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on Macroeconomics |
| By: | Masao Fukui; Niels Joachim Gormsen; Kilian Huber |
| Abstract: | We show that firms' nominal required returns to capital (i.e., their discount rates) are sticky with respect to expected inflation. Such nominally sticky discount rates imply that increases in expected inflation directly lower firms' real discount rates and thereby raise real investment. We analyze the macroeconomic implications of sticky discount rates using a New Keynesian model. The model naturally generates investment-consumption comovement in response to household demand shocks and higher investment in response to government spending. Sticky discount rates imply that inflation has real effects, even absent other nominal rigidities, making them a distinct source of monetary non-neutrality. At the same time, sticky discount rates make the short-term interest rate less effective at stimulating investment. Optimal monetary policy focuses on inflation expectations and permanently lowers the long-run inflation target in response to expansionary shocks, even when shocks are temporary. |
| JEL: | D22 E22 E23 E31 E32 E43 E44 E52 E58 G12 G31 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32238&r=mac |
| By: | Stefano Neri (Bank of Italy) |
| Abstract: | In the summer of 2021, inflation woke up for the first time in many years. The period of low inflation in the euro area ended abruptly with the recovery from the Covid-19 pandemic and the energy crisis. Supply bottlenecks and energy prices played an important role in pushing up core inflation. Despite the rise in consumer prices, the ECB's monetary policy response helped to re-anchor long-term inflation expectations to the new symmetric 2 per cent target. With expectations well anchored, the risks of second-round effects limited and the downside risks to growth heightened, it is time to take stock of the effects of monetary policy so far and those still to come, and wait for the effects of past shocks on inflation to fade. |
| Keywords: | inflation energy prices, supply bottlenecks, long-term inflation expectations, monetary policy |
| JEL: | C32 E31 E32 E37 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_834_24&r=mac |
| By: | Dr. Tobias Cwik; Dr. Christoph Winter |
| Abstract: | In the aftermath of the Great Financial Crisis (GFC), central banks from several advanced, small, open economies have used FX interventions (FXI) in order to stimulate inflation, given that their policy rates were very low. We present a quantitative DSGE model that allows us to study the effectiveness of this unconventional monetary policy tool. We apply the model to Switzerland, a country that has seen frequent and sizable central bank interventions. The model implies that FXI are effective and long-lasting: FXI of approximately CHF 27 billion (5% of annual GDP) are necessary to prevent the Swiss franc from appreciating by 1.1%. The effect is stronger the longer the central bank can commit to keep its policy rate constant in response to the inflationary effect of the interventions. We also find that FXI create significant additional leeway for monetary policy in small, open economies. This effect can be shown by the "shadow rate", the policy rate required to keep CPI inflation on its realised path without FXI. This "shadow rate" was up to 1 pp below the realised policy rate and close to -1.5% from 2015 to mid-2022 in Switzerland. Our framework also allows us to study the sensitivity of the shadow rate in an environment in which the policy rate is at (or close to) its lower bound. If the persistence of the policy rate increases at the lower bound, the shadow rate rises in absolute terms. |
| Keywords: | Monetary policy, FX intervention, Shadow rate, DSGE model |
| JEL: | C54 E52 F41 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2024-04&r=mac |
| By: | Richard K. Crump; Stefano Eusepi; Marc Giannoni; Aysegul Sahin |
| Abstract: | Using a New Keynesian Phillips curve, we document the rapid and persistent increase in the natural rate of unemployment, ut*, in the aftermath of the pandemic and characterize its implications for inflation dynamics. While the bulk of the inflation surge is attributed to temporary supply factors, we also find an important role for current and expected negative unemployment gaps. Through the lens of the model, the 2022-23 disinflation was driven by the expectation that the unemployment gap will close through a progressive decline in ut* and a rise in the unemployment rate. This implies that convergence to long-run price stability depends critically on expectations about labor market tightness. Using a variety of cross-sectional data sources, we provide corroborating evidence of unusually tight labor market conditions, consistent with our estimated rise in ut*. |
| Keywords: | Phillips curve; unemployment; inflation; natural rate of unemployment; expectations |
| JEL: | D84 E24 E31 E32 J11 |
| Date: | 2024–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:97912&r=mac |
| By: | Park, Jiwon (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Cools, Angela (Davidson College); SJ, Carlos Esparza (Saint Louis University) |
| Abstract: | This paper delves into the impact of the Covid-19 pandemic and related policies on religious attendance, with a particular focus on Catholic church attendance in the United States. The study utilizes smartphone location data from SafeGraph Inc. to track weekly religious attendance trends from 2019 through the end of 2022. This approach offers a comprehensive analysis of how attendance patterns evolved during the pandemic. Notably, the study leverages two distinctive features of the Catholic Church: its division into 175 U.S. territorial dioceses, each overseen by a bishop, and the requirement for members to attend Sunday Mass. The study reveals several significant findings. Firstly, it highlights the dramatic decline in religious service attendance following the outbreak of Covid-19. In comparison to 2019 attendance levels, Catholic church visits lagged behind restaurants and other religious institutions throughout 2020 and 2021. However, by 2022, both Catholic and non-Catholic religious attendance had rebounded, returning to approximately 90% of their 2019 levels by October 2022. Secondly, the paper explores the impact of religious policies, focusing on the lifting of dispensations that temporarily exempted Catholics from the requirement to attend Sunday Mass during the pandemic. The study uncovers that dispensation lifting resulted in a 4 percentage point increase in weekend church attendance compared to the 2019 baseline. Notably, this boost was short-lived, lasting for only six weeks following the lifting of dispensations. It's worth mentioning that the effect of lifting dispensations was smaller in magnitude compared to the impact of church reopenings, which were associated with a 6 to 10 percentage point increase in attendance. Thirdly, the study emphasizes the lack of a significant correlation between the lifting of dispensations and changes in visits to non-Catholic religious institutions or restaurants. This suggests that the impact of dispensation lifting on church attendance was independent of other reopening events. In the broader context, this paper contributes to the understanding of religious practice in the face of adverse events, such as natural disasters or economic crises. (the rest omitted) |
| Keywords: | COVID-19; Mobility |
| JEL: | D83 D91 L31 Z12 |
| Date: | 2023–12–29 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kiepwp:2023_002&r=mac |
| By: | NAKATOMI Michitaka |
| Abstract: | This paper discusses the status of security exceptions in the WTO, their actual implementation and interpretation, and desired responses for the international trade system. In order to maintain the balance between security exceptions and free trade, it is essential to restore the WTO's legislative function, strengthen its monitoring and surveillance function, and quickly restore its dispute settlement function. The expansion of security exception measures is largely due to the sluggish legislative function of the WTO, and it is important to realize the results in such areas as the JSI (JOINT STATEMENT INITIATIVE), as well as to specify negotiation issues such as trade remedy measures. Moreover, the dialogue on matters of specific trade concern (STC) at WTO committees based on the TBT Agreement and other agreements has been effective and has also been helpful in resolving disputes, and is expected to be utilized for security exceptions. The establishment of new National Security Committee is also an issue for consideration. With regard to the restoration of the dispute resolution function, in order to prevent the abuse of the security exception and the acceleration of its black-boxing, it is essential to take into account its political nature and the U.S. position on the issue of justiciability, and it may be necessary to consider introducing a compensation mechanism on the grounds of non-violation. In disputes related to security exceptions, there is currently a strong possibility that the losing party will file an appeal into the void, which will further hollow out the dispute settlement function of the WTO. It is necessary to consider the option of introducing a binding, one stage dispute settlement system into the WTO dispute settlement to avoid this. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rpdpjp:24002&r=mac |
| By: | Wanbo Lu; Guanglin Huang; Kris Boudt (-) |
| Abstract: | We estimate the latent factors in high-dimensional non-Gaussian panel data using the eigenvalue decomposition of the product between the higher-order multi-cumulant and its transpose. The proposed Higher order multi-cumulant Factor Analysis (HFA) approach comprises an eigenvalue ratio test to select the number of non-Gaussian factors and uses the eigenvector to estimate the factor loadings. Unlike covariance-based approaches, HFA remains reliable for estimating the nonGaussian factors in weak factor models with Gaussian error terms. Simulation results confirm that HFA estimators improve the accuracy of factor selection and estimation compared to covariancebased approaches. We illustrate the use of HFA to detect and estimate the factors for the FREDMD data set and use them to forecast the monthly S&P 500 equity premium. |
| Keywords: | Higher-order multi-cumulants, High-dimensional factor models, Weak factors, Consistency, Eigenvalues |
| JEL: | G11 G12 G15 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:24/1085&r=mac |
| By: | Roberto Galbiati (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Emeric Henry (Institut d'Études Politiques [IEP] - Paris); Nicolas Jacquemet (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, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Formal enforcement punishing defectors can sustain cooperation by changing incentives. In this paper, we introduce a second effect of enforcement: it can also affect the capacity to learn about the group's cooperativeness. Indeed, in contexts with strong enforcement, it is difficult to tell apart those who cooperate because of the threat of fines from those who are intrinsically cooperative types. Whenever a group is intrinsically cooperative, enforcement will thus have a negative dynamic effect on cooperation because it slows down learning about prevalent values in the group that would occur under a weaker enforcement. We provide theoretical and experimental evidence in support of this mechanism. Using a lab experiment with independent interactions and random rematching, we observe that, in early interactions, having faced an environment with fines in the past decreases current cooperation. We further show that this results from the interaction between enforcement and learning: the effect of having met cooperative partners has a stronger effect on current cooperation when this happened in an environment with no enforcement. Replacing one signal of deviation without fine by a signal of cooperation without fine in a player's history increases current cooperation by 10%; while replacing it by a signal of cooperation with fine increases current cooperation by only 5%. |
| Keywords: | Enforcement, social values, cooperation, learning, spillovers, repeated games, experiments |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-04511257&r=mac |
| By: | Bütikofer, Aline (Norwegian School of Economics); Coy, Deirdre (Irish Government Economic and Evaluation Service); Doyle, Orla (University College Dublin); Ginja, Rita (University of Bergen) |
| Abstract: | Pregnancy loss is often a traumatic event which may impact both parents and subsequent children. Using Norwegian registry data, we exploit the random nature of single, early miscarriages to examine the impact of pregnancy loss on parental investment and family outcomes. We find that pregnancy loss improves maternal health investments in the subsequent pregnancy regarding supplement use, smoking, preventative healthcare, and physician choice. While a miscarriage negatively affects labor market attachment, it has limited effects on children born after the loss. This suggests that investment in the next pregnancy may offset the negative consequences of stress associated with pregnancy loss. |
| Keywords: | miscarriage, parental investment, healthcare use, household labor supply |
| JEL: | I12 J13 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16858&r=mac |
| By: | Giulia Cantarini (Bank of Italy); Carola Carlizza (Bank of Italy); Pietro Gaudenzi (Bank of Italy); Lucia Sironi (Bank of Italy) |
| Abstract: | This paper describes the learning model for high-school pupils known as 'Alternanza Scuola-Lavoro' (Italian work experience programmes) or 'Transferable Skills and Guidance Programmes' (PCTO) offered by the Bank of Italy. We illustrate the characteristics of these PCTOs with a focus on the heterogeneity of participating schools, as well as on inclusivity, contributing to the ongoing debate on the relationship between education and employment. Nearly 11, 000 pupils have taken part in a total of more than 1, 000 PCTOs since 2016. The topics of greatest interest to schools are consumer protection and financial education, as well as currency circulation and payment instruments. The data gathered through pre- and post-programme questionnaires show that the PCTOs seem to foster the development of transferable skills in the pupils, in addition to improving their knowledge of the Bank of Italy's institutional functions. |
| Keywords: | school-work alternation, dual learning, financial education |
| JEL: | G53 I28 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_837_24&r=mac |
| By: | Bouché, Stéphane (University of the Balearic Islands); Modesto, Leonor (Universidade Catolica Portuguesa, Lisbon) |
| Abstract: | This paper analyzes the impact of trade openness on education and environmental preservation choices in a two country model where both countries only differ in their shares of skilled workers. Parents may invest in their children's education increasing their probability to become skilled and in maintenance investment in order to preserve present and future environmental quality. Under autarky, unskilled individuals in the skill scarce economy are unable to invest in education due to borrowing constraints. Moreover, only skilled individuals of the latter economy choose to invest in environmental preservation. Openness to trade modifies relative factor prices and increases pollution. This allows for human capital convergence between both economies and induces all skilled individuals to contribute to environmental preservation in the free trade equilibrium. However, overall environmental quality decreases, suggesting a potential trade-off between income convergence at the global level and environmental preservation. We also focus on the optimal allocation under free trade and conclude that a maintenance investment subsidy should be implemented for skilled individuals but not necessarily for unskilled ones. |
| Keywords: | altruism, environmental preservation, international trade, human capital |
| JEL: | D64 F18 F64 I25 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16825&r=mac |
| By: | Faguet, Jean-Paul; Matajira, Camilo; Sánchez, Fabio |
| Abstract: | The Spanish encomienda, a colonial forced-labour institution that lasted three centuries, killed many indigenous people and caused others to flee into nomadism. What were its long-term effects? We digitize a great deal of historical data from the mid-1500s onwards and reconstruct the Spanish conquerors’ route through Colombia using detailed topographical features to calculate their least-cost path. We show that Colombian municipalities with encomiendas in 1560 enjoy better outcomes today across multiple dimensions of development than those without: higher municipal GDP per capita, tax receipts, and educational attainment; lower infant mortality, poverty, and unsatisfied basic needs; larger populations; and superior fiscal performance and bureaucratic efficiency, but also higher inequality. Why? Two mediation exercises using data on local institutions, populations and racial composition in 1794 shows that encomiendas affected development primarily by helping build the local state. Deep historical evidence fleshes out how encomenderos founded local institutions early on in the places they settled. Places lacking encomiendas also lacked local states for 3-4 centuries. Local institutions mobilized public investment in ways that doubtless suited encomenderos, but, over time, spurred greater economic and human development. |
| Keywords: | Encomienda; Colombia; development; colonialism; extraction; state capacity; forced labour; institutions |
| JEL: | N0 R14 J01 |
| Date: | 2024–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:122257&r=mac |
| By: | Telles, Edward E.; Bailey, Stanley R.; Davoudpour, Shahin; Freeman, Nicholas C. |
| Abstract: | This chapter examines socioeconomic inequality in Latin America through the lens of race and ethnicity. We primarily use national census data from the International Public Use Micro Data Sample (IPUMS). Since censuses use inconsistent measures of race and ethnicity, we also draw on two additional measures from the Latin American Public Opinion Project (LAPOP). Unlike censuses, LAPOP data offer a more consistent ethnoracial scheme across countries and a unique interviewer-rated skin color measure. Our study shows that black and indigenous populations and those with darker skin color experience educational, income, and occupational disadvantages, even after controlling for their social origins. However, inequality and hierarchical ordering of Afro-descendants, indigenous peoples, mestizos, whites, and others vary across countries. We include an extended examination of educational inequality in Brazil, the regions largest country. The chapter concludes with an exploration of public policy approaches to address black and indigenous disadvantage across Latin America while also highlighting the case of Brazil, where targeted antiracism policy is most advanced. |
| Keywords: | public policy;Economics of Minorities;Races;indigenous peoples;Immigrants;Education and Inequality;labor discrimination;Compensation;Labor Costs;Latin America and Caribbean;Socioeconomic inequality;race and ethnicity;antiracism policy |
| JEL: | J18 J15 I24 J7 J3 O54 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:13195&r=mac |
| By: | M. Kouzez; J. Y. Lee (Audencia Business School); G. Branellec; J. Oh |
| Abstract: | The growing interest in corporate social responsibility (CSR) issues is not only for the traditional banks but also for the online banks. The latter, taking advantage of the Covid context that fosters digital transformation, has undergone remarkable development in recent years. Different from previous studies, our study focuses on online banks and examines how the integration of economic, philanthropic, ethical, and environmental concerns into banking activities affects their business development. Our results highlight the important role played by socially responsible activities in building customer loyalty through the bank's reputation and customer trust. |
| Keywords: | CSR – Online banking – Reputation – Trust – loyalty |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04469792&r=mac |
| By: | Dennis Guignet; O. Ashton Morgan; Craig Landry; John C. Whitehead; William Anderson |
| Abstract: | Sea-level rise poses a growing threat to coastal communities and economies across the globe. North Carolina (NC) is no exception, with coastal communities facing annual sea-level rise rates of 2.01 to 4.55 mm/year (NOAA, 2018). Sea-level rise can affect key ecosystem services to coastal communities, including the provision of clean drinking water and adequate wastewater treatment. We examine how increases in the cost of these services and possible negative effects on coastal house prices due to sea-level rise impact residential location decisions. Administering a stated preference survey to NC homeowners in counties adjacent to the coast, we assess how households might respond to the increasing costs of drinking water and wastewater treatment due to sea-level rise. We present a novel framework to estimate expected welfare impacts under illustrative scenarios. Our results can inform local communities and benefit-cost analyses of future adaptation strategies and infrastructure investments. Key Words: drinking water; ecosystem service; groundwater; housing; stated preference; sealevel rise; wastewater |
| JEL: | D6 Q51 Q54 Q57 R2 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:apl:wpaper:24-12&r=mac |
| By: | Yuxiang Sun; Jingyi Li; Mengdie Lu; Zongying Guo |
| Abstract: | Big data revolutionizes accounting and auditing, offering deep insights but also introducing challenges like data privacy and security. With data from IoT, social media, and transactions, traditional practices are evolving. Professionals must adapt to these changes, utilizing AI and machine learning for efficient data analysis and anomaly detection. Key to overcoming these challenges are enhanced analytics tools, continuous learning, and industry collaboration. By addressing these areas, the accounting and auditing fields can harness big data's potential while ensuring accuracy, transparency, and integrity in financial reporting. Keywords: Big Data, Accounting, Audit, Data Privacy, AI, Machine Learning, Transparency. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.07180&r=mac |
| By: | International Monetary Fund |
| Abstract: | Background. Building on progress achieved under the previous SMP which ended in May 2023, on June 29, 2023, Management approved a new Staff-Monitored Program (SMP) for a nine-month period spanning from June 30 through March 31, 2024. The 2023 SMP focuses on strengthening governance, fighting corruption, enhance transparency and accountability in the use of public spending, including through data transparency to help ensure public funds are used appropriately—all to support the authorities’ efforts to raise inclusive growth. The SMP, initially, envisaged two reviews with June 2023 as a test date for the First Review and December 2023 as test date for the Second Review. In the original letter of intent (LOI) in June 2023, 2 the authorities had envisaged the possibility to request an extension if circumstances required, to allow to establish a solid track record of policy implementation. |
| Date: | 2024–03–11 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2024/074&r=mac |
| By: | Bakens, Jessie (RS: GSBE other - not theme-related research, ROA / Labour market and training); Dijksman, Sander (RS: GSBE other - not theme-related research, ROA / Labour market and training); Meijer, Roy (RS: GSBE other - not theme-related research, ROA / Labour market and training) |
| Abstract: | Dit document dient als achtergrondinformatie bij het rapport De arbeidsmarkt naar opleiding en beroep tot 2028 (Bakens et al., 2023) waarin de resultaten van het Project Onderwijs-Arbeidsmarkt (POA) staan beschreven. Hier wordt verder ingegaan op de gebruikte databronnen, definities, en de gebruikte prognosemethodiek. Voor een volledige beschrijving en onderbouwing van de prognosemethodiek, en uitgangspunten van het POA, kunnen naast dit document verschillende andere publicaties4 en referenties (zie bijlage A van De arbeidsmarkt naar opleiding en beroep tot 2028 (Bakens et al., 2023)) geraadpleegd worden. |
| Date: | 2024–03–21 |
| URL: | http://d.repec.org/n?u=RePEc:unm:umarot:2024005&r=mac |
| By: | Gimiseve, Harry; Miamba, Nelson; Na’ata, Bartholomew; Dorosh, Paul; Schmidt, Emily; Yadav, Shweta |
| Abstract: | In 2023, Papua New Guinea introduced a partial ban on poultry imports from Australia and Asian countries (representing about 70 percent of total PNG poultry imports) in response to the biosecurity threat posed by Avian Influenza (bird flu). Such a restriction on supply has the potential to lead to sharp price increases, steep reductions in household consumption and greater food insecurity. This memo presents an overview of PNG’s poultry sector and describes an analysis of the ef fects of these trade restrictions on poultry prices, production and consumption using a partial equilibrium model of PNG’s poultry sector. This new analysis builds on earlier work (Dorosh and Schmidt, 2023) that explored the implications of a total ban on poultry imports, by simulating the impacts of a partial poultry ban, including the effects on various household groups within PNG. |
| Keywords: | PAPUA NEW GUINEA; OCEANIA; poultry; imports; biosecurity; avian influenza; supply; prices; household consumption; food security; trade |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:pngprn:140446&r=mac |
| By: | Schmidt, Emily; Fang, Peixun; Jemal, Mekamu; Mahrt, Kristi; Mukerjee, Rishabh; Rosenbach, Gracie; Yadav, Shweta |
| Abstract: | From May to December 2023, the International Food Policy Research Institute (IFPRI) implemented a rural household survey that collected detailed data on rural household food consumption and expenditures, agricultural production practices, employment profiles, child and mother 24-hour diet recall, and child anthropometry measurements in Papua New Guinea (PNG). The research team carried out the survey, which used location-based sampling, across five agroecological study areas, of which four of the areas were defined using elevation and rainfall variation. The five agroecological survey areas were seasonal highlands, nonseasonal highlands, seasonal lowlands, nonseasonal lowlands, and islands (the islands survey sample was not disaggregated by elevation or precipitation patterns). In identifying seasonal and nonseasonal survey areas, we adapted the rainfall seasonality categories established by Bourke and Harwood (2009), who evaluated the relative difference in rainfall between the wet and the dry season using resource mapping units defined by the PNG Resource Information System (PNGRIS). The areas of the country that experience large seasonal variation in rainfall (heavy to light, depending on the season) are classified as seasonal, whereas the areas that experience moderate to continuously heavy rainfall throughout the year are classified as nonseasonal (see Figure A1.1 in the appendix for the survey seasonality classification by area). In nonseasonal areas, agricultural growing conditions remain similar year-round, whereas seasonal rainfall areas have agricultural conditions that necessitate a variety of production strategies. Lowland and highland areas were defined using elevation data; areas 1, 000 meters or more above sea level were classified as highlands, and those below 1, 000 meters were classified as lowlands. The survey collected data from 270 communities across 14 provinces, from a total of 2, 699 households. It is important to note that the survey is not nationally representative. Rather, we chose a purposive sample using criteria that would enable analysts of the data to understand the key factors that interact within rural households and communities to create more resilient local food systems, more diversified employment profiles, and improved well-being. Generalizable relationships between variables that affect socioeconomic and other development outcomes in rural PNG communities should be seen consistently in both representative and unrepresentative survey samples. |
| Keywords: | agricultural production; food consumption; households; surveys; capacity development; Papua New Guinea; Oceania |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:resrep:140437&r=mac |
| By: | Sara Lamboglia (Bank of Italy); Noemi Oggero (University of Turin and CERP); Mariacristina Rossi (COVIP and University of Turin); Massimiliano Stacchini (Bank of Italy) |
| Abstract: | In this study, we explore whether financial literacy plays a role in shaping the career aspirations of young people. Using data collected in 2023 by the Bank of Italy on a representative sample of individuals aged 18-34, we find that financial knowledge increases the intention to become an entrepreneur. Our results are confirmed by using instrumental variable estimations. We also show that financial knowledge helps to reduce indecisiveness regarding future professional choices, making young people more focused on their aspirations. |
| Keywords: | financial literacy, entrepreneurial intention |
| JEL: | G53 L26 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_838_24&r=mac |