want to know, and how to go about collecting this knowledge. Based on this, some policy conclusions are offered.
    Date: 2018
  75. By: Dilger, Alexander
    Abstract: Es werden sieben verschiedene Szenarien zum Euroausstieg vorgestellt. Ein Euroausstieg ist durchaus einseitig möglich, sollte jedoch besser einvernehmlich erfolgen, gegebenenfalls auch erst einmal nur auf Zeit.
    JEL: E42 F33
    Date: 2018
  76. By: Pierre Madec (Observatoire français des conjonctures économiques); Mathieu Plane (Observatoire français des conjonctures économiques)
    Abstract: La montée en charge des différentes mesures fiscales prises dans le cadre de la Loi de finances pour 2018 devrait affecter de manière différente les ménages selon qu’ils se situent en bas ou en haut de la distribution des niveaux de vie. Si, globalement, les mesures du budget devraient être quasiment neutres sur le pouvoir d’achat global des ménages en moyenne en 2018, les ménages les plus aisés bénéficieraient dès 2018 des réformes visant à réduire la taxation du capital (suppression de l’ISF et instauration du PFU sur les revenus du capital). Les 17,7 millions de ménages éligibles à l’exonération totale de la taxe d’habitation en 2020 devraient quant à eux voir celle-ci réduite de l’ordre de 30 % dès 2018. Les ménages du bas de la distribution devraient bénéficier des revalorisations de certains minima sociaux et de la Prime d’activité. [Premières lignes]
    Keywords: Epargne; Fiscalité; Loi de Finances 2018; Niveau de vie; Politique fiscale; Pouvoir d'achat
    Date: 2018–06
  77. By: Lindeboom, Maarten (vu university amsterdam); Montizaan, Raymond (ROA / Dynamics of the labour market)
    Keywords: natural experiment, regression discontinuity, retirement, private wealth, public wealth, crowding out, substitution rate
    JEL: J26 H55 J14
    Date: 2018–06–28
  78. By: Yves Crozet (LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)
    Abstract: L’insécurité routière et les temps de parcours (gains ou pertes) ont été les premiers effets externes du transport intégrés dans le calcul économique, il y a plus de 50 ans. Les valeurs tutélaires correspondantes ont évolué de façon divergente. Depuis 1970, la valeur de la vie humaine a progressé presque 5 fois plus vite que la valeur du temps. Malgré ce prix relatif croissant, l’insécurité occupe une place réduite dans les coûts externes du transport, surtout si nous appliquions les méthodes proposées dans le manuel européen (RICARDO-AEA). Ce résultat n’est pas acceptable alors que le nombre de morts sur les routes a recommencé à croître depuis 2013. Comment assurer une cohérence entre les méthodes d’évaluation et les objectifs des politiques publiques ?
    Keywords: Coûts de congestion,coûts d’insécurité routière,méthodes de calcul,coûts externes du transport,valeur de la vie statistique
    Date: 2017
  79. By: Altay, Serdar
    Abstract: Policy debate on the implications of the Transatlantic Trade and Investment Partnership (TTIP) for Turkey has focused almost exclusively on “how” Turkey can/will take part in a forthcoming transatlantic deal. Turkey's association with a TTIP has largely been conceived as an inevitable and beneficial policy choice to re‐engage Ankara with the Atlantic alliance and emerging transatlantic trade framework. The arguments for extending TTIP to Turkey have mostly been built upon a conventional understanding of preferential trade agreements. The debate has not provided a comprehensive assessment of costs and benefits for Turkey's exclusion from or joining TTIP as it dismissed multiple dimensions of the “deep integration” agenda which underpinned the transatlantic talks. This paper intends to contribute to the “why” debate with a thorough analysis of critical issues on the transatlantic agenda by evaluating economic and policy implications of TTIP both for exclusion and association scenarios together with associated compliance and adjustment costs.
    Keywords: TTIP, Turkey, Preferential Trade Agreements
    JEL: F13
    Date: 2018
  80. By: JIN SEO CHO (Yonsei University); JIN SEOK PARK (Yonsei University); SANG WOO PARK (Yonsei University)
    Abstract: This study examines the mixture hypothesis of conditional geometric distributions using a likelihood ratio (LR) test statistic based on that used for unconditional geometric distributions. As such, we derive the null limit distribution of the LR test statistic and examine its power performance. In addition, we examine the interrelationship between the LR test statistics used to test the geometric and exponential mixture hypotheses. We also examine the performance of the LR test statistics under various conditions and confirm the main claims of the study using Monte Carlo simulations.
    Keywords: mixture of conditional geometric distributions, likelihood ratio test, unobserved heterogeneity, Gaussian stochastic process
    JEL: C12 C41 C80
    Date: 2018–06
  81. By: Hervé Péléraux (Observatoire français des conjonctures économiques)
    Abstract: Selon l’indicateur avancé de l’OFCE pour la France, bâti sur les enquêtes de conjoncture publiées par l’INSEE le 24 mai, la croissance de l’économie française serait voisine de +0,4 % au deuxième et au troisième trimestre 2018. Après la nette embellie de 2017, et la retombée de la croissance au premier trimestre (+0,3 %) marquée par le calendrier des mesures fiscales (voir « Économie française : ralentissement durable ou passager ? »), les perspectives trimestrielles apparaissent moins favorables en 2018 qu’en 2017.
    Keywords: Conjoncture; Croissance; Indicateur avancé; Climat des affaires
    Date: 2018–05
  82. By: Sakai Ando
    Abstract: I study the welfare implications of size-dependent firm regulation policies (SDPs) in the presence of entrepreneurial risks. Although SDP has been considered a source of misallocation, I show that, once entrepreneurial risks are taken into account, SDP can improve efficiency. Quantitatively, I show that, based on French data, removing the SDP leads to output and welfare loss by 1.5% and 1.3%, respectively, in opposition to the output gain reported by the previous literature that abstracts from risks. Qualitatively, I solve an optimal non-linear SDP problem and show that the observed SDP shares certain features with the optimal SDP. The analysis uncovers a novel tradeoff between the inefficiencies of the intensive and extensive margins. In extension, it is shown that (1) whether SDPs improve efficiency depends on the level of financial development and (2) capital accumulation and consumption-smoothing motive further justify SDPs.
    Date: 2017–10
  83. By: Vahagn Jerbashian (Universitat de Barcelona, BEAT, and CERGE-EI); Anna Kochanova (Cardiff Business School)
    Abstract: Over the past few decades, the Internet has become the major tool for communication, greatly replacing the traditional telecommunication technologies. We use industry-level evidence from 21 European countries and the period 1997-2007 and identify the changing effects of traditional telecommunication technologies and the Internet on the functioning of markets. Specifically, we show that the effect of the traditional telecommunication technologies on competition in services and goods markets has dissipated and has become insignificant during this period. In contrast, the effect of the Internet has gained a significant momentum.
    Keywords: Telecommunications, The Internet, Product Market Competition.
    JEL: L16 O25 O33
    Date: 2018
  84. By: Cesa-Bianchi, Ambrogio (Bank of England); Pesaran, M Hashem (Department of Economics); Rebucci, Alessandro (Johns Hopkins University)
    Abstract: Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the direction of causation between uncertainty and the business cycle. This paper takes a common-factor approach to the analysis of the interaction between uncertainty and economic activity in a multi-country model without a priori restricting the direction of causality at the level of individual countries. Motivated by the observation that cross-country correlations of volatility series are much higher than cross-country correlations of GDP growth series, we set up a multi-country version of the Lucas tree model with time-varying volatility consistent with this stylized fact and use it to identify two common factors, a real and a financial one. We then quantify the absolute and the relative importance of the common shocks as well as country-specific volatility and GDP growth shocks. The paper highlights three main empirical findings. First, it is shown that most of the unconditional correlation between volatility and growth can be accounted for by shocks to the real common factor, which is extracted from world growth in our empirical model and linked to the risk-free rate in the theoretical model and in the data. Second, the share of volatility forecast error variance explained by the real common shock and by country-specific growth shocks amounts to less than 5%. Third, common financial shocks explain about 10% of the growth forecast error variance, but when such shocks occur, their negative impact on growth is large and persistent. In contrast, country-specific volatility shocks account for less than 1%-2% of the forecast error variance decomposition of country-specific growth rates.
    Keywords: Uncertainty; business cycle; common factors; real and financial global shocks; multi-country; identification; realized volatility
    JEL: E44 F44 G15
    Date: 2018–06–01
  85. By: Saori CHIBA
    Abstract: We study indeterminacy of indicative meanings (disagreements about meanings of messages among players), a kind of language vagueness examined in Blume and Board (2013). They, using a cheap talk model in which the state distribution and the players’ language competence were ex-ante uncertain, demonstrated that this vagueness occurs as the equilibrium language. We expand the work of Blume and Board by using a model between an uninformed decision maker and an informed agent in which the state-distribution and the state are both exante uncertain. We show that this two-dimensional uncertainty also leads to indeterminacy of indicative meanings, that is, to a set of conditions in which an agent with different perceptions of state-distribution intentionally uses the same symbol for the different extents of information on the state. Our vagueness can lead to welfare improvement.
    Keywords: Information. Language. State-Uncertainty. Vagueness.
    JEL: D82 D83 M14
  86. By: Delautre, Guillaume.
    Abstract: The information and communications technology (ICT) manufacturing sector is one of the key employers worldwide and has undergone dramatic evolutions in the last decades. These evolutions stem from massive reconfigurations in the industry (vertical disintegration, specialization, outsourcing and relocation of production to cheaper countries) which began in the early 1980s leading to a deep transformation in the international division of labour. This paper investigates the evolutions of the supply chain in the sector since 2000 and discusses the impact of these evolutions in terms of distribution of the value added across firms and across countries. During this period, most of the production activities have migrated to East Asia and particularly China, and firms in developed economies have specialized in more strategic activities such as design, development or marketing. Data show large relocations of jobs across countries which have not been accompanied yet by an equivalent change in the distribution of value added. This apparent paradox is largely explained by the vertical specialization of firms and countries as shown by different products case-studies. Hence, economic development depends more on the position in the value than on the simple participation to it. The opportunities and conditions for economic upgrading in the ICT value chain are discussed through the two examples of Taiwanese contract manufacturers and Chinese mobile phone companies. We show that the high modularity of the sector lowers the entry barriers for newcomers but might also turn out to be a disadvantage for less technologically capable firms in the longer term.
    Keywords: information technology, manufacturing, value chains, labour mobility, relocation of industry, trend, case study, Asia, China, Taiwan, China
    Date: 2017
  87. By: Marjan Petreski; Nikica Mojsoska-Blazevski
    Date: 2017–11
  88. By: Giovanni Caggiano (University of Padova); Efrem Castelnuovo (University of Padova)
    Abstract: We estimate a nonlinear VAR to quantify the impact of economic policy uncertainty shocks originating in the US on the Canadian unemployment rate in booms and busts. We find strong evidence in favor of asymmetric spillover effects. Unemployment in Canada is shown to react to uncertainty shocks in economic busts only. Such shocks explain about 13% of the variance of the 2-year ahead forecast error of the Canadian unemployment rate in periods of slack vs. just 2% during economic booms. Counterfactual simulations lead to the identification of a novel "economic policy uncertainty spillovers channel". According to this channel, jumps in US uncertainty foster economic policy uncertainty in Canada in the first place and, because of the latter, lead to a temporary increase in the Canadian unemployment rate. Evidence of asymmetric spillover effects due to US EPU shocks are also found for the UK economy. This evidence, which refers to a large economy having a low trade intensity with the US, supports our view that a channel other than trade could be behind our empirical results.
    Keywords: Economic Policy Uncertainty Shocks, Spillover Effects, Unemployment Dynamics, Smooth Transition Vector AutoRegressions, Recessions
    JEL: C32 E32 E52
    Date: 2018–06
  89. By: Wing Fung Chong; Gechun Liang
    Abstract: This paper solves the optimal investment and consumption strategies for an ambiguity-averse agent in an incomplete financial market. The agent seeks her best and robust strategies via optimizing her robust forward investment and consumption preferences. The market incompleteness arises from investment constraints of the agent. Her robust forward preferences and the associated optimal strategies are represented via infinite horizon BSDEs.
    Date: 2018–07
  90. By: Michel Grabisch (Centre d'Economie de la Sorbonne - Paris School of Economics); Christophe Labreuche (Thales Research & Technology - Palaiseau); Mustapha Ridaoui (Centre d'Economie de la Sorbonne - Paris School of Economics)
    Abstract: We address in this paper the problem of how to define an importance index in multicriteria decision problems, when a numerical representation of preference is given. We make no restrictive assumption on the model, which could have discrete or continuous attributes, and in particular, it is not assumed that the model is monotonically increasing or decreasing with respect to (w.r.t.) the attributes. Our analysis first considers discrete models, which are seen to be equivalent to multichoice games. We propose essentially two importance indices, namely the signed importance index and the absolute importance index, both based on the average variation of the value of the model induced by a given attribute. We provide several axiomatizations for these importance indices, extend them to the continuous case, and finally illustrate them with examples (classical simple models and a example of discomfort evaluation based on real data)
    Keywords: Multiple criteria analysis; Multichoice game; Shapley value; Choquet integral
    Date: 2018–03
  91. By: Fukao, Kyoji (Asian Development Bank Institute); Paul, Saumik (Asian Development Bank Institute)
    Abstract: We show that σ-convergence in regional productivity growth can be approximated by σ-convergence in sectoral productivity growth and σ-convergence in structural transformation-led productivity growth. Applying this framework to Japanese prefecture-level data from 1874 to 2008, we find support for substantial convergence effects of structural transformation in the post-WWII years.
    Keywords: structural transformation; labor productivity; regional convergence; Japan
    JEL: O10 O40
    Date: 2018–04–23
  92. By: Jaime Ahcar (LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine); Jean-Marc Siroën (LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine)
    Abstract: Regional Trade Agreements have emerged in an environment of stalled multilateral tradenegotiations. Although the impact of Regional Trade Agreements on international tradehas been well documented, scant attention has been paid to empirical studies exploringtheir heterogeneity from the point of view of deep integration. We set out to determinewhether deeper Regional Trade Agreements promote trade more effectively than lessambitious ones. We generate credible deep integration indicators using two recentlyavailable datasets from the World Trade Organization and the World Trade Institute. Wethen test the effect of depth on trade using a gravity model. We treat additive indicatorsas factor variables and use multiple correspondence analysis to obtain distilled indicatorsof deep integration to offer new insights and confirm recent deep integration findings.We find that deeper Regional Trade Agreements increase trade more than shallowagreements do, irrespective of whether the provisions they contain are within or beyondthe competence of the World Trade Organization.
    Keywords: International Trade,Trade Liberalization,Regional Trade Agreements,Deep Integration,Gravity Model
    Date: 2017
  93. By: Mickaël Portela (CEET - Centre d'études de l'emploi et du travail - CNAM - Conservatoire National des Arts et Métiers [CNAM] - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche - Ministère du Travail, de l'Emploi et de la Santé); Camille Signoretto (CEET - Centre d'études de l'emploi et du travail - CNAM - Conservatoire National des Arts et Métiers [CNAM] - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche - Ministère du Travail, de l'Emploi et de la Santé)
    Abstract: Cet article se propose d’étudier l’influence de la qualité de l’emploi et des aspirations professionnelles des jeunes salariés en contrats à durée indéterminée sur la nature volontaire des mobilités (démissions). À partir de l’enquête Génération 98 à dix ans, les résultats montrent que ce sont les salariés souhaitant améliorer leur situation en matière de salaire, d’autonomie ou encore de reconnaissance au travail, qui ont une probabilité plus forte de partir volontairement de leur emploi. À côté de ces souhaits individuels, les caractéristiques des emplois influencent également la probabilité de mobilité volontaire : être à temps partiel augmente cette probabilité, ainsi qu’être dans une position socioprofessionnelle favorable (cadre). Enfin, ces mobilités volontaires semblent davantage associées à une amélioration ou à une stabilité de la situation professionnelle des salariés.
    Keywords: Mobilité professionnelle,Jeunes,Démissions,Aspirations professionnelles,Qualité de l'emploi,Enquête Génération
    Date: 2017–03
  94. By: Valéry D. Jiongo; Pierre Nguimkeu
    Abstract: This paper proposes a new bootstrap procedure for mean squared errors of robust small-area estimators. We formally prove the asymptotic validity of the proposed bootstrap method and examine its finite sample performance through Monte Carlo simulations. The results show that our procedure performs well and outperforms existing ones. We also apply our procedure to the estimation of the total volume and value of cash, debit card and credit card transactions in Canada as well as in its provinces and subgroups of households. In particular, we find that there is a significant average annual decline rate of 3.1 percent in the volume of cash transactions, and that this decline is relatively higher among high-income households living in heavily populated provinces. Our bootstrap estimator also provides indicators of quality useful in selecting the best small-area predictors from among several alternatives in practice.
    Keywords: Econometric and statistical methods, Bank notes
    JEL: C13 C15 C83 E E41
    Date: 2018
  95. By: Zoran Sapuric; Sanela Shkrijelj; Blazhe Josifovski
    Date: 2018–01
  96. By: Cecilia Temponi; Valérie Botta-Genoulaz (DISP - Décision et Information pour les Systèmes de Production - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - INSA Lyon - Institut National des Sciences Appliquées de Lyon - Université de Lyon - INSA - Institut National des Sciences Appliquées)
    Date: 2017–07–28
  97. By: Maja Parnardzieva-Zmejkova; Vladimir Dimkovski
    Date: 2017–10
  98. By: A. Arrighetti; F. Landini
    Abstract: Questo lavoro offre una spiegazione della (apparente) stagnazione della produttività nel manifatturiero italiano negli anni che precedono la Grande Recessione. Contrariamente ad un’opinione diffusa che vuole l’Italia affetta da un declino della produttività uniforme e difficile da arrestare, l’effettiva stagnazione della produttività aggregata appare in realtà la risultante di un effetto composizione tra le performance di tipologie di imprese molto diverse. Alcune imprese nell’ultimo ventennio hanno adottato strategie proattive volte a migliorare il livello qualitativo e l’efficienza delle produzioni, ottenendo risultanti di rilievo anche e soprattutto nei mercati esteri. Altre si sono invece orientate su strategie di compressione dei costi, riducendo sensibilmente gli investimenti in capitale fisico e capitale umano. In mezzo a questi due estremi, ci sono poi imprese che hanno adottato orientamenti strategici misti caratterizzati da interventi, parziali, incompleti o poco coerenti tra loro. Queste tre tipologie di imprese presentano forti e persistenti differenziali di produttività intra-settoriale, che risultano particolarmente elevati nel confronto tra primo e secondo gruppo. Tali differenziali in aggregato tendono a compensarsi. A ciò si aggiungono differenziali di profittabilità molto contenuti. La combinazione di questi effetti determina una persistente stagnazione della produttività aggregata. La nostra tesi è che questa differenziazione dei profili strategici sia il risultato dei cambiamenti economici e istituzionali che hanno caratterizzato l’economia italiana tra la seconda metà degli anni Novanta e l’inizio degli anni Duemila. Tali cambiamenti includono sia shock esterni come l’avvento della globalizzazione, sia intensi percorsi di riforma istituzionale aventi per oggetto una ampia varietà di aspetti come mercato del lavoro, fiscalità d’impresa, diritto societario, mercato dei capitali e regolazione monetaria.
    Keywords: Firm Heterogeneity; Productivity; Profit; Misallocation; Capabilities; Institutions; Italy
    JEL: D24 L11 L25
    Date: 2018
  99. By: Muriel Gilardone (Condorcet Center for Political Economy, Normandie Univ, UNICAEN, CNRS, CREM, F-14000 Caen, France)
    Keywords: Our paper shows that Sen’s (2009) alternative theory of justice is greatly influenced by 1) his work on famines ; 2) his empirical work on gender inequalities, specifically within the Indian society, that helped him to refine his approach to hunger ; and 3) his involvement in the creation of the human development approach. All these engagements — seemingly completely separate from his contribution to the theories of justice — have, in fact, fostered the formulation of a novel approach in which agency and public reasoning are the core elements.
    JEL: A13 B31 B41 B54 D63 D78 I32
    Date: 2018–06
  100. By: Peter Havlik (The Vienna Institute for International Economic Studies, wiiw); Gabor Hunya (The Vienna Institute for International Economic Studies, wiiw); Yury Zaytsev
    Abstract: Foreign direct investment (FDI) has been the main driver of restructuring and modernisation in Central and Eastern Europe. This paper looks into FDI stocks and flows in a dynamic and cross-country perspective, comparing the key EAEU countries (Belarus, Kazakhstan and Russia) as well as DCFTA countries (Georgia, Moldova and Ukraine) with selected EU-CEE peers (Hungary, Poland, Romania and Slovakia) in the neighbourhood. The study shows that EAEU and DCFTA countries have not been particularly attractive for foreign investors taking out round tripping inflows from offshore destinations, the accumulated FDI would be even lower. This explains a lot why restructuring in the region stalls. This pattern can change only with marked improvements in the domestic regulatory environment and investment climate.
    Keywords: foreign direct investment, FDI flows and stocks, Eastern Europe, Belarus, Georgia, Moldova, Kazakhstan, Russia, Ukraine, FDI by key partners and sectors
    JEL: C82 F13 F14 O57 P23
    Date: 2018–06
  101. By: Victor Stango (University of California-Davis); Joanne Yoong (University of Southern California, National University of Singapore, and the London School of Hygiene and Tropical Medicine); Jonathan Zinman (Dartmouth College and NBER)
    Abstract: Behavioral economics lacks empirical evidence on some foundational questions. We adapt standard elicitation methods to measure multiple behavioral factors per person in a representative U.S. sample, along with financial condition, cognitive skills, financial literacy, classical preferences, and demographics. Individually, behavioral factors are prevalent, distinct from other decision inputs, and correlate negatively with financial outcomes in richly-conditioned regressions. Conditioning further on other B-factors does not change the results, validating common practice of modeling B-factors separately. Corrections for low task/survey effort modestly strengthen the results. Our findings provide bedrock empirical foundations for behavioral economics, and offer methodological guidance for research designs.
    Date: 2018–04
  102. By: Urgaia; Worku R.
    Abstract: This study deals with the role of human capital resources in economic growth. In economic growth, human capital is an important stock component that can affect the gross national income GNI more than gross domestic product GDP since GNI comprises the GDP itself and other income resources obtained from abroad. The empirical results of transmission mechanism channels in vector autoregressive model indicate that the observed human capital has long-run effects on the national income in a panel of nine East African countries from the year 1980 to 2015.The short-term transmission mechanism channels show that there is an important contribution of human capital resources HCR to the development of physical capital stock through GNI. The GNI has also a positive impact on the accumulation of physical capital stock via HCR. In addition, we also apply the time scaling decomposition of a panel wavelet analysis in Granger causality tests. The tests show that HCR and the GNI have a bi-directional causal relationship in the short-run, medium-and long-run. The recent trend shows that East Africa has the lowest level of human capital development which raises the issues of employment challenges faced by women more than men although it has achieved a rapid growth in expanding education. We, therefore, suggest that more due attention should be given to human capital resources than any other in attempt to achieve sustainable development in the process of successful economic progress.
    Keywords: Dynamic Panel VAR,Transmission Channel,HCR,GNI and Granger Wavelet Analyses
    JEL: J00 J24
    Date: 2018
  103. By: Christophe Blot (Observatoire français des conjonctures économiques); Paul Hubert (Observatoire français des conjonctures économiques); Rémi Odry (Université Paris Ouest Nanterre La Défense - Paris 10 (UP10))
    Abstract: Cette étude analyse les effets différenciés des politiques monétaires de la BCE et de la Réserve fédérale sur l'évolution du taux de change euro/dollar. Deux types d'effets sont quantifiés : l'effet de signal lié à l'annonce des politiques monétaires et l'effet macroéconomique lié à la mise en oeuvre de celle-ci. Les résultats obtenus suggèrent que l'effet de signal des décisions de la Réserve fédérale serait plus important que celui associé aux décisions de la BCE mais que les chocs de politique monétaire en zone euro se traduiraient par une réaction plus forte du taux de change euro/dollar.
    Keywords: politique monétaire; taux de change
    Date: 2018–06
  104. By: Lanz, Rainer; Piermartini, Roberta
    Abstract: This paper studies the factors of comparative advantage within global value chains relying on a framework where comparative advantage is measured through the interaction of country and industry characteristics. We find that good institutions give a comparative advantage in the later stages of the production process, whereas good transport infrastructure gives an advantage in the early stages of production. We explain these results with a simple theoretical framework that shows how predicted patterns of specializations depend on whether trade costs are additive or multiplicative.
    Keywords: global value chains,quality of transport infrastructure,quality of institutions,comparative advantage,upstreamness,production networks,trade costs
    JEL: F13 F14 L60
    Date: 2018
  105. By: Gupta, Prachi (Asian Development Bank Institute); Helble, Matthias (Asian Development Bank Institute)
    Abstract: We study how manufacturing plants in India adjusted to trade liberalization during the period 1998–1999 to 2007–2008. We estimate how the labor share changed due to tariff reduction. Our results indicate that a decline in output tariffs led to an increase in the labor share of income. In contrast, a fall in input tariffs led to a decrease in the labor share. Controlling for factor intensity, we find that in technology-intensive and human capital resource-intensive sectors, both a decline in input and output tariff rates led to a decline in labor share. A fall in tariffs only led to an increase in labor share for labor-intensive and low-technology plants. Hence, India’s bias toward capital- and technology-intensive production explains the overall decline in labor share in the post reform period. Furthermore, the empirical results show that labor adjustment occurred more efficiently in Indian states with flexible labor laws.
    Keywords: trade reforms; labor share; India; manufacturing
    JEL: F13 F16 L60
    Date: 2018–05–10
  106. By: Jiti Gao; Namhyun Kim; Patrick W. Saart
    Abstract: In this paper, the important (but so far unrevealed) usefulness of the extended generalized partially linear single-index (EGPLSI) model introduced by Xia et al. (1999) in its ability to model a flexible shape-invariant specification is elaborated. More importantly, a control function approach is proposed to address the potential endogeneity problems in the EGPLSI model in order to enhance its applicability to empirical studies. In the process, it is shown that the attractive asymptotic features of the single-index type of a semiparametric model are still valid in our proposed estimation procedure given intrinsic generated covariates. Our newly developed method is then applied to address the endogeneity of expenditure in the semiparametric analysis of a system of empirical Engel curves by using the British data, highlights the convenient applicability of our proposed method.
    Keywords: Extended generalized partially linear single-index, control function approach, endogeneity, semiparametric regression models.
    JEL: C14 C18 C51
    Date: 2018
  107. By: Meyer, Niclas; Horvat, Djerdj; Hitzler, Matthias; Doll, Claus
    Abstract: This paper discusses a range of business model innovations taking place out-side the rail transport sector with a direct impact on rail transport. The paper also discusses business model innovations that may have been developed elsewhere but could be transferred to the rail transport sector. The paper's main research question is whether business model innovations have the potential to strengthen the rail transport sector. While the focus is on how to increase the market share of rail transport in the modal split, it is not exclusively on business model innovations within the rail transport sector. It will also look at business model innovations outside the rail transport sector with the potential to increase the modal market share of rail transport. This paper is based on a survey of all business model innovations within the rail transport sector and relevant innovations outside the sector.
    Date: 2018
  108. By: McGarry, Kathleen (Asian Development Bank Institute); Sun, Xiaoting (Asian Development Bank Institute)
    Abstract: The phenomenon of son preference in the People’s Republic of China and throughout much of Asia has been well documented. However, changing economic conditions, such as increases in educational attainment and employment opportunities for women and the rise in the prevalence of one-child families, have likely changed the incentives for parents to invest in daughters. We take advantage of data spanning three generations of Chinese families to examine the evolution of educational attainment for boys and girls and importantly the relative levels of schooling of each gender. We also use variation in the timing of compulsory schooling laws and the implementation of the one-child policy to assess the effect of these policy measures on the relative educational levels. We find a substantial narrowing of the gap between the schooling of boys and girls, so much so that girls now have more schooling on average than boys. In addition, public policy initiatives had a larger effect in rural than urban areas.
    Keywords: compulsory schooling; one-child policy; gender differences in education
    JEL: I20 J13 J16
    Date: 2018–04–24
  109. By: Briana Chang; Harrison Hong
    Abstract: Measuring the value of labor-market hires for stock prices, be it underwriters when firms go public (IPOs) or chief executive officers (CEOs), is difficult due to selection. Opaque firms with higher costs of capital benefit more from prestigious underwriters, while productive firms benefit more from talented CEOs. Using assignment models, we show that the importance of talent (or agent heterogeneity) relative to selection (or firm heterogeneity) is measured by wage increases across agents of different compensation ranks divided by changes in output across their firms. The median of this ratio is 0.5% for underwriters and 2% for CEOs.
    JEL: G20 G24 G30 G34
    Date: 2018–05
  110. By: Arulampalam. Wiji; Papini, Andrea
    Abstract: Analysis of the relationship between taxes and self-employment should account for the interplay between responses in self-employment and wage employment. To this end, we estimate a two-state multi-spell duration model which accounts for both observed and unobserved heterogeneity using a large longitudinal administrative dataset for Norway for 1993-2011. Our findings confirm theoretical predictions, and are robust to various changes to de nitions and sample selections. A policy experiment simulating a fl atter tax schedule in the year 2000, is found to encourage both entry into and exit from self-employment, with an increase of about 11.5 percent innet in flow into self-employment.
    Keywords: Tax progressivity ; Income tax ; Self-employment
    JEL: H24 H25 J24 C41
  111. By: Luis Díez Catalán
    Abstract: Much research has documented a decline in the aggregate labor share in the United States and other countries. Yet, this is not a general phenomenon across industries. In fact, there has been a divergence between services and non-services industries in the United States since 1980.
    Keywords: Working Paper , Global Economy , USA , Europe
    JEL: E21 E24 E25
    Date: 2018–06
  112. By: Rosengren, Eric S. (Federal Reserve Bank of Boston)
    Abstract: Boston Fed President Eric Rosengren said the costs of high unemployment are disproportionately borne by those that can least afford them, and a variety of actions could be taken by policymakers to make periods of high unemployment less likely.
    Keywords: ethics and economics; monetary policy; inflation range; fiscal policy; state and local spending; countercyclical; policy tools; financial shock; economic recovery; bank regulatory policy
    Date: 2018–06–27
  113. By: Herz, Benedikt; van Rens, Thijs
    Abstract: We investigate unemployment due to mismatch in the United States over the past three and a half decades. We propose an accounting framework that allows us to estimate the contribution of each of the frictions that generated labor market mismatch. Barriers to job mobility account for the largest part of mismatch unemployment, with a smaller role for barriers to worker mobility. We find little contribution of wage-setting frictions to mismatch.
    Keywords: job mobility; mismatch; structural unemployment; worker mobility
    JEL: E24 J61 J62
    Date: 2018–06
  114. By: Campbell, Iain
    Abstract: This report examines on-call and related forms of casual work in two selected industrialised societies: New Zealand and Australia.
    Keywords: flexible hours of work, labour flexibility, working conditions, Australia, New Zealand
    Date: 2018
  115. By: Biljana Indova; Branko Adjigogov
    Date: 2018–02
  116. By: Haroon Bhorat; Chris Rooney (University of Cape Town; Director and Professor)
    Abstract: The level of unemployment, poverty and inequality in South Africa is high in relation to the rest of the world. To overcome these three challenges, more and better jobs need to be created. A key source for these types of jobs can be found in the labour intensive manufacturing sector. Therefore, it is important to evaluate the performance of the South African manufacturing sector. We find that compared to other sectors of the economy, the manufacturing sector has performed poorly, both in terms of GDP growth and job creation. While all manufacturing sub-sectors showed GDP growth, that growth was marginal. Furthermore, although some manufacturing sub-sectors showed job growth, the rate of job losses in other manufacturing sub-sectors was far greater, resulting in overall job losses. We argue that the poor performance of the manufacturing sector can be attributed to increased competition from south-east Asia, and South Africa’s skills shortage. This research was commissioned by the Manufacturing, Engineering and Related Services SETA (merSETA). The authors wish to acknowledge merSETA’s contribution as funder, to the research and work herein.
    Keywords: Manufacturing, development, South Africa, jobs, skills shortage
    JEL: L60 N67 O1 O14
    Date: 2017–03
  117. By: Okay Gunes (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This work will demonstrate how economic theory can be applied to big data analysis. To do this, I propose two layers of machine learning that use econometric models introduced into a recommender system. The reason for doing so is to challenge traditional recommendation approaches. These approaches are inherently biased due to the fact that they ignore the final preference order for each individual and under-specify the interaction between the socio-economic characteristics of the participants and the characteristics of the commodities in question. In this respect, our hedonic recommendation approach proposes to first correct the internal preferences with respect to the tastes of each individual under the characteristics of given products. In the second layer, the relative preferences across participants are predicted by socio-economic characteristics. The robustness of the model is tested with the MovieLens (100k data consists of 943 users over 1682 movies) run by GroupLens. Our methodology shows the importance and the necessity of correcting the data set by using economic theory. This methodology can be applied for all recommender systems using ratings based on consumer decisions.
    Abstract: Ce travail démontre comment la théorie économique peut être appliquée à l'analyse de Big Data. On propose deux couches d'apprentissage automatique qui utilisent des modèles économétriques introduits dans un système de recommandation. La raison de le faire est de remettre en question les approches de recommandation traditionnelles. Ces approches sont intrinsèquement biaisées en raison du fait qu'elles ignorent l'ordre de préférence final pour chaque individu et sous-spécifient l'interaction entre les caractéristiques socio-économiques des participants et les caractéristiques des produits en question. A cet égard, notre approche de recommandation hédonique propose de corriger d'abord les préférences internes par rapport aux go&ucric;ts de chaque individu en fonction des caractéristiques des produits donnés. Dans la deuxième couche, les préférences relatives entre les participants sont prédites par les caractéristiques socio-économiques. La robustesse du modèle est testée avec les MovieLens (100k données se composent de 943 utilisateurs sur 1682 films) gérés par GroupLens. Notre méthodologie montre l'importance et la nécessité de corriger l'ensemble de données en utilisant la théorie économique. Cette méthodologie peut être appliquée à tous les systèmes de recommandation qui utilisent des votes basées sur les décisions.
    Keywords: Big Data,Machine learning,Recommendation Engine,Econometrics,Données massives,Python,R,Apprentissage automatique,Système recommandation,Econométrie
    Date: 2017–12
  118. By: Goldschmidt, Tina; Rydgren, Jens
    Abstract: Populist radical right-wing parties across Europe garner support for welfare chauvinistic promises to limit government spending on immigrants and focus on natives' welfare instead. However, most research on the so-called immigration-welfare nexus does not study welfare chauvinism but instead focuses on generalized support for the welfare state. Using Swedish register-linked survey data from 2013, we study three hypothetical pathways into welfare chauvinism: via ethnic prejudice, operationalized as a desire for social distance; via the direct experience of immigrant unemployment and putative welfare receipt in the neighborhood context; and via immigrant competition at the workplace. Based on our sample of native-born Swedes, we find that both negative prejudice and the share of unemployed immigrants among the neighborhood population provide two distinct and independent routes into chauvinism, while workplace competition does not.
    Keywords: welfare chauvinism,government spending,immigration,integration,prejudice,Sweden
    Date: 2018
  119. By: Verónica Cañal-Fernández (Department of Economics Faculty of Economics and Business University of Oviedo); Julio Tascón Fernández (Department of Economics Faculty of Economics and Business University of Oviedo)
    Abstract: This paper analyses the relationship between foreign direct investment (FDI), exports and economic growth in Spain using annual time series data for the period 1970 to 2016. To examine these linkages the autoregressive distributed lag (ARDL) bounds testing approach to cointegration for the long-run is applied. The error correction model (ECM) is used to examine the short-run dynamics and the vector error correction model (VECM) Granger causality approach is used to investigate the direction of causality. The results confirm a long-run relationship among the examined variables. The Granger causality test indicates a strong unidirectional causality between FDI and exports with direction from FDI to exports. Besides, the results for the relationship between FDI and economic growth are interesting and indicate that there is no significant Granger causality from FDI to economic growth and vice-versa.
    Keywords: Foreign direct investment; exports; imports; GDP; ARDL bounds; causality
    JEL: C22 E31 E50
    Date: 2018–04
  120. By: Bell, Peter
    Abstract: This paper provides a rough comparison of two mine plans for a hypothetical, pipe-shaped ore body. The geometry for the ore body is based on stylized example of an auriferous tourmaline breccia pipes associated with porphyry deposits, which can have great vertical extent and relatively small surficial expression. I suppose the pipe outcrops on a hillside and can be accessed from the base of the hill, allowing the miner to enter the pipe at the midpoint of the vertical extent. Accessing the pipe in the middle allows the miner to either go up or downwards and this paper explores one mining method for each case. I calculate basic statistics associated with each method and compare the two models for mining method.
    Keywords: Engineering Economics, Mining
    JEL: C00 G00 L72
    Date: 2018–06–11
  121. By: Patrick Chaumette (CDMO - Centre de droit maritime et océanique - UN - Université de Nantes)
    Abstract: The “blue growth” has many technological challenges as, for example, the exploitation of new energies at sea, deeper drilling and farther from the coast, ships increasingly impressive, computerized and automated. If there are opportunities, there are also new risks concerning safety and security and the protection of the marine environment. The maritime industry, ships, ports, platforms, is supposed to bring the minimum impact to the environment and also must be protected from malicious acts and violent attacks. The interventions of public and private actors are quite complementary. Can the High Reliability Organisations (HRO) concept be deployed in order to better understand the safety and security of ships, platforms and port facilities?
    Abstract: Des nouvelles énergies à exploiter en mer, des forages toujours plus loin des côtes et plus profonds, des navires de plus en plus imposants, informatisés et automatisés, sont autant de défis technologiques de la « croissance bleue ». S’il y a là des opportunités, ce sont aussi de nouveaux risques, concernant la sûreté et la sécurité, la protection de l’environnement marin. La filière maritime, navires, ports, plates-formes, doit avoir le minimum d’impact sur l’environnement, doit être protégée des actes malveillants et attaques violentes. Les interventions des acteurs publics et privés sont tout à fait complémentaires. Le concept d’Organisation à Haute Fiabilité (High Reliability Organisations - HRO) peut-il être déployé afi n de mieux appréhender la sécurité et la sûreté des navires, plates-formes et installations portuaires ?
    Keywords: blue growth,management,Economic challenge,new maritime risks,croissance bleue,nouveaux risques maritimes,Challenge économique
    Date: 2017–10–27
  122. By: La Cour, Lisbeth; McGaughey, Sara; Raimondos, Pascalis
    Abstract: When searching for productivity spillovers from foreign firms, a firm is typically classified as foreign using a low threshold of direct foreign ownership. Instead, we advocate an `ultimate owner' definition because (i) ultimate ownership includes indirect ownership links that are prevalent in our complex, interdependent world; and (ii) it confers control. Control brings greater willingness to transfer knowledge to foreign affiliates but, paradoxically, also greater potential for spillovers. Adopting this alternate definition of what is foreign turns out to be pivotal for identifying spillovers: while we find no horizontal productivity effects using the low threshold direct ownership definition, we find positive and significant effects under the ultimate-owner definition. Moreover, we find evidence that indirectly controlled foreign firms exert the most persistent horizontal spillovers to domestic firms.
    Keywords: control vs influence; direct vs. ultimate owner; Foreign direct investment; indirect ownership links; productivity spillovers
    JEL: F23
    Date: 2018–06
  123. By: Takehito Masuda; Eungik Lee
    Abstract: This paper provides experimental evidence of the role of higher order risk attitudes—especially prudence—in prevention behavior. Prudence, under an expected utility framework, increases (decreases) self-protection effort compared to the risk neutral level when the risk of losing part of an income exists in a future (the same) period. Motivated by these predictions that give the exact test on prudence, an experiment was designed where subjects go through higher order risk attitude elicitation and make a self-protection decision. In contrast to expected utility theory, the observed efforts are less than the risk neutral level, regardless of the timing of loss. This violation of expected utility predictions could be explained by probability weighting.
    Date: 2018–06
  124. By: Muhammad, Tsani Abdulhakim; Chyntia, Indah Pratiwi
    Abstract: Abstract Zakat Mal or often referred to as zakat property is zakat owned by individuals with terms and conditions that have been set syarak. All the goods (malls) that grow and develop must be issued zakatnya to wander in the world of meterialis. The obligation of zakat is charged to the muzzaki belonging to the rich, well-off in fulfilling the necessities of life, and the charity is intended for the poor, the poor, the amil, the mu'allaaf, the free-willed servant, the debt-ridden person who is in sabilillah , and ibn Sabil. Each zakat maal issued there is a ratio and haulnya. Nisbah is the quantity level of wealth and haul is a certain time limit, for the property to be disposed of zakat. This writing aims to determine the effect of zakat mall for the economic welfare of the community within DKM Asy-Syuhada, after an interview with the zakat proctor chairman that zakat mall does not run with routine it is seen from the results of zakat mall paid last year in 2013 did not continue until this year . Zakat This treasure comes from the wealth derived from agricultural business which is classified as a relatively low income. Enterprises in this farm less profitable to be collected in economic wealth, because many are consumed by themselves. Or if traded or sold bring low income figures.
    Keywords: Keywords: Economic, wealth, agriculture, low
    JEL: Z12
    Date: 2018
  125. By: Diermeier, Matthias; Jung, Markos; Sagner, Pekka
    Abstract: Bis zur Wirtschafts- und Finanzkrise haben sich die wirtschaftlichen Verhältnisse in den europäischen Regionen angenähert. Dieser Prozess ist in den vergangenen Jahren aufgrund von niedrigerem Wachstum in Osteuropa und von Stagnation in Südeuropa völlig zum Erliegen gekommen.
    Date: 2018
  126. By: Korniluk, Dominik (Ministry of Finance, Warsaw School of Economics)
    Abstract: Dzięki modelowi optymalizacyjnemu polityki finansowej samorządów, zweryfikowane zostały hipotezy o wpływie wybranych czynników na optymalny poziom w relacji do dochodów bieżących: wydatków bieżących oraz inwestycyjnych. Potwierdzono hipotezę, że większa wartość infrastruktury powoduje zwiększenie wydatków bieżących samorządów. Pokazano także, iż wzrost: stopy deprecjacji infrastruktury, zadłużenia w relacji do dochodów bieżących i, w mniejszym stopniu, stopy współfinansowania inwestycji unijnych wpływa negatywnie na poziom wydatków bieżących w relacji do dochodów bieżących. Oddziaływanie stopy procentowej zaś okazało się być ujemne lub neutralne. Zwiększenie czynnika dyskontowego wywiera różny efekt na wydatki bieżące w zależności od okresu. Nieoczekiwany efekt zaobserwowano w odniesieniu do wskaźnika wydatków bieżących poniesionych przed rozpoczęciem modelowanego okresu. Wyższe przeszłe wydatki ograniczają przestrzeń na wydatki bieżące na początku badanego okresu, ale w kolejnym roku następuje efekt kompensacji, tj. uprzednie oszczędności umożliwiają większe wydatki w porównaniu ze scenariuszem bez oszczędności. Stwierdzono także, że dodatni wpływ na inwestycje zwykłe (tj. niewspółfinansowane ze środków unijnych) w relacji do dochodów bieżących ma wzrost stopy deprecjacji infrastruktury oraz czynnika dyskontowego. Potwierdzona została także hipoteza o ujemnym wpływie na inwestycje zwykłe w relacji do dochodów bieżących wzrostu: stopy procentowej, stopy zapadalności zadłużenia i wskaźnika infrastruktury. Pozytywnie zweryfikowano również hipotezę o ujemnym wpływie wzrostu limitu dochodów unijnych. W przypadku wskaźnika zadłużenia można także doszukać się efektu kompensacji - ujemny wpływ występuje tylko na początku okresu. Efekt ten występuje również w odniesieniu do wskaźnika inwestycji zwykłych w roli zmiennej objaśnianej i wskaźnika przeszłych wydatków bieżących jako zmiennej objaśniającej. Okazał się on nawet silniejszy niż w przypadku wydatków bieżących jako zmiennej objaśnianej. Optymalny poziom wydatków inwestycyjnych co do zasady maleje w czasie, co jest konsekwencją przyjętej funkcji użyteczności, która premiuje inwestycje poczynione we wcześniejszym okresie, gdyż poprawiona w ten sposób infrastruktura jest uwzględniana wielokrotnie w użyteczności.
    Keywords: polityka finansowa; samorządy; JST; optymalizacja
    JEL: C61 H72 H74
    Date: 2018–06–25
  127. By: Zandile, Zezethu; Phiri, Andrew
    Abstract: Much emphasis has been placed on attracting FDI into Burkina Faso as a catalyst for improved economic growth within the economy. Against the lack of empirical evidence evaluating this claim, we use data collected from 1970 to 2017 to investigate the FDI-growth nexus for the country using the ARDL bounds cointegration analysis. Our empirical model is derived from endogenous growth theoretical framework in which FDI may have direct or spillover effects on economic growth via improved human capital development as well technological developments reflected in urbanization and improved export growth. Our findings fail to establish any direct or indirect effects of FDI on economic growth except for FDI’s positive interaction with export-oriented growth, albeit being constrained to the short-run. Therefore, in summing up our recommendations, political reforms and the building of stronger economic ties with the international community in order to raise investor confidence, which has been historically problematic, should be at the top of the agenda for policymakers in Burkina Faso.
    Keywords: Foreign direct investment; economic growth; Burkina Faso; West Africa; ARDL cointegration.
    JEL: C13 C32 C51 F21 O40
    Date: 2018–06–11
  128. By: Subramanian, Krishnamurthy V. (Asian Development Bank Institute)
    Abstract: We show theoretically and empirically that dismissal laws—laws that impose hurdles on firing of employees—spur innovation and thereby economic growth. Theoretically, dismissal laws make it costly for firms to arbitrarily discharge employees. This enables firms to commit to not punish short-run failures of employees. Because innovation is inherently risky and employment contracts are incomplete, dismissal laws enable such commitment. Specifically, absent such laws, firms cannot contractually commit so ex ante. The commitment provided by dismissal laws encourages employees to exert greater effort in risky, but path-breaking, projects thereby fostering firm-level innovation. We provide empirical evidence supporting this thesis using the discontinuity provided by the passage of the federal Worker Adjustment and Retraining Notification Act. Using the fact that this Act only applied to firms with 100 or more employees, I undertake difference-in-difference and regression discontinuity tests to provide this evidence. Building on endogenous growth theory, which posits that economic growth stems from innovation, I also show that dismissal laws correlate positively with economic growth. However, other forms of labor laws correlate negatively with economic growth and swamp the positive effect of dismissal laws.
    Keywords: labor laws; R&D; technological change; law and finance; entrepreneurship; growth
    JEL: F30 G31 J08 J50 K31
    Date: 2018–05–25
  129. By: Marie Connolly (Department of Economics, University of Quebec in Montreal); Catherine Haeck (Department of Economics, University of Quebec in Montreal)
    Abstract: We estimate the nonlinear impact of class size on student achievement by exploiting regulations that cap class size at 20 students per class in kindergarten. Using student-level information from a previously unexploited large-scale census survey of kindergarten students, this study provides clear evidence of the nonlinearity of class size effects on both cognitive and noncognitive measures. While the effects are largest on cognitive development, class size reductions also improve social competence and communication skills in small classes of fewer than 15 students. Above that threshold, the impacts of class size reduction are limited. We also find stronger effects for students in disadvantaged areas. These findings suggest that sizeable class size reductions targeted at disadvantaged areas would achieve better results than a marginal reduction across the board, and even that large reductions in a limited number of classes could be financed by marginal increases in the vast majority of schools not experiencing high poverty rates.
    Keywords: class size, cognitive development, noncognitive development, kindergarten, nonlinear effects
    JEL: I21 I28 J24 C31
    Date: 2018–06
  130. By: Roxane Bricet (Université de Cergy-Pontoise, THEMA)
    Abstract: This paper presents an experiment designed to measure the effect of information precision on ambiguity attitudes. The Ellsberg’s two-urns experiment is adapted so that the subjects are provided with sets of observations informing on the composition of the ambiguous urn. The central feature of the design consists in keeping the frequencies of observations constant across datasets, which allows to isolate the influence of information precision by varying the number of observations. The experimental results suggest that the availability of information does not eliminate Ellsberg-type preferences, since most subjects prefer the risky urn to the ambiguous urn to bet on both colors, but it does not translate into significantly different valuations for the risky and ambiguous prospects. Moreover, I do not find evidence that the increase in information precision is associated with higher valuation of the ambiguous prospect.
    Keywords: Preferences for information precision, Ambiguity, Ellsberg paradox, Certainty Equivalence, Preference Reversals, Experiment, Prince.
    JEL: C91 D81 D83
    Date: 2018
  131. By: Aqil Alviana, Gunawan; Muhammad, Tsani Abdulhakim
    Abstract: Zakat is the third pillar of Islam, obliging every Muslim who is willing to expend his treasure in the effort to cleanse, purify, develop and help the mustahik to improve their lives. As the majority of Indonesian people work in the agricultural sector. With the characteristic features of an agriculture-based economy, the people of Indonesia are beginning to look at their economic growth. Distribution of zakat aims to make redistribution of income among the Islamic community, so there is no centralization of wealth on either side. Zakat is very influential on human economic behavior Zakat mal is the zakat imposed on property owned by individuals with the terms and conditions that have been determined. It is expected that the management of good zakat mall as well as proper distribution of targets can improve the economic welfare of Indonesian society. This writing aims to determine the role of zakat mal in the economy of Indonesian society.
    Keywords: Keywords: zakat, property, economy, base.
    JEL: Z1
    Date: 2018
  132. By: Christel Dubrulle (IAE - Institut d'Administration des Entreprises - UR - Université de la Réunion); Nathalie Duran (IAE - Institut d'Administration des Entreprises - UR - Université de la Réunion); Cécile Maunier (IAE La Réunion - Institut d'Administration des Entreprises - La Réunion - UR - Université de la Réunion)
    Abstract: Dubrulle : MCF en finance – Directrice Adjointe-IAE Réunion Nathalie Duran : MCF en finance – Responsable pédagogique du Master CCA – IAE Réunion Cécile Maunier : MCF en marketing – RP Master MKT – IAE Réunion TROPHEE ENTREPRISE ET TERRITOIRE : IMMERSION DANS LE METIER DE L'AUDIT
    Date: 2017–05–29
  133. By: Md Mostafizur Rahman (Macquarie University, NSW); Mahmud Uz Zaman (Khulna University, Bangladesh); Ali Haider (Khulna University, Bangladesh)
    Abstract: Aligning with the broader discussion of migration, seasonal migration also resembled a multifold phenomenon ranging from reasons of temporal movement to settling down process at the place of destination. In this paper, seasonal migration was portrayed in between the ‘alarmists’ view and ‘skeptic’ view of migration, holding a new position called ‘opportunistic migration’ that seemed to offer benefits to the seasonal migrants characterizing by gaining social knowledge and earning money from the place of destination. The empirical data, face-to-face in-depth interviews, showed that both social and economic aspects of seasonal migration were dominated by the pull factors, and environmental aspects were linked with the push factors. This paper also highlighted that social network played an active role for seasonal migrants, in particular, the workers who seasonally migrated into the brickfields of southwest coastal Bangladesh. While migrating from the rural to the urban context, two-tier verbal agreements took place in between the brickfield owners with the contractors, and the contractors with the brickfield workers. Though those verbal agreements seemed to contain some extent of the failure of expectations by the above-mentioned actors related to seasonal migration, it also held optimism of development for every actor. Finally, this paper reused the term ‘collateral promise’ with a slighter social tone to understand the informal interactions among the employers, contractors, and the seasonal migrants.
    Keywords: Seasonal migration, social network, collateral promise, and qualitative method
    Date: 2018–05
  134. By: Taghizadeh-Hesary, Farhad (Asian Development Bank Institute); Rasoulinezhad, Ehsan (Asian Development Bank Institute); Yoshino, Naoyuki (Asian Development Bank Institute)
    Abstract: We examine the linkages between energy price and food prices over the period 2000–2016 by using a Panel-VAR model in the case of 8 Asian economies: Bangladesh, the People’s Republic of China, Indonesia, India, Japan, Sri Lanka, Thailand, and Viet Nam. Our results confirm that energy price (oil price) has a significant impact on food prices. According to the results of impulse response functions, agricultural food prices respond positively to any shock from oil prices. The findings from variance decomposition reveal that shares of oil prices in agricultural food price volatilities are the largest. In the second period 4.81%, and in the 20th period 62.49%, of food price variance is explained by oil price movements. We offer new policy insight. Since We also found that the impact of biofuel prices on food prices is statistically significant but explains less than 2% of the food price variance. However, by increasing the demand for biofuel, especially in advanced countries, there should be more concern about the global increase in agricultural commodities prices and endangering food security, especially in vulnerable economies.
    Keywords: oil price; food price; agricultural commodities prices; Panel-VAR model
    JEL: O13 Q11 Q18 Q41
    Date: 2018–03–26
  135. By: Eric J. Brunner (University of Connecticut); Joshua Hyman (University of Connecticut); Andrew Ju (University of Connecticut)
    Abstract: School finance reforms caused some of the most dramatic increases in intergovernmental aid from states to local governments in U.S. history. We examine whether teacher unions affected the fraction of reform-induced state aid that passed through to local spending and the allocation of these funds. Districts with strong teacher unions increased spending nearly dollar-for-dollar with state aid, and spent the funds primarily on teacher compensation. Districts with weak unions used aid primarily for property tax relief, and spent remaining funds on hiring new teachers. The greater expenditure increases in strong union districts led to larger increases in student achievement.
    Keywords: School finance reform, teachers’ unions, intergovernmental grants
    JEL: H7 I2 J5
    Date: 2018–06
  136. By: Gilles Le Garrec (Observatoire français des conjonctures économiques); Vincent Touze (Observatoire français des conjonctures économiques)
    Abstract: Le passage au prélèvement à la source de l'impôt sur le revenu prévu en France pour l'année 2019 introduit deux modifications fiscales. D'abord, puisque les impôts prélevés en 2018 le seront sur la base des revenus 2017 et ceux de l'année 2019 sur ceux de l'année 2019, les revenus 2018 ne seront pas fiscalisés, laissant ainsi place à une « année blanche ». Ensuite, les contribuables perdront l'avantage du paiement de l'impôt avec une année de décalage, caractérisant ainsi une hausse implicite d'impôt. Dans cet article, nous évaluons l'impact respectif de ces deux effets. Nous montrons que l'année blanche seule se traduit par une baisse annuelle des recettes fiscales proportionnelle à la différence entre le taux d'intérêt nominal et le taux de croissance des recettes fiscales. Ensuite, lorsqu'on tient compte de la hausse fiscale implicite, nous montrons comment l'Etat voit ses rentrées fiscales totales augmenter relativement au taux de croissance nominal de l'économie. Pour ce qui est des contribuables,nousmontronsquele prélèvementàla source aboutit à un impact inégalitaire, toujours en faveur des générations les plus âgées au détriment des nouveaux et potentiellement des futurs contribuables.
    Keywords: Withholding income tax; Public finance; Tax equity
    JEL: H24 H68
    Date: 2018–05
  137. By: Michael Peneder (WIFO); Nicole Schmidt (WIFO); Anna Strauss (WIFO); Stefan Weingärtner (WIFO)
    Abstract: Österreich bietet einen hohen Lebensstandard, der sowohl in überdurchschnittlichen Pro-Kopf-Einkommen und einer im internationalen Vergleich niedrigen Arbeitslosenquote als auch einem geringeren Anteil armutsgefährdeter Personen zum Ausdruck kommt. Der erreichte materielle Wohlstand beruht auf vergangenen Leistungen, stimmt aber auch für die nähere Zukunft optimistisch. Gleichzeitig bestehen hartnäckige Strukturdefizite in Bezug auf wichtige Bestimmungsfaktoren der langfristigen Entwicklung. Beispiele sind die als zu gering empfundene Leistungsfähigkeit des Bildungssystems, hohe Abgaben auf Arbeitseinkommen, als überbordend empfundene Regulierungen, ein geringer Anteil forschungsintensiver Produktionszweige oder die mangelnde Finanzierung von risikoreichen Projekten mit großem Wachstumspotential.
    Date: 2018–05–29
  138. By: Dilger, Alexander
    Abstract: Die jüngste globale Wirtschafts- und Finanzkrise sowie die Eurokrise werden kurz skizziert und analysiert. Wirtschaftswissenschaftler waren an diesen Krisen und ihrer Überwindung beteiligt. Ihr Anteil sollte jedoch nicht überschätzt werden. Mehr Forschung zu relevanten Problemen und eine bessere Vermittlung der Forschungsergebnisse wären wünschenswert, wozu jedoch die Anreizstrukturen in den Wirtschaftswissenschaften verbessert werden sollten.
    JEL: A11 B41 E42 G01 H12 I23
    Date: 2018
  139. By: Ahrens, Volker
    Abstract: Eine Revolution, wie sie mit Industrie 4.0 in Zusammenhang gebracht wird, bedeutet die Ablösung von Bisherigem durch grundlegend Neues. Da die REFA-Methodenlehre bereits aus der ersten industriellen Revolution hervorgegangen und seit Jahrzehnten etabliert ist, gehört sie zum alten Inventar industrieller Produktion. Der vorliegende Beitrag befasst sich aus einer wissenschaftlichen Perspektive mit der Frage, ob und ggf. inwieweit die REFA-Methodik dadurch tatsächlich zur Disposition steht.
    Date: 2018
  140. By: Karol Gellert; Erik Schl\"ogl
    Abstract: This paper presents the construction of a particle filter, which incorporates elements inspired by genetic algorithms, in order to achieve accelerated adaptation of the estimated posterior distribution to changes in model parameters. Specifically, the filter is designed for the situation where the subsequent data in online sequential filtering does not match the model posterior filtered based on data up to a current point in time. The examples considered encompass parameter regime shifts and stochastic volatility. The filter adapts to regime shifts extremely rapidly and delivers a clear heuristic for distinguishing between regime shifts and stochastic volatility, even though the model dynamics assumed by the filter exhibit neither of those features.
    Date: 2018–06
  141. By: Serge Francis Simen (ESP - UCAD - École Supérieure Polytechnique - Université Cheikh Anta DIOP de Dakar - UCAD - Université Cheikh Anta Diop)
    Abstract: Cet article vise à comprendre et à décrire comment les dirigeants articulent tradition et modernité dans les TPE, en observant leurs pratiques de gestion des ressources humaines (GRH). Notre objectif est alors de montrer que certaines pratiques de GRH, plus particulièrement le recrutement, la rémunération, la formation, la communication, le leadership sont présentes dans les très petites entreprises sénégalaises. Cependant, elles se caractérisent par des spécificités découlant d'un environnement socio-culturel où l'anthropologie du lien social fait intervenir des « analyseurs-clés », tels que la parenté, la famille, l'ethnie, le village, la communauté. Nous utilisons l'ethnographie interprétative comme démarche d'investigation. Tout en nuançant le modèle arbitraire de Pichault et Nizet (2000), notre recherche permet de constater que les pratiques de GRH étudiées sont fortement ancrées dans un tissu social particulièrement « enchâssé dans l'économique ». Ainsi, les TPE étudiées s'enracinent dans les traditions pour fonder une « ethno-GRH » balbutiante et qui est encore à élaborer.
    Date: 2017–06–04
  142. By: Konstantin Buechel, Stephan Kyburz
    Abstract: We study the effect of railway access on regional development in 19th century Switzerland. The identification strategy in our analysis of geo-referenced railway network information, population growth rates, sectoral work shares and body height, relies on panel data techniques and an inconsequential units IV approach. Gaining railway access increased annual population growth by 0.4 percentage points compared to unconnected municipalities, mainly via the local migration balance. Railway improvements also promoted structural shifts from the primary to the secondary/tertiary sectors, and marginally accelerated body height growth.
    Keywords: Railway Access, Regional Development, Population Growth, Structural Change, Body Height, Switzerland
    JEL: I30 N33 N73 O18
    Date: 2016–08
  143. By: Pişkin, Fatih
    Abstract: Sendikasyon kredilerinde uygulanan faiz oranı iki bölümden oluşmaktadır. Birinci bölüm, baz olarak alınan, Libor ya da Euribor gibi uluslararası kabul görmüş değişken bir faiz oranı iken, ikinci bölüm bu baz oranının üzerine eklenen ve uluslararası literatürde spread olarak adlandırılan sabit bir faiz oranıdır. Bu çalışmanın amacı Türkiye’de faaliyet gösteren bankalar tarafından 2003-2012 yılları arasında alınmış olan sendikasyon kredilerinde, spreadin belirlenmesinde etkisi olan değişkenlerin neler olduğunun tespit edilmesidir. Spread üzerinde belirleyici olduğu düşünülen değişkenler beş ayrı grupta ele alınmıştır: küresel, makroekonomik, borçlu, sözleşme ve sendikasyon grubu değişkenleri. Elde edilen sonuçlar küresel finansal koşullardaki değişimlerin spreadi belirlemede etkili olduğunu; çoğunlukla yabancı bankalardan oluşan borç verenlerin, sendikasyon kredilerinin Türk bankacılık sektörü ve Türkiye’nin yurtdışı borçlanması içerisindeki payının oldukça sınırlı olmasına rağmen, fiyatlamada makroekonomik koşulları da dikkate aldıklarını göstermektedir. Ayrıca, borçluya ait özelliklerin de spread üzerinde etkili olduğu, kredi özelindeki sözleşme koşullarının ve sendikasyon grubunun yapısına dair değişkenlerin ise belirleyici olmadıkları sonucuna varılmıştır.
    Keywords: spread, sendikasyon kredileri, kredi fiyatlaması, bankalar
    JEL: F34 G21 G23
    Date: 2016–12–01
  144. By: Lindner, Peter; Loeffler, Axel; Segalla, Esther; Valitova, Guzel; Vogel, Ursula
    Abstract: In this paper, we examine the international transmission of monetary policies of major advanced economies (US, UK, euro area) through banks in Austria and Germany. In particular, we compare the role of banks' funding structure, broken down by country of origin as well as by currency denomination, in the international transmission of monetary policy changes to bank lending. We find weak evidence for inward spillovers. The more a bank is funded in US dollars, the more its domestic real sector lending is affected by monetary policy changes in the US. This effect is more pronounced in Germany than in Austria. We do not find evidence for outward spillovers of euro area monetary policy through a bank funding channel.
    Keywords: monetary policy spillover,global banks,bank funding channel
    JEL: E52 F33 G21
    Date: 2018
  145. By: Huang, Bihong (Asian Development Bank Institute); Shaban, Mohamed (Asian Development Bank Institute); Song, Quanyun (Asian Development Bank Institute); Wu, Yu (Asian Development Bank Institute)
    Abstract: We utilize an e-commerce development indicator in tandem with big data to measure the variations of e-commerce development across counties in the People’s Republic of China and assess its impact on entrepreneurship in both rural and urban areas. We find that households living in counties with higher levels of e-commerce development are more likely to run their own businesses. Further study indicates that e-commerce development not only significantly increases the entry of new startups but also decreases the exit of incumbent businesses. We also find that e-commerce development induces sectoral change of household entrepreneurship. It promotes entrepreneurship in the manufacturing and wholesale sectors, but reduces the entrepreneurship in the retail, hotel, and catering sectors. We also show that e-commerce prosperity fuels entrepreneurship by alleviating the financial constraints and moderates the reliance of household entrepreneurship on social networks.
    Keywords: e-commerce development; big data; entrepreneurship
    JEL: L81
    Date: 2018–03–22
  146. By: Mario Cunha (Faculdade de Ciências, Universidade do Porto and Centro de Investigação em Ciências Geo-Espaciais); Christian Richter (Faculty of Management Technology, German University in Cairo)
    Abstract: In this paper we model the impact of climate dynamics on wine production temporal cycles for the period 1933 to 2013 in the Douro wine region. We identify the cyclical properties of wine production and which cycles are de-termined by spring temperature and soil water levels during summer. We find that the in-season spring temperature as well as the temperatures of two and three years ago explain about 65% of the variability of wine pro-duction. When the soil water level in summer is incorporated, the R2 in-creases to 83% minimizing the Akaike criterion. The effects of soil water in wine production are depending on the timing. The in-season effect of an increase in soil water is negative, whilst soil water from two and three years ago have a positive effect on wine production. There is a stable but non- constant link between production and the spring temperature. The temper-ature is responsible for two long-medium cycles of 5.8 year and 4.2 years as well as a short one of 2.4 years that began since the 80s. The soil water level can explain 60% of the 7 years cycles of wine production as well as a short one of 2.3 years cycle which has been happening since the 90s. We also identify a shift of the relative importance away from temperature to soil water. Despite using a new an extended dataset, our results largely confirm the results of the impact of climate on the wine production in Douro region in our previous research. Modelling the impact of climate on the wine production can be an important instrument contributing for mitigation strategies facing the projected climate conditions in order to remain com-petitive in the market.
    Keywords: climate variability, wine production, time-varying spectra, Kalman filter, Douro region
    JEL: Q15 Q16 Q25 Q54 Q57
    Date: 2018–03
  147. By: Núñez Reyes, Georgina; De Furquim, Júlia
    Abstract: En este documento se analizan distintas formas de concentración de los mercados de la Argentina, el Brasil, Chile, Colombia, México y el Perú, y su relación con el proceso de patentes de empresas. Se identifican elementos para el análisis de la figura de poder de mercado de empresas tecnológicas y no tecnológicas en sectores de la economía y los grados de concentración por sector económico, a partir de datos financieros de las empresas.
    Date: 2018–06–07
  148. By: Scholz, Robert; Vitols, Sigurt
    Abstract: Der Mitbestimmungsindex (MB-ix) misst die institutionelle Verankerung der Mitbestimmung auf einer Skala von 0 bis 100. Im Zehnjahresverlauf wird deutlich, dass die Verankerung der Mitbestimmung stabil ist, gerade auch während der Finanzkrise. Die Aufsichtsräte als Gremien verkleinern sich zwar etwas und werden auf Arbeitnehmerseite teilweise internationaler besetzt, die Verteilung nach der Art der Mandate und die Besetzung der Stellvertreter ändern sich allerdings kaum. Gleichzeitig zeigt der MB-ix eine große Varianz in der institutionellen Verankerung der Mitbestimmung in den einzelnen Unternehmen, aber auch nach Branchen und Unternehmenstypen.
    Date: 2018
  149. By: Antonis Papapantoleon; Dylan Possamai; Alexandros Saplaouras
    Abstract: In this paper, we obtain stability results for martingale representations in a very general framework. More specifically, we consider a sequence of martingales each adapted to its own filtration, and a sequence of random variables measurable with respect to those filtrations. We assume that the terminal values of the martingales and the associated filtrations converge in the extended sense, and that the limiting martingale is quasi--left--continuous and admits the predictable representation property. Then, we prove that each component in the martingale representation of the sequence converges to the corresponding component of the martingale representation of the limiting random variable relative to the limiting filtration, under the Skorokhod topology. This extends in several directions earlier contributions in the literature, and has applications to stability results for backward SDEs with jumps and to discretisation schemes for stochastic systems.
    Date: 2018–06
  150. By: -
    Date: 2018–03
  151. By: Chowdhury, Mohammad Tarequl Hasan; Rahman, Muhammad Habibur; Ulubasoglu, Mehmet Ali
    Abstract: This study investigates the ways in which terrain ruggedness affects sectoral diversification. A cross-country analysis using data from 142 countries over the period 1970‒2007 documents an inverted U-shaped link between terrain ruggedness and sectoral diversification, which mainly works through the extensive margin of diversification. A within-country analysis based on United States (US) state-level data over the period 1997‒2011 confirms this non-monotonic relationship. The within-country analysis further reveals that an important mechanism through which terrain ruggedness affects sectoral diversification is the spatial concentration of economic activity, as measured by the concentration of satellite-based night lights.
    Keywords: sectoral diversification, spatial concentration, extensive margin, intensive margin, terrain ruggedness.
    JEL: O11 R12
    Date: 2018–05–31
  152. By: Gürtzgen, Nicole; Nolte, André; Pohlan, Laura; van den Berg, Gerard J.
    Abstract: This paper studies effects of the introduction of a new digital mass medium on reemployment of unemployed job seekers. We combine data on high-speed (broadband) internet availability at the local level with individual register data on the unemployed in Germany. We address endogeneity by exploiting technological peculiarities in the network that affected the roll-out of high-speed internet. The results show that high-speed internet improves reemployment rates after the first months of the unemployment spell. This is confirmed by complementary analysis with individual survey data suggesting that online job search leads to additional formal job interviews after a few months in unemployment.
    Keywords: unemployment,online job search,information frictions,matching technology,search channels
    JEL: J64 K42 H40 L96 C26
    Date: 2018
  153. By: Kevin Hjortshøj O'Rourke
    Abstract: Preliminary version of a paper prepared for IMF-BNM-IMFER Conference on Globalization in the Aftermath of the Crisis and the IMF Economic Review. The research on which this paper is based was in part funded by the European Research Council under the European Union's Seventh Framework Programme (FP7/2007-2013) / ERC grant agreement no. 249546. The paper draws on many collaborations, and I am extremely grateful to my co-authors: Miguel Almunia, Agustin Bénétrix, Roberto Bonfatti, Alan de Bromhead, Barry Eichengreen, Alan Fernihough, Ronald Findlay, William Hynes, David Jacks, Markus Lampe, Gisela Rua, and Jeffrey Williamson. The usual disclaimer applies.
    Date: 2017–09–20
  154. By: Isabelle Hirtzlin (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Activity-based tariff for hospitals were first implemented in the US and extended to Europe in the 1990s. By paying a flat rate tariff by stay it promotes a reduction of its medium length. Therefore it should have theoretically increased the proportion of day surgery in hospitals. However, a tariff deduction was initially made for day surgery. This have contributed to the delay in the implementation of day surgery activities in several countries, including France and the UK. In the early 2000s, in order to promote day surgery which is reputed to cost less, the regulation bodies of both countries adopted a same tariff principle for day surgery and full hospitalisation, for a given list of surgical procedures. The UK went further in 2010 with the introduction of a best practice tariff. It opened the possibility to pay more for day surgery than for full hospitalisation. These measures try to conciliate allocative efficiency for the health care system and productive efficiency of hospitals. Nevertheless, nowadays, neither of the two countries could be sure that this policy will contribute to reduce the global budget allocated to surgery and satisfy the national budget constraints.
    Abstract: La tarification à l’activité pour les établissements de santé a d'abord été mise en œuvre aux États-Unis, puis étendue à l'Europe dans les années 1990. En payant un tarif forfaitaire par séjour, elle favorise une réduction de sa durée moyenne. Cela devait donc théoriquement conduire à augmenter la proportion de chirurgie ambulatoire dans les établissements de santé. Toutefois, une décote tarifaire a longtemps été pratiquée pour les séjours de chirurgie ambulatoire. Cela a contribué au retard dans la mise en œuvre de cette activité dans plusieurs pays, dont la France et le Royaume-Uni. Au début des années 2000, afin de promouvoir la chirurgie d'un jour, réputée moins coûteuse que l’hospitalisation complète, les régulateurs des deux pays ont adopté un tarif identique pour la chirurgie de jour et l’hospitalisation complète, pour une liste limitée de procédures chirurgicales. Le Royaume-Uni est allé plus loin en 2010 avec l'introduction d'un tarif à la meilleure pratique. Ce principe a ouvert la possibilité d’un paiement plus important pour la chirurgie ambulatoire que pour l'hospitalisation complète. Ces mesures tentent de concilier efficacité allocative pour le système de soins de santé et l'efficacité productive des hôpitaux. Néanmoins, de nos jours, aucun des deux pays ne peut être certain que cette politique contribuera à réduire le budget global alloué à la chirurgie et à satisfaire les contraintes budgétaires nationales.
    Keywords: Best pratice tariff,Activity based tariff,Day surgery,austerity,France,United Kiingdom,Tarification à la meilleure pratique,Tarification à l'activité,chirurgie ambulatoire,austérité,Royaume uni
    Date: 2016–12–02
  155. By: Eugen Dimant (University of Pennsylvania)
    Abstract: This paper uses a novel experimental design to study the contagion of pro- and antisocial behavior and the role of social proximity among peers. Across systematic variations thereof, we find that anti-social behavior is generally more contagious than pro-social behavior. Surprisingly, we also find that social proximity amplifies the contagion of anti-social behavior more strongly than the contagion of pro-social behavior, and that anti-social individuals are most susceptible to behavioral contagion of other anti-social peers. These findings paired with the methodological contribution are informative for the design of effective norm-based policy interventions directed at facilitating (reducing) pro- (anti-)social behavior in social and economic environments.
    Keywords: Behavioral Contagion, Peer Effects, Anti-Social & Pro-Social Behavior
    Date: 2018–04
  156. By: Santiago Acerenza; Néstor Gandelman
    Abstract: This paper characterizes household spending in education using microdata from income and expenditure surveys for 12 Latin American and Caribbean countries and the United States. Bahamas, Chile and Mexico have the highest household spending in education while Bolivia, Brazil and Paraguay have the lowest. Tertiary education is the most important form of spending, and most educational spending is performed for individuals 18-23 years old. More educated and richer household heads spend more in the education of household members. Households with both parents present and those with a female main income provider spend more than their counterparts. Urban households also spend more than rural households. On average, education in Latin America and the Caribbean is a luxury good, while it may be a necessity in the United States. No gender bias is found in primary education, but households invest more in females of secondary age and up than same-age males.
    Keywords: Household Expenditure, Household Income, Education Expenditure, Primary & Secondary Education, Children, School Attendance, gender bias, Educational Level, Household Education Spending, Household Income, Household Expenditure
    JEL: D12 I2 E21
    Date: 2017–03
  157. By: Micha³ Majsterek (Faculty of Economics and Sociology, University of Lodz)
    Abstract: The paper describes relationships between stocks and flows in the context of cointegration analysis. Long-run and medium-term equilibrium relationships between stocks and flows are considered where stocks are described as cumulative flows. Polynomial cointegration is described as a tool for the analysis of equilibrium relationships and adjustment mechanisms for stocks and flows.
    Keywords: stocks, flows, equilibrium, cointegration
    JEL: C10 C32
    Date: 2018–05–14
  158. By: Yves Crozet (LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)
    Abstract: INTRODUCTION : La bataille ferroviaire engagée par le Premier ministre est-elle la «mère de toutes les batailles», le moment critique où est mise en jeu la capacité réformatrice de la majorité présidentielle ? Indubitablement la réponse est oui. Parmi toutes les pistes ouvertes par le rapport Spinetta, le gouvernement a choisi la plus à même de créer l'affrontement avec les syndicats. Comme on n'ose pas imaginer qu'il s'agit d'amateurisme, cela révèle une volonté de gagner une bataille symbolique. Même en supposant une victoire du gouvernement, «aux points» plutôt que par KO, quel seront les résultats de ce choix ? …
    Keywords: Pacte ferroviaire,SNCF,rapport Spinetta,France
    Date: 2018
  159. By: Allan Wright; Kari Grenade; Ankie Scott-Joseph
    Abstract: This study contends that Caribbean countries cannot adequately surmount their fiscal and debt challenges in the absence of binding rules that are geared toward entrenching fiscal discipline, curbing fiscal procyclicality, and improving budget transparency and credibility. Distilling global lessons and taking due cognizance of Caribbean countries' idiosyncrasies, the paper explores key technical, operational and institutional issues in the design, implementation, and monitoring of fiscal rules that might be relevant for Caribbean countries that currently do not have legislated rules. Results from simulations carried out to determine welfare effects and the extent of volatility of key macroeconomic variables under various fiscal rules scenarios suggest that of the different types of simulated fiscal rules, expenditure rules perform best in terms of reducing macroeconomic volatility, and in that regard, appear to be the most welfare-enhancing. This is believed to be the first study to carry out such a simulation exercise for Caribbean countries. The findings of the study evince useful insights for policymakers on how to improve the design and conduct of fiscal policy for better fiscal and, by extension, development outcomes.
    Keywords: Fiscal rules, Public debt, Public Financial Management, Fiscal deficit, fiscal deficit, public debt, fiscal sustainability, fiscal policy
    JEL: H60 E62
    Date: 2017–02
  160. By: Klein, Paul-Olivier; Weill, Laurent
    Abstract: This paper analyses the effect of bank profitability on economic growth. While policymakers have shown major concerns for low levels of bank profitability, there are no empirical studies on the growth effects of bank profitability. To fill this gap, we investigate the impact of bank profitability on economic growth using a sample of 133 countries during the period 1999–2013 with several empirical approaches. Our first major conclusion is that a high current level of bank profitability contributes positively to economic growth. Our second conclusion is that the past level of bank profitability exerts a negative influence on economic growth leading to the absence of significance for the overall bank profitability. Hence, the positive impact of bank profitability on economic growth is short-lived. These findings are robust to a battery of robustness checks, including those using alternative measures for profitability and growth.
    JEL: G21 O16 O40
    Date: 2018–07–02
  161. By: Yves-Laurent Kom Samo; Dieter Hendricks
    Abstract: Given a new candidate asset represented as a time series of returns, how should a quantitative investment manager be thinking about assessing its usefulness? This is a key qualitative question inherent to the investment process which we aim to make precise. We argue that the usefulness of an asset can only be determined relative to a reference universe of assets and/or benchmarks the investment manager already has access to or would like to diversify away from, for instance, standard risk factors, common trading styles and other assets. We identify four features that the time series of returns of an asset should exhibit for the asset to be useful to an investment manager, two primary and two secondary. As primary criteria, we propose that the new asset should provide sufficient incremental diversification to the reference universe of assets/benchmarks, and its returns time series should be sufficiently predictable. As secondary criteria, we propose that the new asset should mitigate tail risk, and the new asset should be suitable for passive investment (e.g. buy-and-hold or short-and-hold). We discuss how to quantify incremental diversification, returns predictability, impact on tail risk, and suitability for passive investment, and for each criterion, we provide a scalable algorithmic test of usefulness.
    Date: 2018–06
  162. By: BALLIAUW, Matteo; VERLINDEN, Thomas; DE CROOCQ, Lisa; FOBE, Aline; VAN DEN SPIEGEL, Tomas
    Abstract: Corporate Sports Hospitality (CSH) is a relationship marketing tool whereby customers and other stakeholders are invited by a company buying CSH from a club to attend a sports game. The CSH product involves premium seating and optional services such as catering. Little academic research about the CSH industry has been performed in the past. Moreover, this industry has been perceived to be in decline, especially in times of economic downturn when companies need to justify every cost expenditure. This paper quantifies the added value of CSH. A case study from the highest division in Belgian football (soccer) shows that, although the market is smaller than in the American major sports leagues, CSH returns account for an important share of club revenues. Through Porter’s Five Forces framework, we show that a club experiences the strongest competitive impact from substitutes and other clubs in the league. Since CSH is often managed on an ad-hoc base and the literature offers no formal CSH management process for companies and clubs, information is gathered to build such an effective process. It allows both clubs as well as CSH buying companies to define their objectives and measure their performance in a quantitative way through Key Performance Indicators (KPIs). Not only return on investment, but also return on other objectives matters. We moreover argue that measuring the output through these KPIs and improving the process according to feedback loops are crucial for successful CSH. To improve CSH attractiveness, sufficient attention should be given to technological and managerial innovations.
    Keywords: Luxury seating, Venue revenues, Management process, Sports marketing
    Date: 2018–06
  163. By: Christian Alcocer;Thomas D. Jeitschko; Robert Shupp; Thomas D. Jeitschko; Robert Shupp
    Abstract: We identify a behavioral bias in games with completely mixed equilibria. Following Alcocer and Jeitschko (2014) we characterize players who, when indifferent between several optimal choices, assign an equal probability to playing any one of them, rather than following the mixing of the Nash Equilibirum. We design an experiment to test for the presence of such ‘na ??ve’ players. In a first session, we sort subjects into na ??ve players and their sophisticated counterparts, according to their tendency to skew towards uniform mixing rather than Nash equilibrium mixing. Two weeks later, each group played against varying proportions of automated players (bots) that follow varying off-equilibrium mixed strategies. Subjects categorized as na ??ve continue to tend towards uniform mixing and also are less apt to account for distortions due to off-equilibrium bots. In contrast, sophisticated players do compensate for the distortions in the game, although this compensation is not large enough to restore equilibria, implying there are predictable methods to attain above-equilibrium payoffs. We also isolate altruistic components of players’ strategies: behavior gets closer to Nash equilibria by adding transparent bots that do not directly incentivize any change in behavior but decrease the benefits of surplus maximizing behavior. Lastly, we show that the probability of being categorized as na ??ve is correlated with the performance on a quantitative test.
    Keywords: Experimental, Behavioral, Bounded Rationality, Compensated Equilib-rium, Computer Bots, Mixed Equilibria, Cognitive Heterogeneity, Na ??ve and Sophisti-cated Players
    JEL: C72 C91 D03 D83
    Date: 2018–02–15
  164. By: Yuecai Han; Qingshuo Song; Gu Wang
    Abstract: This paper investigates sufficient conditions for a Feynman-Kac functional up to an exit time to be the generalized viscosity solution of a Dirichlet problem. The key ingredient is to find out the continuity of exit operator under Skorokhod topology, which reveals the intrinsic connection of overfitting Dirichlet boundary with fine topology. As an application, we establish the sub and supersolutions for a class of non-stationary HJB (Hamilton-Jacobi-Bellman) equations with fractional Laplacian operator via Feynman-Kac functionals associated to $\alpha$-stable processes, which enables us to verify its solvability together with comparison principle and Perron's method.
    Date: 2018–06
  165. By: J. Isaac Miller (Department of Economics, University of Missouri, Columbia, Missouri, USA)
    Abstract: Time series that are observed neither regularly nor contemporaneously pose problems for most multivariate analyses. Common and intuitive solutions to these problems include linear and step interpolation or other types of imputation to a higher, regular frequency. However, interpolation is known to cause serious problems with the size and power of statistical tests. Due to the difficulty in measuring stochastically varying paleoclimate phenomena such as CO2 concentrations and surface temperatures, time series of such measurements are observed neither regularly nor contemporaneously. This paper presents large- and small-sample analyses of the size and power of cointegration tests of time series with these features and confirms the robustness of cointegration of these two series found in the extant literature. Step interpolation is preferred over linear interpolation.
    Keywords: cointegration, irregularly time series, non-contemporaneous time series, misaligned time series, paleoclimate data
    JEL: C12 C22 C32 Q54
    Date: 2018–06–29
  166. By: Alexander Kriwoluzky; Christian Bayer; Chi Hyun Kim
    Abstract: Mit der schwierigen Regierungsbildung in Italien und dem auf Steuersenkungen ausgerichteten und europaskeptischen Programm der italienischen Koalition droht die schon überwunden geglaubte Krise im Euroraum wieder aufzulodern. Dies führt zu Risikoaufschlägen für italienische Staatsanleihen, die AnlegerInnen nicht nur für direkte Zahlungsausfälle, sondern auch für das Risiko, in einer anderen Währung als Euro ausgezahlt zu werden, verlangen. In der Krise 2010 bis 2014 konnte die Europäische Zentralbank (EZB) das Fortbestehen des Euroraums glaubhaft machen, damit die Risikoaufschläge deutlich verringern und so letztlich die Zinssätze angleichen. Die erneut aufkommenden Austrittserwartungen machen deutlich, in welch schwierigem wirtschaftspolitischem Umfeld sich die EZB noch immer bewegt, und zeigen den Reformbedarf im Euroraum.
    Date: 2018
  167. By: Hesse, Henning
    Abstract: Departing from the principle of absolute priority, CoCo bonds are particularly exposed to bank losses despite not having ownership rights. This paper shows the link between adverse CoCo design and their yields, confirming the existence of market monitoring in designated bail-in debt. Specifically, focusing on the write-down feature as loss absorption mechanism in CoCo debt, I do find a yield premium on this feature relative to equity-conversion CoCo bonds as predicted by theoretical models. Moreover, and consistent with theories on moral hazard, I find this premium to be largest when existing incentives for opportunistic behavior are largest, while this premium is non-existent if moral hazard is perceived to be small. The findings show that write-down CoCo bonds introduce a moral hazard problem in the banks. At the same time, they support the idea of CoCo investors acting as monitors, which is a prerequisite for a meaningful role of CoCo debt in banks' regulatory capital mix.
    Keywords: CoCo bonds,contingent capital,endogenous risk,capital structure,incentives,monitoring
    JEL: G18 G21 G32
    Date: 2018
  168. By: Christoph Breunig; Enno Mammen; Anna Simoni
    Abstract: This paper is concerned with inference about low-dimensional components of a high-dimensional parameter vector beta_0 which is identified through in- strumental variables. We allow for eigenvalues of the expected outer product of included and excluded covariates, denoted by M, to shrink to zero as the sample size increases. We propose a novel estimator based on desparsi- fication of an instrumental variable Lasso estimator, which is a regularized version of 2SLS with an additional correction term. This estimator converges to beta_0 at a rate depending on the mapping properties of M captured by a sparse link condition. Linear combinations of our estimator of beta_0 are shown to be asymptotically normally distributed. Based on consistent covariance estimation, our method allows for constructing confidence intervals and sta- tistical tests for single or low-dimensional components of beta_0. In Monte-Carlo simulations we analyze the finite sample behavior of our estimator.
    Date: 2018–06
  169. By: Toussaert, Séverine
    Abstract: Unlike present‐biased individuals, agents who suffer self‐control costs as in Gul and Pesendorfer, 2001 may choose to restrict their choice set even when they expect to resist temptation. To identify these self‐control types, I design an experiment in which the temptation was to read a story during a tedious task. The identification strategy relies on a two‐step procedure. First, I measure commitment demand by eliciting subjects' preferences over menus that did or did not allow access to the story. I then implement preferences using a random mechanism, allowing to observe subjects who faced the choice yet preferred commitment. A quarter to a third of subjects can be classified as self‐control types according to their menu preferences. When confronted with the choice, virtually all of them behaved as they anticipated and resisted temptation. These findings suggest that policies restricting the availability of tempting options could have larger welfare benefits than predicted by standard models of present bias.
    Keywords: temptation; self-control; menu choice; curiosity; experiment
    JEL: C91 D83 D99
    Date: 2018–05
  170. By: Poole, Jennifer (Asian Development Bank Institute); Santos-Paulino, Amelia (Asian Development Bank Institute); Sokolova, Maria (Asian Development Bank Institute); DiCaprio, Alisa (Asian Development Bank Institute)
    Abstract: Market-oriented reforms, such as liberalizing trade and encouraging foreign direct investment, can generate large efficiency gains for a country. However, there is also concern that lower-skilled workers are increasingly being replaced by technology and that more globalized markets are harming employment opportunities. We investigate these issues by exploring household surveys from Viet Nam, combined with information on the task content of occupations, industrial exposure to international trade, and access to technology across the country. We assess the extent to which exposure to foreign markets and access to digital technologies affect the demand for different types of skills, by exploiting the fact that provinces vary in the degree of access to digital technologies and industries vary in the degree of exposure to foreign markets. We also extend much of the literature to consider the interplay between trade and technology on labor demand. On its own, technological change does not appear to be a main driver of the demand for skill in Viet Nam. Increased trade, rather, does expand employment opportunities across both skilled and unskilled workers. Consistent with classic trade theory, the increase is stronger for manual and routine tasks, shifting the composition of the labor force toward lower-skilled workers. However, the increase in manual and routine employment opportunities in response to the trade shock is smaller in areas of the country with access to digital technologies, providing suggestive evidence of the routine-biased nature of technology. From a policy standpoint, our work contributes to an understanding of job requirements and job security in an increasingly technology-driven and integrated world economy. Our research also offers insights for other lesser developing countries that face similar challenges.
    Keywords: Viet Nam; trade; information technology; skills
    JEL: F16 J24 O33
    Date: 2017–08–08
  171. By: Eric Heyer (Observatoire français des conjonctures économiques)
    Abstract: En mai, l’inflation en zone euro s’est rapprochée de l’objectif de la BCE. En passant d’un rythme annuel de 1,2% à 1,9% en l’espace d’1 mois, cette nette hausse de l’inflation n’a pourtant suscité aucun émoi, la nature principale de celle-ci étant commune à tous les pays et parfaitement identifiée : la flambée des cours du pétrole. Après avoir dégringolé jusqu’à 30 dollars le baril en début d’année 2016, celui-ci s’établit aujourd’hui autour de 77 dollars, niveau jamais atteint depuis 2014. Même corrigé du taux de change – l’euro s’est apprécié par rapport au dollar – le prix du baril a augmenté de près de 40 % (soit 18 euros) au cours des 12 derniers mois engendrant mécaniquement une accélération des prix dans les pays importateurs nets de pétrole. A cet effet commun vient se greffer pour la France l’incidence de la hausse de la fiscalité indirecte sur le tabac et les carburants entrée en vigueur en début d’année qui, selon nos évaluations, augmenterait de 0,4 point l’indice des prix. [Premier paragraphe]
    Keywords: Chômage ; Croissance; Inflation
    Date: 2018–06
  172. By: Chris Kirrane
    Abstract: This paper describes the opportunities and also the difficulties of EMU with regard to international monetary cooperation. Even though the institutional and intellectual assistance to the coordination of monetary policy in the EU will probably be strengthened with the EMU, among the shortcomings of the Maastricht Treaty concerns the relationship between the founder members and those countries who wish to remain outside monetary union.
    Date: 2018–07
  173. By: Anne Muxel (Centre de recherches politiques de Sciences Po)
    Abstract: Cet article présente un certain nombre de résultats issus de travaux menés sur la transmission des attitudes et des comportements politiques au sein de la famille, entre parents et enfants. Il fournit une grille de lecture des mécanismes de l'héritage intergénérationnel et présente un cadre d'interprétation des phénomènes de « politisation intime », dans le cadre de la sphère privée, participant à la construction des identités politiques. Il montre les transactions qui opèrent entre le système des normes et le système des affects des individus. Si le pluralisme et le respect de la différence sont acceptés, le désir d'homogamie et de ressemblance s'impose aussi comme une nouvelle norme affective.
    Keywords: socialisation politique; politisation intime; famille; transmission intergénérationnelle
    Date: 2018–06
  174. By: Johannes Buckenmaier (Department of Economics, University of Zurich); Eugen Dimant (University of Pennsylvania and Centre for Decision Research and Experimental Economics (CeDEx), University of Nottingham); Luigi Mittone (Cognitive and Experimental Economics Laboratory, University of Trento, Department of Economics)
    Abstract: We investigate the effects of an institutional mechanism that incentivizes taxpayers to blow the whistle on collusive corruption and tax compliance. We explore this through a formal leniency program. In our experiment, we nest collusive corruption within a tax evasion framework. We not only study the effect of the presence of such a mechanism on behavior, but also the dynamic effect caused by the introduction and the removal of leniency. We find that in the presence of a leniency mechanism, subjects collude and accept bribes less often while paying more taxes, but there is no increase in bribe offers. Our results show that the introduction of the opportunity to blow the whistle decreases the collusion and bribe acceptance rate, and increases the collected tax yield. It also does not encourage bribe offers. In contrast, the removal of the institutional mechanism does not induce negative effects, suggesting a positive spillover effect of leniency that persists even after the mechanism has been removed.
    Keywords: Collusive bribery, Institutions, Tax compliance, Leniency, Spillover
    Date: 2018–05
  175. By: Cáceres, Rodrigo; Katz, Jorge; Dini, Marco
    Abstract: Esta investigación explora los procesos de construcción de capacidades, aprendizaje y especialización de agencias públicas que regulan sectores intensivos en recursos naturales. Particularmente, se estudian los casos de dos agencias regulatorias chilenas en los sectores de acuicultura y minería, el Servicio Nacional de Pesca y Acuicultura, y el Servicio Nacional de Geología y Minería, respectivamente. A través de una reconstrucción histórica de ambas instituciones, se identifican procesos de sofisticación tecnológica y desarrollo del capital humano, rutinas de fiscalización de mayor complejidad técnica, además de evidenciar la relevancia de los episodios de crisis ocurridos en los sectores que regulan, los cuales indujeron aumentos significativos de presupuesto fiscal, cambios legislativos y nuevas atribuciones en estas agencias, a fin de fortalecer sus capacidades para regular y/o proveer bienes públicos. Más recientemente, se observa el inicio de una tendencia hacia formas de intervención asociadas a la “gestión del riesgo” relacionadas con la vigilancia activa y provisión de bienes públicos asociados al monitoreo y prevención ex ante de riesgos, ya sean biológico-sanitarios en el caso de acuicultura; o de contaminación minera y el ‘spin-off’ del manejo de peligros geológicos en el caso del Servicio Nacional de Geología y Minería. Finalmente, la creciente especialización de estas agencias del Estado en ciencias biológicas y geociencias las conduce gradualmente hacia modelos de gestión basados en ciencia y tecnología como base de su actividad regulatoria. Su futuro en este sentido debe recibir atención prioritaria por parte del Estado.
    Date: 2018–06–18
  176. By: Demary, Markus; Diermeier, Matthias; Hüther, Michael; Jung, Markos; Matthes, Jürgen
    Abstract: Die EU-Kommission hat verschiedene Vorschläge für Reformen der Wirtschaft- und Währungsunion vorgelegt. Während manche Ideen mehr politisch motiviert zu sein scheinen oder anreizspezifische Probleme mit sich bringen, gibt es durchaus Reformvorschläge, die sich ökonomisch begründen lassen und zur gesamteuropäischen Risikominderung beitragen können. Eine Mittelaufstockung für technische Hilfen zur Umsetzung von Strukturreformen ist grundsätzlich zu begrüßen. Eine reine Subventionierung solcher Reformen - nach dem Prinzip "Geld gegen Reformen" - droht hingegen starke Mitnahmeeffekte zu erzeugen und das Subsidiaritätsprinzip zu missachten. Dass mit der Schaffung einer neuen Konvergenzfazilität bei der Förderung von Strukturreformen ein besonderer Fokus auf Nicht-Eurostaaten gelegt werden sollte, ist nicht zu rechtfertigen. Die geplante makroökonomische Stabilisierungsfunktion zur Abmilderung der Wirkung asymmetrischer Schocks entbehrt auf europäischer Ebene einer zwingenden ökonomischen Notwendigkeit. Zwar erscheint der Ansatz grundsätzlich nachvollziehbar, dass ein möglicher Fonds nur Kredite vergeben, bei staatlichen Investitionen ansetzen und im EU-Haushalt eng gedeckelt bleiben würde. Doch besteht die Gefahr, dass die Mittelbereitstellung letztlich politischem Druck folgt und die avisierte Ex-ante-Konditionalität aufgeweicht wird. Daher ist dieser Vorschlag abzulehnen. Eine strategische Koordinationsfunktion könnte die EU bei der Organisation der Finanzierung von grenzüberschreitenden Investitionsprojekten einnehmen. Unterfinanzierte Infrastruktur in Grenzgebieten stellt noch immer ein wesentliches Hemmnis für die europaweite Verflechtung von Wertschöpfungsketten dar. Über Projektbonds könnte die Europäische Entwicklungsbank hier einen wichtigen Beitrag zur realen Konvergenz in Europa leisten.
    JEL: H61 O52 H54
    Date: 2018
  177. By: Wolf, Robin Paul
    Abstract: Im Jahr 2013 wurden die internationalen Rechnungslegungsstandards zur Abbildung von Gemeinschaftsunternehmen unter der Grundannahme angepasst, dass "[...] a change in financial reporting requirements might affect the cost of capital for individual entities by changing the [...] level of information asymmetry [...]" (IASB (2011), S. 3). Während IAS 31 ein Wahlrecht zwischen Quotenkonsolidierung oder at-Equity Bilanzierung eröffnete, vereinheitlicht IFRS 11 die Berichterstattung zur at-Equity Bilanzierung, begleitet durch Anhangangaben nach IFRS 12. Die Untersuchung von Unternehmen des deutschen Prime Standards zeigt, dass unter IAS 31 quotal konsolidierende Unternehmen vor Einführung der Änderungen nicht von niedrigeren Eigenkapitalkosten profitierten. Ihre Eigenkapitalkosten haben sich mit Einführung von IFRS 11 und 12 gegenüber durchweg at-Equity bilanzierenden Unternehmen zudem weiter erhöht, auch wenn die Eigenkapitalkosten letzterer Unternehmen ebenfalls gestiegen sind. Bezogen auf das Untersuchungsobjekt fällt die Bilanz der Einführung von IFRS 11 und 12 für die Finanzberichterstattung der Kooperationspartner somit insgesamt negativ aus.
    Keywords: Gemeinschaftsunternehmen,joint venture,IAS 31,IFRS 11,IFRS 12,at-equity Bilanzierung,Quotenkonsolidierung,Eigenkapitalkosten,equity method,proportionate consolidation,cost of equity capital
    Date: 2018
  178. By: Zhou, Peng (Cardiff Business School); Dixon, Huw David (Cardiff Business School)
    Abstract: This paper systematically integrates microdata and macrodata analysis of price rigidity in mon-etary economics. We explore the mechanism of price-setting using survival based approaches in order to see what factors drive the observed price rigidity. We find significant effects of macroeconomic variables such as inflation and output, which should be purged off before cal-ibrating any macroeconomic models. The microdata findings are then used to estimate and simulate a heterogeneous price-setting model with a generalised Calvo goods sector and a gen-eralised Taylor service sector, which improves the performance in matching macrodata persistence.
    Keywords: Price Rigidity, Price Setting Behaviour, Microdata, Survival Analysis, Heterogeneous Agent Model, Persistence Puzzle
    JEL: C41 D21 E31 E32
    Date: 2018–06
  179. By: Kunze, Frederik; Basse, Tobias; Wegener, Christoph; Spiwoks, Markus
    Abstract: We investigate RMB pricing differentials for onshore and offshore trading. Testing for long memory, we find strong persistence in the pricing differential. Hence, the Chinese FX market in its bipolar structure still lacks basic conditions for perfectly integrated markets.
    Keywords: CNY,CNH,RMB internationalization,Market integration,Emerging markets
    JEL: F31 F33 G18 C58
    Date: 2018
  180. By: Emanuele Crosato; Ramil Nigmatullin; Mikhail Prokopenko
    Abstract: Urban transformations within large and growing metropolitan areas often generate critical dynamics affecting social interactions, transport connectivity and income flow distribution. We develop a statistical-mechanical model of urban transformations, exemplified for Greater Sydney, and derive a thermodynamic description highlighting critical regimes. We consider urban dynamics at two time scales: fast dynamics for the distribution of population and income, modelled via the maximum entropy principle, and slower dynamics evolving the urban structure under spatially distributed competition. We identify phase transitions between dispersed and polycentric phases, induced by varying the social disposition---a factor balancing the suburbs' attractiveness---in contrast with the travel impedance. Using the Fisher information we identify critical thresholds and quantify the thermodynamic cost of urban transformation, as the minimal work required to vary the underlying parameter. Finally, we introduce the notion of thermodynamic efficiency of urban transformation, as the ratio of the order gained during a change to the amount of required work, showing that this measure is maximised at criticality.
    Date: 2018–06
  181. By: Huang, Darien; Schlag, Christian; Shaliastovich, Ivan; Thimme, Julian
    Abstract: We show that time-varying volatility of volatility is a significant risk factor which affects the cross-section and the time-series of index and VIX option returns, beyond volatility risk itself. Volatility and volatility-of-volatility measures, identified modelfree from the option price data as the VIX and VVIX indices, respectively, are only weakly related to each other. Delta-hedged index and VIX option returns are negative on average, and are more negative for strategies which are more exposed to volatility and volatility-of-volatility risks. Volatility and volatility of volatility significantly and negatively predict future delta-hedged option payoffs. The evidence is consistent with a no-arbitrage model featuring time-varying market volatility and volatility-of-volatility factors, both of which have negative market price of risk.
    Keywords: volatility of volatility,hedging errors,risk premiums
    JEL: G12 G13
    Date: 2018
  182. By: Eric D. , Ramstetter
    Abstract: This paper examines the role foreign multinational enterprises (MNEs) played in Vietnamese firm exports during 2010-2013. Consistent with patterns observed in commodity export data, MNEs are found to account for the majority of firm exports during this period. Wholly-foreign MNEs (WFs), which accounted for the vast majority of MNE production in Vietnam, accounted for most MNE exports. Both WFs and MNE joint ventures (JV) made larger direct contributions to exports than to production or employment, as observed in other Asian developing economies. There was a strong tendency for WFs to have the highest export propensities (export-turnover ratios) followed by JVs. Manufacturing firms exported over four-fifths of the total in most years. Tobit estimates that controlled for the effects of firm size, capital intensity, liquidity, location, and industry affiliation for manufacturers indicate WFs also had the highest conditional export propensities, followed by JVs, private firms, while export propensities tended to be similar in state-owned enterprises (SOEs) and private firms in most industries. Because Vietnam imposes few ownership restrictions on MNEs, these results imply that MNEs generally prefer to export from WFs rather than JVs, and are consistent with previous results for Thailand and Indonesia, for example.
    Keywords: Multinational enterprises, state-owned enterprises, ownership, exports, F14, F23, L33, L60, L81, O53
    Date: 2018–06
  183. By: Kevin Hjortshøj O'Rourke; Alan de Bromhead; Alan Fernihough; Markus Lampe
    Abstract: Abstract A recent literature explores the nature and causes of the collapse in international trade during 2008 and 2009. The decline was particularly great for automobiles and industrial supplies; it occurred largely along the intensive margin; quantities fell by more than prices; and prices fell less for differentiated products. Do these stylised facts apply to trade collapses more generally? This paper uses detailed, commodity specific information on UK imports between 1929 and 1933, to see to what extent the trade collapses of the Great Depression and Great Recession resembled each other. It also compares the free trading trade collapse of 1929-31 with the protectionist collapse of 1931-3, to see to what extent protection, and gradual recovery from the Great Depression, mattered for UK trade patterns.
    Keywords: Great Depression; Great Recession; trade; protectionism
    JEL: F14 N74
    Date: 2018–01–22
  184. By: Emilio Calvo (Universidad de Valencia. ERI-CES); Esther Gutiérrez-López (Departamento de Economía Aplicada IV. Universidad del País Vasco U.P.V./E.H.U.)
    Abstract: We consider the family of discounted solidarity values Sl^{α}, where α∈[0,1]. We offer strategic support for this family by means of a noncooperative bargaining game. We show that the risk of a breakdown in negotiations and the time discount factor simultaneously determine the value of α. We supplement the analysis with an axiomatic characterization.
    Keywords: n-person bargaining; transferable utility games; Solidarity value.
    JEL: C71
    Date: 2018–06
  185. By: Núñez Reyes, Georgina; De Furquim, Júlia
    Abstract: En este documento se define el marco de un ecosistema de competencia que, además del ámbito regulatorioinstitucional, incluye el desarrollo tecnológico y la innovación. Se analizan las plataformas tecnológicas y su papel como nuevos modelos de negocio, la protección de datos y los efectos de red. El análisis evidencia un proceso de convergencia entre sectores que también impacta en la política de competencia, y destaca dos sectores producto del proceso de convergencia: las tecnologías de la información y las comunicaciones (TIC) y las tecnologías financieras (fintech), ambos caracterizados por altas concentraciones que afectan la libre competencia.
    Date: 2018–06–07
  186. By: Stephan Klasen; Marc Fleurbaey
    Abstract: This paper provides an overview of the conceptual and empirical issues involved in the overarching goal of “leaving no one behind” (LNOB). After reviewing some existing documents on the topic, it proposes ways to operationalize LNOB, discusses whether to take a country-focused or person-focused approach, examines various (multidimensional) ways to measure those who are left behind, argues for grounding LNOB on intrinsic and instrumental reasons, suggests ways to identify those at risk of being left behind, and discusses difficult trade-offs with other SDGs for an agenda focused on LNOB.
    Keywords: leave no one behind, inequality, poverty, Agenda 2030
    JEL: D63 I38
    Date: 2018–06
  187. By: Christophe Labreuche (Thales Research & Technology - Palaiseau); Michel Grabisch (Centre d'Economie de la Sorbonne - Paris School of Economics)
    Abstract: In many Multi-Criteria Decision problems, one can construct with the decision maker several reference levels on the attributes such that some decision strategies are conditional on the comparison with these reference levels. The classical models (such as the Choquet integral) cannot represent these preferences. We are then interested in two models. The first one is the Choquet with respect to a p-ary capacity combined with utility functions, where the p-ary capacity is obtained from the reference levels. The second one is a specialization of the Generalized-Additive Independence (GAI) model, which is discretized to fit with the presence of reference levels. These two models share common properties (monotonicity, continuity, properly weighted, …), but differ on the interpolation means (Lovász extension for the Choquet integral, and multi-linear extension for the GAI model). A drawback of the use of the Choquet integral with respect to a p-ary capacity is that it cannot satisfy decision strategies in each domain bounded by two successive reference levels that are completely independent of one another. We show that this is not the case with the GAI model
    Keywords: Multiple criteria analysis; Generalized Additive Independence; Choquet integral; reference levels; interpolation
    Date: 2018–03
  188. By: Giovanni Compiani (niversity of California, Berkeley, Haas School of Business); Philip A. Haile (Cowles Foundation, Yale University); Marcelo Sant'Anna (FGV EPGE)
    Abstract: An oil lease auction is the classic example motivating a common values model. However, formal testing for common values has been hindered by unobserved auction-level heterogeneity, which is likely to affect both participation in an auction and bidders' willingness to pay. We develop and apply an empirical approach for first-price sealed bid auctions with affiliated values, unobserved heterogeneity, and endogenous bidder entry. The approach also accommodates spatial dependence and sample selection. Following Haile, Hong and Shum (2003), we specify a reduced form for bidder entry outcomes and rely on an instrument for entry. However, we relax their control function requirements and demonstrate that our specification is generated by a fully specified game motivated by our application. We show that important features of the model are nonparametrically identified and propose a semiparametric estimation approach designed to scale well to the moderate sample sizes typically encountered in practice. Our empirical results show that common values, affiliated private information, and unobserved heterogeneity - three distinct phenomena with different implications for policy and empirical work - are all present and important in U.S. offshore oil and gas lease auctions. We find that ignoring unobserved heterogeneity in the empirical model obscures the presence of common values. We also examine the interaction between affiliation, the winner's curse, and the number of bidders in determining the aggressiveness of bidding and seller revenue.
    Date: 2018–06
  189. By: Alexander A. J. Wulfers
    Abstract: Abstract The Age of Mass Migration came to an end in the interwar period with new American immigration restrictions, but did this end affect some potential migrants more than others? I use previously unanalysed data from passenger lists of ships leaving Bremen, one of the major European ports of emigration, between 1920 and 1933, to identify occupations and skill levels of individual migrants. The main focus of the paper is on the role that policy played in influencing the selection of migrants. I study the American quota laws of 1921, 1924, and 1929, and find that increasingly strict quotas led to an increase in the skill level of migrants as well as a shift from agricultural to manufacturing workers first, and from manufacturing to professional workers later.
    Keywords: immigration policy, skill selection, quotas, United States, Bremen, interwar period
    JEL: J15 N32 N34
    Date: 2018–01–25
  190. By: Austan Goolsbee
    Abstract: This paper considers the role of policy in an AI-intensive economy (interpreting AI broadly). It emphasizes the speed of adoption of the technology for the impact on the job market and the implications for inequality across people and across places. It also discusses the challenges of enacting a Universal Basic Income as a response to widespread AI adoption, discuss pricing, privacy and competition policy the question of whether AI could improve policy making itself.
    JEL: H0 L16 O3
    Date: 2018–05
  191. By: Maurice Bernadet (LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique); Yves Crozet (LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Le décret 2017-639 et son arrêté d’application, datés du 26 et publiés le 28 avril 2017 au Journal officiel modifient sur trois points la réglementation en vigueur pour l’information sur les émissions de CO2 des services de transport. La première modification est logique. Pour se rapprocher de la norme européenne, seront évalués non seulement le CO2, mais aussi d’autres gaz à effet de serre comme le méthane, et à terme les fuites de liquide frigorigène. Second changement, l’obligation d’information ne concerne que les services ayant leur origine et leur destination en France. Dans cet article, nous nous penchons sur la troisième composante du décret, celle qui repousse à 2019 (au lieu du 1er juillet 2016!) l’obligation pour les entreprises de 50 salariés ou plus d’abandonner la méthode dite de «niveau 1 ». Nous pensons que c’est regrettable. En voici l’explication. On notera que .dans cet article les arguments utilisés et les raisonnements développés se réfèrent aux seuls transports routiers de marchandises. Toutefois, il est clair que certains des arguments présentés ont une portée plus générale et pourraient justifier que ses conclusions soient étendues, moyennant éventuellement des adaptations, à d’autres modes.
    Keywords: émissions de dioxyde de carbone (CO2),obligation d’information,décret 2017-639,valeurs de niveau 1
    Date: 2017
  192. By: Jon X. Eguia; Francesco Giovannoni
    Abstract: We provide an instrumental theory of extreme campaign platforms. By adopting an extreme platform, a previously mainstream party with a relatively small probability of winning further reduces its chances. On the other hand, the party builds credibility as the one most capable of delivering an alternative to mainstream policies. The party gambles that if down the road voters become dissatisfied with the status quo and seek something different, the party will be there ready with a credible alternative. In essence, the party sacrifices the most immediate election to invest in greater future success. We call this phenomenon tactical extremism. We show under which conditions we expect tactical extremism to arise and we discuss its welfare implications.
    Date: 2018–06–28
  193. By: Lance A. Fisher (Macquarie University); Hyeon-seung Huh (Yonsei University)
    Abstract: This paper develops a method for combining sign and parametric restrictions in SVARs by means of Givens matrices. The Givens matrix is used to rotate an initial set of orthogonal shocks in the SVAR. Parametric restrictions are imposed on the Givens matrix in a manner which utilises its properties. This gives rise to a system of equations which can be solved recursively for the ¡®angles¡¯ in the constituent Givens matrices to enforce the parametric restrictions. The method is applied to several identifications which involve a combination of sign restrictions, and long-run and/or contemporaneous restrictions in Peersman¡¯s (2005) SVAR for the US economy. The method is compared to the recently developed method of Aries, Rubio-Ramirez and Waggoner (2018) which combines zero and sign restrictions.
    Keywords: structural vector autoregressions, sign and parametric restrictions, Givens rotations, QR decomposition
    JEL: C32 C51 E32
    Date: 2018–06
  194. By: Fuster, Andreas (Swiss National Bank); Vickery, James (Federal Reserve Bank of New York)
    Abstract: Bank capital requirements are based on a mix of market values and book values. We investigate the effects of a policy change that ties regulatory capital to the market value of the “available-for-sale" investment securities portfolio for some banking organizations. Our analysis is based on security-level data on individual bank portfolios matched to bond characteristics. We find little clear evidence that banks respond by reducing the riskiness of their securities portfolios, although there is some evidence of a greater use of derivatives to hedge securities exposures. Instead, banks respond by reclassifying securities to mitigate the effects of the policy change. This shift is most pronounced for securities with high levels of interest rate risk.
    Keywords: bank; securities; available-for-sale; capital regulation; fair value accounting
    JEL: G21 G23 G28
    Date: 2018–06–01
  195. By: Sekanina, Alexander
    Abstract: Seit der Finanzkrise hat sich die Investorenlandschaft deutsche Unternehmen deutlich verändert. Passive US-Vermögensverwalter haben ebenso an Bedeutung gewonnen wie aktivistische Investoren verstärkt börsennotierte Unternehmen attackieren. Im Mittelstand hat dagegen das Anlagemodell "Private Equity" neuen Auftrieb erhalten. Aus Sicht der Mitbestimmung lassen diese Entwicklungen eine Reihe neuer Herausforderungen erkennen, die Beschäftigtenvertreter mit großer Aufmerksamkeit verfolgen sollten.
    Date: 2018
  196. By: Adena, Maja; Alizade, Jeyhun; Bohner, Frauke; Harke, Julian; Mesters, Fabio
    Abstract: In an experiment, we test the impact of quality certificates on donations to a charity. Compared to the control group, participants presented with a quality certificate chose higher donations by around 10% and reported higher trust towards the same charity. The choice of donation values over time shows strong persistence such that the difference between the two groups remained even after all participants were informed about the certificate. Since the initially uninformed donors did not adjust their donations sufficiently upwards, we conclude that quality certification is less likely to affect giving of existing donors. Finally, we find no significant effect of information about certificate fees.
    Keywords: non-profit certification,charitable giving,experiment,trust
    JEL: D64 C99 D81
    Date: 2018
  197. By: Takaaki Hoda (Graduate School of Business Administrations, Kobe University); Yuichiro Kubo (Graduate School of Business Administration, Kobe University)
    Abstract: The purpose of this study is to reveal the current state of intra-regional lending by financial institutions prompted by Hometown Tax Donation, and to explore the ensuing prospects for intra-regional collaboration among businesses, governmental organizations and financial institutions. To achieve this end, we surveyed regional financial institutions across Japan, and found that although a significant number of financial institutions expect Hometown Tax Donation to promote industry-government-banking collaboration, few have actually extended loans, while many are taking a wait-and-see stance. The survey also revealed that while regional financial institutions recognize that Hometown Tax Donation can contribute to local businesses and economies, for example, through raising local businesses’ incentives for new product development and enhancing their designing capabilities, or through “city marketing,†they do not foresee a rise in migration/resettlement or lending. Meanwhile, it was revealed that most regional financial institutions that extended new or additional loans to gift providers?local businesses providing gifts in return for Hometown Tax Donations?had comprehensive partnerships with municipalities. Thus, for Hometown Tax Donation to contribute to regional development, collaboration between municipalities and financial institutions is essential, and the scheme itself should be enhanced so that it would gain the confidence of regional financial institutions.
    Date: 2018–06
  198. By: Kati Suominen
    Abstract: The Internet roared to the scene in Latin America and it is transforming the way Latin Americans interact, shop, bank, and spend their time. The Internet is changing regional consumption patterns, the landscape of regional companies, and the region's economic prospects. Disruptive digital technologies riding on the web -cloud-based services, e-commerce, 3D printing, Internet of Things, and so on- are empowering LAC companies of all sizes to dramatically cut costs, improve customer service, and create brand new products and services. The region is also home to innovative digital companies run by intrepid entrepreneurs, some of whom have accessed significant investments from Silicon Valley and grown into some of the leading digital companies. The Internet, in short, has opened tremendous new opportunities for LAC economies to become more productive, expand opportunities for entrepreneurship, and drive inclusive economic growth.
    Keywords: E-Commerce, Export Diversification, Exports of Service, Small and Medium-Sized Enterprises, Startups, Integration & Trade, E-Commerce, Electronic Commerce
    JEL: O39
    Date: 2017–03
  199. By: Yves Crozet (LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)
    Abstract: INTRODUCTION : Le monde des transports retient son souffle. Les élus locaux sont inquiets, les entreprises de travaux publics s'interrogent. La logique de la décision publique dans le domaine des infrastructures de transport est en pleine mutation. L'année 2018 est à peine entamée que le gouvernement enterre le projet d'aéroport de Notre-Dame-des-Landes (NDDL) et abandonne l'organisation de l'exposition universelle à Paris. Dans la foulée, le Conseil d'orientation des investissements (COI) propose une révolution conceptuelle rendant obsolètes certains grands projets très coûteux. Saura-t-on en tirer les conséquences, en pratiquant «le point mort», par exemple? Le débat est lancé.
    Keywords: Conseil d’orientation des investissements (COI),grands projets,infrastructures de transport,décision publique,dépense publique
    Date: 2018
  200. By: Fornaro, Paolo
    Abstract: In this note, I study the Finnish regional dispersion of economic indicators such as the GDP per capita, labour productivity, the employment rate and the compensation of employees. Moreover, I examine the regional-level correlation between these variables. The results are then compared with what has been found for the German and Italian economies. Finnish regional economies display substantial variation, but their GDP per capita, productivity and employment rate have converged. However, the compensation of employees has diverged. Compared to Germany and Italy, the Finnish economy has a lower regional dispersion, with a similar convergence process as in Germany. The correlation between regional productivity and the employment rate is lower than what is found in Italy and Germany, and the same holds for productivity and wages. The picture gathered from this analysis is mixed. Convergence of economic conditions is certainly positive, but the divergence of the compensation of employees can be problematic for the long-term sustainability of the Finnish regional markets. If well-paid jobs concentrate in richer regions, there will be higher incentives for young and well-educated workers to move away from peripheral (in economic terms) areas, which would be at risk of stagnation.
    Keywords: Convergence, regional inequalities, productivity, wages
    JEL: O47 R11 R23
    Date: 2018–06–25
  201. By: Hovik Tumasyan
    Abstract: The widely accepted view on derivatives pricing post-crisis states that - the price of a fully collateralized derivative transaction is obtained by discounting all associated cash flows with the cost of the collateral, while for a non-collateralized derivative transaction the discounting rate should be the cost of unsecured funding of the "issuing" counterparty. The paper examines origins of this view by following three papers, that have received wide acceptance from practitioners as providing the theoretical foundations for it - [Piterbarg 2010], [Burgard and Kjaer 2010] and [Burgard and Kjaer 2013]. The paper reveals several conceptual and technical inconsistencies with the approaches taken in these articles, and in general concludes that none of the statements above either follows from or is required by the no-arbitrage pricing theory, but can amount to arbitrage due to the luck of a market that would clear at XVA-embedded prices.
    Date: 2018–06
  202. By: Pimpin, L; Retat, L; Fecht, D; De Preux Gallone, LB; Sassi, F; Gulliver, J; Belloni, A; Ferguson, B; Corbould, E; Jaccard, A; Webber, L
    Date: 2018–05–22
  203. By: Lergetporer, Philipp (University of Munich); Werner, Katharina (University of Munich); Woessmann, Ludger (University of Munich)
    Abstract: The gap in university enrollment by parental education is large and persistent in many countries. In our representative survey, 74 percent of German university graduates, but only 36 percent of those without a university degree favor a university education for their children. The latter are more likely to underestimate returns and overestimate costs of university. Experimental provision of return and cost information significantly increases educational aspirations. However, it does not close the aspiration gap as university graduates respond even more strongly to the information treatment. Persistent effects in a follow-up survey indicate that participants indeed process and remember the information. Differences in economic preference parameters also cannot account for the educational aspiration gap. Our results cast doubt that ignorance of economic returns and costs explains educational inequality in Germany.
    Keywords: inequality, higher education, university, aspiration, information, returns to education, survey experiment JEL Classification: D83, I24, J24, H75
    Date: 2018
  204. By: Hamed Ghiaie (Département d'économique, Université de Cergy-Pontoise); Jean-François Rouillard (Département d'économique, Université de Sherbrooke)
    Abstract: Through the lens of a multi-agent dynamic general equilibrium model, we examine the effects of four permanent changes in housing taxes and deductions on macroeconomic aggregates and welfare. Our main result is that the presence of borrowing-constrained bankers dampen the negative consequences of housing taxation on output. The long-run tax multipliers found range from -1.02 to -0.6. The reduction in the deduction of mortgage interest payments delivers the lowest multiplier. We also implement revenue-neutral tax reforms and find that the repeal of mortgage deductibility is the only policy that generates gains in output.
    Keywords: Housing taxation, banking, dynamic general equilibrium.
    JEL: E62 G28 H24 R38
    Date: 2018–01
  205. By: Robert Kaestner; Kevin Callison
    Abstract: In this article we develop a model of the demand for cigarettes that incorporates forward-looking behavior related to the adverse health consequences of smoking and the addictive nature of cigarettes. The model results in several testable hypotheses that we use to examine the extent to which smokers exhibit forward-looking behavior. Results of our study are generally supportive of the notion that smokers behave in a forward-looking manner.
    JEL: D12 I12 I18
    Date: 2018–05
  206. By: Sébastien Villemot (Observatoire français des conjonctures économiques); Bruno Ducoudre (Observatoire français des conjonctures économiques); Xavier Timbeau (Observatoire français des conjonctures économiques)
    Abstract: À partir d’une modélisation des taux de change réel d’équilibre, nous cherchons à quantifier les ajustements à effectuer – aussi bien à l’intérieur de la zone euro que vis-à-vis du reste du monde – pour parvenir à résorber les déséquilibres de balance courante tout en stabilisant les positions extérieures nettes des pays de la zone euro. Nos estimations indiquent que des désajustements substantiels subsistent, le désajustement moyen (en valeur absolue) par rapport au niveau de l’euro s’élevant à 11 % en 2016. Le différentiel nominal relatif entre l’Allemagne et la France s’élèverait à 25 %. La prise en compte des incertitudes sur la valeur des élasticités-prix des exportations et des importations ne remet pas en cause notre diagnostic, mais une incertitude forte subsiste sur la quantification des désajustements, un désajustement de près de 35 % de l’Allemagne par rapport à la moyenne de ses partenaires ne pouvant être écarté dans le pire des scénarios. Enfin, nous estimons la cible de long terme de la parité euro/dollar à 1,35 dollar pour un euro.
    Keywords: taux de change d’équilibre; balance commerciale; compétitivité-prix
    Date: 2018–06
  207. By: Geir H. M. Bjertnæs (Statistics Norway)
    Abstract: The marginal cost of public funds (MCF) is substantial in generous welfare state countries according to Kleven and Kreiner (2006). Their main estimate for the Danish economy exceeds 2 mainly because taxation distorts labor force participation. Adjustments in social transfers which alleviate such extensive margin distortions are however not considered. This study shows that MCF within a similar welfare state country, Norway, should be in the interval 1.06 - 1.16 when social transfers alleviate such distortions.
    Keywords: Marginal cost of public funds; Optimal income taxation; Social security transfers; tagging
    JEL: H21 H23 H41
    Date: 2018–06
  208. By: Kevin Hjortshøj O'Rourke; Alan de Bromhead; Alan Fernihough; Markus Lampe
    Abstract: Abstract International trade became much less multilateral during the 1930s. Previous studies, looking at aggregate trade flows, have argued that discriminatory trade policies had comparatively little to do with this. Using highly disaggregated information on the UK’s imports and trade policies, we find that policy can explain the majority of Britain’s shift towards Imperial imports in the 1930s. Trade policy mattered, a lot.
    Keywords: trade policy, interwar period
    JEL: F13 F14 N74
    Date: 2017–02–13
  209. By: Matteo Brachetta; Claudia Ceci
    Abstract: In this work we investigate the optimal proportional reinsurance-investment strategy of an insurance company which wishes to maximize the expected exponential utility of its terminal wealth in a finite time horizon. Our goal is to extend the classical Cramer-Lundberg model introducing a stochastic factor which affects the intensity of the claims arrival process, described by a Cox process, as well as the insurance and reinsurance premia. Using the classical stochastic control approach based on the Hamilton-Jacobi-Bellman equation we characterize the optimal strategy and provide a verification result for the value function via classical solutions of two backward partial differential equations. Existence and uniqueness of these solutions are discussed. Results under various premium calculation principles are illustrated and a new premium calculation rule is proposed in order to get more realistic strategies and to better fit our stochastic factor model. Finally, numerical simulations are performed to obtain sensitivity analyses.
    Date: 2018–06
  210. By: Bartke, Simon; Gelhaar, Felix
    Abstract: The extent to which individuals cooperate depends on the context. This study analyzes how interactions of workplace context elements affect cooperation when free-riding is possible. Context consists of a novel team building exercise, varying degrees of complementarity in production, and different remuneration schemes. After participation in the team building exercise and when complementarities are high, subjects exert higher efforts under team remuneration than under individual remuneration, despite the possibility to free-ride. Across all contexts, subjects cooperate significantly more than Nash equilibria predict. Compared to contexts in which not all contextual elements are cooperatively aligned, cooperation in a cooperative context relies significantly less on beliefs and personal values. Instead, a cooperative context changes how a subject's achievement motivation influences cooperation. Our findings present insights on how preferences react to context interactions and how these reactions enable organizations to use team incentives.
    Keywords: team building,workplace context,laboratory experiment,stability of preferences,motivation,cooperation
    JEL: D2 D91 L23 M14 M52
    Date: 2018
  211. By: Mehrpouya, Afshin; Chowdhury, Imran
    Abstract: In this paper, we re-examine the notion that socially-responsible behavior by firms will lead to increased financial performance. By identifying the underlying processes, institutional settings and actors involved, we present a framework that is more attentive to the multiplicity and conditionality of the mechanisms operating in the often-tenuous connection between firms’ social behavior and financial performance. Building and expanding upon existing analyses of the CSP-CFP linkage, our model helps explain the mixed results from a wide range of empirical studies which examine this link. It also provides a novel theoretical account to help guide future research that is more attentive to conditionalities and contextual contingencies.
    Keywords: Business Ethics; Corporate Social Performance; Corporate Financial Performance; Corporate Social Responsibility; Mechanisms
    JEL: M14
    Date: 2018–03–01
  212. By: Adam, Brigitte; Aring, Jürgen; Berndgen-Kaiser, Andrea; Hohn, Uta; Jochemsen, Kerstin; Kötter, Theo; Krajewski, Christian; Mielke, Bernd; Münter, Angelika; Utku, Yasemin; Weiß, Dominik; Wiese-von Ofen, Irene; Zakrzewski, Philipp
    Abstract: Das Thema "Einfamilienhausgebiete im Umbruch" ist eine unterschätzte Herausforderung für viele Kommunen. Derzeit steht es noch nicht im Fokus politischer, planerischer und wissenschaftlicher Debatten. Insbesondere die Flüchtlingszuwanderung in den letzten Jahren hat die Diskussion um die Gestaltung von Raumentwicklung unter Schrumpfungsbedingungen in vielen Regionen ausgesetzt. Dabei werden die grundsätzlichen demografischen und gesellschaftlichen Megatrends von Schrumpfung, Alterung und Metropolisierung durch kurzfristige demografische Trendänderungen in der langfristigen Entwicklungsperspektive nicht merklich verändert werden. Die Auswirkungen des demografischen und gesellschaftlichen Wandels und die damit verbundene veränderte Marktsituation führen zu einer Umbruchsituation in immer mehr Einfamilienhaus- Gebieten (kurz: EFH-Gebiete) der 1950er bis 1970er Jahre. Es lassen sich regional unterschiedliche Betroffenheiten älterer EFH-Gebiete identifizieren. Dementsprechend lassen sich für unterschiedliche Raumkategorien verschiedene städtebauliche Ziele und Handlungsbedarfe mit unterschiedlichen Prioritäten hinsichtlich des Umgangs mit älteren Einfamilienhausbeständen ableiten [...].
    Date: 2018
  213. By: Kevin Hjortshøj O'Rourke
    Abstract: Abstract This paper surveys independent Ireland’s economic policies and performance. It has three main messages. First, the economic history of post-independence Ireland was not particularly unusual. Very often, things that were happening in Ireland were happening elsewhere as well. Second, for a long time we were hampered by an excessive dependence on a poorly performing UK economy. And third, EC membership in 1973, and the Single Market programme of the late 1980s and early 1990s, were absolutely crucial for us. Irish independence and EU membership have complemented each other, rather than being in conflict: each was required to give full effect to the other. Irish independence would not have worked as well for us as it did without the EU; and the EU would not have worked as well for us as it did without political independence.
    Keywords: Ireland, economic history, trade policies, growth, Brexit
    JEL: N14 N74
    Date: 2017–01–11
  214. By: Satoshi Shimizutani (Nakasone Yasuhiro Peace Institute); Hiroyuki Yamada (Faculty of Economics, Keio University)
    Abstract: This paper examines long-term consequences of one of the most serious catastrophes ever inflicted on humankind: the atomic bombing that occurred in Hiroshima in 1945. While many victims died immediately or within a few years of the bombing, there were many negative effects on survivors in terms of both health and social/economic aspects that could last many years. Of these two life factors, health and social/economic aspects, the latter has largely been ignored by researchers. We investigate possible long-lasting effects using a new dataset covering the middle and older generations in Hiroshima some 60 years after the tragedy. Our empirical results show that Atomic Bomb Survivors did not necessarily suffer unfavorable life experiences in terms of the average marriage status or educational attainment but did experience significant disadvantages some aspects including the husband/wife combination of married couples, work status, mental health, and expectations for the future. Thus, survivors have suffered for many years after the catastrophe itself.
    Keywords: social discrimination,atomic bomb, radiation exposure, Hiroshima
    JEL: I18 I31 H12
  215. By: Anton Kolotilin (School of Economics, UNSW Business School); Valentyn Panchenko (School of Economics, UNSW Business School)
    Abstract: Growing evidence suggests that many social and economic networks are scale free in that their degree distribution has a power-law tail. A common explanation for this phenomenon is a random network formation process with preferential attachment. For a general version of such a process, we develop the pseudo maximum likelihood and generalized method of moments estimators. We prove consistency of these estimators by establishing the law of large numbers for growing networks. Simulations suggest that these estimators are asymptotically normally distributed and outperform the commonly used non-linear least squares and Hill (1975) estimators in finite samples. We apply our estimation methodology to a co-authorship network.
    Keywords: law of large numbers, consistency, degree distribution, scale-free network
    JEL: C15 C45 C51 D85
    Date: 2018–06
  216. By: Bollmann, Tobias
    Abstract: Die räumliche Konzentration von wissensbasierten Unternehmensgründungen wird sowohl in der Wissenschaft als auch in der Politik diskutiert. Das vorliegende Arbeitspapier untersucht die Bedeutung universitärer Entrepreneurship-Bildung auf regionale Unternehmensgründungen und inwiefern dies durch Clustermitgliedschaften der betrachteten Hochschulen beeinflusst wird. Somit wird sowohl die steigende Bedeutung von Hochschulen als wissenserzeugende Institutionen als auch die regional-ökonomische Debatte um Innovationscluster berücksichtigt. Unter Verwendung von EXIST-Gründerstipendien gelingt es, einen positiven Zusammenhang zwischen regionalen Gründungsaktivitäten und Entrepreneurial Education festzustellen. Darüber hinaus kann eine positive Beeinflussung dieses Zusammenhangs durch Clustermitgliedschaften hinsichtlich der Qualität der Spillover identifiziert werden. Die Ergebnisse weisen somit auf potenzielle Optimierungsmöglichkeiten im Zusammenspiel der Wirtschafts- und Wissenschaftspolitik hin.
    Date: 2018
  217. By: Duda-Nyczak, Marta.; Viegelahn, Christian,
    Abstract: This paper studies wages in exporting and importing firms of the manufacturing sector in Africa, using firm-level data and employer-employee- level data from the World Bank Enterprise Surveys. We find that exporters pay on average higher wages to their workers than non-exporters. It is gains from economies of scale that explain the positive wage premium of exporters, rather than differences in skill utilization, the employment of certain types of workers, or technology transfers. In contrast, there is no evidence for a positive firm-level wage premium of importing, at least after controlling for firm age, and the wage premium of importing at the employee-level is estimated to be negative. The paper also finds indirect evidence for a weaker bargaining power of workers employed by importers. These results fit into the African context, where the comparative advantage of firms in export markets is mainly based on low costs than on quality, and where firms import predominantly out of necessity than out of choice. Finally, the paper provides evidence that a gender wage gap is absent within trading firms, while we find evidence for a gender wage gap in non-trading firms.
    Date: 2018
  218. By: Eric D. , Ramstetter
    Abstract: This paper investigates how foreign multinational enterprises (MNEs) contributed to exports by Thai manufacturing plants at the industry level in 2006. The mean export-sales ratio (export propensities) in heavily-foreign MNEs with foreign ownership shares of 90 percent or more exceeded 50 percent and heavily-foreign MNEs accounted for one-third of plant exports. Minority-foreign (10-49% foreign shares) and majority-foreign (50-89% shares) MNEs combined to account for another one-fifth of plant exports but had lower export propensities, about 30 percent and 40 percent, respectively. The mean export propensity for local plants in 20 sample industries was only 15 percent. In large samples of all 20 industries combined, econometric estimates controlling for industry affiliation with intercept dummies as well as the effects of the scale, age, factor intensities or labor productivity, and BOI-promotion status of plants also indicated that export propensities were the highest in heavily-foreign MNEs, followed by majority-foreign MNEs, minority-foreign MNEs, and lastly by local plants. Moreover, ownership-related differences in export propensities were highly significant statistically. When inter-industry heterogeneity was more fully accounted for by allowing slope coefficients as well as intercepts to differ among the 20 industries, export propensities were the highest in heavily-foreign MNEs and significantly higher than in local plants in 12 industries. However, differences among MNE ownership groups were usually insignificant and MNE-local differentials in export propensities differed substantially among industries, suggesting it is important account for inter-industry heterogeneity as fully as possible.
    Keywords: ownership, multinational enterprises, exports, Thailand, manufacturing, F14, F23, L33, L60, L81, O53
    Date: 2018–06
  219. By: Simon Burgess; Lucinda Platt
    Abstract: The paper presents an empirical analysis of inter-ethnic relations among adolescents in England’s schools, the first national study of schools throughout England to relate inter-ethnic attitudes to both school and area ethnic composition. We combine survey data on ‘warmth’ of feeling for specific ethnic groups, friendships and attitudes with administrative data on the shares of those groups at school and area level. We confirm that the pupils have warmer feelings for their own ethnic group than for others. Second, we show that in schools with more pupils from another ethnic group the gap between a pupil’s views of those from her own group and from another ethnic group is smaller. This is true for attitudes of the majority and of minority ethnic groups. Third, we show that school composition (interpreted as contact) mitigates area composition (interpreted as exposure).
    Date: 2018–05–30
  220. By: Gupta, Avinash
    Abstract: The article is essentially a book-review of Professor Vijay Joshi's recent work, '"India's Long Road: The Search for Prosperity". In this critical essay, I take a slightly revisionist approach when it comes to a 'typical'book review. For example, the length of this article goes well-beyond the standard convention. The ‘deviation’ from rules, however, has specific objectives. I have critically analyzed Dr. Joshi’s work and in so doing include relevant evidences, debates and questions not just from economics but also from other disciplines such as history and political science.
    Keywords: Critical book-review,dominant perspective in economics,underdevelopment
    JEL: A
    Date: 2018
  221. By: Schneider, Helena; Vogel, Sandra
    Abstract: Auswertungen auf Grundlage des Sozioökonomischen Panels zeigen, dass gut 53 Prozent der Beschäftigten in Deutschland nach einem Flächen-, Haustarifvertrag oder außertariflich bezahlt werden. Der Anteil der Arbeitnehmer, die von tarifvertraglichen Regelungen profitieren, steigt sogar auf über 63 Prozent an, wenn man Beschäftigte mit am Flächentarif orientierten Verdiens-ten mit zu dieser Gruppe zählt. Dabei sind Männer und Frauen sowie Arbeitnehmer aller Alters-klassen ähnlich gut durch tariflich geregelte Arbeitsbedingungen abgedeckt. Auch Befristungen finden sich in ähnlichem Umfang unter nach Tarifvertrag bezahlten sowie tarifungebundenen Arbeitnehmern. Dennoch gibt es Bereiche, in denen Tarifbindung auffällig selten zu finden ist. So werden nur 29 Prozent der Arbeitnehmer in geringfügiger Beschäftigung nach einem Tarifvertrag oder außertariflich bezahlt. Zudem weisen einige Branchen sehr geringe Tarifbindungsquoten auf. Das Gastgewerbe und der Bereich Information und Kommunikation fallen mit Tarifbindungsquoten von unter 40 Prozent gegenüber Bereichen wie Erziehung und Unterricht (71 Prozent) oder dem Bergbau und der Energie- und Wasserversorgung (75 Prozent) stark ab. Außerdem scheint ein strukturelles Organisationsproblem bei kleinen und mittleren Unternehmen zu bestehen. Während die Tarifbindungsquote unter den Befragten aus Unternehmen mit 2.000 oder mehr Mitarbeitern bei 73 Prozent liegt, geben nur knapp 26 Prozent der Befragten aus Unternehmen mit weniger als 20 Beschäftigten an, dass ihr Unternehmen flächen- oder haus-tarifgebunden ist. Wenig überraschend ist, dass in Betrieben mit einem Betriebsrat deutlich mehr Beschäftigte nach Tarifvertrag bezahlt werden als in Betrieben ohne Betriebsrat. Wer in einem tarifgebundenen Betrieb angestellt ist, bleibt im Durchschnitt länger als jemand, der in einem nicht-tarifgebundenen Betrieb arbeitet. Die Gewerkschaften befinden sich dabei zunehmend in einem Dilemma: Die Tarifbindung ist seit Jahren rückläufig und neue Mitglieder müssen zur Stärkung der gewerkschaftlichen Basis gewonnen werden. Ein Tarifvertrag muss daher potenziellen neuen Mitgliedern Vorteile beispielsweise in Form von Lohnsteigerungen oder Arbeitszeitmodellen bieten, die ihren Wünschen entsprechen. Zu hohe Tarifabschlüsse drängen zugleich jedoch weniger starke Unternehmen aus der Tarifbindung. Gewerkschaften müssen entsprechend Tarifverträge verhandeln, die für Arbeitnehmer und Unternehmen attraktiv sind, um die Tarifbindung in Deutschland zu stärken.
    Date: 2018
  222. By: Matthew Hawkins (ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)
    Abstract: Consumer researchers have identified a handful of consumption collectives, such as consumption tribes, brand communities, and communities of practice. A consumption collective is a group of consumers who share consumption characteristics. Despite the use of participant screens in other research domains, published consumption collective research rarely reports on participant screens demonstrating their participants are actual members of the specific collective under investigation. Without participant screens researchers may mistakenly attribute conflicts over heterogeneous resources to intra-collective competition when the source may be inter-collective competition. This research demonstrates that consumer researchers can implement a short survey during field interviews as a participant screen. The article concludes by suggesting that marketing strategies and branding messages should be adjusted according to the individual consumer's consumption collective membership status.
    Keywords: Consumption collectives, Brand community, Communities of practice, Community marketing, Qualitative research
    Date: 2018
  223. By: Zhao, Bo (Federal Reserve Bank of Boston)
    Abstract: In aggregate, state appropriations are the largest revenue source for public higher education in the United States. However, these appropriations have significantly declined over past decades, drawing serious concerns about the potential negative impact on schools and students. This paper provides a more comprehensive study of the effects of state appropriations than previous research, while explicitly exploring and testing the heterogeneity of the effects by institutional type. It finds strong evidence of the negative effects of state appropriation cuts in the areas of tuition and fees, student financial aid, instructional and other school expenditures, and degree completion. Community colleges, which serve the most undergraduates but have not been well studied by past research, are shown to be particularly vulnerable to the negative effects of state funding cuts.
    Keywords: state appropriations; public higher education; community colleges; state funding cuts
    JEL: H2 H4 H7 I2
    Date: 2018–06–01
  224. By: Amar, Anahí; García Díaz, Fernando
    Abstract: Este documento analiza la integración productiva entre la Argentina y el Brasil mediante la información provista por las matrices insumo-producto interpaís (ICIO, por sus siglas en inglés) de la OCDE. Al discriminar los intercambios de bienes y servicios intermedios de los finales, este tipo de matrices permite identificar las articulaciones productivas entre dos países con mayor precisión que a partir de las estadísticas de comercio exterior tradicionales. En este caso, el uso de matrices insumo-producto interpaís ha permitido identificar, entre otros aspectos relevantes de la relación bilateral, cuál es el patrón de especialización vertical generado entre la Argentina y el Brasil, cómo repercute el aumento de la producción y de las exportaciones de una economía en la otra (efectos multiplicadores), y cómo se manifiesta el avance de las economías asiáticas en la composición del comercio entre los dos países.
    Date: 2018–05–31
  225. By: Bruno Ducoudre (Observatoire français des conjonctures économiques); Pierre Madec (Observatoire français des conjonctures économiques)
    Abstract: La plupart des pays européens ont, au cours de la crise, réduit plus ou moins fortement la durée effective de travail, via des dispositifs de chômage partiel, la réduction des heures supplémentaires ou le recours aux comptes épargne-temps, mais aussi via le développement du temps partiel (particulièrement en Italie et en Espagne), notamment du temps partiel subi. A contrario, l’évolution favorable du chômage américain s’explique en partie par une baisse importante du taux d’activité. [Premier paragraphe]
    Keywords: Chômage ; Emploi; Durée du travail
    Date: 2018–06
  226. By: Anna Kokareva (Russian relations coordinator); Evgeniy Kutsenko (National Research University Higher School of Economics); Ekaterina Islankina (National Research University Higher School of Economics)
    Abstract: Innovation infrastructure plays a crucial role in the establishment of links among knowledge producers, intermediaries, and exploiters to deal with socio-economic challenges. Traditionally, the representatives of public sector, business and academia have been considered as the key stakeholders; however today there is a shift of interest towards end users or consumers of products and services. Users, especially citizens, are able to bring new insights of their experience while taking part in testing and validation of innovative products and / or services. Hence, it is essential to decide, which forms of innovation infrastructure units enable successful involvement of users into the design and innovation process. Since mid-2000, the European Union has successfully introduced a platform for testing and experimentation based on the users’ engagement – a living laboratory. The study investigates the features of living labs, including their possible business applications, and searching for the living labs’ analogous among the existing forms of innovation infrastructure units in Russia. Business Model Canvas and comparative analysis are employed to do the research. Taken together, our results support the idea that a living lab is a very special form of innovation infrastructure unit, since it brings a product, technology, or service closer to the market, based on the insights from the end users’ engagement in testing and experimentation
    Keywords: living laboratory, innovation infrastructure, cluster, user’s innovations, Business Model Canvas
    JEL: O31 O32 R58
    Date: 2018
  227. By: Willi Koll; Volker Andrew Watt
    Abstract: Ausgehend von den Ursachen der massiven Krise im Euroraum und insbesondere der ihr vorangegangenen Preis- und Nominallohnentwicklung in den Mitgliedstaaten analysiert diese Studie gravierende Mängel bestehender - aber auch neu vorgeschlagener - Regelungen und Institutionen der Europäischen Wirtschafts- und Währungsunion. Es werden fundamentale Bedingungen für gesamtwirtschaftliche Stabilität, Konvergenz und Wachstum im Euroraum und den Mitgliedstaaten abgeleitet als auch die Notwendigkeit einer effektiven Koordinierung der makroökonomischen Akteure auf beiden Ebenen herausgearbeitet. Zur Umsetzung dieser Konzeption wird ein Vorschlag zur institutionellen Reform entwickelt. Er wirkt präventiv und baut auf bestehenden Regelungen und Institutionen auf. Zwei Gremien sollten gebildet werden. Zum einen ein Beratender Ausschuss für makroökonomische Konvergenz zur Erarbeitung von Szenarien und Optionen für eine gleichgewichtige und prosperierende, die Stabilitäts- und Wachstumsbedingungen respektierende Wirtschaftsentwicklung, und zum anderen ein Makroökonomischer Dialog zur politischen Bewertung und Umsetzung geeigneter Entwicklungspfade, der aus Vertretern von Geld- und Fiskalpolitik sowie der Sozialpartner besteht. Beide Gremien sind sowohl auf nationaler als auch auf WWU-Ebene einzurichten. Im Ergebnis sollte Europa bei den anstehenden Reformen nicht nur das fiskal- und finanzmarktpolitische Dach neu decken, sondern - auch gestützt auf sozialpartnerschaftliche Strukturen - die makroökonomischen Fundamente der WWU insgesamt verstärken.
    Date: 2018
  228. By: Amélie Adeline; Eric Delattre (Université de Cergy-Pontoise, THEMA)
    Abstract: Socioeconomic status and health are positively related, also known as the "healthincome gradient". However, when considering the causal impact of income on health, the reverse causality might be at play. Income inequalities are an important factor in health inequality such that policy makers who aim at improving general health or narrowing inequalities using public policies, need to understand the sources and the direction of the causality between income and health. We thus investigate bivariate causal effects between the two by highlighting the Granger causality. Using the Survey of Health, Aging and Retirement in Europe (SHARE), we find evidence of persistent causal effects running from income to health and from health to income. Results, using a Full Information Maximum Likelihood estimator (FIML), suggest that considering a simultaneous equations approach is required because there are unobservable factors common to both equations in the individual e ects (statistically significant correlation between the two equations).
    Keywords: Granger causality; income; simultaneity; self-assessed health; FIML.
    JEL: C32 C33 D31 I10 J14
    Date: 2018
  229. By: Ladislav Kristoufek
    Abstract: Analysis of long-range dependence in financial time series was one of the initial steps of econophysics into the domain of mainstream finance and financial economics in the 1990s. Since then, many different financial series have been analyzed using the methods standardly used outside of finance to deliver some important stylized facts of the financial markets. In the late 2000s, these methods have started being generalized to bivariate settings so that the relationship between two series could be examined in more detail. It was then only a single step from bivariate long-range dependence towards scale-specific correlations and regressions as well as power-law coherency as a unique relationship between power-law correlated series. Such rapid development in the field has brought some issues and challenges that need further discussion and attention. We shortly review the development and historical steps from long-range dependence to bivariate generalizations and connected methods, focus on its technical aspects and discuss problematic parts and challenges for future directions in this specific subfield of econophysics.
    Date: 2018–06
  230. By: Isabelle Joumard; Saïd Kechida; Hedi Larbi
    Abstract: Depuis le début des années 2000, le taux d'investissement a fléchi, tiré par la baisse de l'investissement des entreprises. Son niveau est faible par rapport à celui d'autres pays émergents. Les principales causes sont : des réglementations excessives sur le marché des produits, associées à des procédures administratives complexes, une fiscalité peu prévisible, des difficultés croissantes pour le passage des biens en douane et le transport maritime des marchandises ainsi qu’un système financier peu favorable aux jeunes entreprises et à celles en forte croissance. La levée de ces contraintes est essentielle pour relancer l'investissement des entreprises et, avec lui, la productivité, la création d'emplois, la compétitivité et le pouvoir d'achat de tous les tunisiens. La nouvelle loi sur l'investissement, en simplifiant le régime des autorisations, est un pas dans la bonne direction mais devra être pleinement mise en oeuvre et accompagnée par d'autres réformes. Il serait aussi souhaitable de mieux cibler les actions de l'État pour soutenir l'investissement, et notamment d'évaluer systématiquement l'impact et les bénéficiaires des incitations fiscales, y compris celles en faveur du logement. Parallèlement, il faut mieux gérer les infrastructures existantes et prioriser les projets d'infrastructure.
    Keywords: climat des affaires, financement, incitations fiscales, infrastructures, investissement, productivité, réglementations sur les marchés des produits, taille des entreprises, Tunisie
    JEL: E22 G24 H25 H54 K2 L11 O55
    Date: 2018–06–27
  231. By: Florian Huber; Michael Pfarrhofer; Thomas O. Z\"orner
    Abstract: This paper proposes a hierarchical modeling approach to perform stochastic model specification in Markov switching vector error correction models. We assume that a common distribution gives rise to the regime-specific regression coefficients. The mean as well as the variances of this distribution are treated as fully stochastic and suitable shrinkage priors are used. These shrinkage priors enable to assess which coefficients differ across regimes in a flexible manner. In the case of similar coefficients, our model pushes the respective regions of the parameter space towards the common distribution. This allows for selecting a parsimonious model while still maintaining sufficient flexibility to control for sudden shifts in the parameters, if necessary. In the empirical application, we apply our modeling approach to Euro area data and assume that transition probabilities between expansion and recession regimes are driven by the cointegration errors. Our findings suggest that lagged cointegration errors have predictive power for regime shifts and these movements between business cycle stages are mostly driven by differences in error variances.
    Date: 2018–07
  232. By: Masami Imai (Department of Economics, Wesleyan University)
    Abstract: This paper examines the impact of government loans on capital allocation efficiency with Japan’s prefecture-level data from 1975-2005. We address the endogeneity of government loans by using the exogenous variation in the share of government loans that is correlated with the intensity of political support for the Liberal Democratic Party (LDP), the dominant political party. We find that the share of government loans is strongly and negatively correlated with the quality of capital allocation, as measured by the elasticity of industry investment to valueadded, Wurgler’s η, and that this negative correlation is more pronounced in declining industries than growing industries. Moreover, the results show that the share of government loans is negatively correlated with total factor productivity growth but positively correlated with investment-to-output ratio. Taken as a whole, Japan’s government financial institutions might have propped up declining industries in the LDP strongholds with overall negative effects on capital allocation efficiency and technical progress.
    Date: 2018–06
  233. By: Brian A'Hearn; Nicola Amendola; Giovanni Vecchi
    Abstract: Abstract: The paper argues that household budgets are the best starting point for investigating a number of big questions related to the evolution of the living standards during the last two-three centuries. If one knows where to look, historical family budgets are more abundant than might be suspected. And statistical techniques have been developed to handle the associated problems of small, incomplete, and unrepresentative samples. We introduce the Historical Household Budgets (HHB) Project, aimed at gathering data and sources, but also at creating an informational infrastructure that provides i) reliable storage and easy access to historical family budget data, along with ii) tools to configure the data as it is entered so as to harmonise it with present-day surveys.
    Keywords: household budgets, household budget surveys, living standards, inequality, poverty, survey, globalization, purchasing power parities,grouped data, poststratification.
    JEL: N30 I31 I32 C81 C83 D60 D63 O12 O15
    Date: 2016–06–16
  234. By: Fadoua Chiba; Sebastien Rouillon
    Abstract: We model a simplified electric market with producers using either conventional or intermittent electric generators and consumers equipped with either smart or traditional meters. We calculate the investment in intermittent technologies and smart meters in a social optimum. We find that the optimal penetration of smart meters is increasing in the volatility of the electric spot price. As a consequence, intermittent capacities and smart-meters are complement, only if the correlation existing between intermittent energy and demand is negative or if the capacity of intermittent generators is large enough. Otherwise, larger intermittent capacities actually help to decrease the volatility of the electric spot price, making smart-meters less useful. We also give a numeral application, calibrated to represent the French electric market in 2016 and policy objective for 2030. We show in particular that a general adoption of smart meters would be optimal only if the cost of installing and operating smart meters was unrealistically low.
    Keywords: Capacity choice, electricity, intermittency, renewable energy
    JEL: D24 D41 Q41 L11
    Date: 2018
  235. By: Ibadoghlu, Gubad (Asian Development Bank Institute)
    Abstract: We discuss the status of financial inclusion, education, and literacy in Azerbaijan as well as measures to foster the development of small and medium-sized enterprises, which currently have inadequate access to financial resources. The Government of Azerbaijan is facing the primary challenge of defining its role in creating broader access to financial products and services. We highlight the barriers to financial inclusion, recommend solutions to overcoming the challenges, and discuss lessons learned and a potential way forward.
    Keywords: financial inclusion; financial education; financial literacy; SME; household; Azerbaijan
    JEL: D14 D18 G21 G28 I28
    Date: 2018–05–07
  236. By: Ibrahim Bousmah (Department of Economics, University of Ottawa, Ottawa, ON); Gilles Grenier (Department of Economics, University of Ottawa, Ottawa, ON); David Gray (Department of Economics, University of Ottawa, Ottawa, ON)
    Abstract: We use the Levenshtein linguistic distance measure to explore whether the distance between an immigrant’s mother tongue and a Canadian official language (English or French) has an impact on his/her economic integration into the labour market. Using microdata from the master files of the 2001 and 2006 Canadian censuses and from the 2011 National Household Survey, we investigate the relationship between linguistic distance and the intensity of use of English and French at work in the Montreal metropolitan area. That region is characterized by the presence of sizeable French and English speaking communities, as well as of a large number of immigrants from a wide variety of linguistic backgrounds. Those elements of linguistic diversity interact in the context of English being the lingua franca. We find that linguistic distances between immigrants’ mother tongues and English and French have an important impact on the relative intensities of use of the two Canadian official languages at work. We further investigate the role of the languages used at work on the earnings of immigrants by estimating earnings functions. We find that the use of both French and English are remunerated in the labour market, but that using English at work has a larger impact on earnings.
    Keywords: Linguistic distance, language of work, immigrants, Montreal, Canada, earnings.
    JEL: C21 C25 J01 J15 J31
    Date: 2018
  237. By: Nitsa Kasir (Kaliner); Idit Sohlberg
    Abstract: The implementation of a supervision and incentive process for identical workers may lead to wage variance that stems from employer and employee optimization. The harder it is to assess the nature of the labor output, the more important such a process becomes, and the influence of such a process on wage development growth. The dynamic model presented in this paper shows that an employer will choose to pay a worker a starting wage that is less than what he deserves, resulting in a wage profile that fits the classic profile in the human-capital literature. The wage profile and wage variance rise at times of technological advancements, which leads to increased turnover as older workers are replaced by younger workers due to a rise in the relative marginal cost of the former.
    Date: 2018–06
  238. By: Niimi, Yoko (Asian Development Bank Institute)
    Abstract: We examine the intergenerational transmission of educational attainment using data on Japan. By exploiting unique information on whether children have ever given up schooling for financial reasons and, if they have, which level of schooling they have forgone, we attempt to assess the role of borrowing constraints in determining intergenerational educational mobility in a more direct manner than previous attempts made in the literature. We find a steady increase in the extent of the intergenerational transmission of educational attainment, resulting in lower intergenerational mobility, during the postwar period in Japan. We also find that while the importance of borrowing constraints for determining intergenerational educational mobility declined at one time, it seems to have become significant enough once again to lower intergenerational educational mobility for the youngest cohort we examined. However, our analysis also shows that the relative importance of adolescent academic ability for children’s educational attainment has increased in recent years, thereby underlining the increasing importance of early investments in children’s human capital for their subsequent academic advancement.
    Keywords: borrowing constraints; education; intergenerational mobility; Japan
    JEL: I24 J62
    Date: 2018–04–04
  239. By: Rosario Crinò (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore); Giovanni Immordino; Salvatore Piccolo
    Abstract: We develop a model in which two countries choose their enforcement levels non- cooperatively, in order to deter native and foreign individuals from committing crime in their territory. We assume that crime is mobile, both ex ante (migration) and ex post (eeing), and that criminals who hide abroad after having committed a crime in a country must be extradited back. We show that, when extradition is not too costly, countries overinvest in enforcement compared to the cooperative outcome: insourcing foreign criminals is more costly than paying the extradition cost. By contrast, when extradition is sufficiently costly, a large enforcement may induce criminals to ee the country in which they have perpetrated a crime. Surprisingly, the fear of extraditing criminals enables countries to coordinate on the efficient (cooperative) outcome.
    Keywords: Crime, Enforcement, Extradition, Fleeing, Migration.
    JEL: K14 K42
    Date: 2018–06
  240. By: Sean A. Anthonisz (University of Sydney); Talis Putnins (Finance Discipline Group, University of Technology Sydney)
    Abstract: We develop a parsimonious liquidity-adjusted downside capital asset pricing model to investigate whether phenomena such as downward liquidity spirals and flights to liquidity impact expected asset returns. We find strong empirical support for the model. Downside liquidity risk (sensitivity of stock liquidity to negative market returns) has an economically meaningful return premium that is 10 times larger than its symmetric analogue. The expected liquidity level and downside market risk are also associated with meaningful return premiums. Downside liquidity risk and its associated premium are higher during periods of low marketwide liquidity and for stocks that are relatively small, illiquid, volatile, and have high book-to-market ratios. These results are consistent with investors requiring compensation for holding assets susceptible to adverse liquidity phenomena. Our findings suggest that mitigation of downside liquidity risk can lower firms’ cost of capital.
    Keywords: liquidity risk; liquidity spiral; conditional moment; pricing kernel; downside risk
    Date: 2017–01–01
  241. By: Sacit Hadi Akdede (Department of Public Finance, Adnan Menderes University); Victor Ginsburgh (ECARES, Université Libre de Bruxelles); Aynur Uçkaç (Department of Public Finance, Adnan Menderes University)
    Abstract: This paper shows that the number of roles in theatre plays has been decreasing over time. Playwrights seem to internalize the costs of producing plays with too many roles by downsizing. This downsizing is not a recent phenomenon: it is going for many decades. We also analyze which plays get produced. This paper uses a unique data set of repertory archives of Turkish State Theatres, covering plays from decades.
    Keywords: Number of roles, cast size, Baumol cost disease, playwrights, Turkish State Theatre
    Date: 2018–06
  242. By: -
    Abstract: El Informe Nacional de Monitoreo de la Eficiencia Energética de Guatemala fue preparado como parte de las actividades llevadas a cabo por el Ministerio de Energía y Minas (MEM) de Guatemala en el marco del Programa Base de Indicadores de Eficiencia Energética (BIEE), coordinado por la CEPAL con la contribución de la Agencia Alemana para la Cooperación Internacional (GIZ) y el apoyo técnico de la Agencia Francesa del Medio Ambiente y la Gestión de la Energía (ADEME). Este informe analiza las tendencias de la eficiencia energética y el consumo de energía para los sectores industrial, transporte, servicios, residencial y agropecuario en Guatemala. Los indicadores propuestos por el BIEE constituyen una herramienta útil para el monitoreo de los programas y el análisis de políticas de eficiencia energética.
    Date: 2018–06–21
  243. By: Catherine Viot (UCBL - Université Claude Bernard Lyon 1 - Université de Lyon)
    Abstract: Uberization, defined as “the rethinking of the business model of a company or a business sector by the entry of a new actor proposing the same services at lesser prices" (Le Petit Larousse, 2018), extends to more and more varied services. Is this phenomenon of uberization always in favor of consumers? A reflection according to three axes brings a balanced answer to this question. The first axis underlines the difficulty in measuring the quality of “uberized” services and notices a generalization of uberization. But the access to this kind of offer is confined to the consumers connected to the Internet. The second axis questions the disruptive nature of uberization in terms of innovation, while recognizing an improvement of the customer experience. Finally, the third axis shows that the consumer is relatively winning in terms of appropriation of value, compared with the producer of the service. Nevertheless, the big winners, in this business model, are platforms.
    Abstract: L'ubérisation, définie comme "la remise en cause du modèle économique d'une entreprise ou d'un secteur d'activité par l'arrivée d'un nouvel acteur proposant les mêmes services à des prix moindres" (Le Petit Larousse, 2018), se propage à des services de plus en plus variés. Ce phénomène d'ubérisation est-il toujours favorable aux consommateurs ? Une réflexion menée selon trois axes permet d'apporter une réponse nuancée à cette question. Le premier axe souligne la difficulté de mesurer la qualité du service ubérisé et dresse le constat d'une généralisation de l'ubérisation. Mais l'accès à ce type d'offre est circonscrit aux consommateurs connectés à Internet. Le second axe questionne la nature disruptive de l'ubérisation en tant qu'innovation, tout en reconnaissant une amélioration de l'expérience client. Enfin, le troisième axe montre que le consommateur est relativement gagnant en termes d'appropriation de la valeur, par rapport au producteur du service. Néanmoins, les grands gagnants de ce modèle économique sont les plateformes. Abstract Uberization, defined as " the rethinking of the business model of a company or a business sector by the entry of a new actor proposing the same services at lesser prices" (Le Petit Larousse, 2018), extends to more and more varied services.
    Keywords: uberization,Service marketing,Value creation and capture,Business model,Ubérisation,Marketing des services,Valeur Ajoutée création/partage,Innovation,Plateforme numérique,Modèle d'affaires
    Date: 2018
  244. By: Jing Cai; Adam Szeidl
    Abstract: We organized business associations for the owner-managers of young Chinese firms to study the effect of business networks on firm performance. We randomized 2,820 firms into small groups whose managers held monthly meetings for one year, and into a “no-meetings” control group. We find that: (1) The meetings increased firm revenue by 8.1 percent, and also significantly increased profit, factors, inputs, the number of partners, borrowing, and a management score; (2) These effects persisted one year after the conclusion of the meetings; and (3) Firms randomized to have better peers exhibited higher growth. We exploit additional interventions to document concrete channels. (4) Managers shared exogenous business-relevant information, particularly when they were not competitors, showing that the meetings facilitated learning from peers. (5) Managers created more business partnerships in the regular than in other one-time meetings, showing that the meetings improved supplier-client matching.
    Date: 2017–11–21
  245. By: Koopmans, Ruud; Veit, Susanne; Yemane, Ruta
    Abstract: In einem großen Feldexperiment haben wir die Ursachen von Diskriminierung gegenüber Bewerbern mit Migrationshintergrund untersucht. Dazu versendeten wir tausende Bewerbungen von fiktiven Personen an reale Stellenausschreibungen in acht Berufen im gesamten Bundesgebiet. Neben der Ethnizität der Bewerber (deutschstämmig oder Migrationshintergrund in einem von 34 Herkunftsländern), ihrem phänotypischen Erscheinungsbild (Schwarz, Weiß oder Asiatisch) und ihrer Religionszugehörigkeit (keine, Christlich, Muslimisch oder Buddhistisch/Hinduistisch) variierten wir weitere Merkmale der Bewerbungen, wie das Geschlecht des Bewerbers, den Notendurch-schnitt, ob der Bewerbung ein Referenzschreiben beilag und ob Informationen über die derzeitige Vertragssituation bereitgestellt wurden. Unsere Ergebnisse bestätigen, dass Bewerber mit Migrationshintergrund gegenüber Bewerbern ohne Migrationshintergrund diskriminiert werden. Allerdings variiert das Ausmaß der Diskriminierung deutlich zwischen Herkunftsgruppen: Bewerber mit Migrationshintergrund in West- und Südeuropa sowie Ostasien werden nicht signifikant diskriminiert, während andere Herkunftsgruppen erhebliche Nachteile erfahren. Auch Bewerber mit schwarzem Phänotyp und mit muslimischer Religion erfahren signifikante Diskriminierung. Mit Blick auf die klassischen Erklärungsansätze für Diskriminierung auf dem Arbeitsmarkt - d.h. präferenzbasierte und statistische Diskriminierung - zeigen unsere Analysen, dass die kulturelle Distanz zwischen Herkunftsländern und Deutschland die Diskriminierung gegenüber verschiedenen Gruppen deutlich besser erklärt als leistungsbezogene Gruppenmerkmale wie der durchschnittliche Bildungsstand. Somit sprechen unsere Befunde stärker für präferenzbasierte Diskriminierung als für statistische Diskriminierung.
    Date: 2018
  246. By: -
    Abstract: El Informe Nacional de Monitoreo de la Eficiencia Energética de México fue preparado como parte de las actividades llevadas a cabo por la Comisión Nacional para el Uso Eficiente de la Energía (CONUEE) de México en el marco del Programa Base de Indicadores de Eficiencia Energética (BIEE), coordinado por la Comisión Económica para América Latina y el Caribe (CEPAL) con la contribución de la Agencia Alemana para la Cooperación Internacional (GIZ) y el apoyo técnico de la Agencia Francesa del Medio Ambiente y la Gestión de la Energía (ADEME). Este informe presenta una serie de indicadores que muestran la evolución de la eficiencia energética en México. Analiza las tendencias del consumo de energía y de las medidas de eficiencia energética a nivel nacional para los sectores energético, industrial, transporte, comercial-servicios, residencial y agropecuario, además del nexo entre agua y energía. Los indicadores propuestos por el programa BIEE constituyen una herramienta útil para el monitoreo de los programas y el análisis de políticas de eficiencia energética.
    Date: 2018–05–28
  247. By: Bruni, Michele
    Abstract: China still lags behind Europe along the path of the demographic transition and therefore is still much younger. However, due to the speed with which the fertility rate dropped and life expectancy increased, China ageing process will proceed at a very fast space and around the middle of the century the population of China is projected to be as old as that of France and the UK and older than that of the USA. The paper tries to evaluate the labour market and welfare implications of this process, also by an economic indicator of dependency and socioeconomic burden.
    Keywords: Ageing,China,EU,dependency indicators,technological change,migrations
    JEL: J11 J14 J21 F22 O33
    Date: 2018
  248. By: Cerami, Alfio
    Abstract: This article explores the lights of Iraq, Iraq's variety of capitalism (VoC) and its system of public and fiscal governance. The first section examines Iraq's VoC, which I define oil-led state-captured capitalism with associated oil-led state-captured war-fare regime. In formerly ISIS-occupied territories, war developments turned the system into an Insurgent ISIS-captured capitalism with associated Insurgent ISIS-captured war-fare regime. The second section investigates electricity usage. The nighttime lights analysis is based on near real-time big data. It includes high-resolution remote-sensing and satellite imagery from the NASA Earth Observatory. I use the Visible Infrared Imaging Radiometer Suite (VIIRS) sensor on the Suomi NPP satellite. Data on greenhouse gases are obtained through the AQUA and TERRA satellites derived from the Atmospheric Infrared Sounder (AIRS) and Moderate-resolution Imaging Spectroradiometer (MODIS) sensors. I also use the AURA satellite with the Ozone Monitoring Instrument (OMI) sensor, as well as the TERRA satellite with the Measurements of Pollution in the Troposphere (MOPITT) sensor. The third part discusses the repercussions of electricity usage for good governance, for good regulatory and for good fiscal practices, as well as for development and growth. The concluding part briefly discusses the “taxman approach” and the introduction of a new fiscal contract necessary to resolve negative incentives in oil-led war economies.
    Keywords: Iraq, political economy, ISIS, geo-spatial analysis, night lights, remote-sensing, satellite imagery, public governance, fiscal governance, oil-led state-captured capitalism, oil-led state-captured war-fare regime, state capture, policy capture.
    JEL: C1 O11 O12 P16 P45
    Date: 2018–06–11
  249. By: Bruno Smichowski; Cédric Durand (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique); Steven Knauss (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This article explores the variety of socioeconomic outcomes from global value chains (GVCs) participation through a crosscountry analysis. In order to bridge the methodological and theoretical gap between GVCs critical insights and recent uses of the framework by international institutions, it proposes a novel definition of trade in GVCs and elaborates new indicators of GVC participation and value capture. Using these indicators and data from the Trade in Value added database it presents new descriptive statistics. Through principal component and cluster analyses it identifies three distinctive development patterns related to various degrees and modes of GVC participation: social upgrading mirage, reproduction of the core, and unequal growth. It finally discusses the complementarity of these patterns and explains why the results obtained challenge the narrative that GVC participation per se is a recipe for development.
    Date: 2018–06–17
  250. By: Francesca Biagini; Andrea Mazzon; Thilo Meyer-Brandis
    Abstract: We consider a banking network represented by a system of stochastic differential equations coupled by their drift. We assume a core-periphery structure, and that the banks in the core hold a bubbly asset. The banks in the periphery have not direct access to the bubble, but can take initially advantage from its increase by investing on the banks in the core. Investments are modeled by the weight of the links, which is a function of the robustness of the banks. In this way, a preferential attachment mechanism towards the core takes place during the growth of the bubble. We then investigate how the bubble distort the shape of the network, both for finite and infinitely large systems, assuming a non vanishing impact of the core on the periphery. Due to the influence of the bubble, the banks are no longer independent, and the law of large numbers cannot be directly applied at the limit. This results in a term in the drift of the diffusions which does not average out, and that increases systemic risk at the moment of the burst. We test this feature of the model by numerical simulations.
    Date: 2018–06
  251. By: Baumeister, Christiane; Hamilton, James D.
    Abstract: Reporting point estimates and error bands for structural vector autoregressions that are only set identified is a very common practice. However, unless the researcher is persuaded on the basis of prior information that some parameter values are more plausible than others, this common practice has no formal justification. When the role and reliability of prior information is defended, Bayesian posterior probabilities can be used to form an inference that incorporates doubts about the identifying assumptions. We illustrate how prior information can be used about both structural coefficients and the impacts of shocks, and propose a new distribution, which we call the asymmetric t distribution, for incorporating prior beliefs about the signs of equilibrium impacts in a nondogmatic way. We apply these methods to a three-variable macroeconomic model and conclude that monetary policy shocks were not the major driver of output, inflation, or interest rates during the Great Moderation.
    JEL: C11 C32 E52
    Date: 2018–06–20
  252. By: Benjamín García
    Abstract: The effective lower bound (ELB) on interest rates introduces an explicit non-linearity for feasible monetary policy paths: interest rates cannot go below a certain rate. In a forward looking environment, the ELB can affect the monetary policy decisions not only when the bound is reached, but also when there is a possibility that the bound may be reached in the future. In this context, as a recommendation for monetary policy in a low-inflation environment, Reifschneider and Williams (2002 FOMC) propose an asymmetric Taylor Rule with a threshold level that automatically drives the interest rate to zero whenever they fall below one percent. I test the hypothesis that the Federal Reserve has behaved in a manner consistent with Reifschneider and Williams’ advice, finding evidence of a negative correlation between the level of the interest rate and the strength of the monetary policy response. Using an estimated nonlinear DSGE model, I show that a monetary policy which act symmetrically and asymmetrically can have significantly different consequences. In particular, I study the relevance of this behavior for the analysis of a permanent rise of the inflation target.
    Date: 2018–06
  253. By: Kun Jiang; Wolfgang Keller; Larry D. Qiu; William Ridley
    Abstract: This paper studies international joint ventures, where foreign direct investment is performed by a foreign and a domestic firm that together set up a new firm, the joint venture. Employing administrative data on all international joint ventures in China from 1998 to 2007—roughly a quarter of all international joint ventures in the world—we find, first, that Chinese firms chosen to be partners of foreign investors tend to be larger, more productive, and more likely subsidized than other Chinese firms. Second, there is substantial international technology transfer not only to the joint venture itself but also to the Chinese joint venture partner firm. Third, with technology spillovers typically outweighing negative competition effects, joint ventures generate net positive externalities to other Chinese firms in the same industry. Joint venture externalities are large, perhaps twice the size of wholly-owned FDI spillovers, and it is R&D-intensive firms, including the joint ventures themselves, that benefit most from these externalities. Furthermore, the positive external joint venture effect is larger if the foreign firm is from the U.S. rather than from Japan or Hong Kong, Macau, and Taiwan, while this effect is virtually absent in broad sectors that include economic activities for which China’s FDI policy has prohibited joint ventures.
    Keywords: international joint ventures, partner selection, technology spillovers, foreign direct investment, competition effects
    JEL: F14 F23 O34
    Date: 2018
  254. By: Hyejin Cho (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: In examining the global imbalance by the excess liquidity level, the argument is whether commercial banks want to hold excess reserves for the precautionary aim or expect to get better return through risky decision. By pictorial representations, risk preference in the Machina's triangle (1982, 1987) encapsulates motivation to hold excess liquidity. This paper introduces an endogenous liquidity model for the financial sector where the imbalance argument comes from credit rationing extended from outside liquidity (Holmstrom and Tirole, 2011). We also conduct a stylistic analysis of excess liquidity in Jordan and Lebanon from 1993 to 2015. As such, the proposed model exemplifies the combination of credit, liquidity and regulation.
    Keywords: credit rationing, excess liquidity, inside liquidity, risk preference,E58,L51
    Date: 2017–04–10
  255. By: P. P. Osei; A. Jasra
    Abstract: Option valuation problems are often solved using standard Monte Carlo (MC) methods. These techniques can often be enhanced using several strategies especially when one discretizes the dynamics of the underlying asset, of which we assume follows a diffusion process. We consider the combination of two methodologies in this direction. The first is the well-known multilevel Monte Carlo (MLMC) method, which is known to reduce the computational effort to achieve a given level of mean square error relative to MC in some cases. Sequential Monte Carlo (or the particle filter (PF)) methods have also been shown to be beneficial in many option pricing problems potentially reducing variances by large magnitudes (relative to MC). We propose a multilevel particle filter (MLPF) as an alternative approach to price options. The computational savings obtained in using MLPF over PF for pricing both vanilla and exotic options is demonstrated via numerical simulations.
    Date: 2018–06
  256. By: Tim Byrnes; Tristan Barnett
    Abstract: We develop a general framework for applying the Kelly criterion to stock markets. By supplying an arbitrary probability distribution modeling the future price movement of a set of stocks, the Kelly fraction for investing each stock can be calculated by inverting a matrix involving only first and second moments. The framework works for one or a portfolio of stocks and the Kelly fractions can be efficiently calculated. For a simple model of geometric Brownian motion of a single stock we show that our calculated Kelly fraction agrees with existing results. We demonstrate that the Kelly fractions can be calculated easily for other types of probabilities such as the Gaussian distribution and correlated multivariate assets.
    Date: 2018–06
  257. By: Laïla Benraiss-Noailles (IRGO - Institut de Recherche en Gestion des Organisations - Université Montesquieu - Bordeaux 4 - Institut d'Administration des Entreprises (IAE) - Bordeaux); Catherine Viot (UCBL - Université Claude Bernard Lyon 1 - Université de Lyon)
    Abstract: The aim of this research is to identify the dimensions of employer brand equity (EBE) that influence the attractiveness of low-cost companies. EBE reflects the value of the employer brand as an intangible asset; its perceptual value is multidimensional (value interest, social, economic…). The main question is to know if the levers of organizational attractiveness (OA) differ according to the propensity to accept a job in a so-called low-cost company. A survey, carried out with potential job applicants, shows that the willingness to accept a job offer in a low-cost company depends on the attributes applicants are looking for with respect to a potential employer. For those who are willing to accept such a job, OA is essentially related to the interest value (creativity and innovation), whereas those who reject it are looking for a company offering good social relations (social value) and high wages (economic value).
    Abstract: Cette recherche s’intéresse aux effets du capital-marque employeur (CME) sur l’attractivité organisationnelle (AO). Le CME reflète la valeur de la marque employeur en tant qu’actif intangible. La valeur perceptuelle du CME est multidimensionnelle (valeur intérêt, sociale, économique, etc.). La question centrale est de savoir si les leviers de l’AO diffèrent selon la propension à accepter un emploi dans une entreprise dite low-cost. Une étude montre que cette propension dépend des attributs recherchés chez un employeur. Pour ceux qui sont prêts à accepter un tel emploi, l’AO résulte de la valeur intérêt, alors que ceux qui rejettent cette possibilité recherchent la valeur sociale et la valeur économique.
    Keywords: low-cost strategy,employer brand attractiveness,Employer Brand-Equity,Capital-marque employeur,attractivité organisationnelle,stratégie low-cost
    Date: 2017
  258. By: Augurzky, Boris; Beivers, Andreas; Pilny, Adam
    Abstract: Die Privatisierung von Krankenhäusern, d.h. der Trägerwechsel von kommunalen und privat-freigemeinnützigen hin zu privat-gewinnorientierten Trägern, wird seit Beginn dieser Entwicklung Anfang der 1990iger Jahre kontrovers diskutiert. Zur Versachlichung der Debatte wurden in den Jahren 2009, 2012 und 2015 Faktenbücher zur Bedeutung der Krankenhäuser in privater Trägerschaft mit Daten aus den Jahren 2006, 2009 bzw. 2012 erstellt. Ziel war stets eine wissenschaftlich fundierte Bewertung der Krankenhausprivatisierung in Deutschland durch Darstellung und Auswertung relevanter Kennziffern zum Krankenhausmarkt, differenziert nach Trägerschaft.
    Date: 2018
  259. By: Takayuki Oishi; Jun Tomioka; Shin Sakaue
    Abstract: We propose a job matching model of intermediary labor markets by developing the seminal work of Kelso and Crawford (1982, Econometrica 50:1483-1504). Using this model, we show that for an arbitrary fixed broker-fee rate, the salary-adjustment process converges to a core allocation in intermediary labor markets where high-skilled workers are matched to high-technology firms by the private middleman and low-skilled workers are matched to low-technology firms by the public middleman. This result means that the dual labor market is emerged as a stable outcome of job-matching promoted by the private and public middlemen. Finally, we discuss empirical relevance of our theoretical model by using the data of job placement services in Japan.
    Date: 2018–03
  260. By: Ferreira Sequeda, Maria (Research Centre for Educ and Labour Mark); Golsteyn, Bart (General Economics 2 (Macro)); Parra Cely, Sergio (General Economics 0 (Onderwijs))
    Abstract: We study the effects of grade retention on secondary school performance by considering a change in Colombia’s educative legislation. In 2010, the rule that forced schools to retain up to a 5% of students was abolished. Exploiting variation in schools’ retention rates in a difference-in-differences framework, we find that retained (marginally non-retained) students improve (decline) their performance on language but not on math test scores. We suggest the school’s position in the retention distribution, and the proportion of inexperienced teachers in the classroom, can be the mechanisms by which the marginally decreasing returns of grade retention are determined.
    Keywords: retention, Colombia, difference-in-differences
    JEL: I20 I24 J24
    Date: 2018–06–18
  261. By: Ferreira Sequeda, Maria (Research Centre for Educ and Labour Mark); Golsteyn, Bart (General Economics 2 (Macro)); Parra Cely, Sergio (General Economics 0 (Onderwijs))
    Abstract: We study the effects of grade retention on secondary school performance by considering a change in Colombia’s educative legislation. In 2010, the rule that forced schools to retain up to a 5% of students was abolished. Exploiting variation in schools’ retention rates in a difference-in-differences framework, we find that retained (marginally non-retained) students improve (decline) their performance on language but not on math test scores. We suggest the school’s position in the retention distribution, and the proportion of inexperienced teachers in the classroom, can be the mechanisms by which the marginally decreasing returns of grade retention are determined.
    Keywords: retention, Colombia, difference-in-differences
    JEL: I20 I24 J24
    Date: 2018
  262. By: Philipp Meinen; Horst Raff
    Abstract: Based on a theoretical model featuring heterogeneous retailers that may source globally and operate as chains, we derive a number of hypotheses that link trade integration to retail firm performance and to the structure of retail markets. We empirically test these predictions using Danish microdata for the period 1999 to 2008. We find that importing retailers are larger, more profitable, and have a higher propensity to have multiple shops than domestically sourcing firms. While this is partly due to self-selection, we also present evidence for improved perfor-mance caused by firms’ importing activities. Moreover, we find that retail imports are associated with a higher exit probability of small retailers and greater local retail market concentration. Overall, we obtain support for the model’s predictions and argue that the observed adjustments may imply additional gains from trade absent from models lacking a distribution sector.
    Keywords: international trade, consumer goods, retailing, retail chains, market concentration
    JEL: F12 L11
    Date: 2018
  263. By: Busch, Berthold; Matthes, Jürgen
    Abstract: Neue Gefährdungen bei innerer und äußerer Sicherheit in Europa erfordern eine stärkere EU. Zudem reißt der Brexit eine Lücke in die EU-Finanzen. Dieser Reformdruck muss in der Diskussion über den nächsten Mehrjährigen Finanzrahmen (MFR) 2021-2027 dazu genutzt werden, die Prioritäten im EU-Haushalt neu zu ordnen. Die EU-Kommission hat hierzu verschiedene Optionen in den Raum gestellt, die mit zwei Bewertungsmaßstäben normativ bewertet werden: Erstens wird erörtert, welche Politikbereiche von der EU und welche von den Mitgliedstaaten erfüllt werden sollen. Bei der Prüfung auf einen EU-Mehrwert auf Basis bestehender Kriterien und Studien spielen grenzüberschreitende Spillover, Skaleneffekte und Präferenzunterschiede sowie das Subsidiaritätsprinzip eine wichtige Rolle. Zweitens werden zahlreiche Politikbereiche daraufhin untersucht, ob und in welchem Maß sie die drei Musgraveschen Funktionen der Finanzpolitik erfüllen: Allokation/Wachstum, Distribution/Strukturwandelabfederung, makroökonomische Stabilisierung. Dabei ergibt sich folgende ordnungspolitische Einordnung wichtiger Politikbereiche: Im Bereich Sicherheit - vor allem bei Verteidigungspolitik, Außengrenzensicherung und Terrorbekämpfung - sind EU-Kompetenzen klar begründbar, wenn die EU aus allokativer Sicht öffentliche Güter erbringen. Hier sind im EU-Haushalt deutlich mehr Mittel nötig. In den Bereichen Forschung, Bildung, Infrastruktur und Digitalisierung können gezielte staatliche Ausgaben zwar grundsätzlich das Wachstumspotenzial fördern. Jedoch ist dies primär Aufgabe der Mitgliedstaaten. Eine EU-Kompetenz ist aber begründbar, wenn hinreichende grenzüberschreitende Spillover bestehen. Diese zukunftsorientierten Aufgaben sollten im EU-Haushalt bei grenzüberschreitender Relevanz deutlich aufgestockt werden. Bei der Agrar- und Kohäsionspolitik fällt das Urteil überwiegend kritisch aus. Bei Agrarsubventionen hat die EU weder klar nachweisbare Kompetenzen noch lassen sie sich hinreichend mit den Musgrave-Funktionen rechtfertigen. Auch bei der Kohäsionspolitik für wohlhabendere Regionen ist eine Kompetenz der EU nicht stichhaltig begründbar. Daher sollte die hochdotierte Agrar- und Kohäsionspolitik depriorisiert werden. Durch Umschichtungen sind große Hebel verfügbar. Mit einer rund 2-prozentigen Einsparung könnten alternativ das Programm Erasmus+ verdoppelt, die Ausgaben für grenzüberschreitende Infrastruktur um die Hälfte erhöht oder die von der EU-Kommission vorgeschlagenen zusätzliche Verteidigungsausgaben finanziert werden. Für eine Finanzierung aller hier als prioritär identifizierten Aufgabenposten wäre in einer moderaten Variante nur eine Kürzung der Agrar- und Kohäsionsausgaben von weniger als 12 Prozent im neuen MFR nötig, wenn man ein nominales Wirtschaftswachstum von gut 28 Prozent innerhalb von sieben Jahren annimmt. Die EU-Kommission sollte daher noch mutiger bei ihren Reformvorschlägen sein. Die Bundesregierung mindert den Reformdruck, indem sie schon frühzeitig höhere EU-Beiträge in Aussicht stellt, und ihr fehlt offensichtlich der Mut für eine grundlegende Reform der Agrar- und Kohäsionspolitik.
    JEL: H61 O52 H41
    Date: 2018
  264. By: Becker, Sascha O. (University of Warwick); Fetzer, Thiemo (University of Warwick)
    Abstract: The 2004 accession of 8 Eastern European countries to the European Union (EU) was accompanied by fears of mass migration. The United Kingdom - unlike many other EU countries - did not opt for temporary restrictions on the EU’s free movement of labour. We document that following EU accession more than 1 million people (ca. 3% of the UK working age population) migrated from Eastern Europe to the UK. We show that they mostly settled in places that had limited prior exposure to immigration. We provide evidence that these areas subsequently saw smaller wage growth at the lower end of the wage distribution and increased pressure on the welfare state, housing and public services. Using novel geographically disaggregated data by country-of-origin, we measure the effects of Eastern European migration on these outcomes for the UK-born and different groups of immigrants. Our results are important in the context of the UK’s Brexit referendum and the ongoing EU withdrawal negotiations in which migration features as a key issue.
    Keywords: Political Economy ; Migration ; Globalization ; EU
    JEL: R23 N44 Z13
    Date: 2018
  265. By: Safia Khan; Kezia Lilenstein; Morne Oosthuizen; Christopher Rooney (University of Cape Town; Researcher)
    Abstract: The potential for Information and Communications Technologies (ICTs) to influence development have been widely documented, however the impact of ICTs on the employment prospects of those in SSA have been poorly recorded, with most studies focused on specific localised contexts. This paper models the impact of ICTs on the employment outcomes of individuals in 12 African countries, taking into account the varying nature of self-employment compared to other types of third party employment. The paper finds a correlation between mobile phone ownership, the intensity of mobile phone use, and employment in a selection of countries and contexts. Internet use in 2012 is largely unrelated to the employment outcome in these countries. The impact of ICT use differs by geolocation, sex and age. Older people, most likely with more established prior networks, are more likely to have ICTs impact their employment outcome. ICTs are more likely to influence the employment outcome of males, and those in urban areas.
    Keywords: ICTs, Mobile Phones, Intensity of Mobile Use, Internet, Employment, Self Employment, Rural, Urban
    JEL: J64 N77 O3
    Date: 2017–03
  266. By: Congressional Budget Office
    Abstract: Authorizations of appropriations are provisions of law that authorize funds to be provided through a future appropriation law to carry out a program or function; they differ from appropriations, which provide funding once those authorizations are in place. CBO has updated its January 2018 report to the Congress on programs funded for fiscal year 2018 for which authorizations of appropriations have expired or will expire during the current fiscal year.
    JEL: H50 H60 H61
    Date: 2018–07–03
  267. By: Gori, Luca; Manfredi, Piero; Sodini, Mauro
    Abstract: A central policy issue in the battle against HIV in Sub-Saharan Africa (SSA) is whether and when high-prevalence countries might become fully autonomous in designing and implementing their own intervention policies aimed to control the disease. The aim of this research is twofold. First, it develops a framework for explaining economic development in a general equilibrium growth model with endogenous fertility and endogenous longevity under the threat of a deadly enduring infectious disease, as is the case of HIV/AIDS in SSA. Second, it aims to shed light on the interplay between foreign aid and endogenous domestic public policies in those SSA countries severely afflicted by HIV. In particular, it investigates the macro-economic dynamic feasibility and related effects of an intervention policy where the overall amount of resources devoted to HIV/AIDS is the sum of an exogenous component representing foreign aid and an endogenous public expenditure. Both these policies allow to bring HIV under control, but show quite different responses in terms demo-economic variables, mainly passing through the fertility response to the evolving epidemic conditions.
    Keywords: HIV transmission,Economic development,Endogenous fertility,Endogenous longevity
    JEL: C61 C62 J1 J22 O41 O47
    Date: 2018
  268. By: Ocampo, Fernando
    Abstract: Las mercancías producidas bajo los regímenes de zona franca de los países centroamericanos son de vital importancia para la economía regional por su aporte a la producción, su valor agregado y la diversificación de destinos comerciales que han propiciado en cada país. Por esta razón, contar con marcos legales claros y uniformes en este esquema es fundamental para continuar avanzando en el desarrollo económico de los países involucrados. En virtud de lo anterior, el presente estudio muestra cuáles son las regulaciones nacionales, regionales y los compromisos suscritos mediante tratados de libre comercio que tutelan el comercio intrarregional de bienes producidos en zona franca. Además, se analizan las mejores prácticas que otros países han seguido para homologar y uniformar las disposiciones sobreel tema. Se espera que el documento elaborado sirva como base para la discusión de este tópico en Centroamérica y brinde información relevante sobre el estado de las legislaciones vigentes a los distintos actores políticos y comerciales de la región.
    Date: 2018–06–21
  269. By: Arulampalam. Wiji (Department of Economics,University of Warwick); Devereux, Michael P (Said Business School,Oxford University); Liberini, Federica (ETH Zurich)
    Abstract: We use firm-level data to investigate the impact of taxes on the international location of targets in M & A, allowing for heterogeneous responses by companies. The statutory tax rate in the target country is found to have a negative impact on the probability of an acquisition in that country. In addition, the estimated size of the effect is found to depend on whether (i) acquirer is a domestic or a multinational enterprise ; (ii) the acquisition is domestic or cross-border; and (iii) the acquirer's country has a worldwide or territorial tax system.
    Keywords: Multinational enterprises ; cross-border expansion ; target choice ; corporation income tax ; mixed logit
    JEL: G34 H25 H32 C25
    Date: 2018
  270. By: Meinen, Philipp; Raff, Horst
    Abstract: Based on a theoretical model featuring heterogeneous retailers that may source globally and operate as chains, we derive a number of hypotheses that link trade integration to retail firm performance and to the structure of retail markets. We empirically test these predictions using Danish microdata for the period 1999 to 2008. We find that importing retailers are larger, more profitable, and have a higher propensity to have multiple shops than domestically sourcing firms. While this is partly due to self-selection, we also present evidence for improved performance caused by firms' importing activities. Moreover, we find that retail imports are associated with a higher exit probability of small retailers and greater local retail market concentration. Overall, we obtain support for the model's predictions and argue that the observed adjustments may imply additional gains from trade absent from models lacking a distribution sector.
    Keywords: international trade,consumer goods,retailing,retail chains,market concentration
    JEL: F12 L11
    Date: 2018
  271. By: Ralph Luetticke (Centre for Macroeconomics (CFM); University College London (UCL))
    Abstract: Monetary policy affects both intertemporal consumption choices and portfolio choices between liquid and illiquid assets. The monetary transmission, in turn, depends on the distribution of marginal propensities to consume and invest. This paper assesses the importance of heterogeneity in these propensities for the transmission of monetary policy in a New Keynesian business cycle model with uninsurable income risk and assets with different degrees of liquidity. Liquidity-constrained households have high propensities to consume but low propensities to invest, which makes consumption more and investment less responsive to monetary shocks compared to complete markets. Redistribution through earnings heterogeneity and the Fisher channel from unexpected inflation further amplifies the consumption response but dampens the investment response.
    Keywords: Monetary policy, Heterogeneous agents, General equilibrium
    JEL: E21 E32 E52
    Date: 2018–06
  272. By: Julia Bachtrögler (WIFO); Harald Oberhofer (WIFO)
    Abstract: This study investigates whether there is a link between the successful implementation of European co-hesion policy and the voters' attitudes towards the EU. Using the French presidential elections in 2017 as a case study, we do not solely consider regional funds expenditures but also its induced effects in a re-gion as further potential determinant of pro-European or eurosceptic voting behaviour. In order to measure the effectiveness of EU structural funds and Cohesion Fund assignment, firm-level employ-ment effects in French NUTS-2 regions stemming from project allocation during the multi-financial framework 2007-2013 are estimated. The obtained average treatment effects are, in a next step, used together with other regional characteristics to capture the citizens' perceived exposure to the EU in an empirical voting model for the French presidential election in 2017. The estimation results reveal a sig-nificant negative relationship between the effectiveness of EU funds allocation and the vote share of the eurosceptic candidate Marine Le Pen.
    Date: 2018–06–20
  273. By: Meenagh, David (Cardiff Business School); Minford, Patrick (Cardiff Business School); Wickens, Michael (Cardiff Business School); Xu, Yongdeng (Cardiff Business School)
    Abstract: We review recent findings in the application of Indirect Inference to DSGE models. We show that researchers should tailor the power of their test to the model under investigation in order to achieve a balance between high power and model tractability; this will involve choosing only a limited number of variables on whose behaviour they should focus. Also recent work reveals that it makes little difference which these variables are or how their behaviour is measured whether via A VAR, IRFs or Moments. We also review identification issues and whether alternative evaluation methods such as forecasting or Likelihood ratio tests are potentially helpful.
    Keywords: Pseudo-true inference, DSGE models, Indirect Inference; Wald tests, Likelihood Ratio tests; robustness
    JEL: C12 C32 C52 E1
    Date: 2018–06
  274. By: Austan D. Goolsbee; Peter J. Klenow
    Abstract: We use Adobe Analytics data on online transactions for millions of products in many different categories from 2014 to 2017 to shed light on how online inflation compares to overall inflation, and to gauge the magnitude of new product bias online. The Adobe data contain transaction prices and quantities purchased. We estimate that online inflation was about 1 percentage point lower than in the CPI for the same categories from 2014--2017. In addition, the rising variety of products sold online, implies roughly 2 percentage points lower inflation than in a matched model/CPI-style index.
    JEL: E31 O47
    Date: 2018–05
  275. By: Hamidin, Dede
    Abstract: This article describes the concept of monetary theory and inflation according to Al Maqrizi's thought. In simple terms, inflation means the rising prices of goods from the prevailing circumstances. Taqiyuddin Abul Abbas Al-Husaini from Maqarizah, Cairo. Or better known as Al-Maqrizi. He said in some parts of his book that inflation is generally divided into two, namely Natural Inflation and Human Error Inflation. This paper will try to compile some of his thoughts - more specifically the problem of monetary theory and inflation - with conventional positivistic opinions and concepts in the same field.
    Keywords: inflation, monetary, al Maqrizi
    JEL: A11
    Date: 2018–06–20
  276. By: Halbheer, Daniel; Bertini, Marco; Buehler, Stefan
    Abstract: This paper studies the impact of consumer resistance, which is triggered by deviations from a psychological reference point, on optimal pricing and cost communication. Assuming that consumers evaluate purchases not only in the material domain, we show that consumer resistance reduces the pricing power and profit. We also show that consumer resistance provides an incentive to engage in cost communication when consumers underestimate cost. While cheap communication does not affect behavior, persuasive communication may increase sales and profit. Finally, we show that a firm can benefit from engaging in operational transparency by revealing information about features of the production process.
    Keywords: Price Fairness; Cost Communication; Operational Transparency
    JEL: L11 L21 M31
    Date: 2018–02–08
  277. By: Diaz-Rainey, Ivan (Asian Development Bank Institute); Sise, Greg (Asian Development Bank Institute)
    Abstract: We explore the history and current status of green energy finance in Australia and New Zealand. Although both countries have enviable renewable energy resources with a 100% renewable mix considered feasible, the two countries present highly contrasting contexts for energy finance. Currently, and largely for historical reasons, renewables make up over 80% of the electricity capacity in New Zealand, whereas in Australia this is 17%. Interestingly, between them and over time, the two countries have employed most of the important policy tools available to incentivize renewables and green energy finance (e.g., carbon taxes, carbon trading, a green investment bank, a green certification market, and feed-in-tariffs). Despite this, we show that between 2004 and 2017 both countries did not meet their potential in terms of renewables and have lower levels of green energy investment relative to gross domestic product per capita than many other developed countries. The Australian and New Zealand context provides many lessons for other jurisdictions—ranging from the need for cross-party and regulatory commitment to energy transition, to the need for policy stability. Indeed, a key issue in Australia and New Zealand is the challenge of designing electricity markets that support energy transition and the investment that it requires. Incumbents in both jurisdictions are fearful of a “death spiral” induced by distributed power, and in Australia political instability and market design issues contributed to a major energy crisis in 2017. However, the crisis, the Paris Agreement, and the associated impetus of new governments in both countries suggest green energy investment is set to increase in the coming years.
    Keywords: energy finance; energy transition; green investment bank; feed-in-tariffs; emissions trading; electricity markets; green certificate market
    JEL: F21 G20 H23 O13 Q40 Q42 Q48 Q54 Q55 Q58
    Date: 2018–05–03
  278. By: Mascia, Danilo V. (Asian Development Bank Institute)
    Abstract: By employing a sample of 20,956 observations of nonfinancial small and medium-sized enterprises (SMEs) headquartered in the euro area, between 2009 and 2015, we test whether young businesses are more likely to face credit rejections from lenders than their older peers. Our findings appear to confirm our suspicions that new enterprises consistently experience higher denials from banks compared with more established businesses. Such a result is stable to different model specifications and is also confirmed once we handle the issue of sample selection bias potentially affecting our data. Additional tests also reveal that credit constraints are particularly difficult for young SMEs located in Southern and Central Europe, as well as for those operating in the “trade” industry. Overall, our evidence suggests that actions from the policy maker could be desirable to support the viability of credit and, thus, ensure the growth of young businesses in the euro area.
    Keywords: SMEs; young enterprises; bank loans; credit rationing
    JEL: D82 G20 G21 G30 L26 M13
    Date: 2018–05–09
  279. By: Stolzenburg, Ulrich
    Abstract: In einem Vollreservesystem verlieren Geschäftsbanken die Möglichkeit, Geld aus dem Nichts zu schöpfen und sich mit Sichteinlagen ihrer Kunden zu refinanzieren. Ein Systemwechsel hätte Vor- und Nachteile. Die hervorstechenden Vorteile liegen bei einer höheren Finanzstabilität und höheren Geldschöpfungsgewinnen für den Staat. Außerdem könnte die Geldmengenentwicklung genauer kontrolliert werden, allerdings würden die Zinsen im Gegenzug als geldpolitisches Instrument verloren gehen und stärker schwanken. Nachteilig wären benötigte zusätzliche Regulierungen, die eine Umgehung des Vollreservesystems verhindern. Zudem sind steigende Kosten für Finanzdienstleistungen und eine wahrscheinliche Anpassungskrise des Bankensektors zu erwarten, was zunächst die Realwirtschaft belasten dürfte. Das Vollgeldkonzept nach Huber, das im Juni 2018 Gegenstand einer Schweizer Volksabstimmung ist, kombiniert ein Vollreservesystem mit Nettogeld. Unter dem Strich ist die Vollreserve eine spannende Alternative zum gegenwärtigen Geldsystem, das aber, wenn überhaupt, nur schrittweise eingeführt werden sollte.
    Keywords: Vollreserve,Teilreservesystem,Vollgeld,Geldsystem,full reserve,fractional reserve,positive money,monetary system
    Date: 2018
  280. By: Bo Zhou; Ramon van den Akker; Bas J. M. Werker
    Abstract: We propose a new class of unit root tests that exploits invariance properties in the Locally Asymptotically Brownian Functional limit experiment associated to the unit root model. The invariance structures naturally suggest tests that are based on the ranks of the increments of the observations, their average, and an assumed reference density for the innovations. The tests are semiparametric in the sense that they are valid, i.e., have the correct (asymptotic) size, irrespective of the true innovation density. For a correctly specified reference density, our test is point-optimal and nearly efficient. For arbitrary reference densities, we establish a Chernoff-Savage type result, i.e., our test performs as well as commonly used tests under Gaussian innovations but has improved power under other, e.g., fat-tailed or skewed, innovation distributions. To avoid nonparametric estimation, we propose a simplified version of our test that exhibits the same asymptotic properties, except for the Chernoff-Savage result that we are only able to demonstrate by means of simulations.
    Date: 2018–06
  281. By: Casey, Gregory; Klemp, Marc
    Abstract: We study the interpretation of instrumental variable (IV) regressions that use historical or geographical instruments for contemporary endogenous regressors. We find that conventional IV regressions generally cannot estimate the long-run causal effect of an endogenous explanatory variable when there is a time gap between the instrument and the endogenous variable. We develop a model that can overcome this problem and apply our results to important topics in the field of economic growth, including the effect of institutions on economic growth. We find effects that are smaller than those estimated in the existing literature, demonstrating the quantitative importance of our study.
    Keywords: Instrumental Variable Regression; Long-Run Economic Growth
    JEL: C10 C30 O10 O40
    Date: 2018–06
  282. By: Marta Kahancová
    Abstract: Collective bargaining is an important instrument in wage-setting processes, but lacks underpinning with empirical data. Little is known about what exactly is agreed upon in collective bargaining. Few countries maintain databases with coded collective agreements; and agreements are coded for different topics and levels of detail. Attempts to discuss bargaining results at EU level are hampered by the lack of systematic data-collection of agreements. Social partners perceive an increasing need for cross-country comparisons, i.e., because of growing importance of foreign direct investment in EU member states. Therefore, EU-level social partners in commerce, UNI Europa and EuroCommerce, have expressed their interest in a study of content of collective agreements negotiated by their members at national level. Report 2 studies how particular institutional attributes in sector-specific bargaining systems relate to each other. The findings are quantified in an index of constructive industrial relations (CIR-index). Supported by the European Commission, DG Employment, Social Affairs and Inclusion, VS/2016/0106
    Date: 2018–06–27
  283. By: Reder, Laura; Klünder, Timo
    Abstract: The development of Industry 4.0 (I4.0) necessitates flexible Supply Chain Networks (SCN). Therefore, this paper assesses the flexibility of SCN in context of I4.0. The assessment is based on a framework of metrics embedded in the Supply Chain Operations Reference (SCOR) model. The methodology employed integrates the Analytical Hierarchy Process (AHP) and the Preference Ranking Organization Method for Enrichment Evaluations (PROMETHEE) to weight the selected SCOR indicators and to determine the SCN I4.0-Readiness. The computations are based on empirically tested SCOR-data and expert judgements. The developed I4.0-Readiness-Assessment tool reveals a lack of SCN's utilization of the full potential of I4.0.
    Keywords: Industry 4.0,Supply Chain Networks,Flexibility Assessment
    Date: 2017
  284. By: Monika Banaszewska (Poznan University of Economics and Business); Ivo Bischoff (University of Kassel)
    Abstract: We want to find out whether grants-in-aid help the recipient government to get re-elected. We take Poland as our testing ground and analyze the impact of EU funds spent within a municipality on mayoral elections in 2010 and 2014. We employ an instrumental variables approach to account for the endogeneity of EU funds. Our results show that EU funds do not generally increase the mayors’ chance of reelection. This result holds for total EU funds spent as well as for funds spent on investments. We test whether the impact of EU funds is moderated by municipal characteristics. We find no effect for the economic or fiscal situation of municipalities, a positive but economically negligible effect for human capital endowment and a substantial effect for the share of pro-European citizens. Spending EU funds increases incumbent mayors’ chance of re-election in municipalities with a large share pro-EU citizens and reduces it in municipalities dominated by EU sceptics.
    Keywords: grants-in-aid, EU, Poland, local elections, instrumental variable regressions
    JEL: D72 H77
    Date: 2018
  285. By: Afrifa, Godfred; Tingbani, Ishmael
    Abstract: Purpose – The paper presents comprehensive evidence on the relationship between Working Capital Management (WCM) and SMEs’ performance by taking into consideration the plausible effect of cash flow. Design/methodology/approach – The paper adopts a panel data regression analysis on a sample of 802 British quoted small and medium enterprises listed on the Alternative Investment Market for the period from 2004 to 2013. Findings – The results of the study demonstrate the importance of cash flow on SMEs’ WCM and performance. According to our findings, WCM has a significantly negative impact on SME performance. However, with available cash flow, we find a significantly positive relationship. Additionally, our evidence revels that cash flow constrained (non-constrained) SMEs are able to enhance their performance through decreased (increased) investment in WCM. Practical implications – Overall, the results demonstrate the importance of cash flow availability on SMEs’ working capital needs. Our findings suggest that in an event of cash flow unavailability (availability) managers should strive to reduce (increase) the investment in working capital in order to improve performance. Originality/value – This current study incorporates the relevance of cash flow in assessing the association between WCM and firm performance.
    Keywords: Working Capital Management, Performance, SMEs, Cash Flow
    JEL: G3 G31 G32
    Date: 2017
  286. By: Gerke, Rafael; Giesen, Sebastian; Kienzler, Daniel
    Abstract: After hitting the lower bound on interest rates, the Eurosystem engaged in a public sector purchase programme (PSPP) and forward guidance (FG). We use prior and posterior predictive analysis to evaluate the importance of parameter uncertainty in an analysis of these policies. We model FG as an anticipated temporary interest rate peg. The degree of parameter uncertainty is considerable and increasing in the length of FG. The probability of being able to reset prices and wages is the most important factor driving uncertainty about inflation. In contrast, variations in financial intermediaries' net worth adjustment costs have little impact on in ation outcomes.
    Keywords: prior/posterior predictive analysis,anticipated interest rate peg,parameter uncertainty,euro area,QE,PSPP,forward guidance puzzle
    JEL: C53 E32 E52
    Date: 2018
  287. By: Hasan Cömert (Department of Economics, Middle East Technical University, Ankara, Turkey); Erinç Yeldan (Department of Economics, Bilkent University, Ankara, Turkey)
    Abstract: Developing countries have encountered many economic crises since the 1980s, due mainly to structural problems related to their integration into the global economy. The Turkish economy is by no means an exception, and suffered significantly from the crises of 1994, 2001 and 2008–09. This paper investigates the tales of these three crises to shed light on the propagation mechanisms of crises and their implications for developing countries, given the Turkish experience. Our study is aiming at complementing existing studies by giving a very broad comparative picture of the main macroeconomic trends before and after the crises at the expense of ignoring many important details explained in other studies. This comparison can be also useful for understanding possible (and under current conditions highly unavoidable) implications of current developments in Turkish economy. Although there are many differences in the emergence of recent crises in Turkey, significant similarities can be found between the 1994 and 2001 crises. The crisis of 2008–09 can be considered exceptional in many aspects. The first two episodes were deemed to be mostly finance-led and finance-driven, with repercussions on the real sectors thereafter; but the 2008–09 crisis was a fully-fledged real sector crisis from the beginning, amid a direct collapse in employment and real economic productivity.
    Keywords: Turkish Economy, Developing Countries, Crises
    JEL: F32 E63 E66 G01
    Date: 2018–06
  288. By: Judy Stephenson
    Abstract: Abstract This paper provides new information and data on how work and pay actually operated for skilled and semi-skilled men on large London construction projects in the early 1700s, and for the first time, offers detailed firm level evidence on the number of days per year worked by men. Construction workers’ working days were bounded by structural factors of both supply and demand, men worked a far lower number of days than has been assumed until now. This has implications for our understanding of the ‘industrious revolution’, and industrialisation.
    Keywords: England; industrial revolution; industrious revolution; labour input; living standards; wages, building craftsmen
    JEL: J3 J4 J6 N33 N63
    Date: 2018–02–22
  289. By: Reuse, Sandra
    Abstract: Das Papier widmet sich der Frage, warum ein Reformhandeln in manchen sozialstaatlichen Handlungs-bereichen schwer fällt und Pfadabhängigkeiten nicht überwunden werden. Als wichtige Ursache wird die unzureichende Berücksichtigung spezifischer Adressatengruppen durch Politik und Ministerialverwaltung diskutiert. Dies dürfte zum einen an der mangelnden Sichtbarkeit von Personengruppen liegen, die zwar ähnliche Belange und Schutzbedarfe haben, es jedoch aufgrund vielfältiger Anforderungen nicht schaffen, eine politisch wirksame Interessenvertretung auszubilden. Ein Beispiel für eine solche Gruppe sind die neuen Erwerbsformen, worunter Solo-Selbstständige, atypisch oder wechselhaft Beschäftigte verstanden werden. Doch die mangelnde politische Sichtbarkeit dieser und anderer Personengruppen könnte - und sollte, zumindest zugunsten der besonders Schutzbedürftigen unter ihnen - ausgeglichen werden. Dies wäre jedenfalls der normative Anspruch an den Sozialstaat, zumal sozialwissenschaftliche Analyse, Wirkungsforschung und Evidenzbasierung in der Regierungsarbeit immer stärker betont werden. Ein zweiter Erklärungsansatz befasst sich daher mit Hürden und Fehlanreizen beim Zustandekommen sozialstaatlicher Reformen. Da ein großer Teil der Gesetzentwürfe in der Regierungsverwaltung erarbeitet wird, rückt die Rolle der Ministerialbürokratie beim Agendasetting in den Blick. Es wird die These diskutiert, dass Adressatengruppen oder Probleme tendenziell gerade dann "übersehen" werden, wenn integrierte, ressortübergreifende Lösungen für sie nötig wären. Wie gezeigt werden kann, bestehen schon für eine zuständigkeitsübergreifende Problemanalyse, also dem ersten Schritt im Agendasetting, Fehlanreize und Hürden. Sie resultieren auch aus den Regelungen der Gemeinsamen Geschäftsordnung der Bundesministerien (GGO) zur Federführung und Abstimmung von Maßnahmen. Diese verstärken Silothinking und negative Koordination, wie sie aus politikwissenschaftlicher Sicht für die Regierungsverwaltung schon seit den 70er Jahren kritisiert werden. Eine adressatenorientierte Analyse, die neu entstandene oder wichtiger werdende Schutzbedarfe in den Mittelpunkt rückt, könnte Abhilfe schaffen. Angesichts immer schneller werdender, teilweise disruptiver Veränderungen im Zuge von Globalisierung und Digitalisierung wird aber auch angeregt, die Regelungen für eine ressortübergreifende Zusammenarbeit zu modernisieren.
    Keywords: Sozialpolitik,Wirkungsforschung,Adressatenorientierung,Schutzbedarfe,neue Erwerbsformen,ressortübergreifende Kooperation
    Date: 2018
  290. By: Michael Bleaney; Atsuyoshi Morozumi; Zakari Mumuni
    Abstract: An inflation-targeting regime has been in place in Ghana since 2007, but compared to other inflation-targeting countries it has been conspicuously unsuccessful. Since 2013 inflation has persistently exceeded the announced target by four percentage points or more, despite the target never falling below a relatively unambitious 8% per annum. We investigate whether the poor conduct of monetary policy is responsible for this outcome, and find that is not. Monetary policy reaction functions are similar to those estimated for countries with successful monetary policies, and interest rates respond in the theoretically recommended way to inflation shocks.
    Keywords: expectations; inflation targeting; interest rates.
    Date: 2018
  291. By: Seojeong Lee
    Abstract: I propose a nonparametric iid bootstrap procedure for the empirical likelihood, the exponential tilting, and the exponentially tilted empirical likelihood estimators that achieves asymptotic refinements for t tests and confidence intervals, and Wald tests and confidence regions based on such estimators. Furthermore, the proposed bootstrap is robust to model misspecification, i.e., it achieves asymptotic refinements regardless of whether the assumed moment condition model is correctly specified or not. This result is new, because asymptotic refinements of the bootstrap based on these estimators have not been established in the literature even under correct model specification. Monte Carlo experiments are conducted in dynamic panel data setting to support the theoretical finding. As an application, bootstrap confidence intervals for the returns to schooling of Hellerstein and Imbens (1999) are calculated. The result suggests that the returns to schooling may be higher.
    Date: 2018–06
  292. By: Montt, Guillermo E.; Maître, Nicolas.; Amo-Agyei, Silas.
    Abstract: Electricity generation from renewable sources has been touted as a win-win solution for the advancement towards both environmental sustainability and decent work for all. This paper analyses the employment effects of electricity generation by different sources on a worldwide scale as observed since the year 2000. It finds that the additional generation from renewable, non-hydro, energy sources has been related to higher job creation in the electricity sector when compared to other energy sources, notably fossil fuel- based technologies. As predicted, renewables also help reduce GHG emissions. Estimating the economy-wide effects through employment multipliers provide more evidence that developing renewable energy has positive environmental and employment impact throughout the entire economy.
    Date: 2018
  293. By: Ashima Goyal (Indira Gandhi Institute of Development Research)
    Abstract: The paper presents a variety of indicators to show that demand constrained output during the period of growth slowdown 2011-17. It also draws on research to show the macroeconomic structure of the economy is such that a policy induced demand contraction affects output more than it affects inflation. In this context it evaluates the application and working of inflation targeting. The framework agreed to was flexible inflation targeting but it was too narrowly and strictly implemented initially, although there are signs of moderation in 2018. There was too much emphasis on a weak aggregate demand channel to reduce inflation. Since inflation forecasts were biased upwards the more effective expectations anchoring channel of inflation targeting was under-utilized. Space available due to positive commodity shocks was not made use of so that the negative output gap further widened, even as potential output itself fell. The output sacrifice imposed was therefore higher than necessary. Finally, possible mechanisms to ensure IT is implemented flexibly as required in the Indian context are discussed.
    Keywords: Inflation targeting, monetary policy committee, commodity price shocks, output sacrifice
    JEL: E31 E52 F43
    Date: 2018–02
  294. By: Jeri, Ramsito
    Abstract: Al-Ghazali is a scholar whose ideas are concerned with the state of society. Some of his work deals with the improvement of social life at that time. The writing of this article aims to examine the work of Al Ghazali and connect it with the economic and political situation in the life of Al-Ghazali. The method used is the descriptive method. The results show that Al-Ghazali is a scholar who cares about the problems of society, including the economic problems of society.
    Keywords: economic law, al Ghazali, Islamic economy, economic thinking
    JEL: B00
    Date: 2018–03–01
  295. By: Jean-Luc Moriceau (DEFIS - Droit, Economie, Finances et Sociologie - TEM - Télécom Ecole de Management - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologie, Economie et Management - UEVE - Université d'Évry-Val-d'Essonne - Grenoble École de Management (GEM) - TEM - Télécom Ecole de Management)
    Abstract: In a cocktail party celebrating a strategic success, some participants are asked to pay tribute to Polemos. Several insights into struggles and fights inside business affairs will be exposed - however is Polemos only inside the discourses, is not he also one of the guests ?
    Abstract: Lors d'un cocktail célébrant une victoire stratégique, certains participants sont tenus de faire l'éloge de Polémos. Différentes conceptions de la lutte et des conflits dans le monde des affaires vont ainsi s'exposer - mais Polémos est-il seulement dans les discours, ne sera-t-il pas aussi invité à cette soirée ?
    Keywords: Writing as performance,Polémos,Conflict,Competition,Recognition,Ecriture comme performance,Conflits,Reconnaissance,Concurrence
    Date: 2018
  296. By: Fong, Christian (Stanford University); Malhotra, Neil (Stanford University); Margalit, Yotam M. (Tel Aviv University)
    Abstract: Politicians are widely perceived to lose significance upon leaving office. Yet media accounts often highlight politicians' legacies as a source of influence that endures even after they retire. This article assesses these contrasting views by investigating the substance, endurance, and significance of political legacies. We develop a theoretical account of legacies and their relevance to contemporary politics, emphasizing that in addition to "hard legacies"--concrete and enduring policy achievements--politicians often establish "soft" legacies--memories enshrined in the public's consciousness. Soft legacies can be, but are not necessarily, tied to the substance of one's hard legacy. We ground our theoretical account empirically by testing a series of observable implications using data from online discussion forums, original surveys of both citizens and political elites, thousands of former politicians' Wikipedia pages, and a randomized experiment. We find that establishing a lasting legacy is a key motivation of public officials. More generally, our findings provide substantial evidence that legacies influence contemporary policy debates long after a leader steps down.
    Date: 2017–08
  297. By: Catia Batista; Pedro Vicente; Marcel Fafchamps
    Abstract: In this paper, we study information sharing through text messages among rural Mozambicans with access to mobile money. For this purpose, we conducted a lab-in-the-field experiment involving exogeneously assigned information links. In the base game mobile money users receive an SMS containing information on how to redeem a voucher for mobile money. They are then given an opportunity to share this information with other subjects. We find that participants have a low propensity to redeem the voucher. They nonetheless share the information with others, and many subjects share information they do not use themselves, consistent with warm glow. We observe that there is more information sharing when communication is entirely anonymous, and we uncover no evidence of homophily in information sharing. We introduce various treatments: varying the cost of information sharing; being shamed for not sending vouchers; and allowing subjects to appropriate (part of) the value of the shared information. All these treatments decrease information sharing. The main implication is that, to encourage information sharing, the best is to keep it simple.
    Keywords: Information, lab-in-the-field experiment, mobile money, Mozambique, NOVAFRICA, social networks
    Date: 2018
  298. By: Chakraborty, Lekha (National Institute of Public Finance and Policy); Sinha, Darshy (National Institute of Public Finance and Policy)
    Abstract: We analyse the fiscal marksmanship of the macro-fiscal variables of Union Government ex-ante and ex-post to the formulation of fiscal rules in India. The fiscal marksmanship is the accuracy of budgetary forecasting. The fiscal rules have been legally mandated in India in the form of fiscal responsibility and budget management Act (FRBM Act) in 2003, with a criteria of fiscal-deficit to GDP threshold ratio of 3 per cent and gradual phasing out of revenue deficit. Using Theil’s inequality coefficient (U) based on the mean square prediction error, the paper estimates the magnitude of errors in the budgetary forecasts in India during the period ex-ante and ex-post to fiscal rules, and also decomposed the errors into biasedness, unequal variation and random components. The decomposition of errors is to analyze the source of error in both the regimes. Our results found that in both regimes, the proportion of error due to random variation has been significantly higher, which is beyond the control of the forecaster. In other words, the error due to bias of the policy maker in preparing the Union Budget has been negligible in the period ex-ante and ex-post to fiscal responsibility and budget management (FRBM) Act in India. This result has significant policy implications especially in the context of repeal of 2003 FRBM Act in India and the Union Government has announced clauses for a ‘New FRBM Act’ in India in the Finance Bill 2018.
    Keywords: : fiscal marksmanship ; budget forecast errors ; fiscal rules ; rational expectations
    JEL: C32 C53 E62 H50 H60
    Date: 2018–06
  299. By: Ivan Mendieta-Munoz; Mengheng Li
    Abstract: This paper studies the evolution of long-run output and labour productivity growth rates in the G-7 countries during the post-war period. We estimate the growth rates consistent with a constant unemployment rate using time-varying parameter models that incorporate both stochastic volatility and a Heckman-type two-step estimation procedure that deals with the possible endogeneity problem in the econometric models. The results show a significant decline in long-run growth rates that is not associated with the detrimental effects of the Great Recession, and that the rate of growth of labour productivity appears to be behind the slowdown in long-run GDP growth.
    Keywords: Long-run output growth rates, unobserved components, Kalman filter, time- varying parameter models, stochastic volatility, Heckman two-step bias correction. JEL Classification: O41, O47, C15, C32
    Date: 2018
  300. By: James P. Gander
    Abstract: The purpose of this paper is to present an alternative approach to analyzing firm advertising under uncertainty. The approach considers the simultaneity (orduality) of two effects of advertising, one effect on the probability associated with the bundle of goods the typical buyer purchases and the other effect on the probability associated with the time the buyer spends in the store making the purchases. While bundle and time are well explored in the literature, our simultaneity approach to determine the optimum level (and type) of advertising results in implications that are not present in the literature. The novelty of this alternative approach is that it shows that there can be the possibility of an equivalent dual optimal advertising effect on the expected value of the bundle and the expected value of the time spent. The implications of such an equivalence (or lack thereof) for advertising decision making are then explored.
    Keywords: Advertising, Uncertainty, Bundle, Time Spent,Equivalence JEL Classification: 022, 024, 511, 541
    Date: 2018
  301. By: Christian A. L. Hilber, Olivier Schoeni
    Abstract: We investigate how political backlash against wealthy second home investors in high-amenity places – tourist areas and superstar cities – affects local residents. We exploit a quasi-natural experiment: the ‘Swiss Second Home Initiative’ (SHI), which banned the construction of new second homes in desirable tourist locations. Consistent with our model, we find that the SHI lowered transaction prices of primary homes in affected areas by around 12% but did not adversely affect prices of second homes. Our findings suggest that the negative effect on local economies dominated positive amenity-preservation effects. Constraining second home investments may reinforce rather than reduce wealth inequality.
    Keywords: Second homes; wealth inequality; land use regulation; house prices; homeownership; real estate investments
    JEL: D63 G12 R11 R21 R31 R52
    Date: 2016–08
  302. By: Sokolova, Maria V. (Asian Development Bank Institute)
    Abstract: We show that regional trade integration shifts the burden of the exchange rate adjustment towards the less integrated trading partners. Thus, they bear the cost of trade balance expansion, while competitive exchange rate moves vis-a-vis regional trade agreement (RTA) trading partners result in no expansion or deterioration of the overall trade balance. First, using the data on 138 countries that have been involved in regional trade integration through signing regional trade agreements (RTAs) since 1990, we show that upon a 10% depreciation towards non-RTA trading partners results in a 4.4% improvement of the aggregate trade balance. A similar competitive depreciation towards RTA trading partners has resulted in an average 3.7% deterioration of the aggregate trade balance. Second, we confirm that RTA participation can act as a good proxy for trade integration, and test the results with alternative measures of trade balance. Third, we use a simple model framework based on the current account adjustments to put the empirical findings into the theoretical frame. Altogether, we indicate that regional trade integration in the form of RTAs should be taken into account in questions related to the competitive exchange rate effects and trade balance adjustment.
    Keywords: trade balance; regional trade agreements; competitive depreciation; economic integration; terms-of-trade
    JEL: F10 F13 F14 F15 F40 F41
    Date: 2017–03–03
  303. By: Christian Masiak; Joern H. Block; Tobias Masiak; Matthias Neuenkirch; Katja N. Pielen
    Abstract: We analyse the triangle of Initial Coin Offerings (ICO) and cryptocurrencies, namely Bitcoin and Ethereum. So far, little is known about the relationship between ICOs, bitcoin and Ether prices. Hence, we employ both bitcoin and Ether prices but also the ICO amount to measure the future development of raised capital in ICOs. First, our results indicate that an ICO has an influence on the subsequent ICO. Second, not only bitcoin prices but also Ether prices play a considerable role with regard to the output of ICO campaigns. However, the effect of Ethereum is of shorter duration on ICO compared to Bitcoin on ICO. A further finding is that the cryptocurrency Bitcoin positively influences Ether. The implications of these findings for investors and entrepreneurial firms are discussed.
    Keywords: Blockchain, cryptocurrency, entrepreneurial finance, initial coin offering, ICO
    JEL: G11 E22 M13 O16
    Date: 2018
  304. By: Pablo Astorga Junquera
    Abstract: Abstract This paper discusses and documents a new dataset of real wages for unskilled, semi-skilled, and relatively skilled labour in Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela (LA-6) over the period 1900-2011. Three interrelated aspects are examined: the wage growth record associated with periods dominated by a particular development strategy; wage convergence across the LA-6; and changes in wage skill premiums and their links with fundamentals. The key findings are: i) the region’s unskilled wage rose by 147% in the period compared to rises of 243% in the average wage and 440% in income per worker (including both property and labour income); ii) there is a limited process of wage convergence across the LA-6; and weak persistence in the country hierarchy; iii) skill premiums tended to peak during the middle decades of the 20th century, coinciding with the acceleration of industrialisation and the timing of the demographic transition. Movements in the terms of trade are broadly associated with both fluctuations and trends in wage premiums, though the direction of the link is country and time specific.
    Keywords: wage levels and differentials, economic development, Latin America
    JEL: J31 O1 N36
    Date: 2017–03–20
  305. By: Michał Brzoza-Brzezina (Narodowy Bank Polski and Warsaw School of Economics); Jacek Kotłowski (Narodowy Bank Polski and Warsaw School of Economics)
    Abstract: This paper draws from two observations in the literature. First, that shocks to entrepreneur or household confidence matter for economic outcomes. Second, that it is hard to explain the extent of cyclical comovement between economies taking into account their trade links only. We check empirically to what extent confidence fluctuations matter for business cycles and in particular for their comovement between economies. We focus on a large (euro area) and a small, nearby economy (Poland). Our results show that confidence fluctuations account for approximately 40% of business cycle fluctuations in the euro area. Spillovers of confidence shocks are also large. Our main finding is that the their direct impact (i.e. not via trade but through the cross-border spread of news and business sentiment) accounts for almost 40% of business cycle fluctuations in Poland.
    Keywords: International spillovers, animal spirits, sentiments, business cycle
    JEL: C32 E32 F44
    Date: 2018
  306. By: Christophe Blot (Observatoire français des conjonctures économiques)
    Abstract: Lors de sa réunion du 13 juin, la Réserve fédérale a annoncé une augmentation du taux directeur de la politique monétaire, qui se situe désormais dans une fourchette de 1,75 à 2 %. Jérôme Powell, le nouveau Président de l’institution depuis février justifie cette décision par la situation favorable sur le marché du travail et par l’évolution récente de l’inflation, proche de 2 % lorsqu’on l’on ne tient pas compte des prix alimentaires et de l’énergie. Dans ces conditions, la banque centrale serait en passe de satisfaire ses objectifs, à savoir un emploi maximum et la stabilité des prix, ce qui justifie la poursuite de la normalisation de la politique monétaire américaine. [Premier paragraphe]
    Keywords: Politique monétaire; Inflation; Réserve fédérale; Taux directeur
    Date: 2018–06
  307. By: Dolata, Ulrich
    Abstract: Anknüpfend an die Debatten um eine digitale Ökonomie und die Herausbildung eines Plattformkapitalismus werden in diesem Papier die Strukturen, Funktionsweisen und Reichweiten kommerzieller Such-, Networking-, Messaging-, Werbe-, Handels-, Vermittlungs- und Medienplattformen im Internet sowie das Zusammenspiel von Konzentrations- und Konkurrenzdynamiken auf den Märkten, die sie bedienen, analysiert. Ökonomisch betrachtet üben Plattformen im Internet zwar einen zum Teil radikalen Restrukturierungsdruck auf bestehende Wirtschaftssektoren aus, konstituieren aber keine grundlegend neuen Wirtschaftszweige, weisen ein sehr eingeschränktes Repertoire an Geschäftsmodellen auf und lassen sich auch nicht als grundlegend neuer Typ von Unternehmen fassen. Das Neue, das diese Plattformen auszeichnet und von ihren Vorgängern unterscheidet, besteht darin, dass sie deutlich über die Strukturierung rein ökonomischer Zusammenhänge hinaus- und weit in die Gesellschaft hineinreichen: Durch sie werden große Teile des privaten und öffentlichen Austauschs im Netz privatwirtschaftlich organisiert, kuratiert und kommodifiziert.
    Date: 2018
  308. By: Kea Tijdens
    Abstract: Collective bargaining is an important instrument in wage-setting processes, but lacks underpinning with empirical data. Little is known about what exactly is agreed upon in collective bargaining. Few countries maintain databases with coded collective agreements; and agreements are coded for different topics and levels of detail. Attempts to discuss bargaining results at EU level are hampered by the lack of systematic data-collection of agreements. Social partners perceive an increasing need for cross-country comparisons, i.e., because of growing importance of foreign direct investment in EU member states. Therefore, EU-level social partners in commerce, UNI Europa and EuroCommerce, have expressed their interest in a study of content of collective agreements negotiated by their members at national level. The first BARCOM report describes the coding and collection of collective bargaining agreements (CBA), using the coding form provided by the WageIndicator Foundation. The report compares the contents of 116 CBA’s for 9 coding topics. Supported by the European Commission, DG Employment, Social Affairs and Inclusion, VS/2016/0106
    Date: 2018–06–27
  309. By: Stark, Oded
    Abstract: We study the relative risk aversion of an individual with particular social preferences: his wellbeing is influenced by his relative wealth, and by how concerned he is about having low relative wealth. Holding constant the individual's absolute wealth, we obtain two results. First, if the individual's level of concern about low relative wealth does not change, the individual becomes more risk averse when he rises in the wealth hierarchy. Second, if the individual's level of concern about low relative wealth intensifies when he rises in the wealth hierarchy and if, in precise sense, this intensification is strong enough, then the individual becomes less risk averse: the individual's desire to advance further in the wealth hierarchy is more important to him than possibly missing out on a better rank.
    Keywords: Relative risk aversion,Wealth rank,Concern about low relative wealth
    JEL: D31 D81 G11
    Date: 2018
  310. By: Nicolás Álvarez; Antonio Fernandois; Andrés Sagner
    Abstract: In this paper, we estimate risk aversion contained in stock indices, exchange rates, and sovereign bond yields of a sample of developed and emerging countries. In particular, we use the methodology proposed by Bekaert et al. (2013) to decompose various measures of implicit variance into its realized variance and risk aversion components. Our results show a higher, generalized risk appetite during the last years, in a context of low financial volatility and high global political uncertainty. Lastly, we find that risk aversion tends to be higher during periods of financial fragility and recessions, and events of low risk aversion typically precede these episodes.
    Date: 2018–06
  311. By: Grigoriadis, Theocharis
    Abstract: Competing definitions of justice in Plato's Republic and Aristotle's Politics indicate the existence of two distinct economic systems with different normative priorities. The three-class society of the Platonic economy (guardians, auxiliaries, producers) gives rise to guardians who by virtue are expected to enforce output targets on producers directly or through auxiliaries. The three-class society of the Aristotelian economy (rich, middle, poor) facilitates the emergence of different ruling coalitions and compensates efficiency losses of vertical production processes with political gains derived from representative governance. In the Aristotelian economy, the middle class is better off than in the Platonic economy (auxiliaries), because a just society (polity) is achieved under its rule. I argue that the equilibrium solutions of the Platonic and Aristotelian systems provide the normative foundations for the distinction between plan and market.
    Keywords: Plato,Aristotle,central planning,market mechanism,political regimes,economic systems
    JEL: D63 P11 P14 P16 P21 P26 P52
    Date: 2018
  312. By: Langlois, Hugues; Chaieb, Ines; Errunza, Vihang R.
    Abstract: We develop an asset pricing model to analyze the joint impact of liquidity costs and market segmentation. The freely traded securities command a premium for liquidity level and global market and liquidity risk premiums whereas securities that can only be held by a subset of investors additionally command a local market and liquidity risk premiums. Based on a new methodology, we find that the liquidity level premium dominates the liquidity risk premiums for our sample of 24 emerging markets. Whereas the local liquidity risk premium is empirically small, the global market liquidity risk premium dramatically increases during crises and market corrections.
    Keywords: International asset pricing; liquidity risk; transaction cost; emerging markets; market integration.
    JEL: F30 G12 G15 G20 G30
    Date: 2017–10–31
  313. By: Christophe Muller (Aix-Marseille Université); Pierre Pecher (Aix-Marseille Université)
    Abstract: Ethnicity often occupies a core role in integrated social, economic, and political development processes, which have mostly been studied within specific countries. Across countries, social and economic development may be supported by political capabilities achieved by ethnic kin abroad, although there is little hard evidence on politico-economic interactions through ethnic networks. We fill this gap by providing the first robust empirical evidence of the substantial effects of political predominance of transborder ethnic kin on local economic development in Africa. This is achieved by specifying and estimating dynamic spatial models of geolocalised luminosity and matching these data with other geolocalised information on geographic, political, and ethnic characteristics. Spatial and ethnic network effects are separately identified and jointly analysed. Not only distinct spatial effects and transborder ethnic effects are exhibited, but also are their complex dynamics and spatial distribution features in terms of local development. The results draw attention to the relevance of a broader international perspective on policies affecting ethnic politics within countries.
    Keywords: Local Development, Ethnic Networks, Institutions
    JEL: D72 R11 O43
    Date: 2018–05–26
  314. By: Nakamura, Hideki; Zeira, Joseph
    Abstract: This paper presents a model of technical change that combines two lines of research together. It is a task based model, in which automation turns labor tasks to mechanized ones, and there is also a continuous addition of new labor tasks, as in the expanding variety literature. We impose three simple restrictions on the model. The first is that all new tasks are adopted. The second is that all new automation innovations are adopted and the third is that the share of labor does not converge to zero in the long run. We show that these restrictions imply that unemployment due to automation is expected to converge to zero over time.
    Keywords: automation; growth; Labor Income Share; technical change; unemployment
    JEL: J64 O14 O30 O40
    Date: 2018–06
  315. By: Christine Rifflart (Observatoire français des conjonctures économiques)
    Abstract: Avec un déficit à 3,1 % du PIB en 2017, l’Espagne a réduit son déficit de 1,4 point par rapport à 2016 et satisfait ses engagements vis-à-vis de la Commission européenne. Elle devrait franchir le seuil des 3 % en 2018 sans difficulté et serait donc le dernier pays à sortir de la Procédure pour déficit excessif (PDE), après la France en 2017. Après avoir été présenté à la Commission européenne le 30 avril, le budget 2018 a été voté au Congrès des députés espagnols le 23 mai dans un contexte politique extrêmement tendu qui a conduit le 1er juin à la destitution du président du gouvernement Mariano Rajoy (avec notamment le soutien des élus nationalistes basques du PNV qui avaient voté le budget 2018 quelques jours plus tôt). Il devrait être adopté au Sénat prochainement par une nouvelle majorité. L’orientation expansionniste du budget 2018, validée par le gouvernement du nouveau président socialiste Pedro Sanchez, ne satisfait pas la Commission qui juge l’ajustement des finances publiques insuffisant pour atteindre l’objectif de 2,2 % du PIB repris dans le Pacte de stabilité et de croissance 2018-2021. Selon les hypothèses du gouvernement précédent, non seulement le déficit reviendrait en dessous des 3 % mais la cible nominale serait respectée. [Premier paragraphe]
    Keywords: Conjoncture; Croissance; Déficit public; Dette publique; Zone euro
    Date: 2018–06
  316. By: Fetzer, Thiemo (University of Warwick); Kyburz, Stephan (Center for Global Development)
    Abstract: Can institutionalized transfers of resource rents be a source of civil conflict? Are cohesive institutions better in managing distributive conflicts? We study these questions exploiting exogenous variation in revenue disbursements to local governments together with new data on local democratic institutions in Nigeria. We make three contributions. First, we document the existence of a strong link between rents and conflict far away from the location of the actual resource. Second, we show that distributive conflict is highly organized involving political militias and concentrated in the extent to which local governments are non-cohesive. Third, we show that democratic practice in form having elected local governments significantly weakens the causal link between rents and political violence. We document that elections (vis-a-vis appointments), by producing more cohesive institutions, vastly limit the extent to which distributional conflict between groups breaks out following shocks to the available rents. Throughout, we confirm these findings using individual level survey data.
    Keywords: conflict ; ethnicity ; natural resources ;political economy ; commodity prices
    JEL: Q33 O13 N52 R11 L71
    Date: 2018
  317. By: Tobias Mueller, Mujaheed Shaikh
    Abstract: This paper presents evidence on intra-household retirement externalities by assessing the causal e ect of spousal retirement on various health behaviors and health status across 19 European countries. We identify partner's and own retirement e ects by applying a fuzzy regression discontinuity design using retirement eligibility as exogenous instruments for spousal and own retirement status. We nd signi cant increases in the frequency and intensity of alcohol consumption combined with a signi cant decrease in moderate physical activities as a response to partner's retirement. In line with the existing literature, we nd that own retirement has signi cant positive e ects on engaging in moderate and vigorous physical activities but also leads to a signi cant increase in the frequency of alcohol intake. Overall, subjective health is negatively a ected by spousal retirement and positively by own retirement.
    Keywords: Retirement Externalities, Health behavior, Fuzzy Regression Discontinuity Design
    JEL: J26 I12 C26
    Date: 2017–08
  318. By: Gandenberger, Carsten; Köhler, Jonathan Hugh; Doll, Claus
    Abstract: The paper asks how the modal shift from road to rail in the freight sector is sup-ported by institutional change. Following North (1990), institutions are understood as the "rules of the game" in the rail freight sector. Based on the literature on institutional change, four different perspectives and mechanisms can be dis-cerned: institutional design, collective action, institutional adaptation, and institu-tional diffusion. Each of these perspectives examines the situation in the German rail freight sector from a different angle. Based on this analysis, processes of institutional change and their potential impact on modal shift are discussed. Fol-lowing the railway reform, new domestic and foreign competitors of DB Cargo have entered the rail freight market with business models tailored to promising segments. At the same time, this competition has triggered a transformative or-ganisational change initiative at DB Cargo, which is currently in the process of implementation. Even though the success of this initiatives is highly uncertain, in total, the described changes are likely to result in a higher competitiveness of the sector and a stronger orientation to customer needs. Furthermore, the road freight sector has increasingly come under political pressure due to its rising GHG emissions and rail transport is increasingly seen as a viable alternative. In this respect, the recently published Master Plan for Rail Transport acts on many re-quirements of the railway sector and foresees a reduction of financial burdens, capacity extensions, and technological innovation. Overall, however, the analysis suggests that the current rate of institutional change may not be sufficient to cause the far-reaching changes necessary for a large scale transformation of the modal split of freight transport.
    Date: 2018
  319. By: Christian Alcocer; Thomas D. Jeitschko; Thomas D. Jeitschko
    Abstract: We postulate a new behavioral bias in how people play mixed strategies by proposing the existence of simple players who lack strategic depth; in a sense, they are the simplest possible agents that do not directly contradict the economic principle of utility maximization. We deÖne them as those who, when indi§erent between choices, follow a simple rule-of-thumb and assign a predetermined probability to each. We show that if they play 2 2 games, an equilibrium generally fails to exist. However, under random matching within populations with some proportion of simple players, equilibrium is restored and is indistinguishable from Nash equilibria in games with unrestricted strategy choices, as long as the percentage of simple mixers is small enough. As such, players are unable to take advantage of the presence of simple mixers, and simple mixers do no worse than more sophisticated players.
    Keywords: Behavioral, Bounded Rationality, Mixed Equilibria
    JEL: C72 D03 D83
    Date: 2018–01–23
  320. By: Besedeš, Tibor; Goldbach, Stefan; Nitsch, Volker
    Abstract: Sanctions restrict cross-border interactions and, therefore, not only put political and economic pressure on the target country, but they also adversely affect the sender country. This paper examines the effect of financial sanctions on the country imposing them. In particular, we analyze the business responses of German non-financial entities to the imposition of sanctions on 23 countries over the period from 1999 through 2014. Examining highly disaggregated, monthly data from the German balance of payments statistics, we find four main results. First, German financial activities with sanctioned countries are sizably reduced after the imposition of sanctions, with strong reductions in the scope of cross-border activities (i.e., the extensive margin with fewer firms and fewer asset categories) and less statistically robust results for total financial flows (sum of inflows and outflows) which is consistent with the concept of 'smart sanctions'. Second, firms doing business with sanctioned countries tend to be disproportionately large, making them largely immune to the reduction in business opportunities with individual partners. Third, firms affected by sanctions expand their activities with non-sanctioned countries, some of which display close trade ties to the sanctioned country. Fourth, we find no effect of sanctions on aggregate variables of firm performance such as employment or total sales. Overall, we conclude that the economic costs of financial sanctions to the sender country are limited.
    Keywords: sanction,restriction,cross-border transaction
    JEL: F20 F36 F51
    Date: 2018
  321. By: Höhle, Juliane; Bielefeldt, Judith; Dühnelt, Petra; König, Nils; Ziche, Daniel; Eickenscheidt, Nadine; Grüneberg, Erik; Hilbrig, Lutz; Wellbrock, Nicole
    Abstract: Die bundesweite Bodenzustandserhebung im Wald (BZE) ist ein zentrales Element des forstlichen Umweltmonitorings. Sie erfasst Zustand und Veränderungen von Waldböden auf einem bundesweiten Stichprobennetz. Die Geschichte der BZE reicht mehr als 30 Jahre zurück. Erstmalig wurde die BZE im Zeitraum zwischen 1987 und 1993 und wiederholt zwischen 2006 und 2008 durchgeführt. Die BZE ist ein Gemeinschaftsprojekt des Bundes und der Bundesländer. Die Bundesländer erheben die Daten, führen die Laboranalysen durch und werten die Daten für Ihr Gebiet aus. Der Bund koordiniert das Projekt, speichert die Daten zentral in der BZE-Bundesdatenbank und ist für die bundesweite Auswertung zuständig. Um standardisierte und reproduzierbare Werte zu erheben, wurden die Methoden bundesweit abgestimmt und in den Arbeitsanleitungen zur BZE beschrieben. Methodische Abweichungen von diesen Standardmethoden sind historisch bedingt oder länderspezifischen Fragestellungen und Interessen geschuldet. Die Dokumentation aller BZE-Methoden erfordert das Zusammenführung verschiedenster Quellen (Waldbodenzustandsberichte der Bundesländer, Protokolle der Bund-Länder-Sitzungen, Angaben aus der Bundesdatenbank, Methodencode, dem Handbuch der forstlichen Analytik, Vorstudien und Berichten zum Qualitätsmanagement). Um die Daten der BZE-Inventuren vergleichend auswerten zu können, war die Integration von BZE I-Daten in die BZE-Bundesdatenbank nötig. Dazu wurden verschiedenste Daten-Harmonisierungsschritte vollzogen wie z.B. die Anpassung der Verschlüsselung an aktuelle Vorgaben und die Beurteilung der Vergleichbarkeit bei Methodenwechseln. Die vorliegende Publikation dient in erster Linie dazu all diese Datentransferschritte transparent darzustellen. Zentrales Ziel ist es jeden Primärparameter, d.h. jeden erhobenen oder analytisch bestimmten Parameter methodisch und technisch zu beschreiben. Der Weg von der Erhebung bzw. Analyse bis zur Speicherung und Verarbeitung in der BZE-Bundesdatenbank wird aufgezeigt.
    Keywords: Boden,Monitoring,Methoden,Harmonisierung,Bodenzustandserhebung,Wald,soil,monitoring,methods,harmonization,National Forest Soil Inventory,forest
    Date: 2018
  322. By: Fritz, Oliver; Streicher, Gerhard; Unterlass, Fabian
    Abstract: Die heimische und internationale Nachfrage nach in Österreich produzierten Sachgütern trägt mit 21,8% der gesamten Bruttowertschöpfung wesentlich zur gesamtwirtschaftlichen Leistung bei, auch wenn sich durch die zunehmende Bedeutung internationaler Produktionsnetzwerke die Wertschöpfungsintensität der Produktion stetig verringert. Ein relativ stabiler Anteil dieser Wertschöpfung entfällt auf die österreichische Sachgüterproduktion selbst, der direkt und indirekte Anteil von Dienstleistungen an der Herstellung dieser Güter nimmt entgegen den Erwartungen nicht zu. Die F&E-Intensität der Wirtschaftssektoren ist hingegen deutlich gestiegen, auch wenn sie stark zwischen den Sektoren variiert. Über Vorleistungsbeziehungen konsumieren auch die wenig F&E-intensiven Sektoren indirekt F&ELeistungen anderer, forschungsintensiverer Sektoren und sind damit wichtige "Auftraggeber" unternehmerischer Forschungsaktivitäten.
    Date: 2018–06
  323. By: Mazzuchi, Graciela.; González, Eloísa.
    Abstract: A los efectos expositivos en este trabajo en primer lugar se realiza una breve caracterización del sector textil vestimenta en Uruguay y en segundo lugar se explica el funcionamiento de la negociación en Uruguay en el sector textil vestimenta, las instituciones en que se apoya, la dinámica del proceso y los resultados generales obtenidos. Una vez determinado el contexto en el punto tres se analiza la negociación del sector textil vestimenta en los últimos años, en el cuatro los impactos en el salario real del sector y en el cinco se resumen las opiniones de los actores en relación a este proceso. Por último, se extraen algunas conclusiones y se realizan algunas sugerencias.
    Date: 2018
  324. By: Adena, Maja; Huck, Steffen
    Abstract: We study intertemporal crowding between two fundraising campaigns for the same charitable organization by manipulating donors’ beliefs about the likelihood of future campaigns in two subsequent field experiments. Theory predicts that the effect of such belief manipulations depends on whether multiple donations are perceived as substitutes or complements. In line with intuition, the data from our experiment in the first year suggests that multiple donations are substitutes and, consequently, that rendering future campaigns more likely causes crowding out. In the second year, however, we find that our belief manipulations no longer have an effect. When receiving a second fundraising call, donors learn that also future repetitions may occur. In contrast with theoretical predictions for substitutes, we find that year-2 donations are increasing in year-1 donations, that is, higher do-nations in an earlier campaign crowd in future donations.
    Keywords: Charitable giving,field experiments,intertemporal crowding
    JEL: C93 D64 D12
    Date: 2018
  325. By: Wanderley, Fernanda (IISEC, Universidad Católica Boliviana)
    Abstract: Al inicio del siglo XXI, Bolivia presentó mejoras en los indicadores de pobreza y desigualdad monetaria siguiendo la tendencia de América Latina. El análisis de la evolución del Índice de Necesidades Básicas Insatisfechas (NBI) también muestra una tendencia positiva. Sin embargo, todavía persisten diferencias significativas por área geográfica - urbana y rural- y entre los departamentos. El período entre 2004 y 2014 se caracterizó por una bonanza económica excepcional debido, principalmente, al incremento de la demanda y los precios internacionales de las materias primas. A partir de 2014, la caída del precio de estaño, hidrocarburos y otras materias primas marcó la desaceleración del ciclo expansivo de la economía internacional y de los precios de las materias primas y el inicio de un ciclo de retracción económica en la región. Considerando la histórica dependencia de la economía regional a los booms y colapsos de los precios de los recursos naturales y, consecuentemente, de los negativos efectos económicos y sociales provocados por una marcada volatilidad de nuestros mercados, las siguientes interrogantes se imponen: ¿Cuáles fueron los factores más importantes para la mejora de los indicadores sociales en el periodo de boom económico? y ¿qué políticas se requieren para sostener la mejora de los indicadores sociales y seguir ampliando el bienestar de la población boliviana? El objetivo del documento es presentar los avances sociales y los problemas persistentes para lograr el bienestar social de todos y todas las bolivianas con base en los últimos indicadores oficiales disponibles y en estudios secundarios, y las explicaciones sobre los factores que incidieron en las mejoras sociales. El documento ofrece una síntesis de los principales desafíos que todavía enfrenta el país.
    Keywords: Pobreza; Desigualdad; Sistema de protección social; empleo; ingresos y salarios; políticas sociales;
    JEL: I24 I31 I32 I38 J21 J31
    Date: 2018–06–25
  326. By: Michal Burzynski; Frédéric Docquier; Hillel Rapoport
    Abstract: We investigate the welfare implications of two pre-crisis immigration waves (1991–2000 and 2001–2010) and of the post-crisis wave (2011–2015) for OECD native citizens. To do so, we develop a general equilibrium model that accounts for the main channels of transmission of immigration shocks – the employment and wage effects, the fiscal effect, and the market size effect – and for the interactions between them. We parameterize our model for 20 selected OECD member states. We find that the three waves induce positive effects on the real income of natives, however the size of these gains varies considerably across countries and across skill groups. In relative terms, the post-crisis wave induces smaller welfare gains compared to the previous ones. This is due to the changing origin mix of immigrants, which translates into lower levels of human capital and smaller fiscal gains. However, differences across cohorts explain a tiny fraction of the highly persistent, cross-country heterogeneity in the economic benefits from immigration.
    Keywords: Immigration;Welfare;Crisis;Inequality;General Equilibrium
    JEL: C68 F22 J24
    Date: 2018–06
  327. By: Malesios, C; Demiris, N; Kalogeropoulos, K; Ntzoufras, I
    Abstract: Epidemic data often possess certain characteristics, such as the presence of many zeros, the spatial nature of the disease spread mechanism, environmental noise, serial correlation and dependence on time varying factors. This paper addresses these issues via suitable Bayesian modelling. In doing so we utilise a general class of stochastic regression models appropriate for spatio-temporal count data with an excess number of zeros. The developed regression framework does incorporate serial correlation and time varying covariates through an Ornstein Uhlenbeck process formulation. In addition, we explore the effect of different priors, including default options and variations of mixtures of g-priors. The effect of different distance kernels for the epidemic model component is investigated. We proceed by developing branching process-based methods for testing scenarios for disease control, thus linking traditional epidemiological models with stochastic epidemic processes, useful in policy-focused decision making. The approach is illustrated with an application to a sheep pox dataset from the Evros region, Greece.
    Keywords: Bayesian modelling; Bayesian variable selection; branching process; epidemic extinction; g-prior; spatial kernel; disease control
    JEL: C1
    Date: 2017–06–12
  328. By: Miguel Vazquez; Matteo di Castelnuovo
    Abstract: We analyze the changes in the regulation of electricity systems required to adapt to the presence of energy storage. To that end, we begin by identifying different types of services provided by storage. As services have different economic properties, the economic mechanisms required to organize them will be different as well. There are two relevant “arenas” for storage services: i) buy and sell energy in different periods (including energy related to ancillary services); and ii) avoid the need to transport energy from one point to another, i.e. the need to use transmission and/or distribution networks. Consequently, this involves two kinds of regulatory challenges, because storage compete with different types of services. The first regulatory challenge is related to wholesale market design, because flexibility services can be sold in “competitive” wholesale markets (energy, ancillary services, etc.). The second regulatory challenge has to do with the regulation of energy networks, because storage services may avoid the use of “regulated” networks. Consequently, network rules should allow them to compete in a technologically neutral manner.
    Keywords: Energy Storage Systems; Market Design; Network Regulation
    JEL: D23 D82 L51 L94
    Date: 2018
  329. By: Aikman, David (Bank of England); Giese, Julia (Bank of England); Kapadia, Sujit (European Central Bank); McLeay, Michael (Bank of England)
    Abstract: This paper explores monetary-macroprudential policy interactions in a simple, calibrated New Keynesian model incorporating the possibility of a credit boom precipitating a financial crisis and a loss function reflecting financial stability considerations. Deploying the countercyclical capital buffer (CCyB) improves outcomes significantly relative to when interest rates are the only instrument. The instruments are typically substitutes, with monetary policy loosening when the CCyB tightens. We also examine when the instruments are complements and assess how different shocks, the effective lower bound for monetary policy, market-based finance and a risk-taking channel of monetary policy affect our results.
    Keywords: Macroprudential; monetary policy; financial stability; capital buffer; financial crises; credit boom
    JEL: E52 E58 G01 G28
    Date: 2018–06–08
  330. By: Q. Farooq Akram (Norges Bank); Mats B. Fevolden (Norges Bank); Lyndsie H. Smith (Norges Bank)
    Abstract: We investigate the reliability of the `Furfine filter' often used to identify interbank loans and interest rates from interbank payments settled at central banks. To this end, we have been granted access to records of all unsecured overnight interbank loans during a month from the banks that participated in Norges Bank’s real-time gross settlement system. The filter applied was able to identify each of these loans and correctly derive the associated interest rates. The filter's reliability is also supported by additional evidence based on the Norwegian Overnight Weighted Average (NOWA) interest rates beyond the survey month. Sensitivity analyses suggest the share of false or overlooked loans may remain small if the filter design largely incorporates interbank market conventions regarding loan size requests and interests rate quotes.
    Keywords: Overnight interbank market, Furfine-algorithm, RTGS
    JEL: C63 G21 E43 E58
    Date: 2018–06–29
  331. By: Michel Forsé (Centre Maurice Halbwachs); Alexandra Frénod (CNRS); Caroline Guibet Lafaye (CNRS CMH); Maxime Parodi (Observatoire français des conjonctures économiques)
    Abstract: Les sondages, et notamment celui qui est étudié dans cet article, se succèdent pour montrer que les Français sont plus tolérants à l'égard des inégalités de patrimoine que vis-à-vis d'autres types d'inégalités, même lorsqu'elles sont aussi à caractère économique. Une enquête par entretiens semi-directifs auprès de trois générations de 35 lignées familiales (n = 105) a permis de mettre à jour trois logiques propres venant structurer les opinions sur la transmission patrimoniale : celle du libre agent, celle de l'égalité citoyenne et celle que l'on peut qualifier de familialiste. Quelle que soit cette logique, beaucoup d'interviewés soulignent aussi l'importance de la transmission culturelle et/ou affective. Il faut d'ailleurs noter que les membres d'une même lignée ont tendance à partager des opinions assez proches. Pour les niveaux plutôt faibles de patrimoine auxquels ils songent spontanément, ils manifestent une très forte aversion face à l'idée de taxer l'héritage, surtout s'il s'agit de la maison familiale. Pour des niveaux beaucoup plus élevés, une taxation importante n'est cette fois guère contestée.
    Keywords: inégalités; patrimoine; héritage; famille
    Date: 2018–06
  332. By: Guy Parmentier (CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique); Séverine Leloarne-Lemaire (GEM - Grenoble Ecole de Management - Grenoble École de Management (GEM), IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc); Mustapha Belkhouja (GEM - Grenoble Ecole de Management - Grenoble École de Management (GEM))
    Abstract: This paper questions the impact of team gender composition on idea generation and idea evaluation? Based on econometric analyses of evaluations of 100 product ideas proposed by 463 students, it shows that ideas supported by teams mostly composed of either males or females are as creative as ideas supported by mixed teams when they are evaluated by experts. When these ideas are evaluated by peers, the ideas supported by mixed teams are perceived as being less creative than ideas supported by teams that are predominantly composed of either males or females.
    Abstract: Este artículo examina la influencia que ejerce la composición de equipos creativos, en terminus de género, en la generación y evaluación de ideas. Un análisis econométrico realizado sobre la evaluación de 100 ideas de nuevos productos desarrolladas por 463 estudiantes muestra que las ideas propuestas por equipos predominantemente compuestos de hombres o mujeres son tan creativas como las ideas propuestas por equipos mixtos cuando éstas son evaluadas por expertos. Cuando se evalúan por parejas, las ideas propuestas por los equipos mixtos son percibidas como menos creativas que las ideas propuestas por equipos compuestos predominantemente por hombres o mujeres.
    Abstract: Cet article examine l’impact de la composition des équipes créatives, en terme de genre, sur la génération et l’évaluation des idées. Une analyse économétrique réalisée sur l’évaluation de 100 idées de produits nouveaux proposées par 463 étudiants montre que les idées proposées par des équipes majoritairement composées de garçons ou de filles sont aussi créatives que les équipes mixtes quand elles sont évaluées par des experts. Quand elles sont évaluées par des paires, les idées proposées par des équipes mixtes sont perçues comme moins créatives que les idées proposées par des équipes majoritairement composées de garçons ou de filles.
    Keywords: Gender mixity,gender effects,team diversity,creative results,convergence phase of creativity,Diversidad de género,diversidad dentro del equipo,resultados creativos,fase creativa de convergencia,Mixité de genre,diversité au sein,résultats créatifs,phase créative de convergence
    Date: 2017
  333. By: McLeay, Michael; Tenreyro, Silvana
    Abstract: This paper explains why inflation follows a seemingly exogenous statistical process, unrelated to the output gap. In other words, it explains why it is difficult to empirically identify a Phillips curve. We show why this result need not imply that the Phillips curve does not hold – on the contrary, our conceptual framework is built under the assumption that the Phillips curve always holds. The reason is simple: if monetary policy is set with the goal of minimising welfare losses (measured as the sum of deviations of inflation from its target and output from its potential), subject to a Phillips curve, a central bank will seek to increase inflation when output is below potential. This targeting rule will impart a negative correlation between inflation and the output gap, blurring the identification of the (positively sloped) Phillips curve.
    Keywords: identification; Inflation targeting; Phillips curve
    Date: 2018–06
  334. By: Marc Fleurbaey
    Abstract: The UN Resolution heralding the Sustainable Development Goals pledges to leave no one behind, and moreover “to reach the furthest behind first”. This priority echoes the priority to the worst-off that is being discussed in philosophy, economics and related disciplines, but also the pleas of many actors who represent or fight for the most disadvantaged populations. This paper argues that serious theories do support such a priority and that the best policies implementing this priority do not necessarily involve the most intuitive anti-poverty targeted measures.
    JEL: D63 I38
    Date: 2018–05
  335. By: Taghizadeh-Hesary, Farhad (Asian Development Bank Institute); Yoshino, Naoyuki (Asian Development Bank Institute); Shimizu, Sayoko (Asian Development Bank Institute)
    Abstract: We assess the effects of the most recent monetary policy behavior of the Bank of Japan (BOJ), in particular, zero interest rate policy and negative interest rate policy, and the Japanese tax policy on income inequality during the first quarter (Q1) of 2002 to Q3 2017. The vector error correction model developed in this research shows that increase in money stock through quantitative easing and the quantitative and qualitative easing policies of the BOJ significantly increases income inequality. On the contrary, Japanese tax policy was effective in reducing income inequality. Variance decomposition results show that after 10 periods almost 87.15% of the forecast error variance of the inequality is accounted for by its own innovations and 3.76% of the forecast error variance can be explained by exogenous shocks to monetary policy shock—the money stock. The short-term interest rate also accounts for the increase in inequality by 0.47%. On the other hand, the total tax and real gross domestic product contributed in reducing the inequality measure, respectively, by 6.65% and 1.96% after 10 periods.
    Keywords: income inequality; monetary policy; tax policy; Japanese economy
    JEL: D63 E52 H24
    Date: 2018–04–27
  336. By: Yingli Wang; Xiaoguang Yang
    Abstract: Considered an important macroeconomic indicator, the Purchasing Managers' Index (PMI) on Manufacturing generally assumes that PMI announcements will produce an impact on stock markets. International experience suggests that stock markets react to negative PMI news. In this research, we empirically investigate the stock market reaction towards PMI in China. The asymmetric effects of PMI announcements on the stock market are observed: no market reaction is generated towards negative PMI announcements, while a positive reaction is generally generated for positive PMI news. We further find that the positive reaction towards the positive PMI news occurs 1 day before the announcement and lasts for nearly 3 days, and the positive reaction is observed in the context of expanding economic conditions. By contrast, the negative reaction towards negative PMI news is prevalent during downward economic conditions for stocks with low market value, low institutional shareholding ratios or high price earnings. Our study implies that China's stock market favors risk to a certain extent given the vast number of individual investors in the country, and there may exist information leakage in the market.
    Date: 2018–06