|
on Macroeconomics |
| By: | Gauti B. Eggertsson; Sergey K. Egiev |
| Abstract: | This paper presents a unified framework to explain three major economic downturns: the U.S. Great Depression, the U.S. Great Recession, and Japan’s Long Recession. Temporary economic disruptions, such as banking crises and excessive debt accumulation, can drive natural interest rates into negative territory in the short term. At the same time, structural factors, including demographic decline and rising inequality, can depress natural interest rates over short and long horizons. A negative natural interest rate and the zero lower bound (ZLB) are necessary conditions for a liquidity trap. Credible monetary policy can counteract the adverse effects of short-run liquidity traps. Diminished monetary policy credibility or persistent negative natural rates may necessitate fiscal interventions. The framework sheds light on the macroeconomic challenges of low-interest-rate environments and underscores the central importance of policy regimes. We close by reflecting on the great macroeconomic question of our time: Will short-term interest rates collapse back to zero once the inflation surge of the 2020s moves to the back mirror and the political landscape in the US has dramatically changed? |
| JEL: | E0 E52 N12 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33195 |
| By: | Saki Bigio; Nicolas Caramp; Dejanir Silva |
| Abstract: | We append the expectation of a monetary-fiscal reform into a standard New Keynesian model. If a reform occurs, monetary policy will temporarily aid debt sustainability through a temporary burst in inflation. The anticipation of a possible reform links debt levels with inflation expectations. As a result, interest rates have two effects: they influence demand and affect expected inflation in opposite directions. The expectations effect is linked to the impact of interest rates on public debt. While lowering inflation in the short term is possible through demand control, inflation tends to rise again due to its impact on inflation expectations (sticky inflation). Optimal monetary policy may allow low real interest rates after fiscal shocks, temporarily breaking away from the Taylor principle. We assess whether the Federal Reserve's “staying behind the curve” was the right strategy during the recent post-pandemic inflation surge. |
| JEL: | E31 E52 E63 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33190 |
| By: | Ricardo J. Caballero; Tomás E. Caravello; Alp Simsek |
| Abstract: | We present evidence that noisy financial flows influence financial conditions and macroeconomic activity. How should monetary policy respond to this noise? We develop a model where it is optimal for the central bank to target and (partially) stabilize financial conditions beyond their direct effect on output and inflation gaps, even though stable financial conditions are not a social objective per se. In our model, noise affects both financial conditions and macroeconomic activity, and arbitrageurs are reluctant to trade against noise due to aggregate return volatility. Our main result shows that Financial Conditions Index (FCI) targeting—announcing a (soft and temporary) FCI target and setting the policy rate in the near future to maintain the actual FCI close to the target—reduces the FCI volatility and stabilizes the output gap. This improvement occurs because a more predictable FCI enables arbitrageurs to trade more aggressively against noise shocks, thereby "recruiting" them to insulate FCI from financial noise. FCI targeting is similar to providing forward guidance about the FCI, and in our framework it is strictly superior to providing forward guidance about the policy interest rate. Finally, we extend recent policy counterfactual methods to incorporate our model's endogenous risk reduction mechanism and apply it to U.S. data. We estimate that FCI targeting could have reduced the variance of the output gap, inflation, and interest rates by 36%, 2%, and 6%, respectively, and decreased the conditional variance of the FCI by 55%. When compared with interest rate forward guidance, it would have reduced output gap variance by 21%. We also show that a significant share of the gains from FCI targeting can be attained by an augmented version of a Taylor rule that gives a large weight to a simplified financial conditions target. |
| JEL: | E12 E32 E44 E52 G10 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33206 |
| By: | Pineda Salazar, Ramón; Albornoz, Sonia; Aravena, Claudio; Gálvez, Tomás |
| Abstract: | Entre 2013 y 2022, las economías de la región han registrado la menor tasa de crecimiento del número de ocupados desde 1950. Pero no sólo se están creando cada vez menos empleos, sino que la mayoría de los empleos que se crean son informales. El menor crecimiento del PIB sin duda constituye una de las razones detrás de estos hechos, pero más allá del impacto que el bajo crecimiento económico tiene en la dinámica de la ocupación informal, hay ciertos grupos que suelen ser más propensos a obtener empleos informales que otros. En este estudio, empleando una definición harmonizada de “ocupación informal” inspirada en las propuestas del CIET 21, se analiza para 14 países de la región cómo la probabilidad de informalidad varía según características socioeconómicas de las personas ocupadas entre 2013 y 2022. De los resultados se desprende que: i) la educación afecta de manera significativa la probabilidad de que un ocupado sea informal, cuanto mayor es el nivel educativo de la persona ocupada, menos probable es que sea informal; ii) la ocupación informal suele ser mayor tanto en los jóvenes como personas mayores, aunque por razones distintas; iii) la probabilidad de que un ocupado sea informal se incrementa si la persona es mujer, especialmente, cuando existen dependientes en el hogar; iv) un ocupado que vive en una zona urbana es menos propenso a ser informal que alguien que vive en zonas rurales, y v) los migrantes son más propensos a ser informales que los nacionales del país. Los resultados reflejan que la informalidad laboral es un fenómeno que depende de múltiples factores, por lo tanto, la formalidad laboral solo podrá aumentar si se aplican una serie de políticas que se complementen y atiendan la gran diversidad de aspectos que la condicionan. En este sentido, el informe plantea que es necesario integrar políticas laborales y productivas que estimulen un mayor crecimiento económico y que faciliten la creación de empleos formales, en especial entre aquellos grupos que son más vulnerables. Adicionalmente, es necesario impulsar políticas que incentiven a pequeños productores y empresarios para que formalicen sus actividades. |
| Date: | 2024–12–17 |
| URL: | https://d.repec.org/n?u=RePEc:ecr:col037:81103 |
| By: | Pieter van Staden; Peter Forsyth; Yuying Li |
| Abstract: | Leveraged Exchange Traded Funds (LETFs), while extremely controversial in the literature, remain stubbornly popular with both institutional and retail investors in practice. While the criticisms of LETFs are certainly valid, we argue that their potential has been underestimated in the literature due to the use of very simple investment strategies involving LETFs. In this paper, we systematically investigate the potential of including a broad stock market index LETF in long-term, dynamically-optimal investment strategies designed to maximize the outperformance over standard investment benchmarks in the sense of the information ratio (IR). Our results exploit the observation that positions in a LETF deliver call-like payoffs, so that the addition of a LETF to a portfolio can be a convenient way to add inexpensive leverage while providing downside protection. Under stylized assumptions, we present and analyze closed-form IR-optimal investment strategies using either a LETF or standard/vanilla ETF (VETF) on the same equity index, which provides the necessary intuition for the potential and benefits of LETFs. In more realistic settings, we use a neural network-based approach to determine the IR-optimal strategies, trained on bootstrapped historical data. We find that IR-optimal strategies with a broad stock market LETF are not only more likely to outperform the benchmark than IR-optimal strategies derived using the corresponding VETF, but are able to achieve partial stochastic dominance over the benchmark and VETF-based strategies in terms of terminal wealth. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.05431 |
| By: | Bill Dupor; Marie Hogan; Jingchao Li |
| Abstract: | While the original papers on the inflation-unemployment relationship, i.e., the Phillips curve, studied aggregate data, a recent generation of work has moved to regional analysis. We estimate Phillips curves in the US based on regional data between 1958 and 2013, from which we can recover the national Phillips Curve. We find that the curves’ evolution over time is characterized by changing cross-region spillovers largely due to a subset of 1970s observations. We show that for these observations, regional inflation exhibits strong negative comovement with national unemployment even after controlling for own region unemployment, resulting in a negative spillover in the regional Phillips curve regression. Aggregating across regional curves, the negative spillover works to steepen the national Phillips curve. The local (regional), spillover and national Phillips curve slopes observed in the data are qualitatively consistent with a simple multi-region monetary model with endogenous monetary policy. |
| Keywords: | local spillover decomposition; Phillips curve |
| JEL: | E3 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedlwp:99477 |
| By: | Bianca He; Lauren I. Mostrom; Amir Sufi |
| Abstract: | Firms invest heavily in customer capital, and such investment is a main source of intangible capital value. This study measures investment in customer capital using sales and marketing expense from income statements, information on salaries paid to workers in sales and marketing, and text from annual 10-K SEC filings describing firms' sales and marketing strategies. Firms emphasize brand value, sales force, customer service, advertising, and the acquisition and use of customer data as sales and marketing strategies. Industries focused on platform business models, online sales, and the production of high tech manufactured goods invest most heavily in customer capital. Industry-level variation in the intensity of sales and marketing expense and R&D expense explains a large amount of the variation across industries in the value of intangible capital. Residual sales, general, and administrative expense after removing sales and marketing expense is uncorrelated with intangible capital value. Industries that invest most heavily in customer capital are growing as a share of aggregate revenue and enterprise value. |
| JEL: | D20 G3 M30 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33171 |
| By: | Abhimanyu Gupta; Jungyoon Lee; Francesca Rossi |
| Abstract: | We propose a computationally straightforward test for the linearity of a spatial interaction function. Such functions arise commonly, either as practitioner imposed specifications or due to optimizing behaviour by agents. Our test is nonparametric, but based on the Lagrange Multiplier principle and reminiscent of the Ramsey RESET approach. This entails estimation only under the null hypothesis, which yields an easy to estimate linear spatial autoregressive model. Monte Carlo simulations show excellent size control and power. An empirical study with Finnish data illustrates the test's practical usefulness, shedding light on debates on the presence of tax competition among neighbouring municipalities. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.14778 |
| By: | Oussama Tayebi; Sabrine Emran |
| Abstract: | Este artículo se publicó originalmente en legrandcontinent.eu Varios países africanos están ascendiendo silenciosamente en la cadena de valor de los vehículos eléctricos. Campo de batalla de la rivalidad sino-estadounidense por los materiales críticos, África podría encontrar una oportunidad en la nueva fragmentación mundial de las cadenas de suministro. Estudio de caso de la República Democrática del Congo. Las sucesivas perturbaciones de las cadenas de suministro durante la década de 2010 y los primeros años de la de 2020 han llevado a los responsables políticos y económicos, especialmente en Estados Unidos y Europa, a plantearse formas de mitigar los riesgos asociados a la fuerte dependencia de un número limitado de proveedores, especialmente China. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:pbcoen:pbnn_42 |
| By: | Amélie Renard (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université) |
| Abstract: | Lorsqu'en 2021, l'Union Régionale Interfédérale des Organismes Privés Sanitaires et Sociaux des Pays de la Loire (URIOPSS PDL) renouvèle son Projet associatif et stratégique, elle se trouve également en pleine accélération de sa transformation numérique (TN). Dans ce contexte perturbé, cette méta-organisation (MO) (Ahrne & Brunsson, 2005, 2008) réunissant 197 associations adhérentes met alors en place un dispositif de gestion innovant (Chiapello & Gilbert, 2013; David, 1998; Moisdon, 1997) : un groupe de travail dédié au numérique. Réunissant salariés et adhérents, celui-ci vise à accompagner le Projet de la MO dans ce contexte de TN. A travers une recherche-accompagnement (Bréchet et al., 2014) menée au sein de l'URIOPSS depuis 2020, cette communication se propose d'étudier les effets de ce dispositif sur le Projet de la MO (Bréchet, 2020; Reynaud, 1997). Nous montrons, en particulier, l'intérêt d'une analyse dynamique du dispositif et éclairons le passage du Projet virtuel au Projet en acte. |
| Keywords: | Méta-organisation, Dispositif de gestion, Recherche-action, Théorie de la régulation sociale, Projet, Stratégie collective |
| Date: | 2023–06–07 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04820492 |
| By: | Gilles Grolleau (ESSCA - ESSCA – École supérieure des sciences commerciales d'Angers = ESSCA Business School); Naoufel Mzoughi (ECODEVELOPPEMENT - Ecodéveloppement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Laura Solaroli (ISARA, LER - Laboratoire d'Études Rurales - UL2 - Université Lumière - Lyon 2 - ISARA) |
| Abstract: | While individuals are expected to perceive similarly identical quantities, regardless of the used units (e.g., 1 ton or 1000 kg), several scholars suggest that consumers over-infer quantities when they are presented in bigger and phonetically-longer numbers. In two experimental studies, we examine this numerosity bias in the context of household food waste. Unlike previous scholars, manipulating numerosity revealed no effect: perceptions of food waste volume and likelihood to reduce it are not influenced by the used numeric value (2500 g vs. 2.5 kg; Study 1) nor the number of syllables (two kilos eight hundred seventy-five grams vs. three kilograms; Study 2). |
| Keywords: | food waste, numerosity bias, survey experiment |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04805001 |
| By: | Olivier Arsene (EESC-GEM Grenoble Ecole de Management, CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon); Claudio Vitari (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Abstract: | Cette étude examine l'impact des logiciels de santé sur le technostress des médecins libéraux en France, en considérant le contexte spécifique dans lequel ils exercent. Utilisant une méthodologie mixte, nous avons d'abord mené 25 entretiens semi-directifs auprès de médecins libéraux et de professionnels les accompagnant dans l'utilisation des technologies de santé. Cette phase qualitative a permis d'identifier les principaux stresseurs technologiques et contextuels affectant les médecins. Les résultats préliminaires révèlent que le contexte d'exercice (pénurie de soignants, évolution des comportements patients, contraintes réglementaires) modère significativement l'impact des technologies de santé sur le stress des médecins. Nous avons notamment observé que certaines fonctionnalités des logiciels, bien que conçues pour améliorer la pratique, peuvent exacerber des stresseurs préexistants ou en créer de nouveaux. Sur la base de ces observations, nous avons élaboré un modèle conceptuel et des hypothèses testant les interactions entre les stresseurs technologiques et contextuels. Ces hypothèses seront vérifiées dans une phase quantitative ultérieure, via un questionnaire diffusé à large échelle auprès des médecins libéraux français. Cette recherche contribue à une meilleure compréhension du technostress dans le contexte spécifique de la médecine libérale, en soulignant l'importance de considérer l'environnement d'exercice dans l'analyse des effets des technologies de santé sur le bien-être des médecins. |
| Keywords: | Technostress, médecins libéraux, technologies numériques de santé, méthodologie mixte, bien-être au travail |
| Date: | 2024–11–21 |
| URL: | https://d.repec.org/n?u=RePEc:hal:gemptp:hal-04887042 |
| By: | Altavilla, Carlo; Rostagno, Massimo; Schumacher, Julian |
| Abstract: | Banks are reluctant to tap central bank backup liquidity facilities and use the borrowed funds for loans to the real economy. We show that excessively parsimonious borrowing and lending can arise in a stigma-free model where the banking sector has an incentive to overissue deposits. Banks don’t heed the central bank’s call for more credit to finance investment because they simply ignore the collective gains from stronger activity in their atomistic decisions. Central banks can address this market failure by disintermediating market-based finance. A lender-of-last-resort (LOLR) system in which the central bank offers liquidity liberally but on non-concessionary conditions improves over a pure laissez-faire arrangement, where asset liquidation in the marketplace is the only source of emergency liquidity. But under LOLR banks remain reluctant to intermediate. Credit easing (CE) and quantitative easing (QE), instead, can stimulate bank borrowing and repair the broken nexus between liquidity provision and credit. Empirical analysis using bank-level and loan-by-loan data supports our model predictions. We find no empirical connection between loans and borrowed reserves obtained from conventional refinancing facilities. In contrast, there is a robust connection between loans and structural sources of liquidity: reserves borrowed under a CE program or non-borrowed, i.e. acquired from a QE injection. We also find that firms with greater exposure to banks borrowing in a CE program or holding larger volumes of non-borrowed reserves increase employment, sales, and investment. JEL Classification: E5, E43, G2 |
| Keywords: | credit easing, lending of last resort, loans, quantitative easing, reserves |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbwps:20253009 |
| By: | Donatella Gatti (CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord, Université Sorbonne Paris Nord); Imen Ghattassi (CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); Gaye Del Lo (CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); Julien Vauday (CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord); Gregory Schneider-Maunoury (UP13 - Université Paris 13) |
| Abstract: | Bien que, depuis de nombreuses décennies, l'opinion publique mondiale soit avertie de la gravité des conséquences du changement climatique, les actions publiques demeurent insuffisantes au regard de la gravité des enjeux. Dans le cadre de ce workshop, nous allons questionner les raisons de ce décalage et étudier les transitions écologiques et énergétiques en cours, leurs caractéristiques, leurs conséquences, et leurs risques. L'accent sera mis sur les analyses des risques financiers associés aux risques climatiques, les inégalités et les flux migratoires issus des bouleversements environnementaux, l'évolution des législations environnementales et leur impact sur les citoyens et les entreprises, ainsi que les modifications dans les entreprises, et leur responsabilité sociale, en lien avec les nouvelles contraintes environnementales et législatives. |
| Date: | 2023–10–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04815241 |
| By: | Benedikt M. P\"otscher; David Preinerstorfer |
| Abstract: | We revisit size controllability results in P\"otscher and Preinerstorfer (2021) concerning heteroskedasticity robust test statistics in regression models. For the special, but important, case of testing a single restriction (e.g., a zero restriction on a single coefficient), we povide a necessary and sufficient condition for size controllability, whereas the condition in P\"otscher and Preinerstorfer (2021) is, in general, only sufficient (even in the case of testing a single restriction). |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.17470 |
| By: | Anton J. Heckens; Efstratios Manolakis; Cedric Schuhmann; Thomas Guhr |
| Abstract: | Multivariate Distributions are needed to capture the correlation structure of complex systems. In previous works, we developed a Random Matrix Model for such correlated multivariate joint probability density functions that accounts for the non-stationarity typically found in complex systems. Here, we apply these results to the returns measured in correlated stock markets. Only the knowledge of the multivariate return distributions allows for a full-fledged risk assessment. We analyze intraday data of 479 US stocks included in the S&P500 index during the trading year of 2014. We focus particularly on the tails which are algebraic and heavy. The non-stationary fluctuations of the correlations make the tails heavier. With the few-parameter formulae of our Random Matrix Model we can describe and quantify how the empirical distributions change for varying time resolution and in the presence of non-stationarity. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.11602 |
| By: | HAMANO, Masashige; SCHNATTINGER, Philip; SHINTANI, Mototsugu; UESUGI, Iichiro; ZANETTI, Francesco |
| Abstract: | We develop a simple model of financial intermediation with search and matching frictions between banks and firms. The model links credit market tightness -encapsulating the abundance of credit- to the search and opportunity costs of credit intermediation. Search costs generate lending to unprofitable firms (i.e., zombies) and the opportunity costs of searching exert countervailing forces on the incentives for banks and firms to participate in zombie lending, generating an inverted U-shaped relationship between credit market tightness and the share of zombie lending. High bargaining power of firms decreases the opportunity cost of firms foregoing credit relationships, reduces the share of zombie firms and increases the efficacy of capital injections to reduce zombie lending. Using data for 31 industries in Japan over the period 2000-2019, we test and corroborate our theoretical predictions by constructing theory-consistent measures of credit market tightness and bargaining power. Consistent with our theory, the findings reveal that capital injections are more effective in industries with higher credit market tightness and greater bargaining power of firms. |
| Keywords: | Zombie firms, bank lending, credit market tightness |
| JEL: | E22 E23 E32 E44 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:hit:rcesrs:dp25-2 |
| By: | Mathieu Plane (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Elliot Aurissergues (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Bruno Coquet (DARES - Direction de l'animation de la recherche, des études et des statistiques - Ministère du Travail, de l'Emploi et de la Santé, OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Magali Dauvin (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Ombeline Jullien de Pommerol (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Pierre Madec (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Raul Sampognaro (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po) |
| Abstract: | La prévision de l'OFCE de la croissance du PIB est de 1, 1 % pour l'année 2024 et de 0, 8 % pour l'année 2025. Les conséquences des chocs violents qu'a connus l'économie française s'estompent progressivement comme le montre le ralentissement de l'inflation qui s'établirait à 1, 5 % en moyenne sur l'année 2025. Ceci autorise la Banque centrale européenne à réduire les taux d'intérêt, ce qui serait un soutien à l'activité en 2025, à hauteur de +0, 4 point de PIB. La dégradation du solde public, particulièrement mal anticipée, oblige à une restriction budgétaire massive dans un contexte politique instable. La réduction du déficit structurel réduirait l'activité économique de -0, 8 point en 2025. |
| Keywords: | croissance, redressement budgétaire, perspectives 2024-2025, économie française |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04807322 |
| By: | Sick, Sebastian |
| Abstract: | - Legale Mitbestimmungsvermeidung und rechtswidrige Mitbestimmungsignorierung nehmen immer weiter zu. Unter den Unternehmen, die mit über 2.000 Inlandsbeschäftigten eigentlich über dem Schwellenwert für einen paritätisch besetzten Aufsichtsrat lagen, sank der Anteil paritätisch mitbestimmter Unternehmen bis 2022 auf 60, 5 Prozent (2019 noch 67, 5 Prozent). In rund 40 Prozent der Unternehmen dieser Größe fehlt so der paritätisch besetzte Aufsichtsrat. Die Zahl der betroffenen Arbeitnehmer*innen kletterte von insgesamt gut 2, 1 Millionen (2019) auf mindestens 2, 45 Millionen (2022). - Insbesondere Familienunternehmen missachten die Mitbestimmung. 66 Prozent der mindestens 256 Unternehmen, die die paritätische Aufsichtsratsbesetzung vermeiden, und 60 Prozent der mindestens 172 Unternehmen, die rechtswidrig die paritätische Mitbestimmung ignorieren, sind in Familienhand. - Besonders viele Handels- und Dienstleistungsunternehmen umgehen die Mitbestimmung. Nur 28 Prozent der Handelsunternehmen mit über 2.000 Beschäftigten sind paritätisch mitbestimmt. Aber auch in der Industrie ist dies ein bekanntes Problem. - Die Europäische Aktiengesellschaft (SE) ist ein Kernproblem für die Mitbestimmung. Nur jede sechste SE mit über 2.000 Beschäftigten ist paritätisch mitbestimmt. - Die Anzahl der drittelbeteiligten Unternehmen ist mit ca. 1.500 seit 2009 nahezu unverändert. Die Anzahl drittelbeteiligter AGs ist allerdings zurückgegangen. - Das Drittelbeteiligungsgesetz ist derart löchrig, dass weite Teile der Unternehmen mit 501 bis 2.000 Beschäftigten überhaupt nicht erfasst sind. Bei Schließung dieser Drittelbeteiligungslücke könnten nach Hochrechnungen bis zu 1.500 Unternehmen mit über 500 Arbeitnehmer*innen zusätzlich erfasst werden. Hinzu kommen hier mehr als 800 Unternehmen, die das Gesetz rechtswidrig nicht anwenden. - Die Ergebnisse belegen die Notwendigkeit von Gesetzesreformen zum Schutz der Mitbestimmung - sowohl im Bereich der Parität als auch im Bereich der Drittelbeteiligung. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:hbsmbr:308833 |
| By: | Audrey Cosson (SayFood - Paris-Saclay Food and Bioproduct Engineering - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Institut Paul Bocuse = Institut Lyfe); Anestis Dougkas (Institut Paul Bocuse = Institut Lyfe, CENS - Centre Européen pour la Nutrition et la Santé); Arnaud Lamy (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, Institut Paul Bocuse = Institut Lyfe); Maxime Michaud (Institut Paul Bocuse = Institut Lyfe); Maxime Sebbane (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | Despite their health and environmental benefits, the share of legumes in the diets of many developed countries remains low. To support eaters towards rebalancing animal and plant proteins in their diet, catering professionals have an important role to play. The project's objective is to explore culinary students' beliefs toward legumes, taking into account their attachment to meat, which is still the reference source of protein. For this purpose, a quantitative survey was conducted on 102 culinary students. Overall, culinary students have a favourable view of legumes in terms of the environment, nutrition, restaurant operations, or consumer expectations. Two groups of students were identified based on their level of attachment to meat. Positive beliefs toward legumes are more strongly present among students with a weaker attachment to meat (36 % of the sample) than among students with a stronger attachment to meat (64 % of the sample). The results shed light on the profiles of future actors in the restaurant industry and their representations of legumes in relation to their psychological relationship with meat. |
| Keywords: | Legumes, Meat attachment, Attitudinal belief, Restaurant, Legumes Meat attachment Attitudinal beliefs Restaurants |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04815654 |
| By: | Mounir Bellari (EMSI - Ecole Marocaine des Sciences de l'Ingénieur) |
| Abstract: | The aim of this article is to contribute to the research effort into earnings management (based on accruals estimated by the model of Kothari et al., 2005), by studying the various identity, control and financial determinants that drive Moroccan companies to make such an accounting choice. It seeks to better understand the motivations behind such a practice and the opportunistic behaviors of managers. To this end, our study is based on logistic regression on a sample of 48 non-financial companies listed on the Casablanca Stock Exchange, over a seven-year period (2016-2022), processed using RStudio 4.4.0 software. The results show that these companies do indeed practice earnings management, and that company size (identity characteristic), ownership concentration (control characteristic) as well as financial performance and indebtedness (financial characteristics) have a significant impact on this practice. |
| Abstract: | Cet article a pour ambition de contribuer à l'effort de recherche portant sur la gestion comptable des résultats (basée sur les accruals estimés par le modèle de Kothari et al., 2005), et ce, en étudiant les différents déterminants identitaires, de contrôle et financiers qui poussent les sociétés marocaines à faire un tel choix comptable. Il cherche à mieux comprendre les motivations d'une telle pratique et les comportements opportunistes des dirigeants. Pour ce faire, notre étude est basée sur une régression logistique sur un échantillon de 48 sociétés non financières cotées à la Bourse de Casablanca, sur une période de sept ans (2016-2022), traitée à l'aide du logiciel RStudio 4.4.0. Les résultats montrent que ces sociétés pratiquent, bel et bien, la gestion comptable des résultats, et que la taille de l'entreprise (caractéristique identitaire), la concentration de la propriété (caractéristique de contrôle) ainsi que la performance financière et l'endettement (caractéristiques financières) impactent significativement cette pratique. |
| Keywords: | Gestion comptable des résultats, accruals discrétionnaires, étude confirmatoire, déterminants identitaires-contrôle-financiers |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04786658 |
| By: | Élodie Allain (HEC Montréal - HEC Montréal); Célia Lemaire (Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon, ULaval - Université Laval [Québec], IUF - Institut universitaire de France - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Gulliver Lux (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article examines the links between accounting tools, affects and neoliberalism. To explain how accounting tools participate in the affective life of neoliberalism, we conducted longitudinal qualitative research on the health and social care sector in Quebec and examined the links between accounting tools and affects in a context of a neoliberal reform. We use the concept of atmosphere -collective affects present in a given space- to address the collective and spatial dimensions of affects linked to accounting tools. Our study shows that the omnipresence of accounting tools in spaces nurtures the atmosphere of measurement presented here. In this atmosphere, tools are viewed as consumables that could be replaced by newer tools, whereas the idea of quantification, supported by feelings of hope, receives support and endures over time. Our paper calls for broader application of the concept of atmosphere to better understand the affective dimension of neoliberal society. |
| Abstract: | Cet article traite des liens entre outils comptables, affects et néolibéralisme. Pour comprendre comment les outils comptables participent à la vie affective du néolibéralisme, nous avons mené une recherche qualitative longitudinale portant sur le secteur de la santé et de service sociaux au Québec. Plus particulièrement, nous avons examiné les liens entre les outils comptables et les affects dans le contexte d'une réforme néolibérale. Nous mobilisons le concept d'atmosphère - des affects collectifs présents dans un espace donné - pour aborder la dimension collective et spatiale des affects liés aux outils comptables. Notre étude montre que l'omniprésence des outils comptables dans les espaces nourrit une atmosphère de la mesure. Dans cette dernière, les outils sont des consommables à renouveler tandis que l'idée de la quantification, portée par l'espoir, est promue et perdure dans le temps. Notre papier invite à mobiliser plus largement le concept d'atmosphère pour mieux comprendre la dimension affective de la société néolibérale. |
| Keywords: | Neoliberal reform, Accounting tool, Collective affects, Atmosphere of measurement, Space, Hope, Réforme néolibérale, Outils comptables, Affects collectifs, Atmosphère de la mesure, Espace, Espoir |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04815570 |
| By: | Zofsha Merchant; Erin Troland; Douglas A. Webber |
| Abstract: | Disability can be devastating financially for households, as it can severely limit earnings potential (Meyer & Mok, 2019; Benito, Glassman, & Hiedemann, 2016; Jolly, 2013). The earnings penalty for households with disabilities is estimated to range from 15 to 70 percent of earnings, depending on the nature of the disability (Meyer & Mok, 2019). Households receiving disability insurance (either employer-based or via Social Security) receive payments based on their prior earnings to help account for this earnings penalty. |
| Date: | 2025–01–10 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfn:2025-01-10-1 |
| By: | Vincent Chatellier (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | World trade in animal products, excluding trade between member states of the European Union (EU), has risen sharply over the past two decades to reach 239 billion euros in 2022 (the highest level ever), equivalent to 17% of total agricultural and agri-food trade. With a trade balance of 49.8 billion euros in 2023, the EU is the world's biggest surplus zone for animal products, ahead of Brazil, New Zealand and Australia. Despite the proliferation of free-trade agreements and the fears they inevitably arouse, this trade balance has improved significantly, thanks above all to dairy products and pork. While a potential future agreement between the EU and Mercosur countries raises legitimate concerns, especially for beef, several other agreements already signed (Canada, South Korea, Japan, etc.) have not led to a significant increase in European imports of animal products. |
| Abstract: | Les échanges mondiaux de produits animaux, hors commerce entre les États membres de l'Union européenne (UE), ont fortement progressé au fil des deux dernières décennies pour atteindre 239 milliards d'euros en 2022 (le plus haut niveau jamais atteint), soit l'équivalent de 17 % du total des échanges agricoles et agroalimentaires. Avec une balance commerciale de 49, 8 milliards d'euros en 2023, l'UE est la zone la plus excédentaire en produits animaux, devant le Brésil, la Nouvelle-Zélande et l'Australie. En dépit de la multiplication des accords de libre-échange et des craintes que ceux-ci ne manquent pas de susciter, cette balance commerciale s'est nettement améliorée grâce surtout aux produits laitiers et à la viande porcine. Si un potentiel futur accord entre l'UE et les pays du Mercosur soulève de légitimes inquiétudes, surtout en viande bovine, plusieurs autres accords déjà signés (Canada, Corée du Sud, Japon, etc.) n'ont pas entraîné une hausse significative des importations européennes de produits animaux. |
| Keywords: | Trade, Exports, Imports, Competitiveness, Animal production, European Union, Echanges commerciaux, Exportations, Importations, Compétitivité, Productions animales, Union européenne |
| Date: | 2024–12–04 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04829718 |
| By: | Marco Molinari; Victor Shao; Vladimir Tregubiak; Abhimanyu Pandey; Mateusz Mikolajczak; Sebastian Kuznetsov Ryder Torres Pereira |
| Abstract: | Determining company similarity is a vital task in finance, underpinning hedging, risk management, portfolio diversification, and more. Practitioners often rely on sector and industry classifications to gauge similarity, such as SIC-codes and GICS-codes - the former being used by the U.S. Securities and Exchange Commission (SEC), and the latter widely used by the investment community. Since these classifications can lack granularity and often need to be updated, using clusters of embeddings of company descriptions has been proposed as a potential alternative, but the lack of interpretability in token embeddings poses a significant barrier to adoption in high-stakes contexts. Sparse Autoencoders (SAEs) have shown promise in enhancing the interpretability of Large Language Models (LLMs) by decomposing LLM activations into interpretable features. We apply SAEs to company descriptions, obtaining meaningful clusters of equities in the process. We benchmark SAE features against SIC-codes, Major Group codes, and Embeddings. Our results demonstrate that SAE features not only replicate but often surpass sector classifications and embeddings in capturing fundamental company characteristics. This is evidenced by their superior performance in correlating monthly returns - a proxy for similarity - and generating higher Sharpe ratio co-integration strategies, which underscores deeper fundamental similarities among companies. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.02605 |
| By: | Ying-Hui Shao; Yan-Hong Yang; Wei-Xing Zhou |
| Abstract: | This study examines contemporaneous and lagged spillover effects in BRICS staple grain futures markets and their linkages with U.S. markets. The results show that contemporaneous spillovers dominate, while net spillovers are driven by lagged connectedness. Systemic risk is lower in intra-BRICS markets compared to those including the U.S., highlighting the U.S. grain market's significant influence. Brazilian and U.S. grains are key net spillover contributors, excluding U.S. rice, while South African staple grains act as major net receivers. Particularly, the spillover between soybeans is the strongest. The study also reveals heterogeneous impacts of the Russia-Ukraine conflict and Black Sea Grain Initiative on grain futures. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.15738 |
| By: | Grasso, Adriana; Poinelli, Andrea |
| Abstract: | Flexibility has progressively become a distinctive feature of the implementation of the Eurosystem’s asset purchases. In its many manifestations, flexibility has also been used by asset managers in the daily selection of sovereign bonds to limit the impact of asset purchases on repo market specialness. This study shows that, since the inception of the Public Sector Purchase Programme, flexible purchases of bonds greatly mitigated the Eurosystem’s footprint on the repo market. JEL Classification: E50, E52, E58, G10, G18 |
| Keywords: | asset purchases, flexibility, market neutrality, repo, specialness |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbwps:20253013 |
| By: | Laura Ciucci (Università di Corsica) |
| Abstract: | Fondé sur le concept d’université-hub, ce travail analyse les rouages du transfert technologique (TT) au sein des universités et avec les acteurs régionaux. Pour ce faire, l’étude des universités de Strasbourg et Pise, basée sur des entretiens semi-directifs, se décline en deux parties. Premièrement, l’organisation du TT et le poids de l’intervention publique sont décrits. Deuxièmement, une étude des cooccurrences de codes les plus fréquentes permet l’identification de thèmes émergeant des discours et l’analyse de leurs interrelations. Finalement, malgré des différences marquées, des problématiques communes se dégagent des deux universités : l’instabilité des politiques publiques, la fragmentation des efforts et les difficultés de croissance des spin-offs. L’article montre également les différents stades de développement du TT atteints par les deux universités. Enfin, malgré des interactions régionales fréquentes, c’est la portée internationale des activités de TT qui semble prévaloir dans les discours. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:lia:wpaper:023 |
| By: | Romain Presty (LGI - Laboratoire Génie Industriel - CentraleSupélec - Université Paris-Saclay, IFP School) |
| Date: | 2024–06–25 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04830356 |
| By: | Serge Tomasi (MEAE - Ministère de l'Europe et des Affaires étrangères) |
| Abstract: | The reform of official development assistance (ODA) accounting implemented from 2018, combined with the creation of Total Official Support for Sustainable Development (TOSSD), represents a substantial improvement in the monitoring of development financing. In some respects, however, it remains in the middle of the road, and there is still room for improvement. |
| Keywords: | Developing countries, LDCs, Development financing, Official development assistance ODA, TOSSD |
| Date: | 2024–11–30 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04818117 |
| By: | Apers, Simon; Gribling, Sander (Tilburg University, School of Economics and Management); Szilagyi, Daniel |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:tiu:tiutis:04e8de2f-97c9-468c-8b83-3cff20d6be29 |
| By: | Jiajun Gu; Zichen Yang; Xintong Lin; Sixun Chen; YuTing Lu |
| Abstract: | This project investigates the interplay of technical, market, and statistical factors in predicting stock market performance, with a primary focus on S&P 500 companies. Utilizing a comprehensive dataset spanning multiple years, the analysis constructs advanced financial metrics, such as momentum indicators, volatility measures, and liquidity adjustments. The machine learning framework is employed to identify patterns, relationships, and predictive capabilities of these factors. The integration of traditional financial analytics with machine learning enables enhanced predictive accuracy, offering valuable insights into market behavior and guiding investment strategies. This research highlights the potential of combining domain-specific financial expertise with modern computational tools to address complex market dynamics. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2412.12438 |
| By: | Gilles Paché (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Abstract: | The logistics of the pilgrimage to Santiago de Compostela plays a crucial role in shaping the pilgrims' initiation experience, blending accessibility with comfort. As the pilgrimage continues to attract increasing numbers of participants, including many non-believers, managing its logistical aspects has become increasingly complex, given the sheer volume of pilgrims—over 400, 000 annually across the four main routes. Key challenges include maintaining the infrastructure, coordinating between various local authorities, and managing the flow of pilgrims. The quality of logistical services affects not only the physical journey but also the emotional and spiritual dimensions that accompany it. The central challenge lies in balancing modern conveniences, often concentrated in hubs, with respect for ancient traditions. This article emphasizes that a well considered logistical approach enhances the pilgrims' experience, while raising important questions about the authenticity of the pilgrimage in an ever-evolving context. |
| Abstract: | La logistique du pèlerinage à Saint-Jacques-de-Compostelle est essentielle à l'expérience initiatique des pèlerins, alliant accessibilité et confort. Alors que le pèlerinage attire de plus en plus de participants, y compris des non-croyants, la gestion des dimensions logistiques devient complexe compte tenu des volumes en présence (plus de 400 000 pèlerins chaque année, sur les quatre principaux itinéraires). Les défis principaux incluent l'entretien des routes, la coordination entre diverses autorités locales et la gestion des flux de pèlerins. La qualité du service logistique impacte non seulement le voyage en lui-même mais aussi le parcours émotionnel ou spirituel lui étant associé. L'enjeu majeur réside dans l'atteinte d'un équilibre entre commodités modernes, regroupées sur des hubs, et respect de traditions ancestrales. L'article souligne qu'une approche logistique réfléchie contribue à la perception d'une expérience mémorable par le pèlerin, tout en posant des questions cruciales sur l'authenticité du pèlerinage dans un contexte en profonde évolution. |
| Keywords: | Expérience, Hub, Logistique, Pèlerinage, Saint-Jacques-de Compostelle, Spiritualité |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04774712 |
| By: | Pascal Ricordel (EDEHN - Equipe d'Economie Le Havre Normandie - ULH - Université Le Havre Normandie - NU - Normandie Université) |
| Abstract: | A common statement found in regional policy reports is that regional growth is an "export or die" issue. However, the succession of disruptions in the international supply chain has highlighted the crucial roles of domestic activities, local markets and short supply chains, turning the environmental and resilience challenge present in growth policy into a "domestic or die" issue. Recent regional growth theories have seriously questioned export activity as the only way in which to drive regional growth and have highlighted the crucial role of the domestic sector. However, no empirical study has assessed the roles of the domestic and export sectors in growth during this troubled economic period, despite the usefulness of this information for nonbiased policy decisions. Using a spatial endogenous regional growth model as a framework, we investigate the role of the domestic sector during the 1999–2014 period for 263 European Union (EU) Nomenclature of Territorial Units for Statistics (NUTS) regions. The results stress the importance of domestic productivity for regional growth during this period, which is characterized by three economic shocks, thereby elucidating the importance of domestic productivity for competitiveness and resilience issues. |
| Keywords: | domestic export sectors economic base theory endogenous growth model regional Dutch disease regional growth regional resilience spatial model, domestic export sectors, economic base theory, endogenous growth model, regional Dutch disease, regional growth, regional resilience, spatial model |
| Date: | 2024–02–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04841821 |
| By: | Nacer Mahouat (ESTC - Ecole Supérieure de Technologie de Casablanca); Mehdi Gharrafi (The Sidi Bennour Higher School of Technology University of Chouaib Doukkali– Morocco,); El Idrissi Zineb (Polydisciplinary Faculty - Sultan Moulay Slimane University - Maroc - USMS - Université Sultan Moulay Slimane); Haoudi Wissa (University of Sidi Mohamed Ben Abdellah); Boumour Rachida (LGMSS URAC‑45 - University Chouaïb Doukkali, El Jadida); Boualam Abdelaziz (The Sidi Bennour Higher School of Technology University of Chouaib Doukkali– Morocco,); Mehdi Zaim (The Sidi Bennour Higher School of Technology University of Chouaib Doukkali– Morocco,) |
| Abstract: | The aim of this study was to examine the factors influencing (determining) the effectiveness of the internal audit function in Moroccan public companies. The research sample consisted of 137 respondents. The results of statistical tests showed that management independence, competence and support could increase the effectiveness of the internal audit function. However, this cooperative relationship did not moderate the impact of management competence and support on internal audit effectiveness. The practical implication of this study is that, in order to increase internal audit effectiveness, internal auditors must adopt an attitude of independence, objectivity and freedom from conflicts of interest in the exercise of their professional responsibilities. The practical value of this study also shows that to increase the effectiveness of internal auditing in the public sector, internal and external auditors need to strengthen their cooperation, particularly with regard to activities requiring collaboration between internal and external auditors, communication between internal and external auditors, and the sharing of working tools and documents between internal and external auditors. |
| Keywords: | internal audit public enterprise Efficiency Public sector PLS |
| Date: | 2024–10–04 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04763793 |
| By: | Yangyang Jiang (Nottingham University Business School China); Cenhua Lyu (Institut conjoint des Universités de Ningbo et d’Angers - UA - Université d'Angers - ZWU - Zhejiang Wanli University); M.S. Balaji (ESC [Rennes] - ESC Rennes School of Business) |
| Abstract: | The global rise in mental disorders presents new challenges for tourism, an industry inadequately prepared to accommodate tourists with such conditions. Despite increasing scholarly interest in recent years, the study of tourists with mental disorders remains fragmented and underdeveloped. This work critically reviews 38 academic papers on this focal subject, published from 2004 to 2024, employing systematic narrative analysis. It identifies ten themes that map out the existing research across three stakeholder groups: tourists and caregivers, tourism providers, and governments and third parties. The literature synthesis offers an insightful and comprehensive overview of the current state of scientific knowledge in the field. Subsequently, an Inclusive Tourism Management Model is established, integrating the roles and responsibilities of various stakeholders, delineating challenges, and recommending strategies to ensure accessible and enriching tourism experiences for these tourists. Upon unveiling research gaps, this work proposes 13 research questions to guide theoretical, practical, and methodological advancements. |
| Keywords: | Mental disorders, Critical review, Tourists, Accessible, Interdisciplinary research |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04778115 |
| By: | Otaviano Canuto; Philip Yang |
| Abstract: | The digital revolution is bringing about a dramatic shift in power, from labor to capital. We assess what the impact of this transformation might be on land as a factor of production. The digital revolution is not happening in a historical vacuum. It unfolds within a framework of confrontation or collusion between market forces and government forces. Depending on the market power that companies can exercise, the digital transition will have different impacts on income distributions between capital, labor, and land, as well as on income distribution within capital itself. This digital transition is advancing during a period of history marked by the worsening of four major crises, the effects of which are interconnected: international, environmental, democratic, and distributive. Urban land management, based on collective purpose, must be recognized as a strategic asset in building a future in which progress is guided by equity, resilience, and social responsibility, with human dignity and the environment at the center of decisions. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:rpaeco:pp_17-24 |
| By: | Jose Azar (IESE Business School); Ioana Marinescu (University of Pennsylvania) |
| Abstract: | Labor economics often assumes that wages w are equal to the marginal revenue product of labor MRPL. However, recent literature has shown that firms’ market power allows them to pay wages substantially below marginal productivity. The markdown (MRPL − w)/w is our preferred measure of firms’ monopsony power, and captures the percent wage increase that would occur if monopsony power were eliminated. We derive the markdown across three classes of models, each embodying a distinct source of monopsony power. First, in oligopsony models, monopsony power arises from strategic interactions between large firms, and is related to labor market concentration. Second, in job differentiation models, monopsony power arises from workers’ heterogeneous preferences over jobs that differ in wages and amenities. Finally, in search and matching models, it arises from frictions that prevent workers from accessing all existing job vacancies. To identify the markdown, empirical studies often rely on estimating the firm-level labor supply elasticity and taking its inverse as a measure of the markdown. A few studies directly estimate MRPL using a production function approach. Across studies, the markdown typically ranges between 15% and 50% implying that wages would increase by 15 to 50% if firms’ monopsony power were eliminated. Finally, we analyze the policy implications of monopsony power in three areas, drawing on both theory and empirical analysis: merger control in antitrust policy, the regulation of non-competition agreements, and minimum wages. Monopsony power helps explain how mergers and noncompetition agreements can lower wages, and how minimum wages can increase employment. Overall, the literature shows that monopsony power is significant, and should be considered when analyzing policy and the sources of wage variation. |
| Keywords: | monopsony, oligopsony, markdown, wages, labor market concentration, labor supply elasticity, antitrust, mergers, imperfect competition, minimum wage |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:crm:wpaper:2431 |
| By: | Pau S. Pujolas; Jack Rossbach |
| Abstract: | We apply the quantitative theory in Pujolas and Rossbach (2024), which determines optimal tariff rates in a multi-country, multi-sector general equilibrium model with input-output linkages and services trade, to a hypothetical trade war between the United States and Canada. While the United States can “win" a trade war if its tariffs against Canadian products are optimally chosen, a 25% across-the-board tariff met with optimal retaliatory tariffs by Canada causes the United States to also lose the trade war. Canada loses the trade war in all the scenarios we consider. However, the United States gains substantially more from engaging in a trade war with China than with Canada. |
| Keywords: | Trade War; Tariffs; Applied General Equilibrium; International Trade |
| JEL: | F11 F13 F14 F17 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:mcm:deptwp:2025-01 |
| By: | Aleksian, Ashot; Villeneuve, Stéphane |
| Abstract: | This paper investigates the exit-time problem for time-inhomogeneous diffusion processes. The focus is on the small-noise behavior of the exit time from a bounded positively invariant domain. We demonstrate that, when the drift and diffusion terms are uniformly close to some time-independent functions, the exit time grows exponentially both in probability and in $L_1$ as a parameter that controls the noise tends to zero. We also characterize the exit position of the time-inhomogeneous process. Additionally, we investigate the impact of relaxing the uniform closeness condition on the exit-time behavior. As an application, we extend these results to the McKean-Vlasov process. Our findings improve upon existing results in the literature for the exit-time problem for this class of processes. |
| Keywords: | Freidlin-Wentzell theory; time-inhomogeneous diffusion; McKean-Vlasov process; exit time |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:tse:wpaper:130135 |
| By: | Sayag, Doron; Snir, Avichai; Levy, Daniel |
| Abstract: | We test the predictions of the sticky information model using a survey dataset by comparing the shoppers’ accuracy in recalling the prices of regulated and comparable unregulated products. Regulated product prices change less frequently, vary less across stores and between brands, and are sold more than comparable but unregulated product prices. Therefore, shoppers would be expected to recall the regulated product prices more accurately. However, we find that shoppers are better at recalling the prices of unregulated products, in line with the sticky information model which predicts that shoppers will be more attentive to prices that change more frequently. |
| Keywords: | Sticky Information, Cost and Benefit of Information, Information Gathering, Information Processing, Price Cap, Price Regulation, Price Controls, Price Adjustment, Sticky Prices, Rigid Prices, Price Stickiness, Price Rigidity |
| JEL: | D12 D83 D91 E31 K20 L11 L16 L50 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:308108 |