|
on Macroeconomics |
| By: | Bozhechkova Alexandra (Gaidar Institute for Economic Policy); Trunin Pavel (Gaidar Institute for Economic Policy); Knobel Alexander (Gaidar Institute for Economic Policy) |
| Abstract: | In 2022, the Russian economy experienced a profound negative shock associated with the imposition of sanctions against Russia by a number of developed countries, including the freeze of the Bank of Russia’s international reserve assets, Russian banks being cut out of international payment systems, restrictions on imports of Russian goods and services and exports of technologies to Russia, and some other measures. The shock gave rise to pronounced instability in Russia’s financial market and forced the Central Bank of the Russian Federation to sharply tighten its monetary policy in order to prevent the outflow of funds from the banking system. |
| Keywords: | Russian economy, monetary policy, money market, exchange rate, inflation, balance of payments, fiscal policy |
| JEL: | E31 E43 E44 E51 E52 E58 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:gai:ppaper:ppaper-2023-1273&r=mac |
| By: | Jonathan J Adams (Department of Economics, University of Florida); Philip Barrett (International Monetary Fund) |
| Abstract: | We propose a method to identify the anticipated components of macroeconomic shocks in a structural VAR: we include empirical forecasts about each time series in the VAR, which introduces enough linear restrictions to identify each structural shock and to further decompose each one into “news†and “surprise†shocks. We estimate our VAR on US time series using forecast data from the SPF, CBO, Federal Reserve, and asset prices. The fiscal stimulus and interest rate shocks that we identify have typical effects that comport with existing evidence. In our news-surprise decomposition, we find that news contributes to a third of US business cycle volatility, where the effect of fiscal shocks is mostly anticipated, while the effect of monetary policy shocks is mostly unexpected. Finally, we use the news structure of the shocks to estimate counterfactual policy rules, and compare the ability of fiscal and monetary policy to moderate output and inflation. |
| JEL: | C32 E32 E52 E62 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:ufl:wpaper:001010&r=mac |
| By: | Daniel Monteiro |
| Abstract: | We develop a dynamic stochastic general equilibrium model of a monetary union and employ it to study in an integrated manner different macrofinancial disturbances and related policy options. The model is calibrated to the euro area, comprises two regions subject to real, nominal and financial rigidities, and features microfounded regional banking sectors and portfolio selection mechanisms allowing for empirically-consistent properties. Among the questions to which we devote our analysis are the transmission of conventional and unconventional monetary policy, the effects of private- and government-sector default risk, the implications of different macroprudential policies, the endogenous emergence of country risk premia in a context of crossborder financial flows, and the stabilising properties of joint sovereign debt issuance. |
| JEL: | E32 E44 E52 F36 F45 G28 H63 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:euf:dispap:188&r=mac |
| By: | Keen, Benjamin; Strong, Christine |
| Abstract: | This paper builds a theoretical model where corrupt government officials select the optimal amount of government spending directed toward building wealth for themselves and political allies. We refer to this type of government expenditures as rent extraction spending. Our results show that more government corruption leads to higher rent extraction spending, increased inflation, additional taxation, and lower non-rent extraction spending. The increases in inflation and rent extraction spending, however, are more muted when the corrupt country is a member of a currency union. |
| Keywords: | Corruption; Rent Extraction; Optimal Fiscal Policy; Optimal Monetary Policy. |
| JEL: | E52 E61 E62 O23 |
| Date: | 2023–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:117857&r=mac |
| By: | Ryan Niladri Banerjee; Valerie Boctor; Aaron Mehotra; Fabrizio Zampolli |
| Abstract: | We examine how changes in fiscal deficits affect near-term future inflation in a panel of emerging market and developing economies (EMDEs). Using a novel method for quantile panel regressions with fixed effects, we find that an increase in the fiscal deficit has highly non-linear effects on inflation - that is, a larger impact on upside tail risks than on average inflation. These effects are substantially larger in EMDEs than in advanced economies. We then show that an increase in the fiscal deficit raises the risk of future currency depreciation which magnifies the initial inflation response. This external channel is closely related to sovereign risk, being greater when the share of sovereign debt in foreign currency is large or when a sizeable share of sovereign debt is held by foreign residents. Finally, we find that the effects of fiscal deficits on future inflation are strongly attenuated in inflation targeting regimes and also influenced by constraints on monetary policy. |
| Keywords: | fiscal deficit, inflation, exchange rate depreciation, sovereign risk, emerging market and developing economies, original sin, inflation targeting |
| JEL: | E31 E52 E62 E63 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1110&r=mac |
| By: | Stempel, Daniel; Zahner, Johannes |
| Abstract: | In the euro area, monetary policy is conducted by a single central bank for 20 member countries. However, countries are heterogeneous in their economic development, including their inflation rates. This paper combines a New Keynesian model and a neural network to assess whether the European Central Bank (ECB) conducted monetary policy between 2002 and 2022 according to the weighted average of the inflation rates within the European Monetary Union (EMU) or reacted more strongly to the inflation rate developments of certain EMU countries. The New Keynesian model first generates data which is used to train and evaluate several machine learning algorithms. They authors find that a neural network performs best out-of-sample. They use this algorithm to generally classify historical EMU data, and to determine the exact weight on the inflation rate of EMU members in each quarter of the past two decades. Their findings suggest disproportional emphasis of the ECB on the inflation rates of EMU members that exhibited high inflation rate volatility for the vast majority of the time frame considered (80%), with a median inflation weight of 67% on these countries. They show that these results stem from a tendency of the ECB to react more strongly to countries whose inflation rates exhibit greater deviations from their long-term trend. |
| Keywords: | New Keynesian Models, Monetary Policy, European Monetary Union, Neural Networks, Transfer Learning |
| JEL: | E58 C45 C53 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:imfswp:188&r=mac |
| By: | João Tovar Jalles, Youssouf Kiendrebeogo, Raphael Lam, Roberto Piazza |
| Abstract: | This paper provides a novel dataset of time-varying measures on the degree of countercyclicality of fiscal policies for advanced and developing economies between 1980 and 2021. The use of time-varying measures of fiscal stabilization, with special attention to potential endogenity issues, overcomes the major limitation of previous studies and alllows the analysis to account for both country-specific as well as global factors. The paper also examines the key determinants of countercyclicality of fiscal policy with a focus on factors as severe crises, informality, financial development, and governance. Empirical results show that (i) fiscal policy tends to be more counter-cyclical during severe crises than typical recessions, especially for advanced economies; (ii) fiscal counter-cyclicality has increased over time for many economies over the last two decades; (iii) discretionary and automatic countercyclicality are both strong in advanced economies but acyclical (at times procyclical) in low-income countries, (iv) fiscal countercyclicality operates primarily through the expenditure channel, particularly for social benefits, (vi) better financial development, larger government size and stronger institutional quality are associated with larger countercyclical effects of fiscal policy. Our results are robust to various specifications and endogeneity checks. |
| Keywords: | Countercyclical fiscal policy; automatic stabilizers; discretionary ficsal policy; fiscal multipliers, stabilization coefficients; local projection. |
| JEL: | E32 E62 H50 H62 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp02792023&r=mac |
| By: | Luca Gagliardone; Mark Gertler; Simone Lenzu; Joris Tielens |
| Abstract: | We use a unique high-frequency micro-dataset to estimate the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the relevant real activity variable. Our dataset encompasses product-level prices, costs, and output within the Belgian manufacturing sector over twenty years, recorded at a quarterly frequency. Leveraging the richness of the data, we adopt a “bottom-up” approach that identifies the Phillips curve’s slope by estimating the primitive parameters that govern firms’ pricing behavior, including the degrees of price rigidity and strategic complementarities in price setting. Our estimates indicate a high slope for the marginal cost-based Phillips curve, which contrasts with the low estimates of the conventional unemployment or output gap-based formulations in the literature. We reconcile the difference by showing that, although the pass-through of marginal cost into inflation is substantial, the elasticity of marginal cost in relation to the output gap is low. Furthermore, through an examination of the transmission of oil shocks, we illustrate how the marginal cost-based Phillips curve offers a transparent means of capturing the impact of supply shocks on inflation. |
| JEL: | E31 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31382&r=mac |
| By: | Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara |
| Abstract: | The relationship between inflation and real GDP growth is one of the most widely researched topics in macroeconomics. At the same time, it is certainly not exaggerated to claim that this nexus also stands at the heart of monetary policy, given the fact that low inflation in combination with high and sustained output growth should be the central objective of any sound economic policy. The latter notion becomes even more obvious, when taking account of the fact that many central banks all over the world have selected target levels for inflation and communicated them to the public. Against this background, it is of utmost importance for central banks to know more about the nature and form of the relationship between inflation and real GDP. This study tries to shed more light on the concrete shape of this relationship for the euro area and, more specifically, on the issue of possible regime shifts therein. The analysis provides strong evidence for non-linear effects in the euro area. As a by-product, the methods used allow for a quantification of the point of switch across the different regimes and it is found that this breakpoint closely matches the ECB's previous definitions of price stability and its new inflation target of 2%. While these results look encouraging, further research in this area seems warranted. |
| JEL: | E31 E52 E58 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hswwdp:012023&r=mac |
| By: | Christoph Gortz (Department of Economics, University of Birmingham); Konstantinos Theodoridis (Business School, Cardiff University); Christoph Thoenissen (Department of Economics, University of Sheffield) |
| Abstract: | We estimate a novel empirical (state-space) model to study the effects of international and domes- tic technology trend shocks on the UK economy. We jointly identify anticipated and unanticipated domestic and international technological innovations arising from changes in total factor productivity (TFP) and investment specific technology (IST). The long-run restrictions used to jointly identify the structural trends in the data are informed by a standard two-country structural model. Our results point to large and persistent swings in productivity. International non-stationary TFP and IST shocks explain about 30% and 24% of the variance of UK GDP, respectively. UK-specific TFP and IST shocks are somewhat less important, but still a relevant factor. Notably, it is the anticipated components of these international and domestic productivity shocks, rather than their unanticipated counterparts, which account for the bulk of the volatility in the data. We dissect the historical role of different shocks as drivers of UK labor productivity growth. We find that a decline in the contribution of international IST shocks, combined with weak domestic TFP growth, can explain the widely documented slowdown in UK labor productivity after the financial crisis. A standard two-country model implies widely-used restrictions on the relative price of investment which we find to be inconsistent with our empirical evidence that relies on a minimum of structure. We show that a two-sector version of this model with adjustment cost in investment and costly sectoral labor reallocation can capture the empirical dynamics. |
| Keywords: | International Transmission of Productivity Shocks, Total Factor Productivity, Investment Specific Technology, Small Open Economy Dynamics, News Shocks, State Space Model |
| JEL: | E32 E3 F41 F44 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:shf:wpaper:2023015&r=mac |
| By: | Ozili, Peterson K |
| Abstract: | The study investigates the impact of monetary policy on the level of financial inclusion in the big-five emerging market countries from 2004 to 2020. Several indicators of financial inclusion and the central bank interest rate were used in the analysis. It was found that the monetary pol-icy rate has a mixed effect on financial inclusion, and the effect depends on the dimension of fi-nancial inclusion examined. Specifically, a high monetary policy rate has a significant negative impact on financial inclusion through a reduction in the number of depositors in commercial banks. A high monetary policy rate also has a significant positive impact on financial inclusion through greater bank branch expansion. The policy implication is that both contractionary and expansionary monetary policies lead to positive improvements in specific indicators of financial inclusion, because increase in interest rate leads to bank branch expansion which is beneficial for financial inclusion and decrease in interest rate leads to increase in the number of depositors in commercial banks which is also beneficial for financial inclusion. It was also found that the rising monetary policy rate has a negative effect on all indicators of financial inclusion in the post-financial crisis period. Overall, the effect of monetary policy on financial inclusion seem to depend on the monetary policy tool used by the monetary authority and the dimension of financial inclusion examined. The monetary authorities should pay attention to how their monetary policy choices might affect the level of financial inclusion and reduce the benefits that society gains from financial inclusion. |
| Keywords: | monetary policy, interest rate, financial inclusion, access to finance, emerging markets |
| JEL: | E51 E52 E58 G21 |
| Date: | 2023–06–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:117804&r=mac |
| By: | Chiara Scotti |
| Abstract: | The past 15 years have been eventful. The Global Financial Crisis (GFC) reminded us of the importance of a stable financial system to a well-functioning economy, one with low and stable inflation and maximum employment. Given the recent banking stress, we ponder this issue again. The pandemic was a huge shock surrounded by much uncertainty, making precise forecasts within traditional models difficult. And more recently, there has been continuous talk of a soft landing and recession risks. In this paper, I focus on some of the lessons we have learned over the years: (i) uncertainty and tail risk have cyclical variation; (ii) financial shocks can have a significant effect on macroeconomic outcomes; (iii) the impact of shocks is stronger in periods of high volatility. These lessons have important implications for policymakers in today’s environment. |
| Keywords: | uncertainty; tail risk; stochastic volatility; monetary policy; financial stability |
| JEL: | C32 E44 |
| Date: | 2023–07–07 |
| URL: | http://d.repec.org/n?u=RePEc:fip:feddwp:96432&r=mac |
| By: | Jakub Mućk (Narodowy Bank Polski and SGH Warsaw School of Economics); Łukasz Postek (Narodowy Bank Polski and University of Warsaw, Faculty of Economic Sciences) |
| Abstract: | This article quantifies the effects of supply chains disruptions on inflation in European economies. We apply the local projection method in a panel framework and estimate responses of nine measures of consumer and producer inflation to shortages in materials and equipment reported by enterprises in the business surveys conducted by the European Commission. We find that supply chains disruptions are proinflationary for all considered measures of inflation, and a larger effect can be observed for inflation of prices of goods rather than services. The peak of impulse responses can be observed 4-6 quarters after shock, while the effect usually dies out after 8-12 quarters. The forecast error variance decomposition (FEVD) suggests that supply chain disruptions are much more important in explaining inflation changes at medium- rather than short-run forecast horizon. Moreover, supply chain shocks seem to matter relatively more for the variance of inflation of consumer prices of goods than for other measures of inflation. Interestingly, the positive estimates of the impact of supply chains disruptions on inflation can be related mainly to the period corresponding with the COVID-19 pandemics as well as the full-scale invasion of Ukraine and may exhibit asymmetric or regime-switching nature. |
| Keywords: | supply chains shock, inflation, local projection, panel data. |
| JEL: | E31 E32 F41 C33 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:nbp:nbpmis:360&r=mac |
| By: | International Monetary Fund |
| Abstract: | Under the current EFF, the authorities have made substantial progress in restoring macroeconomic stability and debt sustainability after being hit hard by the COVID-19 pandemic. Now, they would like to pivot to the deeper medium-term structural reforms needed to support structural balance of payments needs and promote sustainable and inclusive growth. To support this pivot, they have requested the cancellation of the current EFF and the approval of a new one. Concurrently, they have requested a program under the Resilience and Sustainability Facility (RSF) to help advance their climate agenda, including measures to enhance resilience to climate-related shocks. |
| Date: | 2023–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2023/235&r=mac |
| By: | Haohan Zhang; Fengrui Hua; Chengjin Xu; Jian Guo; Hao Kong; Ruiting Zuo |
| Abstract: | The rapid advancement of Large Language Models (LLMs) has led to extensive discourse regarding their potential to boost the return of quantitative stock trading strategies. This discourse primarily revolves around harnessing the remarkable comprehension capabilities of LLMs to extract sentiment factors which facilitate informed and high-frequency investment portfolio adjustments. To ensure successful implementations of these LLMs into the analysis of Chinese financial texts and the subsequent trading strategy development within the Chinese stock market, we provide a rigorous and encompassing benchmark as well as a standardized back-testing framework aiming at objectively assessing the efficacy of various types of LLMs in the specialized domain of sentiment factor extraction from Chinese news text data. To illustrate how our benchmark works, we reference three distinctive models: 1) the generative LLM (ChatGPT), 2) the Chinese language-specific pre-trained LLM (Erlangshen-RoBERTa), and 3) the financial domain-specific fine-tuned LLM classifier(Chinese FinBERT). We apply them directly to the task of sentiment factor extraction from large volumes of Chinese news summary texts. We then proceed to building quantitative trading strategies and running back-tests under realistic trading scenarios based on the derived sentiment factors and evaluate their performances with our benchmark. By constructing such a comparative analysis, we invoke the question of what constitutes the most important element for improving a LLM's performance on extracting sentiment factors. And by ensuring that the LLMs are evaluated on the same benchmark, following the same standardized experimental procedures that are designed with sufficient expertise in quantitative trading, we make the first stride toward answering such a question. |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2306.14222&r=mac |
| By: | Langthaler, Margarita; Proloeng Top |
| Abstract: | The international transfer of dual systems of vocational education and training (VET) has grown on a global scale. This is due to low youth unemployment rates and high economic productivity in German-speaking countries, where the dual systems are historically rooted. At the governance level, an institutionalised tripartite dialogue between government, employer representatives and organised labour underpins dual VET in German-speaking countries. In the transfer processes, there is an observable trend towards reducing this tripartite institutional setting to a dialogue between employers and the government. However, neglecting the role of employees and their interest groups might jeopardise expected human development effects of dual system transfer such as decent work, improved standards of living and social cohesion. This paper will analyse the policy transfer process to Serbia where a dual VET track was introduced in 2017. To visualise political interests rather than VET improvement as main drivers of the VET reform, the paper will deploy a political economy and institutionalist lens. It argues that tripartite social dialogue is an important element of dual VET transfer if the latter is supposed to contribute to human development. |
| Keywords: | dual vocational education and training, education policy transfer, social dialogue, human development |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:oefsew:73&r=mac |
| By: | Luca Colombo (Rennes School of Business, Rennes); Paola Labrecciosa (ESSCA School of Management (Paris Campus)); Agnieszka Rusinowska (CNRS, Paris School of Economics, Centre d'Economie de la Sorbonne) |
| Abstract: | We take a novel approach based on differential games to the study of criminal networks. We extend the static crime network game (Ballester et al., 2006, 2010) to a dynamic setting where criminal activities negatively impact the accumulation of total wealth in the economy. We derive a Markov Perfect Equilibrium (MPE), which is unique within the class of strategies considered, and show that, unlike in the static crime network game, the vector of equilibrium crime efforts is not necessarily proportional to the vector of Bonacich centralities. Next, we conduct a comparative dynamic analysis with respect to the network size, the network density, and the marginal expected punishment, finding results in contrast with those arising in the static crime network game. We also shed light on a novel issue in the network theory literature, i.e., the existence of a voracity effect. Finally, we study the problem of identifying the optimal target in the population of criminals when the planner's objective is to minimize aggregate crime at each point in time. Our analysis shows that the key player in the dynamic and the static setting may differ, and that the key player in the dynamic setting may change over time |
| Keywords: | differential games; Markov Perfect Equilibrium; criminal networks; Bonacich centrality; key player |
| JEL: | C73 D85 K42 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:22006r&r=mac |
| By: | OECD |
| Abstract: | This OECD Guide sets out a framework of indicators to measure the impact of global events on local development. Global events (including culture, sports and business events) can have a significant impact on local development. Yet measuring this impact in a consistent, reliable, and comprehensive way can be challenging. This Guide presents a set of indicators which events hosts can incorporate into their evaluation strategy to assess the economic, social, and environmental impact of their event. It offers practical guidance and advice on how to implement this framework, alongside examples of indicator use. In doing so, the Guide supports the OECD Recommendation on Global Events and Local Development, which helps countries and future hosts bring greater local benefits and legacies from global events. This Guide can be read alongside "How to measure the impact of culture, sports and business events: A guide - Part I". |
| Keywords: | Business events, Cultural events, Festivals, Global events, Impact assessment, Local development, Mega-events, Sporting events |
| JEL: | R11 R58 Z10 Z20 |
| Date: | 2023–07–06 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2023/11-en&r=mac |
| By: | Delia Coculescu; M\'ed\'eric Motte; Huy\^en Pham |
| Abstract: | We study binary opinion formation in a large population where individuals are influenced by the opinions of other individuals. The population is characterised by the existence of (i) communities where individuals share some similar features, (ii) opinion leaders that may trigger unpredictable opinion shifts in the short term (iii) some degree of incomplete information in the observation of the individual or public opinion processes. In this setting, we study three different approximate mechanisms: common sampling approximation, independent sampling approximation, and, what will be our main focus in this paper, McKean-Vlasov (or mean-field) approximation. We show that all three approximations perform well in terms of different metrics that we introduce for measuring population level and individual level errors. In the presence of a common noise represented by the major influencers opinions processes, and despite the absence of idiosyncratic noises, we derive a propagation of chaos type result. For the particular case of a linear model and particular specifications of the major influencers opinion dynamics, we provide additional analysis, including long term behavior and fluctuations of the public opinion. The theoretical results are complemented by some concrete examples and numerical analysis, illustrating the formation of echo-chambers, the propagation of chaos, and phenomena such as snowball effect and social inertia.42 pages |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2306.16553&r=mac |
| By: | Abdullah Altun (Department of Economics, Gebze Technical University); Pýnar Tat (Department of Economics, Gebze Technical University); Halit Yanikkaya (Department of Economics, Gebze Technical University) |
| Abstract: | This paper explores the association between a variety of trade and government policy measures of both home and trade partners introduced during the Covid-19 pandemic within the gravity-like framework by using the Turkish bilateral trade statistics at the 6-digit product level from February 2020 to March 2022. The unique monthly 6-digit bilateral product-level trade dataset enables us to observe and utilize heterogeneous effects at the product, sector, and country levels. Our initial eye inspection of raw data reveals that the Covid-19 shock is not only a health crisis, but it also represents simultaneous demand and supply shocks for the globally integrated world economy. Our empirical analysis suggests that lower Turkish GVC participation during this period can be attributed to lower mobilities and the lack of vaccines globally. Our analysis utilizing the different income group of countries and technology group of sectors suggest that Turkish high-tech embedded backward participation with developed countries can be more sensitive to any changes in Covid-19-related policy measures, whereas Turkish forward participation with both developed and developing markets can be more volatile during the pandemic because of the containment measures. Given the product and country-level heterogeneities regarding contingency measures implemented by the governments, policymakers should carefully monitor each sub-sample separately and focus especially on enhancement in information, communication, and transportation infrastructures to mitigate the contagious effect of any external shocks. |
| Keywords: | Bilateral Product Level GVC Participation, Covid-19, Turkey |
| JEL: | F10 F14 F42 |
| Date: | 2023–07–17 |
| URL: | http://d.repec.org/n?u=RePEc:geb:wpaper:2023-01&r=mac |
| By: | De Dreu, Carsten; Nijstad, Bernard A. (University of Groningen); Baas, Matthijs |
| Abstract: | Creativity is part and parcel of human history and enables (groups of) individuals to adapt to and shape their natural and social surroundings. Here we identify (1) core functions of creativity (“what is it for?”) in terms of its ability to solve ill-defined problems of survival and prosperity and, (2) the neurocognitive mechanisms (“how does it work?”) underlying creative production in terms of cognitive persistence and flexibility. We summarize experimental support for this Dual Pathway to Creativity Model (DPCM) from our own laboratory and that of others, and review work implicating the dopamine-innervated fronto-striatal circuitry in achieving a balance between cognitive flexibility on the one hand, and persistence on the other. We use DPCM to analyze how creativity emerges and develops across the lifespan. We show (3) how personalities and psychopathologies marked by approach (avoidance) motivation link to creativity because of enhanced capacity for flexibility (persistence), and (4) how socio-cultural factors, including psychological safety, diversity, and leadership, condition individual and group creativity. We conclude with open questions for future research, including how (5) individuals and groups move from generating to implementing creative ideas, insights, and problem solutions. |
| Date: | 2023–06–10 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:pz9yx&r=mac |
| By: | Georgieva, Daniela; Mitkova, Milena |
| Abstract: | Because of technological progress new challenges to the protection of personal data and the privacy of the individual have occurred. They are mostly related to risks of possible harm to individuals such as financial abuse, fraud, problems in exercising rights, and others. The specificity of the accounting activity requires accounting companies to handle a large set of personal data, the protection of which is among the national and European priorities. However, the purely formal fulfilment of the obligation to protect personal data can lead to some unethical actions by those companies. A clear definition of the types of data that groups of persons collect can have a proactive effect on the prevention of incorrect collection and analysis of personal information. The purpose of the paper is to outline the main activities and relationships that accounting companies have with internal (staff) and external (customers) persons to collect, analyze, and store personal data. The research methods used are the logical, deductive, and comparative methods, as well as the methods of analysis and synthesis. |
| Keywords: | лични данни, счетоводители, счетоводна дейност, защита |
| JEL: | K0 K00 M4 M41 M48 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:117777&r=mac |
| By: | José-Antonio Espín-Sánchez; Salvador Gil-Guirado; Nicholas Ryan |
| Abstract: | We study the climate as a determinant of religious belief. People believe in the divine when religious authorities (the “church”) can credibly intervene in nature on their behalf. We present a model in which nature sets the pattern of rainfall over time and the church chooses when optimally to pray in order to persuade people that it has caused the rain. We present evidence from prayers for rain in Murcia, Spain that the church follows such an optimal policy and that its prayers therefore predict rainfall. In our model, praying for rain can only persuade people to believe if the hazard of rainfall during a dry spell is increasing over time, so that the probability of rainfall is highest when people most want rain. We test this prediction in an original data set of whether ethnic groups around the world traditionally prayed for rain. We find that prayer for rain is more likely among ethnic groups dependent on intensive agriculture for subsistence and that ethnic groups facing an increasing rainfall hazard are 53% more likely to pray for rain, consistent with our model. We interpret these findings as evidence for the instrumentality of religious belief. |
| JEL: | N3 N5 O13 P48 Z12 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31411&r=mac |
| By: | Ibrahim Tanko Gampine (CORHIS - Communication, Ressources Humaines et Intervention Sociale - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia); Jean-Michel Plane (CORHIS - Communication, Ressources Humaines et Intervention Sociale - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia); John D. Kabongo (USF - University of South Florida [Tampa]) |
| Abstract: | Purpose of this study: to examine the impact of human resource digitalization on organizational performance. Specifically, this study seeks to examine the moderating role of external environment characterized as VUCA. Furthermore, the study investigates the mediating role of information technology environment characterized as SMACs in the relationships between e-HRM and organizational performance. To answer to the formulated hypotheses a quantitative method is employed using data from 266 employees of the service sector is Ghana. Findings: findings from this study support the hypothesis that digitalization of HRM positively impact organizational performance (B= .338; p |
| Abstract: | L'objectif de cette étude est d'examiné l'impact de la digitalisation pratiques de ressources humaines sur la performance organisationnelle. Plus précisément, cette étude cherche à examiner le rôle modérateur du contexte environnemental. En outre, l'étude examine le rôle médiateur de l'environnement des technologies informatiques dans les relations entre la digitalisation et la performance organisationnelle. Pour répondre aux hypothèses formulées, une méthode quantitative est employée en utilisant les données de 266 employés du secteur des services. Les résultats de cette étude démontrent que la digitalisation a un impact positif sur la performance organisationnelle (B= 0, 338 ; p |
| Keywords: | human resource information system, electronic human resources, digitalization of human resources, VUCA Environment, SMACs technologies |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04124095&r=mac |
| By: | Ulrike Gisch (CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, University of Potsdam = Universität Potsdam, CRESS - U1153 - Equipe 3: EREN- Equipe de Recherche en Epidémiologie Nutritionnelle - Université Sorbonne Paris Nord - CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Margaux Robert (CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CRESS - U1153 - Equipe 3: EREN- Equipe de Recherche en Epidémiologie Nutritionnelle - Université Sorbonne Paris Nord - CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Noémi Berlin (EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique); Antoine Nebout (UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Fabrice Etilé (UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sabrina Teyssier (GAEL - Laboratoire d'Economie Appliquée de Grenoble - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Valentina Andreeva (CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CRESS - U1153 - Equipe 3: EREN- Equipe de Recherche en Epidémiologie Nutritionnelle - Université Sorbonne Paris Nord - CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Serge Hercberg (CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CRESS - U1153 - Equipe 3: EREN- Equipe de Recherche en Epidémiologie Nutritionnelle - Université Sorbonne Paris Nord - CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Département de Santé Publique [Avicenne] - Hôpital Avicenne [AP-HP] - AP-HP - Assistance publique - Hôpitaux de Paris (AP-HP)); Mathilde Touvier (CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CRESS - U1153 - Equipe 3: EREN- Equipe de Recherche en Epidémiologie Nutritionnelle - Université Sorbonne Paris Nord - CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sandrine Péneau (CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CRESS - U1153 - Equipe 3: EREN- Equipe de Recherche en Epidémiologie Nutritionnelle - Université Sorbonne Paris Nord - CRESS (U1153 / UMR_A_1125 / UMR_S_1153) - Centre de Recherche Épidémiologie et Statistique Sorbonne Paris Cité - CNAM - Conservatoire National des Arts et Métiers [CNAM] - HESAM - HESAM Université - Communauté d'universités et d'établissements Hautes écoles Sorbonne Arts et métiers université - USPC - Université Sorbonne Paris Cité - INSERM - Institut National de la Santé et de la Recherche Médicale - UPCité - Université Paris Cité - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Mastery is a psychological resource that is defined as the extent to which individuals perceive having control over important circumstances of their lives. Although mastery has been associated with various physical and psychological health outcomes, studies assessing its relationship with weight status and dietary behavior are lacking. The aim of this cross-sectional study was to assess the relationship between mastery and weight status, food intake, snacking, and eating disorder (ED) symptoms in the NutriNet-Santé cohort study. Mastery was measured with the Pearlin Mastery Scale (PMS) in 32, 588 adults (77.45% female), the mean age was 50.04 (14.53) years. Height and weight were self-reported. Overall diet quality and food group consumption were evaluated with ≥3 self-reported 24-h dietary records (range: 3–27). Snacking was assessed with an ad-hoc question. ED symptoms were assessed with the Sick-Control-One-Fat-Food Questionnaire (SCOFF). Linear and logistic regression analyses were conducted to assess the relationship between mastery and weight status, food intake, snacking, and ED symptoms, controlling for sociodemographic and lifestyle characteristics. Females with a higher level of mastery were less likely to be underweight (OR: 0.88; 95%CI: 0.84, 0.93), overweight [OR: 0.94 (0.91, 0.97)], or obese [class I: OR: 0.86 (0.82, 0.90); class II: OR: 0.76 (0.71, 0.82); class III: OR: 0.77 (0.69, 0.86)]. Males with a higher level of mastery were less likely to be obese [class III: OR: 0.75 (0.57, 0.99)]. Mastery was associated with better diet quality overall, a higher consumption of fruit and vegetables, seafood, wholegrain foods, legumes, non-salted oleaginous fruits, and alcoholic beverages and with a lower consumption of meat and poultry, dairy products, sugary and fatty products, milk-based desserts, and sweetened beverages. Mastery was also associated with lower snacking frequency [OR: 0.89 (0.86, 0.91)] and less ED symptoms [OR: 0.73 (0.71, 0.75)]. As mastery was associated with favorable dietary behavior and weight status, targeting mastery might be a promising approach in promoting healthy behaviors. Clinical Trial Registry Number NCT03335644 at Clinicaltrials.gov . |
| Abstract: | La maîtrise est une ressource psychologique définie comme la mesure dans laquelle les individus perçoivent qu'ils ont le contrôle des circonstances importantes de leur vie. Bien que la maîtrise ait été associée à divers résultats en matière de santé physique et psychologique, les études évaluant sa relation avec le statut pondéral et le comportement alimentaire font défaut. L'objectif de cette étude transversale était d'évaluer la relation entre la maîtrise et le statut pondéral, la prise alimentaire, le grignotage et les symptômes de troubles alimentaires dans l'étude de cohorte NutriNet-Santé. La maîtrise a été mesurée à l'aide de l'échelle de maîtrise de Pearlin (PMS) chez 32 588 adultes (77, 45 % de femmes), dont l'âge moyen était de 50, 04 (14, 53) ans. L'âge moyen était de 50, 04 (14, 53) ans. La taille et le poids ont été autodéclarés. La qualité globale du régime alimentaire et la consommation de groupes d'aliments ont été évaluées à l'aide de ≥3 relevés alimentaires autodéclarés sur 24 heures (fourchette : 3-27). Le grignotage a été évalué à l'aide d'une question ad hoc. Les symptômes de la dysfonction érectile ont été évalués à l'aide du questionnaire "Sick-Control-One-Fat-Food" (SCOFF). Des analyses de régression linéaire et logistique ont été effectuées pour évaluer la relation entre la maîtrise et le statut pondéral, la prise alimentaire, le grignotage et les symptômes de dysfonctionnement érectile, en tenant compte des caractéristiques sociodémographiques et du mode de vie. Les femmes ayant un niveau de maîtrise plus élevé étaient moins susceptibles d'être en sous-poids (OR : 0, 88 ; 95%CI : 0, 84, 0, 93), en surpoids [OR : 0, 94 (0, 91, 0, 97)], ou obèses [classe I : OR : 0, 86 (0, 82, 0, 90) ; classe II : OR : 0, 76 (0, 71, 0, 82) ; classe III : OR : 0, 77 (0, 69, 0, 86)]. Les hommes ayant un niveau de maîtrise plus élevé étaient moins susceptibles d'être obèses [classe III : OR : 0, 75 (0, 57, 0, 99)]. La maîtrise était associée à une meilleure qualité de l'alimentation en général, à une plus grande consommation de fruits et légumes, de produits de la mer, d'aliments complets, de légumineuses, de fruits oléagineux non salés et de boissons alcoolisées, et à une plus faible consommation de viande et de volaille, de produits laitiers, de produits sucrés et gras, de desserts à base de lait et de boissons sucrées. La maîtrise était également associée à une moindre fréquence de grignotage [OR : 0, 89 (0, 86, 0, 91)] et à une diminution des symptômes de dysfonctionnement érectile [OR : 0, 73 (0, 71, 0, 75)]. La maîtrise étant associée à un comportement alimentaire favorable et au statut pondéral, cibler la maîtrise pourrait être une approche prometteuse pour promouvoir des comportements sains. Numéro d'enregistrement de l'essai clinique NCT03335644 sur Clinicaltrials.gov . |
| Keywords: | Mastery, Locus of control, Weight status, Diet quality, Food groups, Food consumption, Snacking, Eating disorder, Large population |
| Date: | 2022–05–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:hal-03779024&r=mac |
| By: | Belloc, Ignacio (University of Zaragoza); Gimenez-Nadal, José Ignacio (University of Zaragoza); Molina, José Alberto (University of Zaragoza) |
| Abstract: | In recent decades, global warming and its relationship to individual well-being has concerned researchers and policy makers, with research focusing on the consequences of global warming on well-being. In this paper, we analyse the relationship between weather conditions and the feelings reported by individuals during daily travel episodes. We use data from the Well-Being module of the American Time Use Survey for the years 2010, 2012, 2013, and 2021, together with county-level weather information. Our findings indicate an association between extreme temperatures and certain measures of affective well-being while commuting, and notable differences are found, depending on the main travel purpose. In the current context of global warming, when daily temperatures are expected to rise in the future and heat waves will become more frequent, our findings indicate that certain travel activities could be more sensitive to rising temperatures, from an affective perspective, which may help to complement the well-being consequences of global warming. |
| Keywords: | well-being, travel episode, purpose, extreme temperatures, time use, ATUS |
| JEL: | R40 I10 J22 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16241&r=mac |
| By: | Ozili, Peterson K |
| Abstract: | This paper investigates the correlation between banking sector non-performing loans and the level of sustainable development. The findings reveal a significant positive correlation between banking sector non-performing loans and the level of sustainable development measured by the sustainable development index. The significant positive correlation is evident in European countries and in countries in the region of the Americas. There is a significant negative correlation between banking sector non-performing loans and achieving SDG3 and SDG7 in African countries and European countries. There is also a significant negative correlation between non-performing loans and achieving SDG10 in European countries. There is a significant positive correlation between banking sector non-performing loans and achieving SDG4 and SDG7 in the region of the Americas. There is also a significant positive correlation between non-performing loans and achieving SDG10 in African countries and in countries in the region of the Americas. |
| Keywords: | sustainable development, non-performing loans, sustainable development goals, SDGs, SDG3, SDG4, SDG7, SDG10, sustainable development index, correlation. |
| JEL: | G21 G23 Q01 |
| Date: | 2023–01–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:117807&r=mac |
| By: | Héloïse Berkowitz (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Les organisations, dispositifs d'action collective, qu'elles soient privées ou publiques comme les firmes ou les associations, constituent des systèmes d'exploitation des ressources et des écosystèmes naturels . A travers les pressions qu'elles exercent, les organisations contribuent ainsi activement à la destruction de la biodiversité et au dépassement de plusieurs seuils de limites planétaires essentielles à la survie de l'humanité . Dans un contexte de surexploitation des ressources, de perte de biodiversité record et de concentration spatiale et temporelle des activités, ces pressions des organisations sur l'environnement soulèvent un enjeu de gestion durable des écosystèmes mais également de gestion des conflits d'usage. Les conflits d'usage sont définis comme la concurrence juridique et géographique de l'utilisation de l'espace . Cette notion est surtout mobilisée en planification spatiale , et peu de travaux s'intéressent aux modes d'organisation de la gestion des conflits, pourtant essentiels à leur résolution. Comment coordonner l'action collective de différentes organisations afin d'assurer un usage partagé et socio-écologiquement viable des écosystèmes ? |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04129572&r=mac |
| By: | Sadegh Eshaghnia; James J. Heckman; Goya Razavi |
| Abstract: | Education in Denmark is freely available. Despite near equal teacher salaries and per-pupil school expenditure across districts, there is substantial spatial heterogeneity in school quality as measured by teacher quality and student test scores. We argue that this is due to sorting of teachers and students across neighborhoods. We develop and apply multiple methods for identifying parental valuation of measured school quality in the presence of strong neighborhood sorting. There is strong concordance in the estimates across diverse methodologies. We estimate a willingness to pay of about 3% more for a house with average characteristics when test scores are one standard deviation above the mean. Controlling for selection into neighborhoods only slightly reduces our estimates. Given that school quality, as measured by monetary resources, is equalized across all neighborhoods, payments for school quality embodied in housing prices are in fact payments for peer, teacher, and neighborhood quality. This evidence challenges the appropriateness of the current emphasis in the literature on Tiebout-based models of neighborhood choice that stress sorting on parental income in order to finance the local public good of school quality. Rather, a model of neighborhood choice to select neighbor and peer quality is more appropriate. Our evidence is consistent with evidence that cash expenditures on classrooms have weak effects on child achievement. |
| JEL: | H0 H4 H70 I20 R0 R20 R3 |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31371&r=mac |