nep-net New Economics Papers
on Network Economics
Issue of 2016‒06‒25
662 papers chosen by
Yi-Nung Yang
Chung Yuan Christian University

  1. Quantifying the Effects of Additive Manufacturing on Supply Networks by Means of a Facility Location-Allocation Model By Barz, Andreas; Buer, Tobias; Haasis, Hans-Dietrich
  2. Consumption Network Effects By Giacomo De Giorgi; Anders Frederiksen; Luigi Pistaferri
  3. Industrial Cluster Policy and Transaction Networks: Evidence from firm-level data in Japan By OKUBO Toshihiro; OKAZAKI Tetsuji; TOMIURA Eiichi
  4. Immunizing networks by targeting collective influencers at a mesoscopic level By Teruyoshi Kobayashi; Naoki Masuda
  5. What Role for Civil Society Coalitions in Supranational Governance? By Alemanno, Alberto
  6. Consumption Network Effects By De Giorgi, Giacomo; Frederiksen, Anders; Pistaferri, Luigi
  7. The multiplex dependency structure of financial markets By Nicol\'o Musmeci; Vincenzo Nicosia; Tomaso Aste; Tiziana Di Matteo; Vito Latora
  8. An analytical solution for the two-sided Parisian stopping time, its asymptotics and the pricing of Parisian options By Angelos Dassios; Jia Wei Lim
  9. Financial risk analysis of lucernepasture establishment: Under-sowing vs Direct sowing By Nordblom, Tom; Hutchings, Tim; Li, Guangdi; Hayes, Richard; Finlayson, John
  10. Protecting Consumers In Peer Platform Markets: Exploring The Issues By OECD
  11. Big Data Is a Big Deal But How Much Data Do We Need? By Askitas, Nikos
  12. Challenging prospects for roam like at home By Georgios Petropoulos; J. Scott Marcus
  13. Conditional contracts and sustainability:targeting lessons from an open access fishery By Hopfensitz, Astrid; Mantilla, Cesar; Miquel-Florensa, Josepa
  14. The Finnish corporate network—empirical findings from the board room network By Pihlava Matti
  15. Another Solution for Allais Paradox: Preference Imprecision, Dispersion and Pessimism By Bayrak, Oben
  17. Taking Over Control:An Experimental Analysis of Delegation Avoidance in Risky Choices By Matteo Ploner; Viola Saredi
  18. Corruption, Organized Crime and the Bright Side of Subversion of Law By Astrid Gamba; Giovanni Immordino; Salvatore Piccolo
  19. Double jeopardy? Caste, affirmative action, and stigma By Ashwini Deshpande
  20. Ripple Effects of Noise on Corporate Investment By Foucault , Thierry; Dessaint , Olivier; Frésard, Laurent; Matray, Adrien
  21. Regression Discontinuity Designs with Clustered Data: Variance and Bandwidth Choice By Bartalotti, Otávio C.; Brummet, Quentin O.
  22. Introdução à “Deep Web” [Introduction to "Deep Web"] By David Duarte; Tiago Mealha
  24. Pirated Economics By Babutsidze, Zakaria
  25. Bounds On Treatment E ffects On Transitions By Johan Vikström; Geert Ridder; Martin Weidner
  26. Taxation, industry integration and production efficiency By Simone Moriconi
  27. Bidding for network size By Foucart, Renaud; Friedrichsen, Jana
  29. The consumption of cultural goods through the internet. How is it affected by the digital divide? By Victoria Ateca-Amestoy; Concetta Castiglione
  30. Do Psychological Traits Explain Differences in Free Riding? By Gregory DeAngelo; Hannes Lang; Bryan McCannon
  31. Petite reprise après grand crise: Perspectives 2016-2017 pour l'économie française By Eric Heyer; Xavier Timbeau; Christophe Blot; Céline Antonin; Amel Falah; Sabine Le Bayon; Catherine Mathieu; Christine Rifflart; Sébastien Villemot; Mathieu Plane; Bruno Ducoudré; Pierre Madec; Hervé Péléraux; Raul Sampognaro
  32. Incorporating passive surveillance into invasive-species management programmes By Cacho, Oscar; Hester, Susie
  33. Long-term effects of subsidies on firm growth: introducing the concept of outcome additionality By Goerke, Björn; Albers, Sönke
  34. Job Creation and the Role of Dependencies By Fornaro, Paolo; Luomaranta, Henri
  35. Collective Bargaining and School District Test Scores: Evidence from Ohio Bargaining Agreements Abstract: Policymakers at all levels of government try to design policies to promote economic growth. Many of these policies have a goal of attracting new businesses to an area, as new businesses are considered a key driver of local economic growth. An emerging literature suggests that such policies have heterogeneous effects on economic growth, both in terms of how the effect of the same policy may vary across locations as well as how different policies spur different types of growth. In this chapter, we discuss the insights provided by the existing literature on the effect of government policy on local economic growth. We pose questions that have not been fully answered, and for which the evidence is mixed, and discuss methodologies that future work should consider utilizing in order to answer these pressing issues. We also discuss the importance of data and the ideal types of data that should be collected and analyzed in the future. Evaluating the features and outcomes of policies will continue to be an important role for regional scientists over the next several decades, as government officials seek guidance when designing policy and allocating scarce resources. By Carlianne Patrick; Amanda Ross; Heather Stephens
  36. A Review on Advanced Security Solutions in Online Banking Models By Aithal, Sreeramana
  37. Incorporating Big Data into Market News Reporting By Anonymous
  38. Perspectives on quantitative easing in the United States: remarks at the Global Interdependence Center’s Central Banking Series, House of the Estates, Helsinki, Finland, June 6, 2016. By Rosengren, Eric S.
  39. Langue unique, langue inique By Yvon Pesqueux
  41. Brazilian Cotton Outlook By Rubio, Nicolas
  42. Remoteness equals backwardness? Human capital and market access in the European regions: insights from the long run By Claude Diebolt; Ralph Hippe
  43. Co-authorship and Academic Productivity in Economics: Interaction Maps from the Complex Networks Approach By José Alberto Molina; Alberto Alcolea; Alfredo Ferrer; Alberto Alcolea; David Iñiguez; Alejandro Rivero; Gonzalo Ruiz; Alfonso Tarancón
  44. Assessment of the Admissibility of the Horizontal Co-Operation Agreements in the Context of Environmental Externalities By Pavlova, N.S.; Baulina, A.A.; Shastitko, Andrey E.
  45. Coordinated Balancing of the European Power System By Neuhoff, Karsten; Richstein, Jörn
  47. Identifying effects of multivalued treatments By Sokbae Lee; Bernard Salanie
  48. Are U.S. Farmers Expecting Imminent Impacts from Climate Change? Evidence from Weather Shocks on the Farmland Market By Utterback, Matthew
  49. The Effects of Compulsory Schooling Laws on Teenage Marriage and Births in Turkey* By Murat G. Kýrdar; Meltem Dayýoðlu; Ýsmet Koç
  50. Literatuuronderzoek ten behoeve van Caribisch Nederland. Push- en pullfactoren bij werving, selectie en behoud van leraren in afgelegen gebieden By de Hoon, Marloes; Cörvers, Frank
  51. Delegation and worker training By Christos Bilanakos; John S. Heywood; John Sessions; Nikolaos Theodoropoulos
  52. The Excess Returns of 'Quality' Stocks: A Behavioral Anomaly By Thesmar , David; Bouchaud , Jean-Philippe; Stefano , Ciliberti; Landier , Augustin; Simon , Guillaume
  53. Quality Leisure Time and Youth Development By Fuchs, Benjamin; Osikominu, Aderonke
  54. Recursos hídricos y riesgos climáticos: lineamientos para tomadores de decisión del sector público y privado By Galindo, Luis Miguel; Samaniego, Joseluis; Alatorre, José Eduardo; Reyes, Orlando; Ferrer, Jimy; Gómez, José Javier
  55. Mellowing with tenure? Socialization increases prosocial behavior in public organizations By Sheheryar Banuri; Philip Keefer
  56. Optimal two-sided tests for instrumental variables regression with heteroskedastic and autocorrelated errors By Humberto Moreira; Marcelo Moreira
  57. Shapley value regression and the resolution of multicollinearity By Mishra, SK
  59. Sustainability of pensions schemes : building a smooth automatic balance mechanism with an application to the US social security By Frédéric Gannon; Florence Legros; Vincent Touze
  60. Air Service Agreement Liberalisation and Airline Alliances By OECD
  61. Opportunities for U.S. Beef Exports By Bacus, Kent
  62. How Land Tenure will Shape the Future of US Agriculture By Hamilton, Neil D.
  63. Aging, Pensions, and Growth By Tetsuo Ono
  64. HEAD-TAIL DILEMMA OF WATER RE-ALLOCATION: Productive efficiency-based collective decision on allocating land for sharecropping in in Village Irrigation Systems of Sri Lanka By Kularatne, Mohottala G.; Pascoe, Sean; Wilson, Clevo; Robinson, Tim
  65. The Global Code of Conduct in the Foreign Exchange Market By Tetsuro Matsushima; Lisa Ohkawa; Hirotaka Inoue
  66. Equity is Cheap for Large Financial Institutions: The International Evidence By Priyank Gandhi; Hanno Lustig; Alberto Plazzi
  67. The Effects of a Training Program to Encourage Social Entrepreneurship By Astebro , Thomas B; Hoos, Florian
  68. The Long Run Impacts of Merit Aid: Evidence from California’s Cal Grant By Eric Bettinger; Oded Gurantz; Laura Kawano; Bruce Sacerdote
  70. Policy issues for Australian agriculture By Quinlivan, Daryl
  71. Il Settore del Teleriscaldamento in Italia: Struttura e Assetto Regolatorio By Samanta Meli
  72. Selling the farm: understanding irrigators’ intentions to sell the farm in the Murray-Darling Basin By Wheeler, Sarah; Zuo, Alec
  73. Risk attitudes of farmers, foresters and students: An experimental multimethod comparison By Sauter, Philipp; Hermann, Daniel; Musshoff, Oliver
  74. Don’t Forget about the Children – Latent Food Insecurity in Rural Cambodia By Buehler, Dorothee C.; Hartje, Rebecca C.; Grote, Ulrike
  75. BEYOND BUDGETING By Edo Cvrkalj; Denis Smolar
  76. Economic downturn and volunteering: Do economic crises affect content generation on Wikipedia? By Kummer, Michael; Slivko, Olga; Zhang, Michael
  77. The social shaping of nuclear energy technology in South Africa By Britta Rennkamp; Radhika Bhuyan
  78. Outlook for the U.S. Livestock and Poultry Sectors By Shagam, Shayle D.
  79. Introducing compliance-based inspection protocols to Australia’s biosecurity system By Hester, Susie; Rossiter, Anthony
  80. Pravni okvir zdravstvene zastite u Republici Hrvatskoj By Tina Marfan
  81. Moving from Fisheries Economics to Ocean Economics Expanding bioeconomic fisheries models By Armstrong, Claire W.
  82. Winery reputation in explaining wine clusters: A spatial analysis of Hunter Valley wine producers By Lock, Peter; Mounter, Stuart; Moss, Jonathan; Fleming, Euan
  83. Como assumir compromissos SMART de ação em prol da nutrição: Relatório sobre a nutrição mundial nota de orientação By Fanzo, Jessica; Hawkes, Corinna; Rosettie, Katherine
  84. A "fractal" solution to the chopstick auction By Christian Ewerhart
  85. Determinants of Cocoa Marketing Efficiency in Pasaman Regency, West Sumatra, Indonesia By Rifin, Amzul; Herawati
  88. Clustering or Co-Agglomeration? A Love-for-Variety Approach By Nikita Malykhin; Philip Ushchev
  89. Sustainability of Covering Kids and Families Coalitions and Activities By Gaylee Morgan; Eileen Ellis
  90. Going the Extra Mile: Intelligent Energy Management of Plug-in Hybrid Electric Vehicles By Boriboonsomsin, Kanok; Wu, Guoyuan; Barth, Matthew
  91. Estimating the cost of strengthening ecosystem connectivity in an agricultural landscape in Central Sumatra By Bateman, Laura; Yi, Dale; Cacho, Oscar; Stringer, Randy
  92. Reducing the business risk in expanding grain farm businesses By Feldman, David; Kingwell, Ross; Plunkett, Brad; Thomas, Quenten; Farre-Codina, Imma
  94. Managing Water for the Future By Zaragoza-Watkins, Matthew
  95. A bioeconomic framework for phosphorus deep-placement decisions By Zull, Andrew; Bell, Mike; Cox, Howard; Gentry, Jayne; Klepper, Kaara; Dowling, Chris
  96. Onderwijsarbeidsmarkt en lerarenopleidingen op Caribisch Nederland By Cörvers, F.; Claessen, J.; Kluijfhout, E.
  97. Appendix: Invention Quality and Entrepreneurial Earnings: The Role of Prior Employment Variety By Astebro , Thomas B; Yong, Kevyn
  98. US Crashes of 2008 and 1929 How did the French market react? An empirical study. By Raphael Hekimian; David Le Bris
  99. Group (Re-)formation in Public Good Games: The Tale of the Bad Apple By Grund, Christian; Harbring, Christine; Thommes, Kirsten
  100. Women's empowerment, sibling rivalry, and competitiveness: evidence from a lab experiment and a randomized control trial in Uganda By Buehren,Niklas; Goldstein,Markus P.; Leonard,Kenneth; Montalvao,Joao; Vasilaky,Kathryn
  101. Global Nutrition Report 2016: From Promise to Impact: Ending Malnutrition by 2030: Summary [in Japanese] By International Food Policy Research Institute (IFPRI)
  102. Intervención cambiaria y política monetaria en el Perú By Oscar Dancourt; Waldo Mendoza
  103. Top-Down vs. Bottom-Up? Reconcilling the Effects of Tax and Transfer Shocks on Output By Sebastian Gechert; Christoph Paetz; Paloma Villanueva
  104. Resource Reallocation and Industry-level Productivity Growth in Australian Broadacre Agriculture By Sheng
  105. Services Dimension in the Pacific Alliance By Daniel Rais
  106. Dairy in Science-Based Nutrition By Specht, Allison L.
  107. Replanting Gaurantee in Developing Countries By Li, Yiting; Miranda, Mario J.
  108. Coastal adaptation: estimating values of sensitive coastal environments and planning for the future. By Scarborough, Helen
  109. Trends in Farm Household Income and Assets By Prager, Daniel
  110. Analysing the implications of the Paris Climate Summit for Australia By McInnes, Dougal; Betz, Regina; Jotzo, Frank; Kuch, Declan
  111. Regional human capital inequality in Europe in the long run, 1850 – 2010 By Claude Diebolt; Ralph Hippe
  112. Incorporating innovation subsidies in the CDM framework: Empirical evidence from Belgium By Dirk Czarnitzki; Julie Delanote
  113. Shared Mobility: Innovation for Liveable Cities By OECD
  114. Enforcing environmental policies in China -- The “indecisive” role of the market in SO2 and COD emissions trading By Xu, Yuan
  116. Farm Sector Income and Finances 2016 Outlook By Kuhns, Ryan; Patrick, Kevin
  117. Big Data Applications and Prospects in Precision Agriculture By Tamirat, Tseganesh Wubale; Farquharson, Robert
  118. Outlook for Livestock and Poultry in 2016 By Shagam, Shayle D.
  119. Strengthening Rural Communities Through Partnership and Investment By McKenna
  120. The Incidental Fertility Effects of School Condom Distribution Programs By Kasey S. Buckles; Daniel M. Hungerman
  121. Climate Change Assessments: Confidence, Probability and Decision By Hill , Brian; Bradley , Richard; Helgeson, Casey
  122. Institutions vs. "First-Nature" Geography - What Drives Economic Growth in Europe's Regions? By Ketterer, Tobias; Rodríguez-Pose, Andrés
  123. Slow Normalization or No Normalization? : a presentation at OMFIF City Lecture, Singapore, May 26, 2016. By Bullard, James B.
  124. Guilt-averse or reciprocal? Looking at behavioural motivations in the trust game By Yola Engler; Rudolf Kerschbamer; Lionel Page
  125. Accelerated Benefits (AB) Demonstration: Recruitment, Process, and Impact Findings After One Year By David Wittenburg; Charles Michalopoulos; Robert Weathers (Speakers)
  127. Endogenous Competence and a Limit to the Condorcet Jury Theorem By Bryan McCannon; Paul Walker
  128. The Economic Outlook and Implications for Monetary Policy: a speech at the Council on Foreign Relations, Washington, D.C., June 3, 2016. By Brainard, Lael
  129. How is regonalization accomplished in plant health? By Bloem, Stephanie
  130. Modelling the Risk, Return and Resiliency of Future Dairy Farm Systems By Neal, Mark; Cooper, Simon
  131. Winners and losers: Another look at the potential impacts of a Doha Round agreement on agriculture By Vanzetti, David
  132. Identifying macroeconomic effects of refugee migration to Germany By Weber, Enzo; Weigand, Roland
  133. Do Contractual Relations Incentivize Farmers’ Adoption of Multiple Innovations?: Evidence from the Indonesian Dairy Sector By Permani, Risti; Umberger, Wendy
  134. Are Supply Shocks Contractionary at the ZLB? Evidence from Utilization-Adjusted TFP Data By Julio Garín; Robert Lester; Eric Sims
  135. Transforming Agricultural System under Socio-economic Change, Climate Change and Ecosystem Change By Matsuda, Hirotaka; Ogata, Yuka; Takagi, Akira; Kurokura, Hisashi
  136. Sugar in Mexico: Implications from the Antidumping and Countervailing Duties Suspension Agreements By Behar, Salvador
  137. Regional Agricultural and Trade Policies: Indian Perspective By Chand, Ramesh
  138. Implementing EU renewable energy policy at the subnational level Navigating between conflicting interests By Gilles Lepesant
  139. Agricultural Innovation - The United States and the Developing World By Pardey, Philip G.
  140. Berth allocation in container terminals that service feeder ships and deep-sea vessels By Emde, Simon; Boysen, Nils
  141. Estimating supply functions for agri-environmental schemes: Water quality and the Great Barrier Reef (PowerPoint) By Rolfe, John; Windle, Jill
  142. From high school to the high chair: Education and fertility timing By JAMES, Jonathan; VUJIC, Suncica
  143. Market Abuse Directive and Insider Trading: Evidence from Italian Tender Offers By Riccardo Ferretti; Pierpaolo Pattitoni; Roberto Patuelli
  144. STAX and Cotton Crop Insurance: First Year Results By Coble, Keith
  145. What Businesses Attract Unions? Unionization over the Life-Cycle of U.S. Establishments By Emin Dinlersoz; Jeremy Greenwood; Henry Hyatt
  146. Prices and Competition. Evidence from a Social Program By Emilio Aguirre; Pablo Blanchard; Fernando Borraz; Joaquín Saldain
  147. A Narrative Explanation of Breakpoints and Convergence Patterns in Yugoslavia and its Successor States 1952-2015 By Ivo Bicanic; Milan Deskar-Škrbić; Jurica Zrnc
  148. The Links between Crude Oil Prices and GCC Stock Markets: Evidence from Time-Varying Granger Causality Tests By Mehmet Balcilar; İsmail H. Genç; Rangan Gupta
  149. Changes in the commodities market - Part 2: what role for international trading companies? By Yves Jégourel
  150. Economic Impacts from Coal Seam Water on Agricultural Enterprises, Case Study: Chinchilla District, Queensland By Monckton, David
  151. What Explains the Diversity of Regulatory Reform Outcomes? By Stankov, Petar; Vasilev, Aleksandar
  152. Information and Preferences for Public Spending: Evidence from Representative Survey Experiments By Lergetporer, Philipp; Schwerdt, Guido; Werner, Katharina; Woessmann, Ludger
  153. The absence of currency-related trade policies in the World Trade Organization (WTO) and its future inclusion By Kartika, Dwintha Maya
  154. Likelihood-based inference for nonlinear models with both individual and time effects By Yutao Sun
  155. The Disintegrating Force of Rationalism on Economics: What it means for Islamic Economics By Abdulkader Cassim Mahomedy
  156. Monopolistic Competition Without Apology By Jacques-Francois Thisse; Philip Ushchev
  157. The Role of the Mediator in Complex Capital Projects By Shastitko. Andrey; Golovanova, S. V.
  158. State of Argentine Farm Policy and Market conditions post-election By Costa, Ramiro
  159. Options for simultaneous greenhouse gas abatement and profitability on Australian broadacre cropping farms By Dumbrell, Nikki; Kragt, Marit; Meier, Elizabeth; Thorburn, Peter; Biggs, Jody
  160. Stimulating digital innovation for growth and inclusiveness: The role of policies for the successful diffusion of ICT By OECD
  161. The Role of Law in Assessing the Value of Transparency and the Disconnect with the Lived Realities under Investor-State Dispute Settlement By Daniel Rais
  162. Peru as a regional hub for trade facilitation and logistics services: Strategic considerations By Daniel Rais
  163. Introduction to the South African Revenue Service and National Treasury firm-level panel By Duncan Pieterse,; Friedrich Kreuser; Elizabeth Gavin
  164. Are extremely low interest rates really caused by insufficient growth and inflation rather than by ECB policy? By Eric Dor
  165. The Sound of Silence: equilibrium filtering and optimal censoring in financial markets By Miles B. Gietzmann; Adam J. Ostaszewski
  166. Colaboración Público-Privada en infraestructuras: Reforma del sistema concesional español de autopistas de peaje By Eduardo Engel; Ronald Fischer; Alexander Galetovic; Ginés De Rus
  167. Agricultural Development in Emerging Africa: Can Farming Systems Approach help in Planning and Priority Setting for Climate Smart Agriculture? By Mishili, Fulgence; Mallawaarachchi, Thilak; Valerian, Judith; Auricht, Christopher; Boffa, Jean-Marc; Dixon, John
  168. Farmers’ Adjustment Strategies to the Millennium Drought and the Association with Profitability By Ooi, ZhongKai
  169. The Rise and Fall of U.S. Farm Productivity Growth, 1910-2007 By Alston, Julian; Andersen, Matt; Pardey, Phil
  170. Les sources industrielles des baisses de rendement de la productivite du travail au Canada et le role de l?ajustement structurel dans les annees 1990 et 2000 By Willox, Michael; Baldwin, John R.
  171. Agricultural productivity, poverty and inequality in Indonesia By Warr, Peter
  172. From realism to instrumentalism - and back? Methodological implications of changes in the epistemology of economics By Gräbner, Claudius
  173. Testing College Readiness: Massachusetts Compares the Validity of Two Standardized Tests By Ira Nichols-Barrer; Kate Place; Erin Dillon; Brian P. Gill
  174. Grexit News and Stock Returns By Andreas Haupenthal; Matthias Neuenkirch
  175. An Assessment Framework for Resilient Public Policy By Grafton, Quentin
  176. The interface of networking and 'wasta' in an Arabic context By Sefiani, Yassine; Davies, Barry; Bown, Robin; Kite, Neilson
  177. The Law of Regional and Multilateral Agreements: How does Andean Community law relate to WTO rules? By Daniel Rais
  178. Quality Thresholds, Features, and Dosage in Early Care and Education: Discussion and Conclusions By Martha Zaslow; Margaret Burchinal; Louisa Tarullo; Ivelisse Martinez-Beck
  179. The Cost Effectiveness of Remediating Erosion Gullies in the Fitzroy Basin By Rust, Steven; Star, Megan
  180. Green innovation for agriculture: Prospects and lessons from other sectors By Jaffe, Adam B.
  181. Narrativity from the Perspectives of Economics and Philosophy: Davis, Ross, Multipleselves Models... and Behavioral Economics By Tom Juille; Dorian Jullien
  182. Raising public debt, structural reduction of interest, end of the economic crisis By Giuseppe Vitaletti
  183. Environmental Standards and International Trade: Latin American Stakeholders and the EU Environmental Footprint By Daniel Rais
  184. Chinese Outward Foreign Direct Investment: Is ASEAN A New Destination? By Daniel Rais
  185. Does Increasing Salary Discrimination in the NBA Reflect Disparity of Fans' Purchasing Power? By Hisahiro Naito; Yu Takagi
  186. Éclairages de l’enquête Patrimoine sur les comportements de rachat en assurance-vie. By Frey L.
  187. Free Markets vs.a Producer Price System: Why are Commodity Markets Becoming Financialized? By Yves Jégourel
  188. Les élèves défavorisés bénéficient-ils des mêmes possibilités d'apprentissage en mathématiques ? By OCDE
  189. Emploi et chômage By Marion Cochard; Bruno Ducoudre
  190. Reputation Building under Uncertain Monitoring By Joyee Deb; Yuhta Ishii
  191. Price and Quality Decisions by Self-Serving Managers By Halbheer , Daniel; Bertini , Marco; Koenigsberg, Oded
  192. Rélocation, réorientation, ou confrontation? Aperçus à partir d'un sondage représentatif des mineurs artisanaux à Kamituga, Sud-Kivu By Stoop, Nik; Kislosho, Janvier; Verpoorten, Marijke
  193. Tropical Agricultural Development: Managing Expectations For Food, Incomes and Natural Environment By Dale, Allan
  194. Posterior distribution of nondifferentiable functions By Toru Kitagawa; Jose Luis Montiel Olea; Jonathan Payne
  195. Una aplicación de la teoría fuzzy al análisis de la pobreza en Antioquia By Juan Guillermo Bedoya Ospina; Juan Camilo Galvis Ciro
  196. Secteur Public : l'assurance chômage qui n'existe pas By Bruno Coquet
  197. Transition Into A Green Economy: Are There Limits To Government Intervention? By Daniel Rais
  198. Research of the Effect of Growth of Openness of the Russian Economy on Income Inequality in Russia By Idrisov, Georgiy; Taganov, B.V.
  199. The hedonistic cost of the Black Saturday bushfires By Ambrey, Christopher L.; Fleming, Christopher M.; Manning, Matthew
  200. What Explains Herd Behavior in the Chinese Stock Market? By Chong, Terence Tai-Leung; Liu, Xiaojin; Zhu, Chenqi
  201. OpenCases: Case Studies on Openness in Education By Manuel Souto-Otero; Andreia Inamorato dos Santos; Robin Shields; Predrag Lazetic; Jonatan Castaño Muñoz; Axelle Devaux; Stephanie Oberheidt; Yves Punie
  202. Intergenerational Income Transmission: New Evidence from Canada By Chen, Wen-Hao; Piraino, Patrizio; Ostrovsky, Yuri
  203. By the Time I Get to Arizona: Estimating the Impact of the Legal Arizona Workers Act on Migrant Outflows By Wayne Liou; Timothy J. Halliday
  204. The payment system benefits of high reserve balances By McAndrews, James J.; Kroeger, Alexander
  205. DigComp 2.0: The Digital Competence Framework for Citizens. Update Phase 1: the Conceptual Reference Model. By Riina Vuorikari; Yves Punie; Stephanie Carretero Gomez; Godelieve Van Den Brande
  206. Racial bias and the validity of the Implicit Association Test By Daniel J. Lee
  207. Crecimiento del empleo y estructura espacial el caso de las provincias españolas. 1999 y 2004 By Luz Dary Ramirez Franco
  208. Informe de la nutrición mundial 2016: De la promesa al impacto: Terminar con la malnutrición de aquí a 2030: Resumen By International Food Policy Research Institute (IFPRI)
  209. Neue Impulse in der regionalen Industriepolitik By Rehfeld, Dieter; Nordhause-Janz, Jürgen
  210. Power Style Contracts Under Asymmetric Lévy Processes By Fajardo, José
  212. Would a CCCTB mitigate profit shifting? By Claudia Keser; Gerrit Kimpel; Andreas Oestreicher
  213. Are cooperatives more productive than investor-owned firms? Cross-industry evidence from Portugal By Natália P. Monteiro; Odd Rune Straume
  214. The New Jersey Nursing Initiative and Faculty Preparation Program: A Summative Report By Angela Gerolamo; Amy Overcash; Jennifer McGovern; Grace Roemer
  215. A stochastic forward-looking model to assess the profitability and solvency of European insurers By Berdin, Elia; Pancaro, Cosimo; Kok Sørensen, Christoffer
  216. Direct and Indirect Risk-taking Incentives of Inside Debt By Stefano Colonnello; G. Curatola; N. G. Hoang
  217. How Important are Agricultural Externalities? A Framework for Analysis and Application to Dutch Agriculture By Roel Jongeneel; Nico Polman; G. Cornelis van Kooten
  218. Makroökonomische/Sozialpolitische Perspektiven auf die Sozialpolitik/Makroökonomie By Klüh, Ulrich
  219. Strategic schools under the Boston mechanism revisited By Bó, Inácio; Heller, C.-Philipp
  220. Deciphering rural households’ biomass consumption patterns: evidence from ethnic minority region in western China By Yang, Xiaojun; Li, Jun
  221. Does the Median Voter or Special Interests Determine State Highway Expenditures? Recent Evidence By Joshua Hall; Shree Baba Pokharel
  222. Technology adaptation, TFP growth, and convergence in agriculture: A global perspective using conditional regression quantiles By Gregg, Daniel
  223. Environmental Taxation By Roberton C. Williams III
  224. Optimal Local Surveillance Measures for an Exotic Pest in Heterogeneous Spaces over Time By Kompas, Tom; Van Ha, Pham; Nguyen, Hoa
  225. Liberals, Socialists, and pork-barrel politics in Greece. By Andrés Rodríguez-Pose; Yannis Psycharis; Vassilis Tselios
  226. Assessing Urban Transport Systems through the Lens of Individual Behavior: Shenzhen and Hong Kong By Shengyuan Zhang; Jimin Zhao
  227. Behavioral Health Integration in Primary Care: A Review and Implications for Payment Reform By Kara Zivin; Ann O'Malley; JudyAnn Bigby; Jonathan Brown; Eugene Rich
  228. Compactness of infinite dimensional parameter spaces By Joachim Freyberger; Matthew Masten
  229. Politico-Economic Regimes And Attitudes: Female Workers Under State-Socialism By Pamela Campa; Michel Serafinelli
  230. A new model for interdependent durations with an application to joint retirement By Bo Honoré; Áureo de Paula
  231. Unintended Consequences- Advice for Politicians and Policy Analysts By Frank Milne
  232. Tastlé-Nestlé, Toogle-Google: The Effects of Similarity to Familiar Brand Names in Brand Name Innovation By Lowrey , Tina M; Kronrod , Ann
  233. The Doug Purvis Memorial Lecture—Monetary/Fiscal Policy Mix and Financial Stability: The Medium Term Is Still the Message By Stephen S. Poloz
  234. Türkiye’de Tüketici Haklarının Gelişimi Ve Hak Arama Yolu Olarak İnternet By Tunç, Süleyman
  235. Does 'Being Chosen' to Lead Induce Non-Selfish Behavior? Experimental Evidence on Reciprocity By Drazen, Allan; Ozbay, Erkut
  236. Eliciting risk preferences : Firefighting in the field By Subha Mani; Saurabh Singhal; Smriti Sharma; Utteeyo Dasgupta
  237. The Inequality of Farmland Size in Western Europe By Loughrey, Jason; Donnellan, Trevor; Lennon, John
  238. Trade Finance Affects Trade Dynamics By Marta Arespa; Diego Gruber
  239. John Bates Clark: primo marginalista statunitense ed economista sociale By Messori, Luciano; Orsini, Raimondello
  240. Individualized Geocoding in Stated Preference Questionnaires: Implications for Survey Design and Welfare Estimation By Johnston, Robert J.; Holland, Ben; Yao, Liuyang
  241. VALUING THE WATERVILLE FISHERY: A travel cost analysis of anglers’ recreational use-values By Gillespie, Patrick R.; Hynes, Stephen; O'Reilly, Paul
  242. A Review of Literature on Monetary Neutrality - The case of India By Kuek, Tai Hock
  243. The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies By Kristin Forbes; Dennis Reinhardt; Tomasz Wieladek
  244. Taxing high-income earners: tax avoidance and mobility By Alejandro Esteller; Amedeo Piolatto; Matthew Rablen
  245. Foreign Aid and Inclusive Development: Updated Evidence from Africa, 2005-2012 By Asongu, Simplice; Nwachukwu, Jacinta C.
  246. Regulation versus Regulated Monopolization of a Cournot Oligopoly with Unknown Costs By Saglam, Ismail
  247. Insurance Between Firms: The Role of Internal Labor Markets By Cestone, Giacinta; Fumagalli, Chiara; Kramarz, Francis; Pica, Giovanni
  248. Economic and Social Benefits of Internet Openness By OECD
  249. Model-free portfolio theory and its functional master formula By Alexander Schied; Leo Speiser; Iryna Voloshchenko
  250. Expectations and Stability in the Kaleckian Growth Model By Gilberto Tadeu Lima; Mark Setterfield
  251. "Rationalizable Implementation of Correspondences" By Takashi Kunimoto; Roberto Serrano
  252. Delegating Altruism: Toward an Understanding of Agency in Charitable Giving By Luigi Butera; Daniel Houser
  253. Remoteness equals backwardness? Human capital and market access in the European regions: insights from the long run. By Claude Diebolt; Ralph Hippe
  254. Money, sunshine, and rain: Exploring the drivers of rural land values in New Zealand over time and space By Allan, Corey; Kerr, Suzi
  255. Booming Sector Economics By Freebairn, John
  256. Join to Prosper? By Andersen, Thomas Barnebeck; Barslund, Mikkel; Vanhuysse, Pieter
  257. 2015 Annual Report of the Southwestern Minnesota Farm Business Management Association By Nordquist, Dale W.; Nitchie, Donald L.; Paulson, Garen J.; Knorr, Tonya L.; Froslan, Janet M.; VanderPoel, Connie
  258. Food price volatility and farmers' production decisions under imperfect information By Anais Maillet
  259. Are constitutional states able to drive the global technological change? By Waśniewski, Krzysztof
  260. Beroepenindeling ROA-CBS 2014 (BRC 2014) By Fouarge, D.; Dijksman, S.
  261. TTIP and Agricultural Trade: The Case of Tariff Elimination and Pesticide Policy Cooperation By Bo Xiong; John C. Beghin
  262. Cien años de acumulación de capital en Argentina: tasa de ganancia, composición del capital y distribución del producto By Esteban Ezequiel Maito
  263. Study on the Fiscalis 2020 and Customs 2020 Performance Measurement Framework By The Evaluation Partnership and Ramboll
  264. Alternative Asymptotics for Cointegration Tests in Large VARs By Alexei Onatski; Chen Wang
  265. Implementing Tax Coordination and Harmonization through Voluntary Commitment By Grégoire ROTA-GRAZIOSI
  266. Sovereign Risk, Bank Funding and Investors' Pessimism By Faia, Ester
  267. Naar een toekomstbestendig cohortonderzoek By van der Velden, R.K.W.; van der Maas, H.
  268. “供给侧改革”背景下地方政府财政投资的经济效应分析:以安徽省为例 By Xu, Kun; Gua, Zhi-hua; Xu, Wenli
  269. The impact of upper-secondary voucher school attendance on student achievement. Swedish evidence using external and internal evaluations By Tyrefors Hinnerich, Bjorn; Vlachos, Jonas
  270. Las reformas de la Ley Concursal durante la Gran Recesión By Miguel García-Posada; Raquel Vegas
  271. Trade, firm selection, and innovation: the competition channel By Giammario Impullitti; Omar Licandro
  272. Las cuentas de los hogares y el bienestar en América Latina. Más allá del PIB By -
  273. Kidney Exchange over the Blood Group Barrier By Andersson, Tommy; Kratz , Jörgen
  274. Preference for sustainable, liveable and resilient features of the neighbourhoods and homes By Tapsuwan, Sorada; Mathot, Claire; Walker, Iain
  275. What are the equilibria in linear public-good experiments? By Ireneaus Wolff
  276. Network Valuation in Financial Systems By Paolo Barucca; Marco Bardoscia; Fabio Caccioli; Marco D'Errico; Gabriele Visentin; Stefano Battiston; Guido Caldarelli
  277. Automated and Autonomous Driving: Regulation under Uncertainty By OECD
  278. Co-movements between Public and Private Wages in the EU: Which Factors Play a Role? By Marzinotto, Benedicta; Turrini, Alessandro
  279. Why immigration is no reason to leave the EU By Swati Dhingra; Gianmarco Ottaviano; John Van Reenen; Jonathan Wadsworth
  280. Taxing pensions and retirement benefits in Germany By Börsch-Supan, Axel; Quinn, Christopher
  281. L’intégration Afrique-Atlantique : L’économie peut-elle réunir ce qui a été séparé par la géologie? By Karim El Mokri; Tayeb Ghazi
  282. Optimal Automatic Stabilizers By Alisdair McKay; Ricardo Reis
  283. The Sovereign-Bank Diabolic Loop and Esbies By Thesmar, David; Brunnermeier , Markus K; Garicano , Luis; Lane, Philip R; Pagano , Marco; Reis, Ricardo; Santos , Tano; Van Nieuwerburgh , Stijn; Vayanos , Dimitri
  284. Directed Technical Change and Economic Growth Effects of Environmental Policy By Peter K. Kruse-Andersen
  285. Updating ambiguous beliefs in a social learning experiment By Roberta De Filippis; Antonio Guarino; Philippe Jehiel; Toru Kitagawa
  286. Stock Market Volatility Spillovers: Evidence for Latin America By Santiago Gamba-Santamaria; Jose Eduardo Gomez-Gonzalez; Luis Fernando Melo-Velandia; Jorge Luis Hurtado-Guarin
  287. Multinational Banks and Supranational Supervision By Calzolari, Giacomo; Colliard, Jean-Edouard; Lóránth, Gyöngyi
  288. Les acquis scolaires au Maroc : un état des lieux By Aomar Ibourk
  289. Analysis of the Global Practice of State Regulation of Activities in the Field of Gambling and Gaming Zone Management Practices By Izryadnova, Olga
  290. Regulation and Bankers' Incentives By Fabiana Gómez; Jorge Ponce
  291. Protecting unsophisticated applicants in school choice through information disclosure By Christian Basteck; Marco Mantovani
  292. Decisiveness, Peace, and Inequality in Games of Conflict By Juan A. Lacomba; Francisco M. Lagos; Ernesto Reuben; Frans Van Winden
  293. US-China trade and exchange rate dilemma: The role of trade data discrepancy By Shaar, Karam; Zubaidi, Ahmad
  294. The credit channel is alive at the zero lower bound but how does it operate? Firm level evidence on the asymmetric effects of U.S. monetary policy. By Uluc Aysun
  295. Methodiek regionale arbeidsmarktprognoses 2015-2020 By Cörvers, Frank; Dijksman, Sander; Fouarge, Didier; Poulissen, Davey
  296. Increasing Graduation and Calling for More Autonomy in Higher Education: Is It a Good Thing? A Theoretical Model By Stefano STAFFOLANI; Maria Cristina RECCHIONI
  297. The Benefits of Alternatives to Conventional College: Labor-Market Returns to Proprietary Schooling By Christopher Jepsen; Peter Mueser; Kyung-Seong Jeon
  298. Attention, Information Processing and Choice in Incentive-Aligned Choice Experiments By Yang, Cathy L; Toubia, Olivier; de Jong, Martijn G
  299. A Contagious Malady? Open Economy Dimensions of Secular Stagnation By Gauti B. Eggertsson; Neil R. Mehrotra; Sanjay R. Singh; Lawrence H. Summers
  300. An Analysis of the Cost of Diability Across Europe using the Standard of Living Approach By José-Ignacio Antón; Francisco-Javier Braña; Rafael Muñoz de Bustillo
  301. Non-economic loss and damage in the context of climate change: understanding the challenges By Olivia Serdeczny; Eleanor Waters; Sander Chan
  302. Debt Crises: For Whom the Bell Tolls By Harold Cole; Daniel Neuhann; Guillermo Ordoñez
  303. Happy talk: mode of administration effects on subjective well-being By Paul Dolan; Georgios Kavetsos
  304. What Happened to World Trade? By Otaviano Canuto
  305. Macroeconomic Imbalances and Business Cycle Synchronization. Why Common Economic Governance is Imperative for the Eurozone By Elizaveta Lukmanova; Gabriele Tondl
  306. Evaluation of a Female Sterilization Campaign in Peru: An Application of Propensity Score Reweighting Methods with Unobserved Participation Status By Tanya Byker; Italo Gutierrez
  307. End of the sovereign-bank doom loop in the European Union? The bank recovery and resolution directive By Covi, Giovanni; Eydam, Ulrich
  308. Risky Banks and Macroprudential Policy for Emerging Economies By Nuguer Victoria; Cuadra Gabriel
  309. Internal Violence Index: a composite and quantitative measure of internal violence and crime in developing countries By Sosso FEINDOUNO; Michaël GOUJON; Laurent WAGNER
  310. Internal Violence Index: a composite and quantitative measure of internal violence and crime in developing countries By Sosso FEINDOUNO; Michaël GOUJON; Laurent WAGNER
  311. The Unintended Consequences of the Zero Lower Bound Policy By Marco Di Maggio; Marcin Kacperczyk
  312. A lost generation? Education decisions and employment outcomes during the U.S. housing boom-bust cycle of the 2000s By Popov, Alexander; Laeven, Luc
  313. Long and short-run components in explanatory variables and different panel-data estimates By Alfonso Ugarte
  314. High Frequency Evidence on the Demand for Gasoline By Laurence Levin; Matthew S. Lewis; Frank A. Wolak
  315. International Liquidity and Exchange Rate Dynamics By Matteo Maggiori; Xavier Gabaix
  316. El sistema español de garantía juvenil y formación profesional dual en el contexto de la estrategia europea de empleo By Carlos Rodríguez Crespo; Javier Ramos Díaz
  317. A Mexican Ricardian analysis: land rental prices or net revenues? By Basurto, Saul
  318. Stock-Market Expectations: Econometric Evidence that both REH and Behavioral Insights Matter By Roman Frydman; Joshua R. Stillwagon
  319. Competitive Search with Ex-post Opportunism By Pere Gomis-Porqueras; Benoit Julien; Liang Wang
  320. High-frequency trading in the Bund futures market By Schlepper, Kathi
  321. Transmisión de choques en los flujos de capitales al crecimiento económico colombiano By Juan David Rojas; Sebastián Higuera
  322. Toward robust early-warning models: a horse race, ensembles and model uncertainty By Holopainen, Markus; Sarlin, Peter
  323. The Impact of the National Minimum Wage on Industry-Level Wage Bargaining in France By Denis Fougere; Erwan Gautier; Sébastien Roux
  324. Patents: A Means to Innovation or Strategic Ends? By Jiri Schwarz; Martin Stepanek
  325. The Impact of Summer Learning Loss on Measures of School Performance By McEachin, Andrew; Atteberry, Allison
  326. Changing saving and investment behavior: the impact of financial literacy training and reminders on micro-businesses By Girum Abebe; Biruk Tekle; Yukichi Mano
  327. The Effect of Trial Periods in Employment on Firm Hiring Behaviour By Nathan Chappell; Isabelle Sin
  328. Perpetual contact as a communicative affordance: opportunities, constraints, and emotions By Giovanna Mascheroni; Jane Vincent
  329. 'Growth and Welfare Effects of Macroprudential Regulation' By Pierre-Richard Agénor
  330. Improving the Russian Tax Legislation on the Taxation of Income from Asset Management By Gromov, Vladimir; Malinina, Tatiana
  331. Monetary and Fiscal Policy Switching with Time-Varying Volatilities By Libo Xu; Apostolos Serletis
  332. Model – spatial approach to prediction of minimum wage By Monika Hadas-Dyduch
  333. Hedonic Analysis of Origin of Meat In The United Kingdom By Hussein, Mohamud; Fraser, Iain; Costanigro, Marco
  334. Halving the Number of Road Deaths in Korea: Lessons from other Countries By OECD
  335. Performances en lecture au Maroc: approche par genre By Aomar Ibourk
  336. Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances By Jingting Fan; Sebnem Kalemli-Ozcan
  337. Rich Pickings? Risk, Return, and Skill in the Portfolios of the Wealthy By Calvet , Laurent E; Bach , Laurent; Sodini, Paolo
  338. A Simple Optimality-Based No-Bubble Theorem for Deterministic Sequential Economies By Takashi Kamihigashi
  339. Simple and Honest Confidence Intervals in Nonparametric Regression By Timothy B. Armstrong; Michal Kolesár
  340. Modelling the potential impacts of economic reform in a partnership between Australia and China By Paul Gretton
  341. Modelling the potential impacts of economic reform in a partnership between Australia and China By Paul Gretton
  342. A non-equilibrium formulation of food security resilience By Matteo Smerlak; Bapu Vaitla
  343. Notes on updating the EU-SILC UDB sample design variables 2012-2014 By Lorena Zardo Trindade; Tim Goedemé
  344. Macroeconomic Regimes, Technological Shocks and Employment Dynamics By Tommaso Ferraresi; Andrea Roventini; Willi Semmler
  345. Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances By Fan, Jingting; Kalemli-Ozcan, Sebnem
  346. Tightness of M-estimators for multiple linear regression in time for multiple linear regression in time series By Søren Johansen; Bent Nielsen
  347. in brief... Management practices in Pakistan By Nicholas Bloom; Ali Choudhary; Renata Lemos; John Van Reenen
  348. Do foreign banks take more risk? Evidence from emerging economies By Jeon, Bang; Wu, Ji; Chen, Minghua; Wang, Rui
  349. Social Accounting Matrices for the EU-27 in 2010. Building a new database for RHOMOLO By María Teresa à lvarez-Martínez; Montserrat López-Cobo
  350. Dynamic Efficiency of Stock Markets and Exchange Rates By Ahmet Sensoy; Benjamin M. Tabak
  351. The transmission of socially responsible behaviour through international trade By Carol Newman; John Rand; Finn Tarp; Neda Trifkovic
  352. Offshoring, employment and wages By Bramucci, Alessandro
  353. Capital Flows and the Swiss Franc By Pinar Yesin
  354. Banks' Credit-Portfolio Choices and Risk-Based Capital Regulation By Nielsen, Caren Yinxia
  355. The relationships between, on the hand, size, growth and age of the firm and, on the other hand, small business survival – a constructive critique and a proposal of a new framework By Guimarães Barbosa, Evaldo
  356. Knowledge transfer at the science-policy interface: How cognitive distance and the degree of expert autonomy shapes the outcome By Broström, Anders; McKelvey, Maureen
  357. Monetary Policy, Real Activity, and Credit Spreads : Evidence from Bayesian Proxy SVARs By Caldara, Dario; Herbst, Edward
  358. Support policies for renewables Instrument choice and instrument change from a Public Choice perspective By Erik Gawel; Sebastian Strunz; Paul Lehmann
  359. The ECB`s Monetary Policy: stability without "safe" assets? By Silke Tober
  360. Long-run effects of career interruptions: A micro-simulation study By Hänisch, Carsten; Klos, Jonas
  361. Has Uber Made It Easier to Get a Ride in the Rain? By Brodeur, Abel; Nield, Kerry
  362. Multi-Period Portfolio Optimization: Translation of Autocorrelation Risk to Excess Variance By Byung-Geun Choi; Napat Rujeerapaiboon; Ruiwei Jiang
  363. Institutional Competition Regulators in the Urban Environment of the North Caucasus By Kazenin, Konstantin Igorevich
  364. Characterization of the collection and distribution processes of bienestarina in Bogotá By Cristian Peñaloza; Laura Palacios; Jesus Gonzalez-Feliu
  365. Regulatory Failure and Risk in Aquaculture: A case study of the Irish Oyster Industry By Renwick, Alan
  366. La persistencia de la pobreza en el Pacífico colombiano y sus factores asociados By Luis Armando Galvis-Aponte; Lina Marcela Moyano-Támara; Carlos Alberto Alba-Fajardo
  367. How Principals Affect Schools By Mike Helal; Michael Coelli
  368. The Protection Economy: Occasional Service Failure as a Business Model By Halbheer , Daniel; Gerstner , Eitan; Koenigsberg , Oded
  369. Market Signals: How Do DC Parents Rank Schools, and What Does It Mean for Policy? By Steven Glazerman; Dallas Dotter
  370. Exports and Labor Skills: The Role of Training By Blyde, Juan
  371. Improving the System of Distribution of Equalization Transfers in the Russian Federation By Deryugin, A.N.; Arlashkin. Igor Yurievich; Proka, K.A.
  372. Year 2 Demonstration Impacts of Using Medicaid Data to Directly Certify Students for Free School Meals By Lara Hulsey; Joshua Leftin; Anne Gordon; Claire Smither Wulsin; Nicholas Redel; Allen Schirm; Nicholas Beyler; Sheila Heaviside; Brian Estes; Carole Trippe
  373. Distributed ledger technologies in securities post-trading - Revolution or evolution? By Pinna, Andrea; Ruttenberg, Wiebe
  374. The Effects of Wage Contracts on Workplace Misbehaviors: Evidence from a Call Center Natural Field Experiment By Jeffrey A. Flory; Andreas Leibbrandt; John A. List
  375. Measuring Responsiveness to Feedback as a Personal Trait By Thomas Buser; Leonie Gerhards; Joël J. van der Weele
  376. Virtual Demand and Stable Mechanisms By Jan Christoph Schlegel
  377. A Quantitative Description of State-Level Taxation of Oil and Gas Production in the Continental U.S. By Weber, Jeremy G.; Wang, Yongsheng; Chomas, Maxwell
  378. The Impact of Mega-Ships By OECD
  379. Opposites Attract – Evidence of Status Exchange in Ethnic Intermarriages in Sweden By Elwert, Annika
  380. Eliciting Risk Preferences for Intrinsic Attributes By Dorner, Zach; Brent, Daniel A.; Leroux, Anke
  381. New Skills for the Digital Economy By OECD
  382. Monetary News, U.S. Interest Rate and Business Cycles in Emerging Economies By Vicondoa, Alejandro
  383. Generating Historically-Based Stress Scenarios Using Parsimonious Factorization By Alexander N. Bogin; William M. Doerner
  384. Understanding and applying long-term GDP projections By Paul Hubbard; Dhruv Sharma
  385. Black Monday, globalization and trading behavior of stock investors By Kurz-Kim, Jeong-Ryeol
  386. Which updates during an equity crowdfunding campaign increase crowd participation? By Jörn Block; Lars Hornuf; Alexandra Moritz
  387. Financial needs and tools for agricultural development and transformation pertinent to low-income, food-insecure countries By Alexandros SARRIS
  388. Modern Forms of Globalization of Human Capital - The New Trends in the Global Mobility of Staff By Myasoyedov, Sergei; Martirosyan, Emil; Sergeeva, Anastasia
  389. Capital Accumulation and the Dynamics of secular stagnation By Gilles Le Garrec; Vincent Touze
  390. On the role of information disclosures in capital markets By Jia, Xue
  391. Corporate Bill of Rights By Uriel Procaccia; Eyal Winter
  392. Self-control at College By Gervas Huxley; Mike W. Peacey
  393. The linkages of energy, water, and land use in Southeast Asia Challenges and opportunities for the Mekong region By Kim Do; Ariel Dinar
  394. Intergenerational Correlations of Extreme Right-Wing Party Preferences and Attitudes toward Immigration By Alexandra Avdeenko; Thomas Siedler
  395. Operational Conditions in Regulatory Benchmarking Models: A Monte Carlo Analysis By Maria Nieswand; Stefan Seifert
  396. Harvesting Control Rules that deal with Scientific Uncertainty By Da-Rocha, Jose-Maria; García-Cutrin, Javier; Gutierrez, Maria Jose
  397. News and inflation expectation updates By Gerardo Licandro; Miguel Mello
  398. Political economy of Nigerian power sector reform Abstract: The Nigerian power sector reform is necessitated by the chronic poor performance of the sector and has as its compass the 2005 Electric Power Sector Reform Act and the Roadmap for Power Sector Reform 2010. Implementing reform has resulted in significant progress that includes unbundling and privatization of the long-standing government-owned monopoly in the power sector. The paper provides a comprehensive assessment of the reform, isolating the major challenges facing it, and focusing on political economy developments surrounding regulatory, institutional, legislative, and fiscal issues, with mainstreaming clean renewable energy being the main theme running through the analysis. By Eric Kehinde Ogunleye
  399. Estimating agglomeration in the EU and the Western Balkan regions By Roman Römisch
  400. Time-varying correlation between oil and stock market volatilities: Evidence from oil-importing and oil-exporting countries By Boldanov, Rustam; Degiannakis, Stavros; Filis, George
  401. The Integration of Search in Macroeconomics: Interviews with David Andolfatto, Peter Diamond and Monika Merz By Samuel Danthine; Michel De Vroey
  402. Natural resource management planning: can more cost effective outcomes be achieved. By Star, Megan; Rolfe, John; Beutel, Terry; McCosker, Kev; Ellis, Robin; Coughlin, Tom
  403. Are Cash Transfers the answer for children in Sub-Saharan Africa? A Literature Review By James Manley; Vanya Slavchevska
  404. Does U.S. Macroeconomic News Make the South African Stock Market Riskier? By Esin Cakan; Rangan Gupta
  405. New Firms and Post-Entry Performance: The Role of Innovation. By Colombelli, Alessandra; Krafft, Jackie; Vivarelli, Marco
  406. Paths Taken By New Awardees of Federal Disability Benefits By Priyanka Anand; Yonatan Ben-Shalom
  407. Forecasting implied volatility indices worldwide: A new approach By Degiannakis, Stavros; Filis, George; Hassani, Hossein
  408. Retailers and Consumers: The pass-through of import price changes By Berner, Eike; Birg, Laura; Boddin, Dominik
  409. The retrospective economic vulnerability index, 2015 update By Sosso FEINDOUNO; Michaël GOUJON
  410. The retrospective economic vulnerability index, 2015 update By Sosso FEINDOUNO; Michaël GOUJON
  411. The Power to Tax in Sub-Saharan Africa: LTUs, VATs, and SARAs By Christian EBEKE; Mario MANSOUR; Grégoire ROTA-GRAZIOSI
  412. Visualizing global trade flows of copper: An examination of copper contained in international trade flows in 2014 By Tercero Espinoza, Luis Alberto; Soulier, Marcel; Haag, Stefan
  414. How is the European debt crisis affecting islamic equity? challenges in portfolio diversification within the eurozone: A markov switching and continuous wavelet transform analysis By Shakir, Zeeniya; Masih, Mansur
  415. Holding an Auction for the Wrong Project By De Chiara, Alessandro
  416. The Zero-Coupon Rate Model for Derivatives Pricing By Xiao Lin
  417. Monetary Policy Rules in Emerging Countries: Is There an Augmented Nonlinear Taylor Rule? By Guglielmo Maria Caporale; Abdurrahman Nazif Catik; Mohamad Husam Helmi; Faek Menla Ali; Coskun Akdeniz
  418. Sell the oil deposits! A financial proposal to keep the oil underground in the Yasuni National Park, Ecuador By Santiago Bucaram; Mario Fernandez; Diego Grijalva
  419. Persistent Inequality, Corruption, and Factor Productivity By Elton Dusha
  420. The cost-quantity relations and the diverse patterns of ülearning by doingý: Evidence from India By Giovanni Dosi; Marco Grazzi; Nanditha Mathew
  421. Undressing the emperor: A critical review of IEA’s WEO By Mohn, Klaus
  422. Fighting youth unemployment in Germany, Austria and the UK By Michal Ludwikowski
  423. The labor market channel of macroeconomic uncertainty By Elisa Guglielminetti
  424. An inquiry into the political economy of the global clean energy transition policies and Nigeria.s federal and state governments. fiscal policies By David Onyinyechi Agu; Evelyn Nwamaka; Ogbeide Osaretin
  425. Physicists' approach to studying socio-economic inequalities: Can humans be modelled as atoms? By Kiran Sharma; Anirban Chakraborti
  426. Optimal data collection for randomized control trials By Pedro Carneiro; Sokbae Lee; Daniel Wilhelm
  427. A Critical Value Function Approach, with an Application to Persistent Time-Series By Moreira, Marcelo J.; Mourão, Rafael; Moreira, Humberto
  428. Thin capitalisation rules: A second-best solution to the cross-border debt bias? By Kayis-Kumar, Ann
  429. Impact of international monetary policy in Uruguay: a FAVAR approach By Elizabeth Bucacos
  430. Modelling Higher Education Financing Reform for Ireland By Aedin Doris; Bruce Chapman
  431. How do small firms respond to tax schedule discontinuities? Evidence from South African tax registers By Wian Boonzaaier; Jarkko Harju; Tuomas Matikka; Jukka Pirttilä
  432. Are State and Time Dependent Models Really Different? By Fernando E. Alvarez; Francesco Lippi; Juan Passadore
  433. Is corruption efficiency-enhancing? A case study of nine Central and Eastern European countries By Elisa Gamberoni; Christine Gartner; Claire Giordano; Paloma Lopez-Garcia
  434. The Wealth of Natural Resources and Economic Growth: Stories of Success and Failure By Lyubimov, I.L.
  435. Cognitive load and mixed strategies: On brains and minimax By Duffy, Sean; Naddeo, JJ; Owens, David; Smith, John
  436. Income Instability and Fiscal Progression By Garcia-Medina Cecilia; Jean-Francois Wen
  437. Visualising forecasting Algorithm Performance using Time Series Instance Spaces By Yanfei Kang; Rob J. Hyndman; Kate Smith-Miles
  438. Entry under an information-gathering monopoly By Alex Barrachina
  439. On the use of high frequency measures of volatility in MIDAS regressions By Andreou, Elena
  440. Biofuel Mandating and the Green Paradox By Okullo, Samuel; Reynes, F.; Hofkes, M.
  441. Beyond occupation : the evolution of gender segregation over the life course By Ruiz-Castillo, Javier; Mora, Ricardo; Guinea-Martin, Daniel
  442. An Examination of the Abandonment of Applications for Energy Efficiency Retrofit Grants in Ireland By Collins, Matthew; Curtis, John
  443. Optimization of government trade behavior and its implication for small developing economy (the case of Ukraine) By Sokolovska, Olena; Sokolovskyi, Dmytro
  444. Who’s doing who? Growth of sales, employment, assets, profits and R&D entangled in a curious five-way love triangle By Alexander Coad; Nicola Grassano
  445. Shared and Relational Activities in Rural Commonality: Towards a non-Individualistic Conception of Well-Being By Nicolò Bellanca; Benedetto Rocchi
  446. Brexit or Bremain ? Evidence from bubble analysis By Marco Bianchetti; Davide Galli; Camilla Ricci; Angelo Salvatori; Marco Scaringi
  447. Foreign aid instability and bundled governance dynamics in Africa By Asongu, Simplice A; Nwachukwu, Jacinta C.
  448. Subsidios a la oferta y decisiones de localización: El caso de la Ley de Vivienda de Interés Social By Felipe Berrutti
  449. Results of Revision to the Flow of Funds Accounts Based on 2008SNA By Research and Statistics Department
  450. Are State and Time dependent models really different? By Fernando Alvarez; Francesco Lippi; Juan Passadore
  451. Monthly Report No. 12/2015 By Amat Adarov; Peter Havlik; Gabor Hunya; Leon Podkaminer; Roman Römisch
  452. When did the stock market start to react less to downgrades by Moody’s, S&P and Fitch? By G. Marandola; R. Mossucca
  453. A comparative analysis of forced migration: Cold War versus post-Cold War eras By Buzurukov, Bilol; Lee, Byeong Wan
  454. Cities Export Specialization By Jorge Díaz-Lanchas; Carlos Llano; Asier Minondo; Francisco Requena
  455. To mix or specialise? A coordination productivity indicator for English and Welsh farms By Ang, Frederic; Jan Kerstens, Pieter
  456. A new decomposition of portfolio return By Robert Fernholz
  457. Price Discounts and the Measurement of Inflation: Further Results By Kevin J, Fox.; Iqbal A. Syed
  458. Improving the Mechanism of Taxation of Natural Persons Property By Korytin, A.V.; Shatalova, Svetlana Sergeevna
  459. Theoretical Paradigm on Bank Capital Regulation and its Impact on Bank-Borrower Behavior By Gunakar Bhatta, Ph.D.
  460. The good, the bad and the ugly? Balancing environmental and economic impacts towards efficiency By Halkos, George; Polemis, Michael
  461. Field Data Collection Using Geographic Information Systems Technologies and iPads on the USDA’s June Area Frame Survey By Gerling, Michael; Lawson, Linda; Weaber, Jillayne; Dotts, Alan; Vardeman, Andrew; Wilson, Eric
  462. Dynamic balance sheet model with liquidity risk By Hałaj, Grzegorz
  463. Innovations in Student Centric Learning – A Study of Top Business Schools in India By Aithal, Sreeramana
  464. Forecasting Employment Growth in Sweden Using a Bayesian VAR Model By Raoufina, Karine
  465. International Experience of Creation of Special Economic Zones By Volovik, Nadezhda
  466. Un Índice de Desigualdad Regional usando Datos Agregados By German-Soto, Vicente
  467. The Causal Effects of Education on Health Behaviors: Evidence from Turkey By Aysit Tansel; Deniz Karaoğlan
  468. Taming volatile high frequency data with long lag structure: An optimal filtering approach for forecasting By Dirk Drechsel; Stefan Neuwirth
  469. Eudaimonic happiness as a leading health indicator By Bachelet, Maria; Becchetti, Leonardo; Pisani, Fabio
  470. Testing for Non-Fundamentalness By Hamidi Sahneh, Mehdi
  471. When preferences for a stable interest rate become self-defeating By Ragna Alstadheim; Øistein Røisland
  472. Issues of Federal Subsidies to Regions in Russia By Deryugin, A.N.; Arlashkin. Igor Yurievich; Proka, K.A.
  473. "Why has economics turned out this way?": A socio-economic note on the explanation of monism in economics By Heise, Arne
  474. Sovereign credit rating determinants: the impact of the European debt crisis By Peter Reusens; Christophe Croux
  475. ICTs and Jobs: Complements or Substitutes? By OECD
  476. Evaluation of current arrangements for the holding and moving of excise goods under excise duty suspension By Rambol Management Consulting and Europe Economics Research
  477. Entry and technological performance in new technology domains: Technological opportunities, technology competition and technological relatedness By Bart Leten; Rene Belderbos; Bart Van Looy
  478. Sovereign Credit Risk in the Euro Zone By Jamal Ibrahim Haidar
  479. Business Strategy for Nanotechnology based Products and Services By Aithal, Sreeramana; Aithal, Shubhrajyotsna
  480. The Nexus of financial inclusion and financial stability : a study of trade-offs and synergies By Cihak,Martin; Mare,Davide Salvatore; Melecky,Martin
  481. A New Hinterland Rail Link for the Port of Koper?: Review of Risks and Delivery Options By OECD
  482. A note on three factor model of discounting By Ito, Seiro
  483. Questioning the EU Target Electricity Model – how should it be adapted to deliver the Trilemma? By David Newbery
  484. The impact of real estate, inequality and current account imbalances on excessive credit: A cross country analysis By Halim, Asyraf Abdul; Ariff, Muhammad; Masih, A. Mansur M.
  485. Strategic Management Models & Indian Epics By Aithal, Sreeramana; Acharya, Radhakrishna
  486. Are Children Rational Decision Makers when they are Asked to Value their own Health? A Contingent Valuation Study Conducted with Children and their Parents By Carla Guerriero; John Cairns; Fabrizio Bianchi; Liliana Cori
  487. Optimal payments to connected depositors in turbulent times-a Markov chain approach By David Csercsik; Hubert Janos Kiss
  488. Possibly Nonstationary Cross-Validation By Federico M Bandi; Valentina Corradi; Daniel Wilhelm
  489. Oil discoveries and democracy By Tania Masi; Roberto Ricciuti
  490. Saving and taxation in a voluntary pension system: Toward an agent-based model By Balazs Kiraly; Andras Simonovits
  491. Ban the Box: The Effects of Criminal Background Information on Labor Market Outcomes By Ashley Hirashima
  492. Repeated Interaction in Standard Setting By Larouche, Pierre; Schütt, Florian
  493. Is inequality underestimated in Egypt ? evidence from house prices By Van Der Weide,Roy; Lakner,Christoph; Ianchovichina,Elena
  494. Social capital, institutions and policymaking By M. Savioli; R. Patuelli
  495. Improving the Practice of Application of Modern Methods of Accounting and Valuation Models of Objects in the Preparation of Financial Statements of Public Russian Organizations By Chipurenko, Elena; Lisovskaya, Irina; Trapeznikova, Natalia
  496. On the Use of the Lasso for Instrumental Variables Estimation with Some Invalid Instruments By Frank Windmeijer; Helmut Farbmacher; Neil Davies; George Davey Smith
  497. Integration and Efficiency of European Electricity Markets: Evidence from Spot Prices By Klaus Gugler; Adhurim Haxhimusa; Mario Liebensteiner
  498. The housing market, household portfolios and the German consumer By Geiger, Felix; Muellbauer, John; Rupprecht, Manuel
  499. Raising the mobility of third-country nationals in the EU. Effects from naturalisation and long-term resident status By Friedrich Poeschel
  501. К вопросу об эффективности трансформации общественной системы в странах Центрально-Восточной Европы By Глинкина Светлана Петровна; Н. Куликова
  502. Putting Prevention of Childhood Stunting into the Forefront of the Nutrition Agenda: A Nutrition Sector Review By Herrin, Alejandro N.
  503. The "German Party" in Russia in the 1730s: Exploring the Ideas of the Ruling Faction By Igor Fedyukin
  504. Energy consumption and economic growth in Ethiopia: A dynamic causal linkage By Nyasha , Sheilla; Gwenhure, Yvonne; Odhiambo, Nicholas M
  505. Subjective Risks and Barriers to Perennial Bioenergy Production: Estimating a Structural Model with Data from a Hypothetical Market Experiment By Smith, David
  506. The Economic Impact of Forced Migration By Uri Dadush; Mona Niebuhr
  507. Long-Term Forecast of the Main Parameters of the Budgetary System of Russia By Kazakova, Maria; Nesterova, Kristina
  508. Investment-Specific News Dominates TFP News in Driving U.S. Business Cycles By Nadav Ben Zeev; Hashmat U. Khan
  509. Strategic Formulary Design in Medicare Part D Plans By Kurt Lavetti; Kosali Simon
  510. Strategy-Proofness and Efficiency for Non-quasi-linear Common-Tiered-Object Preferences: Characterization of Minimum Price Rule By Yu Zhou; Shigehiro Serizawa
  511. Empirical Analysis of the Properties of Methods of Seasonal Adjustment of Russian Macroeconomic Indicators By Morgunova, O.V.; Turuntseva, Marina
  512. An Examination of Energy Efficiency Retrofit Depth in Ireland By Collins, Matthew; Curtis, John
  513. Real Exchange Rate Misalignment in the Euro Area: Is the Current Development Helpful? By Jan Hajek
  514. What is the effect of globalisation on the performance of the service sector of Ghana? By Effah Nyamekye, Gabriel
  515. Financing ?exibility: the case of outsourcing By Luca Di Corato; Michele Moretto; Gianpaolo Rossini
  516. Unravelling the Asymmetric Volatility Puzzle: A Novel Explanation of Volatility Through Anchoring By Mihaly Ormos; Dusan Timotity
  517. Industrial Segregation and Wage Gaps between Migrants and Local Urban Residents in China:2002-2013 By Ma, Xinxin; Li, Shi
  518. Housing Market Spillovers in South Africa: Evidence from an Estimated Small Open Economy DSGE Model By Rangan Gupta; Xiaojin Sun
  519. The Magic of the Personal Touch: Field Experimental Evidence on Money and Appreciation as Gifts By Christiane Bradler; Susanne Neckermann
  520. The Choice of Valuation Techniques in Practice: Education versus Profession By Mukhlynina, Lilia; Nyborg, Kjell G
  521. Carbon pricing under binding political constraints 1 and By José Antonio Ocampo
  522. The Causal Effect of Education on Health Behaviors: Evidence From Turkey By Tansel, Aysit; Karaoglan, Deniz
  523. Family Policies and Female Employment in Japan By Shintaro Yamaguchi
  524. The Freedom of the Prices: Hayek's Road to Serfdom Reassessed By Makovi, Michael
  525. The costs of livestock depredation by large carnivores By Widman, Marit; Elofsson, Katarina
  526. International Trade and Job Polarization: Evidence at the Worker-Level By Keller, Wolfgang; Utar, Hale
  527. The Effect of Compulsory Schooling Laws on Teenage Marriage and Births in Turkey By Kirdar, Murat; Meltem, Dayioglu; Ismet, Koc
  528. Part-Time Farming in Italy: Does Farm Size Really Matter? By Tocco, Barbara; Davidova, Sophia; Bailey, Alastair
  529. Labour Supply: the Roles of Human Capital and the Extensive Margin By Michael P. Keane; Nada Wasi
  530. Development of the Institutional Framework for Regulation and Supervision of Credit Cooperation of the Russian Market to Increase Its Effectiveness By Mamuta, Mikhail; Sorokina, O.S.
  531. A comparative study of the role of imports and exports on service sector productivity in Ghana By Effah Nyamekye, Gabriel
  532. Recent credit surge in historical context By Ohnsorge,Franziska Lieselotte; Yu,Shu
  533. Real and Imagined Threats to the Welfare State By LINDERT, Peter H.
  534. Towards a political economy framework for wind power : Does China break the mould? By Michael Davidson; Fredrich Kahrl; Valerie Karplus
  535. Three Lenses on Occupations and Professions in Organizations: Becoming, Doing, and Relating By Anteby, Michel; Chan, Curtis K.; DiBenigno, Julia
  536. Factors Associated with Extension Programme Participation: The case of discussion groups for Irish cattle farmers. By O'Callaghan, Daniel; Hennessy, Thia; Breen, James
  537. No Man is an Island : the Impact of Heterogeneity and Local Interactions on Macroeconomic Dynamics By Mattia GUERINI; Mauro Napoletano; Andrea Roventini
  538. Semiparametric Efficient Adaptive Estimation of the PTTGARCH model By Ciccarelli, Nicola
  539. Does one size fit all at all times? The role of country specificities and state dependencies in predicting banking crises By Stijn Ferrari; Mara Pirovano
  540. Implementing Smart Specialisation in Sparsely Populated Areas By Jukka TERÄS; Alexandre DUBOIS; JENS SÖRVIK; MARTINA PERTOLDI
  541. Openness, specialization, and the external vulnerability of developing countries By Barrot Araya,Luis Diego; Calderon,Cesar; Serven,Luis
  542. Taxing cross-border intercompany transactions: are financing activities fungible? By Kayis-Kumar, Ann
  543. Taking stock of the crisis: A multilevel analysis of the Romanian trade union movement By Dragoș Adăscăliței; Ștefan Guga
  544. Early warning, early action : the use of predictive tools in drought response through Ethiopia's productive safety net programme By Drechsler,Mareile Beate Stephanie; Soer,Wolter
  545. A financially stressed Euro area By Kappler, Marcus; Schleer, Frauke
  546. The PRISME model: can disaggregation on the production side help to forecast GDP? By C. Thubin; T. Ferrière; E. Monnet; M. Marx; V. Oung
  547. Shades of red and blue: Political ideology and sustainable development By Toke S. Aidt; Vítor Castro; Rodrigo Martins
  548. The Analytics of the Greek Crisis By Gourinchas, Pierre-Olivier; Philippon, Thomas; Vayanos, Dimitri
  549. What are the biggest obstacles to growth of SMEs in developing countries? - A picture emerging from an enterprise survey By Flora Wang
  550. Development of Proposals on the Content of Russia's Participation in the APEC Forum In the 2015-2020 Biennium. and Mechanisms for Practical Implementation of the Decisions of the APEC Leaders in 2012-2014 By Kuznetsova, A.E.; Flegontova, Tatiana; Ptashkina, M.G.; Stapran, Natalia
  551. The Fatal Consequences of Grief By Bernhard Schmidpeter
  552. Conditions and Results of the Application of Inflation Targeting By Zubarev, Andrei V.; Kiyutsevskaya, Anna; Trunin, Pavel
  553. Various Aspects of Natural Resource Wealth Effect on Economic Growth By Gvozdeva, Margarita; Kazakova, M.V.; Kiblitskaya, T.R.; Lyubimov, I.L.; Nesterova, K.V.
  554. La situation des grands groupes bancaires français à fin 2015. By Adenot C.; Avisoa E.; Guilmo J.; Offner J.; Point E.
  555. Solving Backward Stochastic Differential Equations by Connecting the Short-term Expansions By Masaaki Fujii; Akihiko Takahashi
  556. Solving Backward Stochastic Differential Equations by Connecting the Short-term Expansions By Masaaki Fujii; Akihiko Takahashi
  557. Social Inclusion in macro-level diagnostics : reflecting on the World Bank Group's early systematic country diagnostics By Das,Maitreyi
  558. Is There a Doctor on Board? Collecting Generalizable Data on Doctoral Candidates in Germany By Anna Fräßdorf; Mathis Fräßdorf
  559. Challenges for the ECB in Times of Deflation By Francesco Saraceno
  560. The Clean Development Mechanism and Dynamic Capabilities of Implementing Firms: Evidence from India By Aradhna Aggarwal
  561. CDM 20 Years After By Lööf, Hans; Mairesse, Jacques; Mohnen, Pierre
  562. Alleviating Managerial Dilemmas in Human-Capital-Intensive Firms Through Incentives: Evidence from M&A Legal Advisors By Chatain, Olivier; Meyer-Doyle, Philipp
  563. Impact of financial pressure on unemployed job search, job find success and job quality By Gerards, Ruud; Welters, Ricardo
  564. Job Creation in a Multi-Sector Labor Market Model for Developing Economies By Basu, Arnab K.; Chau, Nancy; Fields, Gary S.; Kanbur, Ravi
  565. Puncturing the Malthus delusion: structural change in the British economy before the industrial revolution, 1500-1800 By Patrick Wallis; Justin Colson; David Chilosi
  566. Do fiscal multipliers depend on fiscal positions? By Raju Huidrom; M. Ayhan Kose; Jamus J. Lim; Franziska L. Ohnsorge
  567. Is the Greek Crisis One of Supply or Demand? By Yannis M. Ioannides; Christopher Pissarides
  568. Investigating the Relationship between Land and Labor Endowments and Agricultural Mechanization among Chinese Farmers By Yating, Zeng; Yanhong, Jin; Zhong, Tang
  569. Changes in fuel economy: An analysis of the Spanish car market By Anna Matas; José-Luis Raymond; Andrés Domínguez
  570. Opinion shopping: Partner versus firm-level evidence By Beatriz García Osma; Belén Gill de Albornoz Noguer; Elena De las Heras Cristobal
  571. Credibility of History-Dependent Monetary Policies and Macroeconomic Instability By Cateau, Gino; Shukayev, Malik
  572. Interest rates, corporate lending and growth in the Euro Area By Gabriele Tondl
  573. Growth and Extremism By Markus Brueckner; Hans Peter Gruener
  574. Innovation and Entrepreneurship for the growth and diversification of the GCC Economies By Miniaoui, Hela; Schilirò, Daniele
  575. Prospects of Garments Industries for the Economic Development of Bangladesh By Chowdhury, Nasif; Ahsan, Moinul
  576. The space of outcomes of semi-static trading strategies need not be closed By Beatrice Acciaio; Martin Larsson; Walter Schachermayer
  577. Endowment Effects in the Field: Evidence from India's IPO Lotteries By Anagol, Santosh; Balasubramaniam, Vimal; Ramadorai, Tarun
  578. Grand corruption in Burundi: a collective action problem which poses major challenges for governance reforms By Rufyikiri, Gervais
  579. Divergence of Human Capital in Cities in the People’s Republic of China: Exploring Complementarities and Spatial Agglomeration of the Workforce with Various Skills By Liang, Wenquan; Lu, Ming
  580. Additional Market Risk Shocks: Prepayment Uncertainty and Option-Adjusted Spreads By Alexander N. Bogin; Nataliya Polkovnichenko
  581. Leben in Nordrhein-Westfalen: subjektive Einschätzungen als Teil der Wohlfahrtsmessung By Benjamin Held; Hans Diefenbacher; Dorothee Rodenhäuser
  582. Does marginal employment promote regular employment for unemployed welfare benefit recipients in Germany? By Lietzmann, Torsten; Schmelzer, Paul; Wiemers, Jürgen
  583. Food insecurity and social protection in Europe: quasi-natural experiment of Europe's great recessions 2004–2012 By Rachel Loopstra; Aaron Reeves; Martin McKee; David Stuckler
  584. Modeling inflation shifts and persistence in Tunisia: Perspectives from an evolutionary spectral approach By Ftiti, Zied; Guesmi, Khaled; Nguyen, Duc Khuong; Teulon, Frédéric
  585. The Rise of the Cotton Trade in Brazil during the Industrial Revolution By Thales Augusto Zamberlan Pereira
  586. Rural demography in the developing world: what do we know and why it matters By Wiggins, Steve; Keats, Sharada
  587. Financing Renewable Energy: Who is Financing What and Why it Matters By Mariana Mazzucato; Gregor Semieniuk
  588. Job Insecurity, Unemployment Insurance and On-the-Job Search: Evidence from Older American Workers By Italo Gutierrez
  589. Road Transport, Economic Growth and Carbon Dioxide Emissions in the BRIICS: Conditions For a Low Carbon Economic Development By Barakatou Atte-Oudeyi; Bruno Kestemont; Jean Luc De Meulemeester
  590. Claims-Shifting: The Problem of Parallel Reimbursement Regimes By Olesya Fomenko; Jonathan Gruber
  591. Individual Migration and Household Incomes By Julia Garlick; Murray Leibbrandt; James Levinsohn
  592. Bias in Official Fiscal Forecasts: Can Private Forecasts Help? By Jeffrey A. Frankel; Jesse Schreger
  593. Affirmative action policy in developing countries Lessons learned and a way forward By Elizabeth Kaletski; Nishith Prakash
  594. The Transformation of the Role and Tasks of the Central Bank (Monetary Authorities) in the Modern Economy By Kiyutsevskaya, Anna; Narkevich, Sergei; Trunin, Pavel
  595. Measuring the link between intergenerational occupational mobility and earnings: Evidence from eight EU countries By Michele Raitano; Francesco Vona
  596. Role of instability in affecting capital flight magnitude: An ARDL bounds testing approach By Hasnul, Al Gifari; Masih, Mansur
  597. The European Union's External Labour Migration Policy; Rationale, Objectives, Approaches and Results, 1999-2014 By Peo Hansen
  598. A Glimpse into the World of High Capacity Givers: Experimental Evidence from a University Capital Campaign By John List; Steven Levitt; Tova Levin
  599. War and peace: why is political stability pivotal for economic growth of OIC countries? By Uddin, Md Akther; Masih, Mansur
  600. Pricing Patterns over Product Life-Cycle and Quality Growth at Product Turnover: Empirical Evidence from Japan By Nobuhiro Abe; Yojiro Ito; Ko Munakata; Shinsuke Ohyama; Kimiaki Shinozaki
  601. Are Competitors Forward Looking in Strategic Interactions? Evidence from the Field By Mario Lackner; Rudi Stracke; Uwe Sunde; Rudolf Winter-Ebmer
  602. Employment Status and Support for Wartime Violence: Evidence from the Iraq War By Andrew C. Shaver
  603. Is financial sector development an engine of economic growth? evidence from India By Ziaurrahman, Muhammad; Masih, Mansur
  604. Understanding the Recent Trend of Income Inequality in China By Juzhong Zhuang; Shi Li
  605. Unfolding the Turbulent Century: A Reconstruction of China's Economic Development, 1840-1912 By MA, Ye; JONG, Herman de
  606. Institutional differences across resource-based economies By Utku Teksoz; Katerina Kalcheva
  607. Insurance and the High Prices of Pharmaceuticals By David Besanko; David Dranove; Craig Garthwaite
  608. Foreign Direct Investments and trade in agriculture: an incomplete contracts approach By Margherita Scoppola
  609. Making (small) firms happy: The heterogeneous effect of trade facilitation measures By Fontagné, Lionel; Orefice, Gianluca; Piermartini, Roberta
  610. Estimating Income Mobility When Income is Measured with Error: The Case of South Africa By Rulof P. Burger, Stephan Klasen and Asmus Zoch
  611. Comparing Income and Wealth Inequality in Pre-Industrial economies. Lessons from Spain in the 18th century By Esteban Nicolini; Fernando Ramos Palencia
  612. Weather index insurance and shock coping : evidence from Mexico's CADENA Program By De Janvry,Alain F.; Ramirez Ritchie,Elizabeth Andrea; Sadoulet,Elisabeth Marie L.
  613. Public Policy to Promote Entrepreneurship: A Call to Arms By Astebro, Thomas B; Acs , Zoltan J; Audretsch , David B; Robinson, David T
  614. Analysis on Demand and Supply-side Responses during the Expansion of Health Insurance Coverage in Vietnam: Challenges and Policy Implications toward Universal Health Coverage By Midori Matsushima; Hiroyuki Yamada; Yasuharu Shimamura
  615. Social Capital: From the Gringoís Tale to the Colombian Reality By Ben Fine; Juan Pablo Dur·n Ortiz
  616. A Model of Occupational Choice, Offshoring and Immigration By Bulent Unel
  617. Bring Back our Light: Power Outages and Industrial Performance in Sub-Saharan Africa By Mensah, Justice Tei
  618. Budgeting in Times of Economic Crisis By Becker , Sebastian D; Mahlendorf , Matthias D; Schäffer , Utz; Thaten , Mario
  619. Liderlik ve Motivasyon Teorileri: Kuramsal Bir Çerçeve By Küçüközkan, Yasemin
  620. Analysis of International Experience of Intensification of Scientific and Innovative Activity in the Modern Unstable Conditions By Kushlin, Valery Ivanovich; Ustenko, V.S.
  621. Measuring firm-level innovation using short questionnaires : evidence from an experiment By Cirera,Xavier; Muzi,Silvia
  622. A Better Vision for Development: Eyeglasses and Academic Performance in Rural Primary Schools in China By Albert Park; Paul Glewwe; Meng Zhao
  623. Consumer Demand for Rhino Horn in Vietnam: insights from a choice experiment By Nick Hanley; Oleg Sheremet; Martina Bozzola; Alexander Kasterine; Douglas C. MacMillan
  625. Effect of Parental Migration on the Academic Performance of Left-behind Children in Northwestern China By Bai, Yu; Zhang, Linxiu; Liu, Chengfang; Shi, Yaojiang; Mo, Di; Rozelle, Scott
  626. Locus of Control and Mothers' Return to Employment By Eva M. Berger; Luke Haywood
  627. Enforcement of Labor Market Regulations: Heterogeneous Compliance and Adjustment across Gender By Viollaz, Mariana
  628. Meeting Climate Change Targets – necessary adjustments and challenges for Brazilian beef industry By dos Santos, M. C.; Aguiar, L. K.; Bansback, R. J.; Revell, B. J.; de Zen, S.
  629. How Does Declining Unionism Affect the American Middle Class and Intergenerational Mobility? By Freeman, Richard Barry; Han, Eunice; Madland, David; Duke, Brendan
  630. Ambiguity Framed By Mark Schneider; Jonathan Leland; Nathaniel T. Wilcox
  631. Performance Assessment of Crop Insurance Schemes in Odisha in Eastern India By Mamata Swain; Sasmita Patnaik
  632. International Competition Intensified - Job Satisfaction Sacrificed By Dluhosch, Barbara; Horgos, Daniel
  633. Does learning beget learning throughout adulthood? Evidence from employees' training participation By Kramer, Anica; Tamm, Marcus
  634. Small, young, and exporters: New evidence on the determinants of firm growth By M. Grazzi; D. Moschella
  635. A framework for modelling financial risk in Southern Australia: the intensive farming (IF) model By Hutchings, Timothy R.; Nordblom, Thomas L.; Hayes, Richard C.; Li, Guangdi; Finlayson, John D.
  636. Policy Options for Competitiveness and Economic Development in the Western Balkans: the Case for Infrastructure Investment By Mario Holzner
  637. A tremendous variety of medical devices is available to surgeons today. In this environment, a surgeon?s ease in using a device version that he has never previously used has important implications for productivity and quality. Further, high device variety increases the time gap between repeat uses of any particular device version by a surgeon. This can result in forgetting over time of device-version-speci?c knowledge. The impact of forgetting over time at the level of speci?c tasks has not been examined previously. We use a unique, hand-collected dataset to examine learning and forgetting in hip replacement surgery as a function of a surgeon?s experience with speci?c surgical device versions and the time between their repeat uses. We also develop a generalizable method to correct for the left-censoring of device-version-speci?c experience variables that is a common problem in highly granular experience data, using Maximum Simulated Likelihood Estimation (MSLE) with simulation over unobservables conditional on observables. Even for experienced surgeons, the fi?rst use of certain device versions can result in about a 32.4% increase in surgery duration, hurting quality and productivity. Also, with the passage of time, surgeons forget knowledge gained about the use of certain devices. We discuss implications for practice. By Kamalini Ramdas; Khaled Saleh; Steven Stern; Haiyan Liu
  638. Determinants of Internal Migration in Indonesia By Hera Susanti; Arie Damayanti
  639. Conditions and Factors of Overcoming of Depopulation in Russia By Aganbegyan, Abel; Kleeva, Lyudmila; Krotova, Nadezhda; Pechurina, A.A.
  640. Does one size fit all? The impact of cognitive skills on economic growth. By Nadir Altinok; Abdurrahman Aydemir
  641. Child Labor in China By Tang, Can; Zhao, Liqiu; Zhao, Zhong
  642. Decreased tracking, increased earning: Evidence from the comprehensive Polish educational reform of 1999 By Luca Flóra Drucker; Daniel Horn
  643. The Unmet Challenge of Interdependence in the EU-MENA Space: A View from the South By Karim El Aynaoui; Uri Dadush; Karim El Mokri; Rim Berahab
  644. Understanding the changing equilibrium real interest rates in Asia-Pacific By Feng Zhu
  645. Medical expenses matter most for the poor: evidence from Vietnam By Quan-Hoang Vuong; Ha Nguyen
  646. Estimating the level and distribution of global wealth By James B. Davies; Rodrigo Lluberas; Anthony F. Shorrocks
  647. Use of and attitudes towards new technologies of persons 50+ in Austria By Michael Radhuber
  648. Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires By Gertler, Mark; Huckfeldt, Christopher; Trigari, Antonella
  649. Empirical Analysis of the Main Factors Influencing Rice Harvest Losses Based on Sampling Survey Data of 10 Provinces in China By Wu, Linhai; Hu, Qipeng; Zhu, Dian; Wang, Jianhua
  650. Unemployment risk and over-indebtedness By Du Caju, Philip; Rycx, François; Tojerow, Ilan
  651. ABCD analysis of Stage Model in Higher Education By Aithal, Sreeramana; V.T., Shailashree; Kumar, Suresh
  652. Strategic Planning in Higher Education Institutions : A Case Study of SIMS - VISION 2025 By Rao, Srinivas; Kumar, Suresh; Aithal, Sreeramana
  653. Fair Value Accounting and the Cost of Debt / La comptabilité à la juste valeur et le coût de la dette pour une entreprise By Michel Magnan; Haiping Wang; Yaqi Shi(Sans nom)
  654. Estimating the membership function of the fuzzy willingness-to-pay/accept for health via Bayesian modelling By Michal Jakubczyk
  655. Vibrato and automatic differentiation for high order derivatives and sensitivities of financial options By Gilles Pag\`es; Olivier Pironneau; Guillaume Sall
  656. Societal Expectation And Institutional Accountability In Higher Education By Aithal, Sreeramana; Kumar, Suresh; Kumari, Deekshitha
  657. Does Inequality Hamper Innovation and Growth? By Caiani, Alessandro; Russo, Alberto; Gallegati, Mauro
  658. Inflation, currency depreciation and households balance sheet in Uruguay By Rodrigo Lluberas; Juan Odriozola
  659. Aid for Trade and the Trade Facilitation Agreement: What they can do for LDCs By Jaime DE MELO; Laurent WAGNER
  660. Aid for Trade and the Trade Facilitation Agreement: What they can do for LDCs By Jaime DE MELO; Laurent WAGNER
  661. Impact Evaluation of the Job Youth Training Program Projoven By Juan José Díaz; David Rosas Shady
  662. Inequality – Worldwide Trends and Current Debates By Stephan Klasen; Nathalie Scholl; Rahul Lahoti; Sophie Ochmann; Sebastian Vollmer

  1. By: Barz, Andreas; Buer, Tobias; Haasis, Hans-Dietrich
    Abstract: Additive manufacturing (AM), or nonstandard 3D printing, disseminates in more and more production processes. This changes not only the production processes, e.g. subtractive production technologies are replaced, but will in all likelihood impact the configuration of supply networks. Due to a more efficient use of raw materials, transportation relations may change and production sites may be relocated. How this change will look like is part of an ongoing discussion in industry and academia. However, quantitative studies on this question are scarce. In order to quantify the potential impact of AM on a two-stage supply network, we use a facility location model. The impact of AM on the production process is integrated into the model by varying resource efficiency ratios. We create a test data set of 308 instances. Features of this test set are different geographical clusters of source nodes, production nodes, and customers nodes. By means of a computational study, the impact of AM on the supply network structure is measured by four indicators. In the context of our study, AM reduces the overall transportation costs of a supply network. However, the share of the transportation costs on the second stage of a supply network in the total costs increases significantly. Therefore, supply networks in which production sites and customer sites are closely spaced improve their cost effectiveness stronger than other regional configurations of supply networks.
    Date: 2015
  2. By: Giacomo De Giorgi; Anders Frederiksen; Luigi Pistaferri
    Abstract: In this paper we study consumption network effects. Does the consumption of our peers affect our own consumption? How large is such effect? What are the economic mechanisms behind it? We use long panel data on the entire Danish population to construct a measure of consumption based on administrative tax records on income and assets. We combine tax record data with matched employer-employee data so that we can construct peer groups based on workplace, which gives us a much tighter, precise, and credible definition of networks than used in previous literature. We use the available data to construct peer groups that do not perfectly overlap, and as such provide valid instruments derived from the network structure of one's peers group. The longitudinal nature of our data also allow us to estimate fixed effects models, which help us tackle reflection, self-selection, and common-shocks issues all at once. We estimate non-negligible and statistically significant endogenous and exogenous peer effects. Estimated effects are quite relevant for policies as they generate non-negligible multiplier effect. We also investigate what mechanisms generate such effects, distinguishing between "keeping up with the Joneses", a status model, and a more traditional risk sharing view.
    JEL: D12 D91
    Date: 2016–06
  3. By: OKUBO Toshihiro; OKAZAKI Tetsuji; TOMIURA Eiichi
    Abstract: Cluster policy is designed to facilitate inter-firm networking. We examine industrial clusters in Japan based on firm-level transaction data. Firms in clusters expand transaction networks at higher speeds, but do so significantly only with firms agglomerated in Tokyo and not with local firms within the same region. By disaggregating firms according to their main bank types, we find that cluster firms expanding networks are mainly financed by regional banks and not by banks with nationwide operations. This suggests the importance of intensive relationships with main banks for inter-firm network formation.
    Date: 2016–05
  4. By: Teruyoshi Kobayashi (Graduate School of Economics, Kobe University); Naoki Masuda (Graduate School of Economics, Kobe University)
    Abstract: A practical approach to protecting networks against epidemic processes such as spreading of infectious diseases, malware, and harmful viral information is to remove some influential nodes beforehand to fragment the network into small components. Because determining the optimal order to remove nodes is a computationally hard problem, various approximate algorithms have been proposed to efficiently fragment networks by sequential node removal. Morone and Makse proposed an algorithm employing the non-backtracking matrix of given networks, which outperforms various existing algorithms. In fact, many empirical networks have community structure, compromising the assumption of local tree-like structure on which the original algorithm is based. We develop an immunization algorithm by synergistically combining the Morone-Makse algorithm and coarse graining of the network in which we regard a community as a supernode. In this way, we aim to identify nodes that connect different communities at a reasonable computational cost. The proposed algorithm works more efficiently than the Morone-Makse and other algorithms on networks with community structure.
    Date: 2016–06
  5. By: Alemanno, Alberto
    Abstract: Beyond Networks critically dissects and systematizes an insightful, well-researched and elegantly written account of the democratic potential carried out by coalitions of civil society actors. Once established a case for studying coalitions of civil society organization through the lens of Global Administrative Law, the book eventually unveils its underlying research question. This volume specifically attempts to explain how civil society networks – which are studied within the broader notion of Global Civil Society (GSC) – drive the development of principles of democratic value at the supranational level. It does so within the broader debate about new modes of global governance and in particular that of experimentalist governance. It proceeds to theorize an autonomous organization network model within GSC: the so-called 'interlocutory coalitions'. Those coalitions are typically made of diverse category of entities whose major – sometimes solely – common feature is the cross-border pursuit of a common cause. In order to build an original and valuable taxonomy of civil society networks, interlocutory coalitions must be contrasted to other forms of networks, including social networks, trans-governmental committees, think tanks, Parallel Summits and QUANGOs. After reconstructing their respective composition, membership, rules of governance and legal status, the book delves into interlocutory coalitions' decision-making. How do coalitions presenting high degree of variation when it comes to their mission, governance, funding and membership coalesce around one common cause? How do they come to existence and get along? How can such coalitions speak with one voice when representing and advocating their common position in front of the relevant international organizations? What kind of techniques and deliberative mechanisms are used to attain a common position and then convey it to the outside world? This book provides a rigorous, constructive and promising stepping stone to embark on such a challenging journey. Yet the case for a global participatory democracy remains to be made.
    Keywords: Open government; Transparency; Participation; Civic empowerment; Coalitions; Legitimacy; Accountability; Civil society; European Union; Good governance
    JEL: K19 K33
    Date: 2016–02–08
  6. By: De Giorgi, Giacomo; Frederiksen, Anders; Pistaferri, Luigi
    Abstract: In this paper we study the relevance and mechanics of consumption network effects. We use long panel data on the entire Danish population to construct a measure of consumption based on administrative tax records, and define the peer groups in terms of workplace, occupation, education, and age. We then apply an IV strategy, and fixed effect models, to recover the effects. Our instruments arise naturally from the network structure and firms shocks. The estimated effects are statistically significant and relevant for policies as they generate non- negligible multiplier effect. Further, the results are consistent with a "Keeping-up" model.
    Date: 2016–06
  7. By: Nicol\'o Musmeci; Vincenzo Nicosia; Tomaso Aste; Tiziana Di Matteo; Vito Latora
    Abstract: We propose here a multiplex network approach to investigate simultaneously different types of dependency in complex data sets. In particular, we consider multiplex networks made of four layers corresponding respectively to linear, non-linear, tail, and partial correlations among a set of financial time series. We construct the sparse graph on each layer using a standard network filtering procedure, and we then analyse the structural properties of the obtained multiplex networks. The study of the time evolution of the multiplex constructed from financial data uncovers important changes in intrinsically multiplex properties of the network, and such changes are associated with periods of financial stress. We observe that some features are unique to the multiplex structure and would not be visible otherwise by the separate analysis of the single-layer networks corresponding to each dependency measure.
    Date: 2016–06
  8. By: Angelos Dassios; Jia Wei Lim
    Abstract: In this paper, we obtain a recursive formula for the density of the two-sided Parisian stopping time. This formula does not require any numerical inversion of Laplace transforms, and is similar to the formula obtained for the one-sided Parisian stopping time derived in Dassios and Lim [6]. However, when we study the tails of the two distributions, we find that the two-sided stopping time has an exponential tail, while the one-sided stop- ping time has a heavier tail. We derive an asymptotic result for the tail of the two-sided stopping time distribution and propose an alternative method of approximating the price of the two-sided Parisian option.
    Keywords: Brownian excursion; double-sided Parisian options; tail asymptotics
    JEL: F3 G3
    Date: 2015
  9. By: Nordblom, Tom; Hutchings, Tim; Li, Guangdi; Hayes, Richard; Finlayson, John
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy, Risk and Uncertainty,
    Date: 2016–02
  10. By: OECD
    Abstract: Peer-to-peer transactions have long played a role in commerce, but today's online platforms enable them on a much greater scale. Early examples include platforms for the sale of goods (e.g. online auction sites). Newer models include the rental of short-term accommodation and transport or mobility services. Sometimes described as the "sharing" economy or "collaborative consumption," this report refers to these innovative businesses as "peer platform markets." In addition to bringing benefits, peer platform markets raise new policy challenges, including consumer protection issues. As a general principle, consumer laws should be considered to apply to the basic offer of services to peers by peer platforms. It can be difficult, however, to apply existing laws to business models that blur the boundaries between consumers and businesses. What is the best approach to provide effective consumer protection while encouraging innovation? This report provides context for considering this and related questions.
    Date: 2016–06–07
  11. By: Askitas, Nikos (IZA)
    Abstract: The more conservative among us believe that "Big Data is a fad that will soon fade out" and they may in fact be partially right. By contrast, others – especially those who dispassionately note that digitization is only now beginning to deliver its payload – may beg to differ. We argue that all things considered, Big Data will likely cease to exist, although this will happen less because it is a fad and more because all data will eventually be Big Data. In this essay, I pose and discuss the question of "how much data do we really need" since everything in life and hence the returns from data increments ought to obey some kind of law of diminishing returns: the more the better, but at some point the gains are not worth the effort or become negative. Accordingly, I discuss small and large, specific and general examples to shed light on this question. I do not exhaustively explore the answers, rather aiming more towards provoking thought among the reader. The main conclusions, nonetheless, are that depending on the use case both a deficit and an abundance of data may be counterproductive, that individuals, data experts, firms or society have different optimization problems whereby nothing will free us from having to reach decisions concerning how much data is enough data and that the greatest challenges that data-intensive societies will face are positive reinforcement, feedback mechanisms and data endogeneity.
    Keywords: Big Data, endogeneity, social science, causality, prediction
    JEL: C55
    Date: 2016–06
  12. By: Georgios Petropoulos; J. Scott Marcus
    Abstract: On 25 November 2015, the European Union enacted new rules for international mobile roaming (IMR) under Regulation 2015/2120, which seeks to implement a Roam Like at Home (RLAH) regime among the member states of the European Union. Questions remain, however, as to whether it is possible to implement RLAH without mandating below-cost pricing and thus introducing significant regulatory and economic distortions. It is difficult to see how RLAH could be implemented for other than trivial amounts of IMR traffic without significant cross-subsidisation of the IMR service in many different dimensions. Identifying ways to maintain the ubiquity of the IMR service without unduly distorting the economics of European mobile markets and networks would appear to pose serious challenges; the saving grace, however, might well be that IMR revenue now represents a small enough fraction of total mobile revenue (thanks to previous regulation) that the necessary cross-subsidies might be manageable. The European Commission, which is required to assess the situation and to provide legislative proposals by 15 June 2016, faces a daunting task.
    Date: 2016–06
  13. By: Hopfensitz, Astrid; Mantilla, Cesar; Miquel-Florensa, Josepa
    Abstract: We design and conduct a lab-in-the-field experiment to test the effect of a conditional contract on the sustainability of an open access fishery, where unit prices are conditional on aggregate catch. The contract provides collective incentives to decrease extraction but maintain the individual incentives of extraction maximization. We conduct the experiment with two communities of artisanal fishermen differing in their market and technological restrictions. We find that the conditional contract, compared to a fixed price scheme, increases efficiency, the duration of the resource and the total yield. The contract has a greater effect upon groups from the less restricted community.
    Keywords: artifactual field experiment, dynamic resource, artisanal fishery, stochastic production function
    JEL: C92 Q22
    Date: 2016–03
  14. By: Pihlava Matti (Department of Economics, University of Turku)
    Abstract: This paper studies Finnish firms and especially it’s boardroom network and the effects that it has on financial actions. Compared with earlier studies, this study also takes into consideration both firms that are not connected and uses them as a natural comparison, as well as principal component membership as a relevant network centrality measure. Based on the firms’ year end reports from 2009 to 2013, the results show that firms that are connected are on average greater in size, invest more but their Return On Investments are lower. Higher network centrality further increases the effects. With firm-specific controls and yearly fixed effects the results seem robust. The magnitude of the results can be ambiguous due to simultaneous endogeneity between the variables. Compared to previous studies, the results are contrary to what has been noted earlier. Seasonal changes or general economic outcomes might explain these results.
    Keywords: Network Analysis; Networks; Corporate Governance
    JEL: D85 L14 G34
    Date: 2016–05
  15. By: Bayrak, Oben
    Abstract: Although there are alternative models which can explain the Allais paradox with non-standard preferences, they do not take the emerging evidence on preference imprecision into account. The imprecision is so far incorporated into these models by adding a stochastic specification implying the errors that subjects make. However, there is also the inherent part of the preference imprecision which does not diminish with experience provided in repeated experiments and these stochastic specifications cannot explain a significant portion of the observed behavior in experiments. Moreover, evidence on imprecision suggests that subjects exhibit higher imprecision for a lottery with a higher variance. This paper presents a new model for decision under risk which takes into account the findings of the literature. Looking at the indifference curves predicted by the new model, the new model acts like a mixture of Expected Utility Theory and Rank Dependent Utility Theory depending on which part of the probability triangle the lottery is located.
    Keywords: Allais Paradox, Independence Axiom, Preference Imprecision, Anomalies, Decision Theory, Decision under Risk and Uncertainty, Alternative Models
    JEL: A1 A10 B0 C0 C9 D0 D00 D01 D02 D03 D04 D10 D11 D8 D80 D81 D83 D89 G0 G02
    Date: 2016–05–31
    Date: 2016
  17. By: Matteo Ploner; Viola Saredi
    Abstract: The study reports on the agency problem embedded in delegated risky decisions, by analyzing discrepancies in risk-taking and decision quality. It also combines delegation with a description-experience comparison. Subjects deciding on behalf of others tend to make inefficient investment decisions: principals are more ambitious, and make fewer and less dominated choices, irrespective of the process of information acquisition. While principals adapt their effort to the complexity of the situation, agents are reluc- tant to collect information to evaluate prospects. Principals predict agents poor performance and are ready to pay a substantial fee to avoid delegation. However, the fee is generally excessive and negatively impacts on final earnings. These results suggest that principals attitudes and negative beliefs on agents may prevent the emergence of delegation relationships.
    Keywords: Description-Experience Gap, delegated decision-making, control premium, risk taking; experiment
    JEL: C91 D81 D83
    Date: 2016
  18. By: Astrid Gamba (University of Milan-Bicocca, Department of Economics); Giovanni Immordino (Università di Napoli Federico II and CSEF); Salvatore Piccolo (Catholic University of Milan, Department of Economics and Finance and CS)
    Abstract: When Legislators award amnesties to “low-rank” criminals cooperating with the justice, top criminals may react by capturing public officials to subvert the law and avoid being sanctioned. Policies that optimally deter crime should anticipate this danger and fight it back by granting amnesties not only to low-rank criminals, but also to officials who plea guilty and report bribe- givers. Indeed, even if the threat of being betrayed by their fellows may induce top criminals to bribe prosecutors, these policies boost the conviction risk not only for top criminals but also for low-rank ones, whereby increasing the risk premium that the latter require to participate in the crime. This higher risk premium increases the reservation wage that top criminals need to pay in order to recruit soldiers, and hence reduces the crime profitability: the bright side of subversion of law.
    Keywords: Criminal Organizations, Corruption, Leniency, Subversion of Law.
    JEL: K14 K42 D73 D78
    Date: 2016–06–17
  19. By: Ashwini Deshpande
    Abstract: This paper presents the results of an attitude survey administered to university students in India that attempts to delineate the social.psychological mechanisms of .externalization. and .internalization. to understand the possible consequences of stigma associated with caste-based affirmative action (AA). Despite a significant gap in entry scores at admission to a higher educational institution, no significant differences are found in the effort and academic attitudes between students from beneficiary groups and those who get admission through non-reserved/open seats.On a range of questions that evaluate externalization and attitudes towards AA, there are clear and significant differences between caste groups that reveal the presence of stigma through the externalization mechanism; that is, the tendency of peers to evaluate beneficiary performance prejudicially, indicating the prevalence of discriminatory attitudes towards students from target groups. However, there is no evidence of internalization; that is, students from beneficiary groups internalizing their peers. low evaluation, resulting in low self-esteem and lower performance.These findings suggest the need for establishing an anti-discriminatory apparatus inside higher educational institutions to counter stigmatizing attitudes and micro-aggressions against those admitted on the basis of AA.
    Keywords: Caste, Education, Higher, Equality and inequality
    Date: 2016
  20. By: Foucault , Thierry; Dessaint , Olivier; Frésard, Laurent; Matray, Adrien
    Abstract: Firms reduce investment in response to non-fundamental drops in the stock price of their product-market peers, as predicted by a model in which managers rely on stock prices as a source of information but cannot perfectly filter out noise in prices. The model also implies the response of investment to noise in peers' stock prices should be stronger when these prices are more informative, and weaker when managers are better informed. We find support for these predictions. Overall, our results highlight a new channel through which non-fundamental shocks to the stock prices of some firms influence real decisions of other firms.
    Keywords: corporate; investment
    Date: 2015–12–23
  21. By: Bartalotti, Otávio C.; Brummet, Quentin O.
    Abstract: Regression Discontinuity designs have become popular in empirical studies due to their attractive properties for estimating causal effects under transparent assumptions. Nonetheless, most popular procedures assume i.i.d. data, which is unreasonable in many common applications. To relax this assumption, we derive the properties of traditional estimators in a setting that incorporates clustering at the level of the running variable, and propose an accompanying optimal-MSE bandwidth selection rule. Simulation results demonstrate that falsely assuming data are i.i.d. may lead to higher MSE due to inadequate bandwidth choice. We apply our procedure to analyze the impact of Low-Income Housing Tax Credits on neighborhood characteristics and low-income housing supply.
    Date: 2016–04–22
  22. By: David Duarte (IET/CICS.NOVA, Universidade Nova de Lisboa, Faculdade de Ciências e Tecnologia, Portugal); Tiago Mealha (IET/CICS.NOVA, Universidade Nova de Lisboa, Faculdade de Ciências e Tecnologia, Portugal)
    Abstract: Deep Web is the part of the Internet that is not indexed, not being possible to access through the traditional web search engines. It is necessary to use software that preserves the identity of the users, for instance, Tor, which is the most well-known. Concepts such as Deep Web, Darknet and Dark Web are mistakenly confused but this article will clarify it. Another theme approached is the negative connotation that is usually assigned to the Deep Web phenomenon. Because protects the users’ anonymity, a lot of people take advantage of it to commit illegal businesses, for example drugs and weapons transactions. We reach to the central question of our debate: on the one hand, the Tor software preserves the intimacy of the users’ communications and allows the consult of several articles and blogs that does not exist on the Surface Web; on the other hand the anonymity serves as a tool for the practice of illegal activities. There is a very thin line that separates public space and private space. Tor software reinforces the security of using the Internet. The application that people utilize it is up to them.
    Keywords: Deep Web, Internet, Tor, privacy, security
    JEL: G02 K49 O34
    Date: 2016–03
    Date: 2016
  24. By: Babutsidze, Zakaria
    Abstract: We examine the data from illegal downloads of economics content from Sci-Hub over five-month period. The most pirated economics articles and the most pirated economics journals are identified. We analyze the contribution of this particular piracy engine toward open science (economics). We conclude that economics is benefitting from Sci-Hub: (a) as downloads are not pervasive, publishers are not losing much revenues; (b) as downloads are coming mostly from under-developed countries, the exposure to generated knowledge in the discipline has been extended.
    Keywords: Sci-Hub, Piracy, Economics
    JEL: A1
    Date: 2016–06–02
  25. By: Johan Vikström (Institute for Fiscal Studies); Geert Ridder (Institute for Fiscal Studies and University of Southern California); Martin Weidner (Institute for Fiscal Studies and cemmap and UCL)
    Abstract: This paper considers identif cation of treatment eff ects on conditional transition probabilities. We show that even under random assignment only the instantaneous average treatment e ffect is point identi fied. Because treated and control units drop out at diff erent rates, randomization only ensures the comparability of treatment and controls at the time of randomization, so that long run average treatment e ffects are not point identifi ed. Instead we derive informative bounds on these average treatment e ffects. Our bounds do not impose (semi)parametric restrictions, as e.g. proportional hazards. We also explore various assumptions such as monotone treatment response, common shocks and positively correlated outcomes that tighten the bounds.
    Keywords: Partial identification, duration model, randomized experiment, treatment effect
    JEL: C14 C41
    Date: 2016–04–22
  26. By: Simone Moriconi (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore)
    Abstract: Taxes levied on production processes (e.g. VAT), are today a very important source of government revenues in developed economies. Theories of optimal taxation conclude that these taxes are detrimental to production efficiency, when firms operate in perfectly competitive markets. These theories draw on the neoclassical approach, which regards firms as single production units. The present paper investigates the effects of taxation on production efficiency, accounting for the organization of an industry. The model shows that a lump-sum tax does not have any effect on the organization of the industry, while a non lump-sum tax can be designed that induces an organizational change of the industry. The paper shows that the effect of this ”tax induced organizational change” on production efficiency ultimately depends on the characteristics of the market.
    Keywords: taxation, organizational change, vertical integration, and production efficiency.
    JEL: H21 L22 H32
    Date: 2016–06
  27. By: Foucart, Renaud; Friedrichsen, Jana
    Abstract: We study a game were two firms compete on investment in order to attract consumers. Below a certain threshold, investment aims at attracting ex-ante indifferent users. Above this threshold firms also compete for users loyal to the other firm. We find that, in equilibrium, firms do not choose their investment deterministically but randomize over two disconnected intervals. These correspond to competing for either the entire population or only the ex-ante indifferent users. While the benefits of attracting users are identical for both firms, the value of remaining passive and not investing at all depends on a firm's loyal base. The firm with the smallest base bids more aggressively to compensate for its lower outside option and achieves a monopoly position with higher probability than its competitor.
    Keywords: firms, quality competition, all-pay auction, status-quo bias
    JEL: D43 D44 M13
    Date: 2016–06–21
    Date: 2016
  29. By: Victoria Ateca-Amestoy (Department of Fundamentos del Análisis Económico II. University of the Basque Country. Avda. Lehendakari Aguire, 83. 48015, Bilbao (Spain)); Concetta Castiglione (Department of Statistical Sciences, University of Bologna, Via delle Belle Arti, 41 - 40126 Bologna (Italy))
    Abstract: Cultural engagement through the internet is becoming a more popular way of cultural participation, as computers and mobile devices are the outlet for more cultural experiences. On the one hand, this may help to access a wider variety of cultural contents in the form of digital goods. On the other hand, the digital divide could further exacerbate the stratification of cultural consumption. Using data from the 2012 Survey of Public Participation in the Arts for the United States, we explain the determinants of cultural participation through digital engagement for highbrow and lowbrow cultural activities, explicitly accounting for the selection in the sample of internet users. Our results suggest different determinants of these two categories, especially for the role played by age and education.
    Keywords: Cultural participation, digital engagement, interne cultural consumption, selection, Heckman selection probit model
    JEL: Z10
    Date: 2016–05
  30. By: Gregory DeAngelo (West Virginia University, Department of Economics); Hannes Lang (Evolution Institute); Bryan McCannon (West Virginia University, Department of Economics)
    Abstract: We explore the relationship between common psychological traits, such as Theory of the Mind, Rational†Experiential Inventory, and Big Five Personality styles, and willingness to contribute to public goods. Then, motivated by research that has indicated a relationship between past social interactions and cooperativeness, we consider the interaction between past game outcomes and psychological traits on free riding. We show that psychological traits of individuals have both a direct effect on free riding behavior, as well as an indirect effect as it enhances the correlation between past strategic behavior and public goods giving. Thus, the measurement tools of social psychology and management can be beneficial in understanding individual†level differences in free riding.
    Keywords: Big Five, competence, experiment, free riding, personality traits, psychological traits, public goods, Rational†Experiential Inventory, risk preferences, Theory of Mind
    Date: 2016–06
  31. By: Eric Heyer (OFCE); Xavier Timbeau (OFCE); Christophe Blot (OFCE); Céline Antonin (OFCE); Amel Falah (OFCE); Sabine Le Bayon (OFCE); Catherine Mathieu (OFCE); Christine Rifflart (OFCE); Sébastien Villemot (OFCE); Mathieu Plane (OFCE); Bruno Ducoudré (OFCE (OFCE)); Pierre Madec (OFCE); Hervé Péléraux (OFCE); Raul Sampognaro (OFCE)
    Keywords: Prévisions macroéconmiques
    Date: 2016–06
  32. By: Cacho, Oscar; Hester, Susie
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  33. By: Goerke, Björn; Albers, Sönke
    Abstract: Public agencies provide subsidies for small and medium sized businesses (SMEs) to foster their development in terms of employment and sales. Although input and output additionality have been researched intensively little is known about the actual long-term effects of subsidies on SME growth. Relying on a unique dataset of actual SMEs we provide a means of evaluating whether subsidies lead to the expected positive long-term effects. We apply a specifically designed 3-stage-effects-model (3SEM) from the input of resources to the final outcome. The results imply that the effects of subsidies differ across types: While R&D grants unfold enduring positive effects other subsidies like corporate matchmaking might even harm companies.
    Keywords: subsidies,additionality,innovation
    JEL: L2 H2 O3
    Date: 2016
  34. By: Fornaro, Paolo; Luomaranta, Henri
    Abstract: We contribute to the large literature on the relation between firm size and job creation by examining the effects of dependences between enterprises. Using Finnish monthly data encompassing the population of Finnish private businesses, we calculate gross job creation and destruction, together with net job creation, for different size classes and industries. Importantly, we divide firms into a dependent (i.e. owned, at least partially, by a large company) and independent category. The analysis is based on both a dataset including entry and exit and a sample considering only continuous companies, to control for the effects of firm's age. Due to the quality of the data, we are able to isolate the 'organic' growth of firms, disregarding the effects of mergers and split-offs together with other legal restructurings. We find that independent companies have shown considerably higher net job creation, even after taking age into account. However, dependent firms do not show particularly different behavior with respect to the sensitivity to aggregate conditions, compared to their independent counterparts.
    Keywords: Dependencies, Job Creation, Firm-level Data, Large datasets, Employment statistics
    JEL: E24 E32 J63 L25 L26
    Date: 2016–05–01
  35. By: Carlianne Patrick (Georgia State University, Department of Economics); Amanda Ross (West Virginia University, Department of Economics); Heather Stephens (West Virginia University, Agricultural and Resource Economics)
    Keywords: policy development, economic growth, new business
    Date: 2016–06
  36. By: Aithal, Sreeramana
    Abstract: Online banking using mobile devices (mobile banking) is an effective and convenient way of providing electronic banking facility to customers from anywhere and at any time. The advent of mobile communication technology coupled with a boost in trade and commerce activity is increasingly driving the banking financial services to become ubiquitous, personalized, convenient, disseminative and secure. Realizing the advantages to be gained from mobile banking, financial institutions have begun to offer mobile banking options for their customers in addition to the internet banking they already provide. The large scale use of mobile phones in mobile banking has been closely followed by the increase in mobile fraud. Although eager to use mobile financial services, many subscribers are concerned about the security aspect when carrying out financial transactions over the mobile network. In fact, lack of security is seen as the biggest deterrent to the widespread adoption of mobile financial services. Hence, fraud prevention has become an essential ingredient in the success of online financial transactions. To enhance the security for the online financial transaction, a biometric fingerprint authentication system is proposed. In this paper, the feasibility and limitations of an advanced biometric fingerprint authentication system for mobile banking are discussed.
    Keywords: Online financial transaction, bio-metric authentication, ubiquitous banking, mobile business.
    JEL: G2
    Date: 2016–04
  37. By: Anonymous
    Keywords: Marketing,
    Date: 2016–02–25
  38. By: Rosengren, Eric S. (Federal Reserve Bank of Boston)
    Abstract: Boston Fed President Eric Rosengren discussed the outlook for the U.S. economy, and also assessed the impact of quantitative easing and other nontraditional policy tools.
    Date: 2016–06–06
  39. By: Yvon Pesqueux (LIRSA - Laboratoire Interdisciplinaire de Recherche en Sciences de l'Action - Conservatoire National des Arts et Métiers [CNAM])
    Abstract: Critique politique de l'usage d'une langue unique dans la recherche en sciences de gestion
    Keywords: anglais , recherche , sciences de gestion
    Date: 2016–05–31
    Date: 2016
  41. By: Rubio, Nicolas
    Keywords: Crop Production/Industries, International Development,
    Date: 2016–02
  42. By: Claude Diebolt (BETA, University of Strasbourg Strasbourg, France); Ralph Hippe (London School of Economics and Political Science, Grantham Research Institute on Climate Change and the Environment)
    Date: 2016
  43. By: José Alberto Molina (Departamento de Análisis Económico, Facultad de Economía y Empresa, Universidad de Zaragoza; IZA); Alberto Alcolea (Kampal Data Solutions S.L.); Alfredo Ferrer (Instituto de Biocomputación y Fisica de Sistemas Complejos (BIFI), Zaragoza); Alberto Alcolea (Kampal Data Solutions S.L.); David Iñiguez (Fundación ARAID, Diputación General de Aragón, Zaragoza); Alejandro Rivero (Instituto de Biocomputación y Fisica de Sistemas Complejos (BIFI), Zaragoza); Gonzalo Ruiz (Instituto de Biocomputación y Fisica de Sistemas Complejos (BIFI), Zaragoza); Alfonso Tarancón (Departamento de Física Teórica, Facultad de Ciencias, Universidad de Zaragoza)
    Abstract: We explore the relationship between collaborations in writing papers and the academic productivity of economists and, particularly, we describe the magnitude and intensity of co-authorship among economists. To that end, we employ interaction maps from Complex Systems methods to study the global properties of specific networks. We use 8,253 JCR papers from ISI-WOK, published by 5,188 economists from Spanish institutions, and their co-authors, up to 8,202 researchers, from 2002 to 2014, to identify and determine the collaborative structure of economics research in Spain, with its primary communities and figures of influence. Our results indicate that centrality and productivity are correlated, particularly with respect to a local estimator of centrality (page rank), and we provide certain recommendations, such as promoting interactions among highly productive authors who have few co-authors with other researchers in their environment, or recommending that authors who may be well-positioned but minimally productive strive to improve their productivity.
    Keywords: Co-authorship, Academic productivity, Economists, Interaction maps, Complex networks
    JEL: A11 C45 C63 D85 I23 Y91
    Date: 2016–06–01
  44. By: Pavlova, N.S. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Baulina, A.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Shastitko, Andrey E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper analyzes the issue of the integration of environmental factors in the assessment of agreements on co-operation between competitors in terms of the admissibility of the antimonopoly legislation. The existing institutional environment determines how the different characteristics of different types of environmental externalities affect the possibility of taking them into account, and, ultimately, on their role in deciding on the admissibility of the cooperation agreements. As a result, the positive externalities that have the properties of public goods can be provided into account only to a limited extent, which may lead to type I error when making the antimonopoly authority on the admissibility of horizontal agreements decisions.
    Keywords: environmental factors, assessment of agreements, antimonopoly legislation
    Date: 2016–05–04
  45. By: Neuhoff, Karsten; Richstein, Jörn
    Date: 2016
  46. By: Legg, Wilfrid
    Keywords: Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety, Food Security and Poverty,
    Date: 2016–04
  47. By: Sokbae Lee (Institute for Fiscal Studies and Institute for Fiscal Studies); Bernard Salanie (Institute for Fiscal Studies and Columbia)
    Abstract: Multivalued treatment models have only been studied so far under restrictive assumptions: ordered choice, or more recently unordered monotonicity. We show how marginal treatment e?ects can be identi?ed in a more general class of models. Our results rely on two main assumptions: treatment assignment must be a measurable function of threshold-crossing rules; and enough continuous instruments must be available. On the other hand, we do not require any kind of monotonicity condition. We illustrate our approach on several commonly used models; and we also discuss the identi?cation power of discrete instruments.
    Date: 2015–12–08
  48. By: Utterback, Matthew
    Keywords: climate change, agriculture, learning, farmland values, Agricultural and Food Policy, Resource /Energy Economics and Policy, Q12, Q51, Q54,
    Date: 2016
  49. By: Murat G. Kýrdar; Meltem Dayýoðlu; Ýsmet Koç
    Date: 2016–01
  50. By: de Hoon, Marloes (Political Science; ROA / Human capital in the region); Cörvers, Frank (ROA / Human capital in the region)
    Abstract: Dit literatuuronderzoek is uitgevoerd door het Researchcentrum voor Onderwijs en Arbeidsmarkt (ROA) in opdracht van Maestro Kompas. De auteurs danken Wim Didderen (Maestro Kompas) voor het mogelijk maken van het onderzoek. Voorts danken zij de medewerkers van het Maestro Kompas team van de Open Universiteit en Ardi Mommers (ROA) voor hun commentaar op een eerdere versie van dit rapport.
  51. By: Christos Bilanakos; John S. Heywood; John Sessions; Nikolaos Theodoropoulos
    Abstract: This paper models a principal-firm offering training to its agent-worker under alternative organizational structures: integration, where the principal retains authority to overrule the investment project recommended by the worker; and delegation, where the principal cannot overrule the worker’s preferred investment project. We identify the conditions under which delegation increases the profit-maximizing training intensity. Empirical estimates from matched employer-employee data show that workplaces delegating authority do provide more worker training. This result persists in two cross sections, in panel fixed effect estimates and across many robustness checks including an instrumental variable exercise that also controls for establishment fixed effects.
    Keywords: Agency Theory; Delegation of Worker Authority; Training
    JEL: D21 D22 D23 M53 M54
    Date: 2016–06
  52. By: Thesmar , David; Bouchaud , Jean-Philippe; Stefano , Ciliberti; Landier , Augustin; Simon , Guillaume
    Abstract: This note investigates the causes of the quality anomaly, which is one of the strongest and most scalable anomalies in equity markets. We explore two potential explanations. The "risk view", whereby investing in high quality firms is somehow riskier, so that the higher returns of a quality portfolio are a compensation for risk exposure. This view is consistent with the Efficient Market Hypothesis. The other view is the "behavioral view", which states that some investors persistently underestimate the true value of high quality firms. We find no evidence in favor of the "risk view": The returns from investing in quality firms are abnormally high on a risk-adjusted basis, and are not prone to crashes. We provide novel evidence in favor of the "behavioral view": In their forecasts of future prices, and while being overall overoptimistic, analysts systematically underestimate the future return of high quality firms, compared to low quality firms.
    Keywords: Quality anomaly; financial analysts misplaced focus; behavioral biases
    JEL: G00 G14
    Date: 2016–06–15
  53. By: Fuchs, Benjamin; Osikominu, Aderonke
    Abstract: This paper first develops a simple model to clarify the links between leisure time use and skill formation. It then explores empirically how youths allocate their time. We focus on sports as a popular activity and estimate its effect on behavioral and economic outcomes. We exploit data from the German Socio-Economic Panel that offers the unique advantage of both a large, representative sample and high quality behavioral measures. We employ a flexible strategy combining propensity score matching and regression to account for self selection. Our results suggest that structured leisure activities like sports contribute to the development of nonacademic skills.
    Keywords: Human Capital; leisure activities; nonacademic skills; sports; treatment effect; youth development
    JEL: I21 J13 J24
    Date: 2016–06
  54. By: Galindo, Luis Miguel; Samaniego, Joseluis; Alatorre, José Eduardo; Reyes, Orlando; Ferrer, Jimy; Gómez, José Javier
    Date: 2015
  55. By: Sheheryar Banuri (University of East Anglia); Philip Keefer (Inter-American Development Bank)
    Abstract: Recent research suggests that prosocial organizations are likely to have more prosocial employees, and that this match plays a significant role in organization contracting practices and productivity -- for example, in government. Evidence suggests that selection plays a role: prosocial employees are more likely to join prosocial organizations. In this paper, we ask whether prosocial behavior increases with tenure in prosocial organizations. Using a unique sample of nearly 300 mid-career Indonesian public officials, we find that subjects with longer tenure in the public sector exhibit greater prosocial behavior.
    Date: 2016–05
  56. By: Humberto Moreira (Institute for Fiscal Studies); Marcelo Moreira (Institute for Fiscal Studies and Fundação Getúlio Vargas)
    Abstract: This paper considers two-sided tests for the parameter of an endogenous variable in an instrumental variable (IV) model with heteroskedastic and autocorrelated errors. We develop the finite-sample theory of weighted-average power (WAP) tests with normal errors and a known long-run variance. We introduce two weights which are invariant to orthogonal transformations of the instruments; e.g., changing the order in which the instruments appear. While tests using the MM1 weight can be severely biased, optimal tests based on the MM2 weight are naturally two-sided when errors are homoskedastic. We propose two boundary conditions that yield two-sided tests whether errors are homoskedastic or not. The locally unbiased (LU) condition is related to the power around the null hypothesis and is a weaker requirement than unbiasedness. The strongly unbiased (SU) condition is more restrictive than LU, but the associated WAP tests are easier to implement. Several tests are SU in finite samples or asymptotically, including tests robust to weak IV (such as the Anderson-Rubin, score, conditional quasi-likelihood ratio, and I. Andrews' (2015) PI-CLC tests) and two-sided tests which are optimal when the sample size is large and instruments are strong. We refer to the WAP-SU tests based on our weights as MM1-SU and MM2-SU tests. Dropping the restrictive assumptions of normality and known variance, the theory is shown to remain valid at the cost of asymptotic approximations. The MM2-SU test is optimal under the strong IV asymptotics, and outperforms other existing tests under the weak IV asymptotics.
    Date: 2016–06–14
  57. By: Mishra, SK
    Abstract: Multicollinearity in empirical data violates the assumption of independence among the regressors in a linear regression model that often leads to failure in rejecting a false null hypothesis. It also may assign wrong sign to coefficients. Shapley value regression is perhaps the best methods to combat this problem. The present paper simplifies the algorithm of Shapley value decomposition of R2 and provides a computer program that executes it. However, Shapley value regression becomes increasingly impracticable as the number of regressor variables exceeds 10, although, in practice, a good regression model may not have more than ten regressors.
    Keywords: Multicollinearity, Shapley value, regression, computational algorithm, computer program, Fortran
    JEL: C13 C4 C63 C71
    Date: 2016–06–17
    Date: 2016
  59. By: Frédéric Gannon (EconomiX); Florence Legros (Laboratoire Structure et Dynamiques Financières); Vincent Touze (OFCE)
    Abstract: We build a "smooth" automatic balance mechanism (S–ABM) which would result from an optimal tradeoff between increasing the receipts and reducing the pension expenditures. The S- ABM obtains from minimizing an intertemporal discounted quadratic loss function under an intertemporal budget balance constraint. The main advantage of our model of "optimal" adjustment is its ability to analyse various configurations in terms of automatic balance mechanisms (ABM) by controlling the adjustment pace. This S-ABM permits to identify two limit cases: the “flat Swedish-type ABM” and the “fiscal-cliff US- type ABM”. These cases are obtained by assuming very high adjustment costs on revenue (implying only pension benefit adjustment) and by choosing particular sequences of publicdiscount rates. We then apply this ABM to the case of the United States Social Security to evaluate the adjustments necessary to ensure financial solvency. These assessments are made under various assumptions about forecast time horizon, public discount factorand weighting of social costs associated with increased receipts or lower expenditures
    Keywords: Pension Scheme sustainablity; Automatic balance mechanisms; Dynamic programming
    JEL: C61 H55 H68
    Date: 2016–05
  60. By: OECD
    Abstract: This document explores the key elements of bilateral air service agreements (ASAs) and recent trends towards increasing liberalisation and examines linkages between ASAs and cross border airline alliance. It discusses issues related to antitrust reviews of proposed alliances and summarises and comments on the impacts of international airline alliances.
    Date: 2014–12–01
  61. By: Bacus, Kent
    Keywords: International Relations/Trade, Livestock Production/Industries,
    Date: 2016–02–25
  62. By: Hamilton, Neil D.
    Keywords: Land Economics/Use,
    Date: 2016–02
  63. By: Tetsuo Ono (Graduate School of Economics, Osaka University)
    Abstract: This study presents an endogenous growth, overlapping-generations model fea- turing probabilistic voting over public pensions. The analysis shows that (i) the pension-GDP ratio increases as life expectancy increases in the presence of an an- nuity market, while it may show a hump-shaped pattern in its absence; (ii) the growth rate is higher in the presence of the annuity market than its absence, but the presence implies an intergenerational trade-off in terms of utility.
    Keywords: Economic Growth; Population Aging; Probabilistic Voting; Public Pension; Annuity Market
    JEL: D70 E24 H55
    Date: 2014–04
  64. By: Kularatne, Mohottala G.; Pascoe, Sean; Wilson, Clevo; Robinson, Tim
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  65. By: Tetsuro Matsushima (Bank of Japan); Lisa Ohkawa (Bank of Japan); Hirotaka Inoue (Bank of Japan)
    Abstract: In the foreign exchange market where diverse participants transact across borders, it is crucial to enhance confidence in the market globally for effective functioning of the market. In July 2015, the BIS established the Foreign Exchange Working Group (FXWG) to facilitate the development of a single global code of conduct for the foreign exchange market (the Global Code) and to promote greater adherence to the Global Code. Since its inception, central banks including the Bank of Japan and private-sector professionals from around the world have been working closely together to complete the Global Code by May 2017. The first phase of the Global Code and Principles for Adherence to the Global Code were released in May 2016 by the FXWG. The Global Code is principle-based instead of detailed and rule-based, and therefore takes into account the diversity of market participants, while reinforcing discipline to prevent misconduct. The Bank of Japan believes that market participants should fully understand and adhere to the principles underlined in the Global Code, which will contribute to sound development and effective functioning of the foreign exchange market.
    Date: 2016–06–17
  66. By: Priyank Gandhi; Hanno Lustig; Alberto Plazzi
    Abstract: Equity is a cheap source of funding for a country's largest financial institutions. In a large panel of 31 countries, we find that the stocks of a country's largest financial companies earn returns that are significantly lower than stocks of non-financials with the same risk exposures. In developed countries, only the largest banks' stock earns negative risk-adjusted returns, but, in emerging market countries, other large non-bank financial firms do. Even though large banks have high betas, these risk-adjusted return spreads cannot be attributed to the risk anomaly. Instead, we find that the large-minus-small, financial-minus-nonfinancial, risk-adjusted spread varies across countries and over time in ways that are consistent with stock investors pricing in the implicit government guarantees that protect shareholders of the largest banks. The spread is significantly larger for the largest banks in countries with deposit insurance, backed by fiscally strong governments, and in common law countries that offer shareholders better protection from expropriation. Finally, the spread predicts large crashes in that country's stock market and output.
    JEL: G12 G18 G2 G21
    Date: 2016–06
  67. By: Astebro , Thomas B; Hoos, Florian
    Abstract: We study the impact of a new nationally advertised six-month intensive training program to encourage leadership in social entrepreneurship among youth. Program costs were on the order of 12,000 euros per participant. We conduct a randomized field experiment where 50 applicants were randomly allocated to the program and 50 similar applicants were rejected. Despite large training efforts we find no robust treatment effects on leadership motivation, leadership style, social entrepreneurial aspirations and intentions, skills, sustainable behaviour, entrepreneurial actions and venture progression. Those that had made more progress on their venture prior to the start of the program were more likely to make progress afterwards, irrespective of treatment. There were also large Hawthorne effects. Those having the highest expectations before selection to treatment, as measured by their self-ratings on a battery of scores, experienced the biggest drop across all scores after selection, irrespective of treatment. Training people to become entrepreneurs seems to be difficult and costly.
    Keywords: social entrepreneurship; entrepreneurship; field experiment
    JEL: C93 L26
    Date: 2016–01–13
  68. By: Eric Bettinger; Oded Gurantz; Laura Kawano; Bruce Sacerdote
    Abstract: We examine the impacts of being awarded a Cal Grant, among the most generous state merit aid programs. We exploit variation in eligibility rules using GPA and family income cutoffs that are ex ante unknown to applicants. Cal Grant eligibility increases degree completion by 2 to 5 percentage points in our reduced form estimates. Cal Grant also induces modest shifts in institution choice at the income discontinuity. At ages 28-32, Cal Grant receipt increases by three percentage points the likelihood of living in California at the income discontinuity, and raises earnings by four percentage points at the GPA discontinuity.
    JEL: H2 H4 H41 H52 I2 I22 I23 I24
    Date: 2016–06
    Date: 2016
  70. By: Quinlivan, Daryl
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  71. By: Samanta Meli (Department of Economics and Management, University of Pavia)
    Abstract: Il teleriscaldamento ricopre un ruolo sempre più significativo orientato, in particolare, allo sviluppo di sistemi alimentati da fonti rinnovabili. Alla luce di recenti sviluppi in ambito normativo e tecnologico,il paper si propone di delineare un quadro di sintesi del settore in Italia, sotto il profilo tecnico, economico e regolatorio. La presenza di pochi operatori dominanti definisce un assetto di monopolio locale. Inoltre, la concorrenza locale tra sistemi diversi di riscaldamento appare limitata dalla presenza di switching costs, che conferiscono ai gestori delle reti un potere di mercato che limita la concorrenza ex-post. La regolamentazione del settore è stata, sino ad oggi, implicita e locale, specialmente nell’ambito di schemi concessori o di delibere comunali, con ripercussioni negative anche sul fronte della tutela dei consumatori. La regolamentazione risulterebbe utile soprattutto laddove la concorrenza fra sistemi è debole. Nonché nelle situazioni caratterizzate da un obbligo di allacciamento alla rete, ovvero nei casi in cui la concorrenza ex-ante sia stata limitata con conseguenti vincoli sulle scelte degli utenti.
    Keywords: natural monopoly, renewable energy sources, switching costs
    JEL: L51 Q28 Q42
    Date: 2016–04
  72. By: Wheeler, Sarah; Zuo, Alec
    Keywords: Agricultural and Food Policy, Farm Management,
    Date: 2016–02
  73. By: Sauter, Philipp; Hermann, Daniel; Musshoff, Oliver
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  74. By: Buehler, Dorothee C.; Hartje, Rebecca C.; Grote, Ulrike
    Abstract: Despite encouraging developments in overall undernourishment figures our analysis of rural Cambodian households reveals very high malnutrition in children. In this paper we use a novel panel data set from Stung Treng in Cambodia which allows to compare different household food security indicators with each other and individual level anthropometric data of children under five. While the large majority of households appear to be food secure according to the Food Consumption Score (FCS) and the Household Hunger Scale (HHS), the Household Food Insecurity Access Scale (HFIAS) and the Coping Strategies Index (CSI) classify less than four percent of the households in Stung Treng as food secure. Stunting and underweight measures for children show that between 38 to 45 percent of children under five are classified as undernourished. Analyzing the influence of household characteristics on these different measures for food security we find that the FCS is largely driven by household characteristics and livelihood strategy choices whereas the anthropometrics show little or zero correlation. Household wealth, inequality, and the prevalence of shocks however, has a strong influence on both measures. Individual and mother specific characteristics are vital to explain child malnutrition.
    Keywords: Malnutrition, Undernutrition, Food Security, Anthropometrics, Cambodia, Income Inequality, Shocks, Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, Health and Economic Development I15, Economic Development O15,
    Date: 2016–04
  75. By: Edo Cvrkalj (DENVES CONSULTING); Denis Smolar (DENVES CONSULTING)
    Abstract: Tradicionalni načini budžetiranja sa fiksno definiranim ciljevima poslovanja od 1998. godine polako prerastaju u sofisticiranije organizaciji prilagođene alternativne koncepte budžetiranja. Jedan od tih alternativnih koncepta je i „Beyond budgeting“ model sa implementiranim procesom mjerenja performansi učinaka. Da bi to bilo izvedivo planiranje i kontrola budžeta treba biti preorijentirana na „bottom up“ pristup plana i kontrole. U suvremenim uvjetima poslovanja u obzir treba uzeti sadašnje i buduće prilike i prijetnje, koje se valoriziraju budžetom kojim poduzeće može realizirati paletu prednosti nad tradicionalnim načinima budžetiranja koje su objašnjene u daljnjem tekstu članka. Vrlo je bitno za naglasiti važnost uspjeha implementacije novog načina budžetiranja u organizaciju. Ukoliko je implementacija odrađena manjkavo i bez nekog višeg cilja, lako je moguće da se implementirani proces ugradi bez okvira za koordinaciju, planiranje i kontrolu aktivnosti u samoj organizaciji. U nastavku članka osvrnut ćemo se na menadžerske tehnike i instrumente u „Beyond budgeting“ modelu planiranja poput balanced scorecarda, rolling forecasta, dashboarda, KPI i raznih drugih potpornih instrumenata. Na kraju ćemo definirati sedam koraka za implementaciju „Beyond budgeting“ koncepta i komparaciju kroz dvanaest razloga zašto je „Beyond budgeting“ koncept bolji za upotrebu od tradicionalnih načina budžetiranja u suvremenim i tržištu orijentiranim organizacijama. Svako poduzeće se tim izazovima tržišta odupire na svoj karakterističan način, no uvođenje novih i dinamičnih modela planiranja uskoro će postati nužnost za opstanak na tržištu.
    Keywords: beyond budgeting, bottom up, budžet, planiranje, implementacija
    JEL: G31 G34 O16
    Date: 2015–10
  76. By: Kummer, Michael; Slivko, Olga; Zhang, Michael
    Abstract: In this paper, we address the impact of surging unemployment on online public good provision. Specifically, we ask how drastically increased unemployment affects voluntary contributions of content to the online encyclopedia Wikipedia. We put together a monthly country-level data set, which combines country specific economic outcomes with data on contributions to the online encyclopedia. As a source of exogenous variation in the economic state we use the fact that European countries were affected by the financial crisis in the US in September 2008 with different intensity. For European countries, we find that the economic downturn is associated with more viewership, which channels higher participation of volunteers in Wikipedia expressed in editing activity and content growth. We provide evidence for increased information search online or online learning as a potential channel of the change in public goods provision, which is a potentially important side effect of economic downturn.
    Keywords: online platform,Wikipedia,public goods,unemployment,user generated content
    JEL: D29 D80 H41 J60 L17
    Date: 2016
  77. By: Britta Rennkamp; Radhika Bhuyan
    Abstract: This paper analyses the question why the South African government intends to procure nuclear energy technology, despite affordable and accessible fossil and renewable energy alternatives. We analyse the social shaping of nuclear energy technology based on the statements of political actors in the public media. We combine a discourse network analysis with qualitative analysis to establish the coalitions in support and opposition of the programme. The central arguments in the debate are cost, safety, job creation, the appropriateness of nuclear energy, emissions reductions, transparency, risks for corruption, and geopolitical influences. The analysis concludes that the nuclear programme is not primarily about generating electricity, as it creates tangible benefits for the coalition of supporters.
    Keywords: nuclear energy, energy policy, science and technology policy, discourse network analysis South Africa
    Date: 2016
  78. By: Shagam, Shayle D.
    Keywords: Livestock Production/Industries,
    Date: 2016–02
  79. By: Hester, Susie; Rossiter, Anthony
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  80. By: Tina Marfan (Effectus - University Collage for Law and Finance)
    Abstract: Zdravlje je jedna od najvažnijih stvari u čovjekovu životu. Nije uzaludna uzrečica koja kaže da zdrav čovjek ima stotinu želja, a bolestan samo jednu – da ozdravi! Zdravstvo i zdravstvena zaštita vrlo su složeno i široko područje. U Republici Hrvatskoj postoji niz pravnih propisa koji uređuju tu materiju. Ishodišna točka su načela zajamčena Ustavom RH. Ta se načela konkretiziraju zakonima i podzakonskim aktima poput pravilnika, kodeksa. Republika Hrvatska potpisnica je i međunarodne Konvencije kojom su uređena temeljna prava i obveze zdravstvenih djelatnika i pacijenata. Autorica je u uvodnom je dijelu rada izložila kratak pregled pravnoga okvira u Republici Hrvatskoj dok drugi dio rada obrađuje, po mišljenju autorice, dva najvažnija zakona; Zakon o zdravstvenoj zaštiti i Zakon o zaštiti prava pacijenata. Zakon o zdravstvenoj zaštiti temeljeni je propis koji uređuje zdravstvenu zaštitu i zdravstvenu djelatnost. On sadrži odredbe o temeljnim pravima, obvezama, statusnim pitanjima, definicijama zdravstvenih radnika i djelatnika, njihove potrebne kvalifikacije i stručnost za obavljanje poslova u zdravstvenoj djelatnosti, osnivanje komore, prekršajne odredbe. Unatoč tomu što je riječ o bitnom i vrlo složenom propisu nije zanemariva činjenica da se sam zakon vrlo često mijenjao, pa čak i po dva do tri puta godišnje. Takva praksa može povlačiti vrlo visoku razinu pravne nesigurnosti na tom izrazito osjetljivom i složenom području. S druge strane, Zakon o zdravstvenoj zaštiti, zakon je koji pacijentima jamči njihova prava. Autorica rada u posebnome poglavlju obrađuje odrebe toga zakona. Osim što je zakon usmjeren na pacijente, on predstavlja imperativ i samim zdravstvenim radnicama u pogledu njihova ponašanja prema pacijentima.
    Keywords: zdravstvena zaštita, odgovornost liječnika, zdravstveni sustav
    JEL: K32 I11 H75
    Date: 2015–07
  81. By: Armstrong, Claire W.
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  82. By: Lock, Peter; Mounter, Stuart; Moss, Jonathan; Fleming, Euan
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  83. By: Fanzo, Jessica; Hawkes, Corinna; Rosettie, Katherine
    Abstract: O Relatório sobre a Nutrição Mundial, um mecanismo independente de responsabilização voltado para o progresso e a ação em prol da nutrição, convoca todas as partes interessadas a assumir compromissos SMART de ação em prol da nutrição — isto é, compromissos específicos, mensuráveis, realizáveis, relevantes e com prazo definido. Mais especificamente, convocamos os governos a assumirem compromissos SMART de ação para cumprir as metas nacionais de nutrição e colocar sistemas de monitoramento em funcionamento para permitir aos próprios governos ou a outras partes interessadas avaliar o progresso. Também apelamos a todas as partes envolvidas — governos, agências internacionais ou bilaterais, entidades da sociedade civil, e empresas — para que revisem ou ampliem os compromissos, tanto os SMART quanto os ambiciosos, como parte do processo da Cúpula N4G Rio 2016. As partes interessadas de outros setores também devem especificar, de maneira alinhada com a abordagem SMART, como os compromissos em seus próprios setores podem ajudar no avanço da nutrição.
    Keywords: nutrition; malnutrition; nutrition policies; anemia; stunting; obesity; overweight; wasting disease; diabetes; children; micronutrients; health; climate change; private sector; agricultural development; agricultural policies; economic development; food systems; sustainability; poverty; breast feeding; indicators; HIV/AIDS; capacity building; public expenditure; children; sustainable development goals; wasting; burden of disease; undernourishment; undernutrition; noncommunicable diseases (NCD); child growth; Latin America; Africa south of Sahara; Oceania; South East Asia; South Asia; South America; Middle East; North Africa; Africa; Asia
    Date: 2016
  84. By: Christian Ewerhart
    Abstract: The present paper constructs a novel solution to the chopstick auction, and thereby disproves a conjecture of Szentes and Rosenthal (Games and Economic Behavior, 2003a, 2003b). In contrast to the existing solution, the identi fied equilibrium strategy allows a simple and intuitive characterization. Moreover, its best-response set has the same Hausdorff dimension as its support, which may be seen as a robustness property. The analysis also reveals some new links to the literature on Blotto games.
    Keywords: Chopstick auction, exposure problem, self-similarity, blotto games
    JEL: C02 C72 D44
    Date: 2016–06
  85. By: Rifin, Amzul; Herawati
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
    Date: 2016
    Date: 2016
  88. By: Nikita Malykhin; Philip Ushchev (National Research University Higher School of Economics)
    Abstract: We develop a simple partial-equilibrium model of endogenous city structure formation. No production externalities are at work, the only two forces shaping the spatial configurations of the city being love for variety (on the consumer side) and seeking for a better access to the market (on the firm side). We show that, unlike in existing models of a similar nature, our model generates clustering rather than co-agglomeration. Namely, if there are few firms relative to the urban population size, then firms tend to cluster at the city center, while consumers choose to reside on the outskirts. Otherwise, the opposite holds. Although a continuum of equilibrium city structures may emerge, we show that all spatial equilibria are segregated. In addition, the market outcome features spatial price dispersion, even though our framework does not involve imperfect information and search costs on the consumer side.
    Keywords: urban structure, monopolistic competition, agglomeration, clustering, quadratic preferences, segregated spatial equilibrium, price dispersion.
    JEL: R12 R14 D43 L13
    Date: 2016
  89. By: Gaylee Morgan; Eileen Ellis
    Abstract: This brief examines the extent to which CKF coalition leaders expect their coalition and/or coalition activities to continue beyond the CKF grant period and the extent to which they have secured resources to continue.
    Keywords: Covering Kids and Families, CKF, Sustainability, Coalitions, Activities
    JEL: I
  90. By: Boriboonsomsin, Kanok; Wu, Guoyuan; Barth, Matthew
    Keywords: Architecture, Arts and Humanities, Social and Behavioral Sciences
    Date: 2016–04–01
  91. By: Bateman, Laura; Yi, Dale; Cacho, Oscar; Stringer, Randy
    Keywords: Agricultural and Food Policy, Land Economics/Use,
    Date: 2016–02
  92. By: Feldman, David; Kingwell, Ross; Plunkett, Brad; Thomas, Quenten; Farre-Codina, Imma
    Keywords: Agribusiness,
    Date: 2016–02
    Date: 2016
  94. By: Zaragoza-Watkins, Matthew
    Keywords: Environmental Economics and Policy,
    Date: 2016–02–25
  95. By: Zull, Andrew; Bell, Mike; Cox, Howard; Gentry, Jayne; Klepper, Kaara; Dowling, Chris
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  96. By: Cörvers, F. (Research Centre for Educ and Labour Mark); Claessen, J. (External organisation); Kluijfhout, E. (External organisation)
    Date: 2015–01–01
  97. By: Astebro , Thomas B; Yong, Kevyn
    Abstract: This on-line appendix contains more details on the sampling process, more details on the sample, a comparison to a matched sample of Canadians, more technical details on various measures and procedures, and further robustness analysis.
    Keywords: Creativity; Prior Employment Variety; Jack-of-all-Trades; Invention Quality
    JEL: L26
    Date: 2015–12–31
  98. By: Raphael Hekimian; David Le Bris
    Abstract: We compare the reaction of the Paris bourse to the US crashes during both the 2008 and the 1929 crises. We constitute a new dataset of daily French stock prices from February 1929 to March 1930 that we combine to the already existing daily series of the Dow Jones. We also use newspapers and minutes from the Banque de France and from the Paris Stock Exchange’s brokers syndicate in order to confront quantitative data with historical narratives. We finally run contagion tests in both periods, using adjusted correlation coefficients to test for pure contagion. In 1929, the Paris stock market does not exhibit any reaction to the New-York crash. The recent crisis is totally different with a clear contagion of the US crash. This study highlights a significant difference between the two crises and provides strong evidence that the transmission of the Great Depression used other channels than stock markets.
    Keywords: Financial history, Financial crisis, Stock market, Contagion.
    JEL: G15 G01 N12 N13
    Date: 2016
  99. By: Grund, Christian (RWTH Aachen University); Harbring, Christine (RWTH Aachen University); Thommes, Kirsten (Brandenburg University of Technology Cottbus)
    Abstract: We analyze how different previous roles as partners or strangers in public good games affect an individual's subsequent cooperation in a partner setting. We systematically vary a group's composition from all individuals being partner over blended groups of partners and strangers to all individuals being stranger in each round. Our results show that previous group composition does not affect cooperation in the subsequent partner setting with one exception: Groups cooperate significantly less compared to all other settings, when one stranger entered the group. We further analyze this situation in-depth and find that individuals may labor under an ultimate attribution error: They feel that the newcomer is a "bad apple". The cooperativeness towards the newcomer, but also among oldtimers is disturbed in this case. We conduct additional treatments to back up this result and to show how certain information can prevent such an error.
    Keywords: cooperation, economic experiments, group composition, public good game, teams
    JEL: C9 M5
    Date: 2016–06
  100. By: Buehren,Niklas; Goldstein,Markus P.; Leonard,Kenneth; Montalvao,Joao; Vasilaky,Kathryn
    Abstract: This study looks at how a community event?adolescent women's economic and social empowerment -- and a family factor -- sibling sex composition?interact in shaping gender differences in preferences for competition. To do so, a lab-in-the-field experiment is conducted using competitive games layered over the randomized rollout of a community program that empowered adolescent girls in Uganda. In contrast with the literature, the study finds no gender differences in competitiveness among adolescents, on average. It also finds no evidence of differences in competitiveness between girls in treatment and control communities, on average. However, in line with the literature, in control communities the study finds that boys surrounded by sisters are less competitive. Strikingly, this pattern is reversed in treatment communities, where boys surrounded by (empowered) sisters are more competitive.
    Keywords: Anthropology,Gender and Development,Gender and Social Development,Gender and Law,Adolescent Health
    Date: 2016–06–07
  101. By: International Food Policy Research Institute (IFPRI)
    Abstract: 栄 養不良の問題は、3人に1人が直接的に影響を受け ており、今日国際社会が直面している問題でこれ ほど規模の大きなものはほとんどありません。栄養不良は、子どもの成長や発育不全だけではなく、極度の消耗状態に ある個人が病気にかかりやすくなったり、肥満状態にある 個人の血液に糖分、塩分またはコレステロールが過剰に含 まれていたり、あるいは重要なビタミンやミネラルが欠乏 していたりするなど、さまざまな形で現れます。栄養不良や 不適切な食事は病気を引き起こす世界最大の危険因子で す。栄養不良による深刻な公衆保健問題に直面していな い国はありません。栄養改善における1ドルの投資に対し 16ドルの経済効果が証明されているにもかかわらず、アフ リカとアジアでは毎年国内総生産(GDP)の11%を栄養不 良により損失しています。各国は栄養改善に向けて目標値 を定め、これに合意していますが、近年若干の進展が見ら れたとはいえ、目標達成は難しくなっています。世界の栄養 状況に関する第3回目となる本報告では、この進展の遅い状況を変え、2030年までにあらゆる栄養不良を根絶するた めのさまざまな方法を紹介しています。
    Keywords: nutrition; malnutrition; nutrition policies; anemia; stunting; obesity; overweight; wasting disease; diabetes; children; micronutrients; health; climate change; private sector; agricultural development; agricultural policies; economic development; food systems; sustainability; poverty; breast feeding; indicators; HIV/AIDS; capacity building; public expenditure; children; sustainable development goals; wasting; burden of disease; undernourishment; undernutrition; noncommunicable diseases (NCD); child growth; Latin America; Africa south of Sahara; Oceania; South East Asia; South Asia; South America; Middle East; North Africa; Africa; Asia
    Date: 2016
  102. By: Oscar Dancourt (Departamento de Economía de la PUCP del Perú); Waldo Mendoza (Departamento de Economía de la PUCP del Perú)
    Abstract: La intervención del banco central en el mercado cambiario tiene un carácter sistemático en el Perú. El banco rema contra de la corriente: compra o acumula dólares cuando el tipo de cambio baja y vende o desacumula dólares cuando el tipo de cambio sube. En este artículo presentamos un modelo donde la intervención cambiaria ocupa un lugar central. Es un modelo Mundell-Fleming con una ecuación de balanza de pagos y una regla de intervención cambiaria del banco central, donde tanto el tipo de cambio como las reservas de divisas son variables endógenas. El modelo se ha construido para el estudio de una economía como la peruana, exportadora de materias primas, con libre movilidad de capitales, parcialmente dolarizada, y con un banco central que fija la tasa de interés y mantiene un régimen de flexibilidad limitada del tipo de cambio. El modelo se utiliza para simular los efectos de una caída del precio internacional de la materia prima de exportación y para discutir las opciones de política macroeconómica disponibles. Una conclusión importante es que el volumen de reservas internacionales con que cuenta el banco central al momento del choque externo es decisivo. Sin reservas de divisas, un choque externo adverso obliga al banco central, en la práctica, a sacrificar uno de sus dos objetivos (estabilidad de precios y pleno empleo) en aras del otro. JEL Classification-JEL: E52 y E58.
    Keywords: Banco Central de Reserva del Perú (BCRP) , flotación sucia , Intervención Cambiaria , Política monetaria
  103. By: Sebastian Gechert; Christoph Paetz; Paloma Villanueva
    Abstract: Using the bottom-up approach of Romer and Romer (2010), we construct a rich narrative dataset of net-revenue fiscal shocks for Germany by reconstructing and extending the tax shock series of Hayo and Uhl (2014) and coding a shock series for social security contributions, benefits and transfers. Based on quarterly data for 1974q1 to 2013q4 we estimate the multiplier effects of shocks to net-revenues, taxes, social security contributions and benefits in a proxy SVAR framework (Mertens and Ravn 2013) and compare them with estimates of the top-down identification inspired by Blanchard and Perotti (2002). We find multiplier effects of net-revenue components for Germany between 0 and 1 for both the top-down and bottom-up approaches. These estimates are on the lower end of the scale given in the literature and we discuss the differences.
    Keywords: Narrative Record Identification, Action-Based Approach, Fiscal Multipliers, Revenue Elasticities
    JEL: E62 H20 H30
    Date: 2016
  104. By: Sheng
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  105. By: Daniel Rais
    Abstract: SECO Working Paper 04/2015
    Date: 2015–11–02
  106. By: Specht, Allison L.
    Keywords: Food Consumption/Nutrition/Food Safety, Livestock Production/Industries,
    Date: 2016–02
  107. By: Li, Yiting; Miranda, Mario J.
    Keywords: Risk and Uncertainty,
    Date: 2016
  108. By: Scarborough, Helen
    Keywords: Environmental Economics and Policy,
    Date: 2016–02
  109. By: Prager, Daniel
    Keywords: Consumer/Household Economics,
    Date: 2016–02–25
  110. By: McInnes, Dougal; Betz, Regina; Jotzo, Frank; Kuch, Declan
    Keywords: Environmental Economics and Policy,
    Date: 2016–02
  111. By: Claude Diebolt (BETA, University of Strasbourg Strasbourg, France); Ralph Hippe (London School of Economics and Political Science, Grantham Research Institute on Climate Change and the Environment)
    Date: 2016
  112. By: Dirk Czarnitzki; Julie Delanote
    Abstract: This paper integrates innovation input and output effects of R&D subsidies into a modified Crépon–Duguet–Mairesse (CDM) model. Our results largely confirm insights of the input additionality literature, i.e. public subsidies complement private R&D investment. In addition, results point to positive output effects of both purely privately funded and subsidy–induced R&D. Furthermore, we do not find evidence of a premium or discount of subsidy–induced R&D in terms of its marginal contribution on new product sales when compared to purely privately financed R&D.
    Keywords: CDM model, R&D, subsidies, innovation policy
    Date: 2016–06
  113. By: OECD
    Abstract: Building on our 2015 report Urban Mobility System Upgrade: How Shared Self-driving Cars Could Change City Traffic, this study models the impact of replacing all car and bus trips in a city with mobility provided through fleets of shared vehicles. The simulation is, again, based on real mobility and network data from a mid-size European city, namely Lisbon, Portugal.
    Date: 2016–05–01
  114. By: Xu, Yuan
    Keywords: Environmental Economics and Policy,
    Date: 2016–02
    Date: 2016
  116. By: Kuhns, Ryan; Patrick, Kevin
    Keywords: Agricultural Finance, Farm Management,
    Date: 2016–02–25
  117. By: Tamirat, Tseganesh Wubale; Farquharson, Robert
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  118. By: Shagam, Shayle D.
    Keywords: Livestock Production/Industries,
    Date: 2016–02
  119. By: McKenna
    Keywords: Community/Rural/Urban Development,
    Date: 2016–02–26
  120. By: Kasey S. Buckles; Daniel M. Hungerman
    Abstract: While the fertility effects of improving teenagers’ access to contraception are theoretically ambiguous, most empirical work has shown that access decreases teen fertility. In this paper, we consider the fertility effects of access to condoms—a method of contraception not considered in prior work. We exploit variation across counties and across time in teenagers’ exposure to condom distribution programs in schools. We find that access to condoms in schools increases teen fertility by about 10 percent. These effects are driven by communities where condoms are provided without mandated counseling.
    JEL: J13
    Date: 2016–06
  121. By: Hill , Brian; Bradley , Richard; Helgeson, Casey
    Abstract: The Intergovernmental Panel on Climate Change has developed a novel framework for assessing and communicating uncertainty in the findings published in their periodic assessment reports. But how should these uncertainty assessments inform decisions? We take a formal decision-making perspective to investigate how scientific input formulated in the IPCC's novel framework might inform decisions in a principled way through a normative decision model.
    Keywords: climate; change; confidence
    Date: 2016–01–28
  122. By: Ketterer, Tobias; Rodríguez-Pose, Andrés
    Abstract: The debate on whether institutions or geography prevail in driving economic growth has been rife (e.g. Sachs 2003 vs. Rodrik et al. 2004). Most of the empirical analyses delving into this debate have focused on world countries, whose geographical and institutional conditions differ widely. Subnational analyses considering groups of countries with, in principle, more similar institutional and geographical conditions have been limited and tended to highlight that geography is more important than institutions at subnational level. This paper aims to address whether this is the case by investigating how differences in institutional and "first-nature" geographical conditions have affected economic growth in Europe's regions in the period 1995-2009. In the analysis we use a newly developed dataset including regional quality of government indicators and geographical charactersitics and employ 2-SLS and IV-GMM estimation techniques with a number of regional historical variables as instruments. Our results indicate that at a regional level in Europe institutions rule. Regional institutional conditions - and, particularly, government effectiveness and the fight against corruption - play an important role in shaping regional economic growth prospects. This does not imply, however, that geography is irrelevant. There is evidence of geographical factors affecting regional growth, although their impact is dwarfed by the overriding influence of institutions.
    Keywords: Europe; Geography; institutions; NUTS-2 regions; quality of government; Regional economic growth
    JEL: O11 O43 R11
    Date: 2016–06
  123. By: Bullard, James B. (Federal Reserve Bank of St. Louis)
    Abstract: In Singapore, St. Louis Fed President James Bullard discussed two views of future policy rate increases in the United States: the FOMC’s scenario and the market-based scenario. The former suggests a gradual pace of rate increases over the next several years, while the latter suggests a much shallower path—only a few increases over the forecast horizon. He cited evidence to back both views. For the FOMC scenario, he cited strong labor markets, waning international headwinds and inflation measurements moving closer to the 2 percent target. For the market-based scenario, the evidence included slow real GDP growth and low inflation expectations. Bullard spoke at the Official Monetary and Financial Institutions Forum’s City Lecture.
    Date: 2016–05–26
  124. By: Yola Engler; Rudolf Kerschbamer; Lionel Page
    Abstract: For the trust game, recent models of belief-dependent motivations make opposite predictions regarding the correlation between back-transfers and second- order beliefs of the trustor: While reciprocity models predict a negative correlation, guilt-aversion models predict a positive one. This paper tests the hypothesis that the inconclusive results in previous studies investigating the reaction of trustees to their beliefs are due to the fact that reciprocity and guilt-aversion are behaviorally relevant for different subgroups and that their impact cancels out in the aggregate. We find little evidence in support of this hypothesis and conclude that type heterogeneity is unlikely to explain previous results.
    JEL: C25 C70 C91 D63 D64
    Date: 2016–06
  125. By: David Wittenburg; Charles Michalopoulos; Robert Weathers (Speakers)
    Keywords: SSDI beneficiaries, uninsured, health care benefits, Affordable Care Act, ACA, Work Incentives Planning and Assistance, WIPA, SSI, TANF, POMCO, PGAP, progressive goal attainment program
    JEL: I J
    Date: 2016
  127. By: Bryan McCannon (West Virginia University, Department of Economics); Paul Walker (West Virginia University, Department of Economics)
    Abstract: The seminal contribution, known as the Condorcet Jury Theorem, observes that under a specific set of conditions an increase in the size of a group tasked with making a decision leads to an improvement in the group's ability to make a good decision. An assumption under-appreciated is that the competency of the members of the group is assumed to be exogenous. In numerous applications, members of the group make investments to improve the accuracy of their decision making (e.g. pre-meeting efforts). We consider the collective action problem that arises. We show that if competence is endogenous, then increases in the size of the group encourages free riding. This trades off with the value of information aggregation. Thus, the value of increased group size is muted. Extensions illustrate that if committee members are allowed to exit/not participate, then the equilibrium committee size is reduced. Additionally, (non-decisive supermajority voting rules encourage the investments and, consequently, individual competence.
    Keywords: committee decision making, Condorcet Jury Theorem, endogenous competence, group size, majority voting, supermajority voting
    JEL: D71 D02 H41
    Date: 2016–06
  128. By: Brainard, Lael (Board of Governors of the Federal Reserve System (U.S.))
    Date: 2016–06–17
  129. By: Bloem, Stephanie
    Keywords: Land Economics/Use,
    Date: 2016–02
  130. By: Neal, Mark; Cooper, Simon
    Keywords: Agricultural and Food Policy, Production Economics, Risk and Uncertainty,
    Date: 2016–02
  131. By: Vanzetti, David
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  132. By: Weber, Enzo (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Weigand, Roland (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany])
    Abstract: "This study investigates impacts of migration on the German economy, explicitly distinguishing refugee and non-refugee immigration. We propose a macroeconometric modelling approach complemented by instrumental variable techniques. We find that non-refugee immigration has more beneficial medium-run effects on GDP and the labour market." (Author's abstract, IAB-Doku) ((en))
    Keywords: Einwanderung, Asylbewerber, Arbeitslosenquote, Bruttoinlandsprodukt, Lohn, Flüchtlinge
    JEL: F22 E24 C32 C36
    Date: 2016–05–31
  133. By: Permani, Risti; Umberger, Wendy
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  134. By: Julio Garín; Robert Lester; Eric Sims
    Abstract: The basic New Keynesian model predicts that positive supply shocks are less expansionary at the zero lower bound (ZLB) compared to periods of active monetary policy. We test this prediction empirically using Fernald's (2014) utilization-adjusted total factor productivity series, which we take as a measure of exogenous productivity. In contrast to the predictions of the model, positive productivity shocks are estimated to be more expansionary at the ZLB compared to normal times. However, in line with the predictions of the basic model, positive productivity shocks have a stronger negative effect on inflation at the ZLB.
    JEL: E31 E32 E43 E52
    Date: 2016–06
  135. By: Matsuda, Hirotaka; Ogata, Yuka; Takagi, Akira; Kurokura, Hisashi
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  136. By: Behar, Salvador
    Keywords: Crop Production/Industries, Environmental Economics and Policy,
    Date: 2016–02
  137. By: Chand, Ramesh
    Keywords: Agricultural and Food Policy, International Relations/Trade,
    Date: 2016–02
  138. By: Gilles Lepesant
    Abstract: The European Union (EU) has set targets for gradually reducing greenhouse gas emissions through 2050. One of the instruments involved is the 2009 Renewable Energy Directive, which specifies a 20 per cent renewable energy target for the EU by 2020. This paper reviews tensions and institutional innovations that can arise at local and regional levels within the context of the implementation of this policy.Drawing on empirical evidence collected in two regions, one in a federal country (Brandenburg in Germany), one in a unitary state (Aquitaine in France), the paper describes the factors that determine community and market acceptance of renewable energies, suggesting that appropriate multi-level governance schemes are instrumental in the successful adoption and implementation of EU priorities at the local level.
    Keywords: Forests and forestry, Renewable energy sources, State governments
    Date: 2016
  139. By: Pardey, Philip G.
    Keywords: International Development, Research and Development/Tech Change/Emerging Technologies,
    Date: 2016–02
  140. By: Emde, Simon; Boysen, Nils
    Date: 2015
  141. By: Rolfe, John; Windle, Jill
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  142. By: JAMES, Jonathan; VUJIC, Suncica
    Abstract: This paper examines the effect of education on the timing of fertility. First, we use an institutional rule that led to women obtaining qualifications due to their month of birth (Easter Leaving Rule). Second, we exploit a large expansion of post-compulsory schooling that occurred from the late 1980s to the early 1990s. This expansion resulted in the proportion of 18 year olds in full time education rising from around 17% in 1985 to over 35% in the late 1990s. We find that neither the exogenous increase in qualifications as a result of the Easter Leaving Rule nor the expansion in post-compulsory schooling led to a reduction in the probability of having a child as a teenager. However, we do find that both sources of variation in education led to delays in having a child. There is no evidence that the mechanism driving these findings are due to an incapacitation effect. Instead the results point to both a direct human capital effect and an improvement in labour market opportunities as a result of holding qualifications.
    Keywords: Education, Fertility timing
    JEL: I26 J13
    Date: 2016–04
  143. By: Riccardo Ferretti (Department of Communication and Economics, and Cefin (Centro Studi Banca e Finanza), University of Modena and Reggio Emilia, Italy); Pierpaolo Pattitoni (University of Bologna, Italy; The Rimini Centre for Economic Analysis, Italy); Roberto Patuelli (University of Bologna, Italy; The Rimini Centre for Economic Analysis, Italy)
    Abstract: This study analyzes the effectiveness of the Market Abuse Directive (MAD) in reducing possible profits from insider trading during voluntary tender offers with the purpose of delisting initiated by controlling shareholders. Exploiting the quasi-experimental setting provided by the introduction of the MAD, our event-study analysis on the Italian market suggests that the new regulation did not produce appreciable effects on the magnitude of abnormal returns and volumes noted before the announcement of a tender offer. Multivariate econometric analyses based on regression and matching methods confirm this result. However, poolability tests reveal that the MAD has changed the manner in which corporate characteristics influence the capacity of insiders to make profit. We interpret our results considering the choice problem of the optimal amount of insider trading, when comparing the marginal costs and benefits of the illegal activity.
    Keywords: Market Abuse Directive, Tender offer, Delisting, Event study
    JEL: K2 K4 G34 G14
    Date: 2016–06
  144. By: Coble, Keith
    Keywords: Agricultural Finance, Crop Production/Industries,
    Date: 2016–02
  145. By: Emin Dinlersoz (Center for Economic Studies, U.S. Census Bureau); Jeremy Greenwood (University of Pennsylvania); Henry Hyatt (Center for Economic Studies, U.S. Census Bureau, and IZA)
    Date: 2016–06
  146. By: Emilio Aguirre (Ministerio de Desarrollo Social (Uruguay)); Pablo Blanchard (Ministerio de Desarrollo Social (Uruguay)); Fernando Borraz (Banco Central del Uruguay); Joaquín Saldain (Banco Central del Uruguay)
    Abstract: We use a micro-price dataset to analyze the impact on prices of a social program in Uruguay that allow the beneficiaries to purchase food, beverages and cleaning items exclusively in certain small retailers. We find that the beneficiaries pay significantly higher prices in relation to prices in other retailers. We find this result for the whole country with the exception of areas with the highest retailer density in the capital city, Montevideo.
    Keywords: market structure, market power, prices, social program; estructura de mercado, poder de mercado, precios, programa social
    JEL: D4 I3 L1
    Date: 2015
  147. By: Ivo Bicanic; Milan Deskar-Škrbić; Jurica Zrnc
    Date: 2016–06
  148. By: Mehmet Balcilar (Department of Economics, Eastern Mediterranean University, Turkey and Department of Economics, University of Pretoria, South Africa.); İsmail H. Genç (Department of Economics, School of Business and Management, American University, United Arab Emirates); Rangan Gupta (Department of Economics, University of Pretoria)
    Abstract: This paper investigates the impact of crude oil price movements on the stock markets of Gulf Corporation Council (GCC) countries using weekly data for the period of February 2, 1994-February 26, 2010. The causal link between oil and stock markets are modeled using a Markov switching vector autoregressive (MS-VAR) model in order to reflect changes in Granger causality over time. The MS-VAR model allows testing for both conditional Granger causality and regime predicting causality. The parameter instability tests indicate that causal links between crude oil prices and stock market indexes are highly time varying. The full sample conditional Granger causality tests based on the MS-VAR model, which identifies four regimes each corresponding to causal relationships, rejects both the causal impact of lagged stock market prices on oil prices and the causal impact from crude oil spot prices to stock market indexes in the full sample. However, regime prediction causality from oil prices to GCC stock markets is not rejected for all countries we consider, indicating that oil prices have predictive content for the regime of GCC stock markets. These results encompass the previous findings and offer new insights into the nature of causal relationships between oil price and stock markets in GCC countries.
    Keywords: Oil Price; Stock Market, Gulf Corporation Council (GCC) countries, Markov Switching Model, Time-Varying Granger-causality
    JEL: E44 Q43 C32
    Date: 2016–06
  149. By: Yves Jégourel
    Abstract: The gradual withdrawal of western banks from the commodity sector is a significant opportunity for the historically large traders, whose economic role should be strengthened. These traders however are facing new constraints: reduced margins, competition from other industry players operating in vertical integration strategies and the rise of Asian traders. International trade is now at a historic turning point.
    Keywords: international trade, raw material, commodity markets, regulations, Basel III.
    Date: 2015–02
  150. By: Monckton, David
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  151. By: Stankov, Petar; Vasilev, Aleksandar
    Abstract: We set up a tractable general equilibrium (GE) model to study how output of firms of different size grows after entry and labor reforms. We then take the model predictions to the largest global publicly available firm-level data set: the Enterprise Surveys data. The results demonstrate that firms of different size grow differently after identical reforms. Thus, based on the notable differences of firm-size distributions across countries, identical reforms may produce a variety of growth outcomes.
    Keywords: regulatory reform,general equilibrium
    JEL: C13
    Date: 2015
  152. By: Lergetporer, Philipp (Ifo Institute for Economic Research); Schwerdt, Guido (University of Konstanz); Werner, Katharina (Ifo Institute for Economic Research); Woessmann, Ludger (Ifo Institute for Economic Research)
    Abstract: The electorates' lack of information about the extent of public spending may cause misalignments between voters' preferences and the size of government. We devise a series of representative survey experiments in Germany that randomly provide treatment groups with information on current spending levels. Results show that such information strongly reduces support for public spending in various domains from social security to defense. Data on prior information status on school spending and teacher salaries shows that treatment effects are strongest for those who initially underestimated spending levels, indicating genuine information effects rather than pure priming effects. Information on spending requirements also reduces support for specific education reforms. Preferences on spending across education levels are also malleable to information.
    Keywords: public spending, information, preferences, education spending, survey experiment
    JEL: H11 D83 D72 H52 I22 P16
    Date: 2016–05
  153. By: Kartika, Dwintha Maya
    Abstract: It is unanimously agreed that currency policies of the countries, particularly their exchange-rate values, have a significant impact on trade as it alters exports and imports between one country and its trading partners. In spite of this, the rules of currency seem to be absent in World Trade Organization (WTO) framework. The main purpose of this paper is to analyse the reasoning why such important rules are missing out in the multilateral trade sphere. It is divided into few sections; the first one examines currency manipulation and the significance of it for international trade, the second one analyses the existence of institutional gap between WTO and International Monetary Fund (IMF) in addressing the problem of currency manipulation, the third explains the reinforcement of status quo at multilateral sphere based on neorealism framework, and the last one will provide some insight on the possibility of inclusion of currency chapter at free-trade agreement level.
    Keywords: WTO; IMF; International trade; Currency; TPP; free trade agreements; trade; currency manipulation; multilateralism; China;
    JEL: F1 F13 F15 F31 F33 F42 F5 F53 F55
    Date: 2015–04
  154. By: Yutao Sun
    Abstract: We propose a bias correction method for nonlinear models with both individual and time effects. Under the presence of the incidental parameter problem, the maximum likelihood estimator derived from such models may be severely biased. Our method produces an approximation to an infeasible log-likelihood function that is not exposed to the incidental parameter problem. The maximizer derived from the approximating function serves as a bias-corrected estimator that is asymptotically unbiased when the sequence N=T converges to a constant. The proposed method is general in several perspectives. The method can be extended to models with multiple fixed effects and can be easily modified to accommodate dynamic models.
    Date: 2016–05
  155. By: Abdulkader Cassim Mahomedy
    Abstract: In the last of this three-part study, the impact of the two dominant epistemologies of modernity on economics is fully explained. The intrusion of their ideas profoundly shaped both the content and methodology of the discipline, eventually instigating the separation of the field from the other social sciences that invariably bear on economic decisions and outcomes. The economists, notwithstanding these interdisciplinary linkages, continued to pattern their field of study after the natural sciences, further alienating the discipline from the humanities. These developments set off several rounds of methodological controversies within economics, which split the profession into irreconcilable camps. These disputes are analysed, helping to clarify why deep divisions within the discipline persist up to this day. Mainstream economics then gravitated further towards quantification and mathematisation, the implications of which have been enormous for the discipline. Ethical and normative considerations were altogether explicitly banished from economic science. To overcome these limitations, Muslim economists attempted to erect a separate discipline of economics based on the ethical values of Islam, whilst remaining largely committed to the methodology of neoclassical economics. They have registered little success in this effort. The reasons for this are explained and an alternative framework, centred on the precept of Tawhid in the unity of knowledge, is then suggested.
    Keywords: Epistemology, Economics, Rationalism, intellectualism, empiricism, Islam, Islamic Economics, unity of knowledge
    JEL: A1 B1 B2 B4 B5 N01 Z1
    Date: 2016
  156. By: Jacques-Francois Thisse; Philip Ushchev (National Research University Higher School of Economics)
    Abstract: We provide a selective survey of what has been accomplished under the heading of monopolistic competition in industrial organization and other economic elds. Among other things, we argue that monopolistic competition is a market structure in its own right, which encompasses a much broader set-up than the celebrated constant elasticity of substitution (CES) model. Although oligopolistic and monopolistic competition compete for adherents within the economics profession, we show that this dichotomy is, to a large extend, unwarranted.
    Keywords: monopolistic competition, oligopoly, product dierentiation, the negligibility hypothesis
    JEL: D43 L11 L13
    Date: 2016
  157. By: Shastitko. Andrey (Lomonossov Moscow State University, Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Golovanova, S. V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper analyzes the range of issues that are in the organization's area of ??responsibility - the manager of a complex capital-intensive project. This work is an illustration of the danger of underestimating the role of "mediator" in the implementation of complex projects in the framework of anti-monopoly investigation, - no analysis of the subject of economic activity it can lead to erroneous conclusions regulations. The analysis shows that at least two functions - the mediator and the financial guarantor - it is impossible to pass on one of the communicating parties without showing the negative aspects in terms of efficiency. In this regard, it recommended the elimination of the antimonopoly body of the contractual relationship intermediary companies not only ensures reduction in the price to the buyer for the rest of the broker fees, but can lead to the opposite effect.
    Keywords: mediator, Project Manager, Economic Policy, inhospitable tradition avtotraste
    Date: 2016–04–14
  158. By: Costa, Ramiro
    Keywords: Agricultural and Food Policy, International Development,
    Date: 2016–02
  159. By: Dumbrell, Nikki; Kragt, Marit; Meier, Elizabeth; Thorburn, Peter; Biggs, Jody
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  160. By: OECD
    Abstract: This report analyses the importance of the adoption and the effective use of information and communication technologies (ICTs) for enabling digital innovation for growth and inclusiveness, and discusses the role of public policies in stimulating such adoption and use. Given the emergence of a new digital divide caused by a possible breakdown of the “diffusion machine”, and given the strong interest of governments in furthering ICT adoption and use in particular by SMEs and disfavoured social groups, emphasis is put on policies stimulating ICT diffusion across society, i.e. ICT demand side policies.
    Date: 2016–06–16
  161. By: Daniel Rais
    Abstract: SECO Working Paper 6/2015
    Date: 2015–12–01
  162. By: Daniel Rais
    Abstract: SECO Working Paper 8/2014
    Date: 2014–08–05
  163. By: Duncan Pieterse,; Friedrich Kreuser; Elizabeth Gavin
    Abstract: The South African Revenue Service and National Treasury Firm-Level Panel is an unbalanced panel data set created by merging several sources of administrative tax data received during 2015. The four data sources that constitute the panel are: (i) company income tax from registered firms who submit tax forms; (ii) employee data from employee income tax certificates submitted by employers; (iii) value-added tax data from registered firms; and (iv) customs records from traders. These data sets constitute a significant and unique source for the study of firm-level behaviour in post-apartheid South Africa. We review the key data sources used to construct the panel, highlight some important questions that arise as a result of panel construction, discuss the biases in the resulting data, compare key aggregates in the panel to other data sources, and provide a descriptive overview of the tax records.
    Keywords: administrative data, tax, firm level
    Date: 2016
  164. By: Eric Dor (IESEG School of Management)
    Abstract: To fight deflationary pressures in the euro area, the ECB has been conducting exceptional policies, such as negative interest rates on excess reserves of banks on their accounts at the Eurosystem, or massive purchases of assets, essentially public bonds. The interest rate on the main refinancing operations is 0. Targeted long term refinancing operations are going to allow banks to borrow at potentially negative interest rates from the Eurosystem provided that they lend enough to the private sector. All these measures have pushed long term interest rates downward in the euro area. German public bonds yield negative returns for a whole set of maturities. Interest rates on saving accounts in German banks are extremely low. This policy of extremely low rates has been heavily criticized in Germany. The ECB is accused of exaggeratedly lowering the income of savers and retirees whose revenue partly depends on the return of accumulated wealth.
    Date: 2016–05
  165. By: Miles B. Gietzmann; Adam J. Ostaszewski
    Abstract: Following the approach of standard filtering theory, we analyse investor-valuation of firms, when these are modelled as geometric-Brownian state processes that are privately and partially observed, at random (Poisson) times, by agents. Tasked with disclosing forecast values, agents are able purposefully to withhold their observations; explicit filtering formulas are derived for downgrading the valuations in the absence of disclosures. The analysis is conducted for both a solitary firm and m co-dependent firms.
    Date: 2016–06
  166. By: Eduardo Engel; Ronald Fischer; Alexander Galetovic; Ginés De Rus
    Abstract: Los dos casos polares para la construcción, mantenimiento y operación de las infraestructuras son la provisión pública directa y la privatización. Ente ellos hay un menú de contratos de colaboración público-privada, entre los que el sistema concesional es el más atractivo cuando es preferible que el Estado mantenga la planificación de la red, cediendo temporalmente, “a riesgo y ventura”, su operación al sector privado. Las autopistas de peaje en España se construyen y gestionan mediante este sistema. En principio, podría pensarse que la participación privada evita, por un lado, ejecutar proyectos socialmente no rentables y, por otro, que posteriormente se garantice la eficiencia en su gestión. La renegociación de la mitad de todas las concesiones, muchas de ellas, al comienzo del periodo concesional, sugiere que existen problemas de riesgo moral y selección adversa que no pueden explicarse por la crisis económica y errores en la predicción de tráfico. En este informe sostenemos que los problemas recurrentes en las concesiones de autopistas de peaje tienen una causa más profunda en el diseño de los contratos. Después de un análisis del sistema concesional español, proponemos su reforma, modificando el ineficiente reparto de riesgos que contiene, con el fin de eliminar los errores más evidentes y evitar la repetición de la crisis actual en el futuro.
    Date: 2015
  167. By: Mishili, Fulgence; Mallawaarachchi, Thilak; Valerian, Judith; Auricht, Christopher; Boffa, Jean-Marc; Dixon, John
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  168. By: Ooi, ZhongKai
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  169. By: Alston, Julian; Andersen, Matt; Pardey, Phil
    Keywords: Farm Management, Production Economics,
    Date: 2016–02
  170. By: Willox, Michael; Baldwin, John R.
    Abstract: Dans le present document, nous examinons dans quelle mesure le ralentissement de la croissance de la productivite observe dans le secteur des entreprises au Canada entre les annees 1990 (1990 a 1999) et 2000 (2000 a 2014) etait attribuable a une croissance plus faible de la productivite dans les industries, et dans quelle mesure il etait du a un ajustement structurel. L?analyse repose sur une methode de decomposition qui differe d?un grand nombre d?approches classiques de decomposition de la productivite du travail que l?on trouve couramment dans les ouvrages publies et qui permet de calculer la contribution des variations de l?importance des industries individuellement.
    Keywords: Economic accounts, Productivity accounts
    Date: 2016–06–13
  171. By: Warr, Peter
    Keywords: Agricultural and Food Policy, Food Security and Poverty,
    Date: 2016–02
  172. By: Gräbner, Claudius
    Abstract: We identify epistemological shifts in economics throughout the 20th century and discuss their methodological implications. After the realist research program of the Cowles commission and Lucas' rational expectations approach, several economists became dissatisfied with economic theory and initiated a shift towards instrumentalism. Recently, this movement has come under critique and a return to a realist epistemology focusing on identifying economic mechanisms is suggested. Such epistemological changes have important practical implications: they affect the discrimination among competing explanations and determine which research methods are accepted. We illustrate this by studying epistemological and methodological changes in development economics throughout the last century.
    Keywords: mechanism-based explanations, realism, instrumentalism, agent-based computational modeling, New Keynesian economics
    JEL: B20 B41 O1
    Date: 2016–06–11
  173. By: Ira Nichols-Barrer; Kate Place; Erin Dillon; Brian P. Gill
    Abstract: The state of Massachusetts introduced a system of standardized testing in its public schools three years before the federal No Child Left Behind Act of 2001 mandated such practices for all 50 states.
    Keywords: College readiness, MCAS, PARCC, education
    JEL: I
  174. By: Andreas Haupenthal; Matthias Neuenkirch
    Abstract: During the first eight months of 2015, there was an ongoing debate about whether or not Greece should remain in the euro area. Using an event study approach, we quantify the effects of Grexit-related statements made by six important euro area politicians (Merkel, Schaeuble, Tsipras, Varoufakis, Juncker, and Schulz) on intraday stock returns in Germany, Greece, and the euro area during the period of January 1, 2015-August 19, 2015. We show that positive statements indicating that a Grexit is less likely lead to higher returns, and negative statements to lower returns. The overall impact of negative statements is more pronounced. The cumulative absolute effects on stock returns are sizeable as the statements contribute to a variation of up to 58 percentage points in the ATHEX. These large effects are of particular relevance as our study only captures an eight month snapshot of the Greek government debt crisis.
    Keywords: Event Study, Grexit, Intraday Data, Political Statements, Stock Returns
    JEL: G01 G12 G14
    Date: 2016
  175. By: Grafton, Quentin
    Keywords: Environmental Economics and Policy, Political Economy,
    Date: 2016–02
  176. By: Sefiani, Yassine; Davies, Barry; Bown, Robin; Kite, Neilson
    Abstract: ABSTRACT Purpose - The aim of this study is to uncover particular and significant methods of pursuing business connections, in the small manufacturing businesses of Tangier. Prior Work - The significance of networking and its impact on the performance of SMEs was revealed in a number of studies. There have been significant studies on the structural, relational, and cognitive dimensions of social capital in value creation. It can be noted that there are potentially significant differences in the concept of networking particularly those that are influenced by Arabic culture. Approach - A two-stage design, which incorporated both quantitative and qualitative approaches, was employed in this study. Approaches were employed in succession with the findings from the quantitative phase informing the qualitative phase. Initially, a paper and online survey questionnaire was administered to a population of 365 industrial SMEs to gain some insights on the perceptions of owner-managers of the impact of networking on business performance. Following the quantitative phase, fifteen in-depth face-to-face semi-structured interviews were conducted with selected owner-managers of SMEs, forming a judgmental selection, to explore their experiences, beliefs, and attitudes with respect to networking factor. Results - Both quantitative and qualitative phases of the study found that networking was a significant factor in influencing the success of SMEs. The concept of wasta, the Arabic word for connections, emerged from the qualitative phase. Findings show that using wasta, through politico-business networks is important since it enables access to current information that is crucial for the success of SMEs. The concept of wasta was also mentioned in relation to financial resources and suppliers. Findings revealed that strong relationships with suppliers enable firms to get financial resources in the form of trade credits. Furthermore, the relationship between wasta and human resources was also revealed. Findings showed that owner-managers use their network relations through wasta in order to recruit their staff. Implications - The findings of this study add to the understanding of networking in Arabic countries with the importance of wasta in an economy that functions on relationships. The findings of this study could therefore be useful to international managers to assist their intercultural effectiveness by adjusting to culture-specific networking in Tangier. Value - This study supports previous findings of Hutchings & Weir (2006) and contributes additional evidence that suggests the significance of wasta and its impact on SME success.
    Keywords: Networking, Wasta, Performance, SMEs, Arabic, Tangier
    JEL: M19
    Date: 2016–06–09
  177. By: Daniel Rais
    Abstract: SECO Working Paper 15/2014 by Yovana Reyes Tagle, PUCP
    Date: 2014–10–30
  178. By: Martha Zaslow; Margaret Burchinal; Louisa Tarullo; Ivelisse Martinez-Beck
    Abstract: By providing an in-depth examination of thresholds of quality, specificity of quality measurement, dosage operationalized in several ways, and interactions of dosage and quality, the secondary data analyses reported here sought to extend the understanding of how early childhood care and education quality and child outcomes are related.
    Keywords: quality thresholds, early care, early education
    JEL: I
  179. By: Rust, Steven; Star, Megan
    Keywords: Environmental Economics and Policy,
    Date: 2016–02
  180. By: Jaffe, Adam B.
    Keywords: Agricultural and Food Policy,
    Date: 2016–02
  181. By: Tom Juille (University of Nice Sophia Antipolis; GREDEG CNRS); Dorian Jullien (University of Nice Sophia Antipolis; GREDEG CNRS)
    Abstract: Narrativity broadly refers to the way humans construct and use stories, be them the widely known ones in a given culture or the more private ones people tell to each other or to themselves. The main goal of this paper is to clarify the extent to which the notion of narrativity can play a role in economic analysis with respect to the representation of economic agents in models of individual behaviors. To do so, we scrutinize a set of contributions from a twofold perspective. From the perspective of economics, we seek to clarify the issues regarding which we, as economists, should be interest in narrativity. From the perspective of philosophy, we, as economic methodologists or philosopher of economics, seek to clarify the conceptual issues inherent to the notion of narrativity that are not trivial or can be of some use for economic analysis. To some extent, this twofold perspective on narrativity and economics has already been taken by John Davis (2009; 2011) and Don Ross (2005; 2014), who use the notion of narrativity to account for individuals’ sense of a unified self and identity, notably with respect to the recent surge of multipleselves models in economics. We propose to further Davis’ and Ross’ efforts in at least three respects: firstly, through a comparative study of their contributions focused on narrativity from the perspective of economics; secondly, by discussing the connections between their contributions and the set of existing contributions related to narrativity in behavioral economics that none of them discuss; and, thirdly, by taking, at least for the sake of argument, a philosophically critical perspective on narrativity.
    Keywords: narrativity, economic rationality, multipleselves models, behavioral economics, economics and philosophy
    JEL: B41 B49 D01 D03 E20
    Date: 2016–06
  182. By: Giuseppe Vitaletti (Università della Tuscia)
    Abstract: This abstract was written after the Conference. The discussion concentrated on the measures to solve the strong problems of EU debt. It was realized that globalisation means globalization of public intervention also, if this has to be saved. The rules which must be managed at the global level, i.e. at the level of G20 as a start, are fundamentally two. The first one regards the current balance of payments equilibrium. Now big disequilibrium of balance of payments are structural, and in the last period regarded the EU in a heavy way. The second rule regards a fiscal system which governs the rate of interest, making it tend, net to taxation, structurally to zero. This constitutes the premise of a new launch of public debt, at least in Europe, to restore employment. In tendency the public deficit may be governed in such a way to absorb the saving which, near to full employment, would remain idle. This amount may be different among countries. The change in taxation of interests makes necessary a new fiscal reform, very far from the actual principles, but well capable to reach their abstractly declaimed tasks. These new rules of taxation, which develop really the ante reform schemes, need for some aspects a general coordination: for this, and to fix the amount of deficits in the new context, EU is still necessary. The paper goes into the problems which lead to such conclusions.
    Keywords: euro area debt restarting, structural reduction of interest, equilibrium of current balance of payments, fiscal reform
    JEL: F33 F41 F62 H62 H63
  183. By: Daniel Rais
    Abstract: SECO Working Paper 7/2015
    Date: 2015–12–02
  184. By: Daniel Rais
    Abstract: SECO Working Paper 6/2016
    Date: 2016–06–03
  185. By: Hisahiro Naito; Yu Takagi
    Abstract: From the late 2000s, racial salary discrimination against black players emerged in the National Basketball Association (NBA) league. At the same time in the United States, the income gap between white and black citizens, which had been decreasing in the previous 20 years, stalled in the mid-2000s and started to increase again from the late 2000s. In this study, we examine whether increasing racial salary discrimination against black players in the NBA is a reflection of the non-shrinking disparity of purchasing power of white and black citizens. Using census data, we calculate the median income ratio of white and black males in each metropolitan area where at least one NBA team is located. Then, we examine whether the white premium of the salary of an NBA player is correlated with the median income ratio between white and black citizens of the metropolitan area where the player's team is located. We find that the white premium becomes higher in a metropolitan area where the median income gap is smaller. This suggests that the non-shrinking income gap between white and black citizens is not the cause of increasing salary discrimination against black players in the NBA in the late 2000s and 2010s.
    Date: 2016–06
  186. By: Frey L.
    Abstract: La compréhension des mécanismes de rachat des contrats en assurance vie est cruciale, en particulier dans un environnement de taux bas avec un risque de remontée brutale des taux d’intérêt. Il est important pour la définition des politiques prudentielles d’avoir une vision d’ensemble de ce risque, qui puisse ainsi tenir compte d’effets systémiques, qui sont indépendants des systèmes d’information des assureurs et des spécificités de leurs sous-populations, tout en intégrant les différences entre assureurs. Une littérature empirique s’est développée sur les comportements de rachat en assurance-vie depuis les années quatre-vingt-dix, mobilisant diverses sources de données, les plus prometteuses semblant être les données issues d’enquêtes en panel auprès des ménages. Sur le plan macroéconomique, deux hypothèses principales sont étudiées : l’hypothèse du rendement, selon laquelle un assuré rachète son contrat lorsqu’il peut obtenir un meilleur rendement ailleurs, et l’hypothèse de fonds d’urgence, ou hypothèse de réserve d’argent, selon laquelle un assuré rachète son contrat lorsqu’il est confronté à un choc négatif non anticipé. Cette dernière hypothèse semble trouver le plus de support dans la littérature récente. L’impact de variables individuelles, comme l’ancienneté du contrat, est également étudié. L’enquête patrimoine de l’INSEE présente l’avantage d’être représentative de l’ensemble des assurés français, et en particulier, grâce à des techniques d’échantillonnage adaptées, elle assure une bonne représentation des ménages les plus riches qui sont ceux qui concentrent la détention d’assurance-vie. En outre, elle comporte des informations détaillées sur les caractéristiques de l’assuré, y compris sur le montant de son patrimoine et ses revenus. Néanmoins, elle présente l’inconvénient de ne comporter que très peu de données de flux, et aucun flux concernant l’assurance-vie ; seuls les encours de contrats d’assurance-vie sont disponibles par contrat individuel. Pour relier ces données aux taux de rachat observés par l’ACPR, les différents contrats d’assurance-vie de l’enquête et leurs caractéristiques détaillées sont agrégés au niveau du groupe d’assureurs (l’enquête patrimoine distingue neuf catégories d’assureurs). Les taux de rachat de ces groupes sur la période 2008-2014 sont ainsi rapprochés de l’enquête patrimoine 2010, dont les variables sont assez stables dans le temps. Des pistes d’explication peuvent alors être proposées même si, en raison de la nature des données, il n’est pas possible d’utiliser des techniques économétriques pour les étayer. L’enquête Patrimoine semble montrer qu’il existe deux sous-populations d’assurés se caractérisant principalement par la taille de leur patrimoine net. Les assurés des groupes d’assurance où les taux de rachat ont été les plus élevés sont ceux qui possèdent les plus gros patrimoines nets et également les plus gros contrats. Ce sont principalement des chefs d’entreprises, des cadres du secteur privé, en activité ou non (y compris dans les domaines artisans et commerçants), ou des professions libérales. Leur part d’Unités de Compte (UC) est plus importante, leur patrimoine financier comprend plus souvent des valeurs mobilières, la part de versements fixes est plus faible. Les rachats de ces assurés, plus diplômés et plus éduqués financièrement, répondraient principalement à une logique de rendement, au sens large, y compris avantage fiscal. Ces assurés ne donnent pas proportionnellement plus de mandats de gestion à leur banquier que les assurés avec des taux de rachat plus faibles mais gèrent plus activement eux-mêmes leurs portefeuilles de valeurs mobilières. Ces deux sous-populations distinctes ne peuvent pas intégralement être rapprochées des hypothèses de fonds d’urgence et de rendement étudiées dans la littérature. En effet, dans le cas français, du fait d’une plus faible sensibilité au chômage des ménages détenant de l’assurance-vie, l’hypothèse de fonds d’urgence est difficile à mettre en évidence. Ce qui peut être mis en évidence grâce à l’enquête patrimoine, c’est la détention d’assurance-vie comme réserve d’argent au sens large, y compris retraite. L’hypothèse de rendement net doit, pour sa part, tenir compte de l’avantage fiscal dont bénéficie l’assurance-vie, qui est important en termes de rendement net. Ainsi, les assureurs qui ont les taux de rachat les plus faibles ont aussi la plus forte proportion de contrats détenus pour des motifs de réserve d’argent. Les assureurs aux taux de rachat les plus élevés ont la plus forte proportion de contrats détenus pour des motifs de rendement net. Les éclairages tirés de cette enquête confirment la nécessité pour le superviseur de tenir compte, notamment dans les exercices de stress tests, de comportements différenciés en matière de rachats en fonction de la structure de détention par catégories socio-professionnelles et du patrimoine moyen de celles-ci.
    Keywords: assurance-vie, rachats, patrimoine.
    JEL: G22
    Date: 2016
  187. By: Yves Jégourel
    Abstract: The financialization of commodity chains has its origins far beyond the increased participation of investment funds on the futures markets. It should basically be understood as the consequence of the progressive inability of players that make up these commodity chains to jointly manage price risk resulting from the transfer of product from upstream to downstream. This dynamic has emerged since the late 1970s, but it is likely that the current drop in prices, if it proved sustainable, and China's assertion as a financial power to strengthen the dynamic in the coming years.
    Keywords: commodity markets, supply, producers, prices, financialization
    Date: 2015–06
  188. By: OCDE
    Abstract: En moyenne, dans les pays de l’OCDE, quelque 65 % des élèves issus d’un milieu socio-économique favorisé indiquent connaître bien le concept de fonction du second degré ou en avoir souvent entendu parler, contre 43 % seulement de leurs pairs défavorisés. En moyenne, dans les pays de l’OCDE, les 20 % d’élèves les plus exposés à des tâches de mathématiques pures (équations) devancent aux épreuves PISA de mathématiques les 20 % d’élèves les moins exposés à ce type de tâches de l’équivalent de près de deux années de scolarité. L’exposition à des tâches de mathématiques appliquées simples est bien moins fortement associée à l’obtention de meilleurs résultats. Environ 19 % de l’écart de performance entre les élèves issus d’un milieu socio-économique favorisé et leurs pairs défavorisés peuvent s’expliquer par des différences de familiarité avec les mathématiques, un pourcentage qui dépasse même 30 % en Autriche et en Corée. En d’autres termes, il apparaît clairement que les élèves défavorisés se voient systématiquement dispenser un enseignement de mathématiques de moindre qualité que leurs pairs favorisés.
    Date: 2016–06–20
  189. By: Marion Cochard (Banque de France); Bruno Ducoudre (OFCE)
    Abstract: Avec 977 000 chômeurs de plus que début 2008, le taux de chômage au sens du Bureau international du travail (BIT) de la France métropolitaine a atteint 10,0 % au quatrième trimestre 2014. La crise amorcée en 2008, alors que le chômage était passé sous le taux des 7 %, a éloigné l’espoir d’un retour au plein-emploi, En s’ancrant dans la durée, elle soulève de nouvelles questions. Les destructions d’emplois ont-elles été conformes à celles observées dans les précédentes crises, et vont-elles continuer ? Peut-on aujourd’hui parler d’une nouvelle phase de désindustrialisation ? Observe-t-on un accroissement de la précarité des travailleurs parallèlement à la hausse du chômage ? La hausse durable du chômage a-t-elle touché les populations « habituelles » ou fait évoluer structurellement les caractéristiques des chômeurs français ? Dans quelle mesure les récentes réformes du marché du travail ont-elles flexibilisé le marché du travail français ?
    Keywords: Cycle de productivité; Marché du travail; Chômage
    Date: 2015–09
  190. By: Joyee Deb (School of Management, Yale University); Yuhta Ishii (Cowles Foundation, Yale University & Centro de Investigacion Economica, ITAM)
    Abstract: We study a canonical model of reputation between a long- run player and a sequence of short-run opponents, in which the long-run player is privately informed about an uncertain state that determines the monitoring structure in the reputation game. The long-run player plays a stage-game repeatedly against a sequence of short-run opponents. We present necessary and sufficient conditions (on the monitoring structure and the type space) to obtain reputation building in this setting. Specifically, in contrast to the previous literature, with only stationary commitment types, reputation building is generally not possible and highly sensitive to the inclusion of other commitment types. However, with the inclusion of appropriate dynamic commitment types, reputation building can again be sustained while maintaining robustness to the inclusion of other arbitrary types.
    JEL: C73 D82 L14
    Date: 2016–05
  191. By: Halbheer , Daniel; Bertini , Marco; Koenigsberg, Oded
    Abstract: This research studies the possibility that managers attribute firm performance to price and quality decisions in a self-serving manner: they tend to credit success in the market to the product characteristic that matches the commercial orientation of the business, but blame failure on the other. The problem with this reasoning is that managers then carry out adjustments based on biased information, which is suboptimal. The paper first models the phenomenon to clarify the cost of self-serving attributions to a firm. It then reports experiments that provide empirical support for the theory.
    Keywords: Causal inference; self-serving bias; managerial decision-making
    Date: 2016–03–20
  192. By: Stoop, Nik; Kislosho, Janvier; Verpoorten, Marijke
    Abstract: Le site des mines d’or de Kamituga au Sud-Kivu est caractérisé par une coexistence tendue entre Banro, une multinationale minière basée au Canada, et un grand nombre de mineurs artisanaux qui opèrent dans les concessions de la compagnie. Cette coexistence sera mise à l’épreuve à mesure que Banro développe ses activités. En vue d’évaluer ce que l’avenir peut apporter, nous étudions le profil des mineurs artisanaux et leurs mécanismes d’adaptation. En se fondant sur une enquête structurée auprès d’un échantillon représentatif des mineurs artisanaux, nous abordons trois questions spécifiques : • Les mineurs artisanaux sont-ils disposés à relocaliser leurs activités minières? • Peuvent-ils se réorienter vers d’autres activités économiques? • Dans quelles mesures la tension entre les deux modes de production pourraitelle donner lieu à des confrontations (violentes)?
    Keywords: Kivu; DRC; RDC; Congo; mining
    Date: 2016–05
  193. By: Dale, Allan
    Keywords: Agribusiness, Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  194. By: Toru Kitagawa (Institute for Fiscal Studies and cemmap and University College London); Jose Luis Montiel Olea (Institute for Fiscal Studies and New York University); Jonathan Payne (Institute for Fiscal Studies)
    Abstract: This paper examines the asymptotic behavior of the posterior distribution of a possibly nondifferentiable function g(theta), where theta is a finite dimensional parameter. The main assumption is that the distribution of the maximum likelihood estimator theta_n, its bootstrap approximation, and the Bayesian posterior for theta all agree asymptotically. It is shown that whenever g is Lipschitz, though not necessarily differentiable, the posterior distribution of g(theta) and the bootstrap distribution of g(theta_n) coincide asymptotically. One implication is that Bayesians can interpret bootstrap inference for g(theta) as approximately valid posterior inference in a large sample. Another implication—built on known results about bootstrap inconsistency—is that the posterior distribution of g(theta) does not coincide with the asymptotic distribution of g(theta_n) at points of nondifferentiability. Consequently, frequentists cannot presume that credible sets for a nondifferentiable parameter g(theta) can be interpreted as approximately valid confidence sets (even when this relation holds true for theta).
    Keywords: Distribution, nondifferentiable functions
    Date: 2016–05–09
  195. By: Juan Guillermo Bedoya Ospina; Juan Camilo Galvis Ciro
    Abstract: Este documento tiene como objetivo realizar una aplicación de la metodología fuzzy para el análisis de la pobreza en Antioquia. Para ello se utilizan las mismas dimensiones del índice de pobreza multidimensional del Gobierno colombiano y se realiza un contraste entre los resultados obtenidos con ambas metodologías. En términos de política pública, los resultados de la aplicación metodológica indican que la pertenencia al conjunto de los pobres está determinada por las condiciones de trabajo informal, el analfabetismo, el rezago escolar y condiciones de la vivienda.
    Keywords: Pobreza; teoría fuzzy; política pública.
    JEL: I32 C02 H00
    Date: 2015–12–30
  196. By: Bruno Coquet (IZA)
    Abstract: Une assurance chômage ne peut pas être optimale sans être à la fois obligatoire et universelle 1. Les difficultés chroniques de l ’Unedic, qui ont engendré une dette de 1,2 % du PIB fin 2015, invitent à s’interroger sur les raisons pour lesquelles, en France, l’assurance chômage ne possède aucune de ces deux caractéristiques, et à mesurer les conséquences de ce choix.
    Keywords: Assurance chômage; Secteur public
    Date: 2016–03
  197. By: Daniel Rais
    Abstract: SECO Working Paper 5/2015
    Date: 2015–11–30
  198. By: Idrisov, Georgiy (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Taganov, B.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: In this paper, we examine the impact of the positive terms of trade shock (rise in price of oil relative to other traded goods) on inequalities in wages at the regional level. The results show the benefit of that in the medium-term improvement in the conditions of Russia's trade increased inter-regional inequality in wages by increasing wages in all quintiles of the wage distribution (ie in all of the observed income groups) are more integrated into the world economy in the Federation. We have also shown that, although the terms of trade increased inter-regional inequality individual's wage, a decrease in premiums for the skill that matches the predictions of Heckscher-Ohlin and Stolper-Samuelson theorem.
    Keywords: trade shock, opennes of economy, Russia, income inequalty
    Date: 2016–03–31
  199. By: Ambrey, Christopher L.; Fleming, Christopher M.; Manning, Matthew
    Keywords: Environmental Economics and Policy,
    Date: 2016–02
  200. By: Chong, Terence Tai-Leung; Liu, Xiaojin; Zhu, Chenqi
    Abstract: This paper examines the causes of herd behavior in the Chinese stock market. Using the non-linear model of Chang, Cheng and Khorana (2000), we find robust evidence of herding in both the up and down markets. We contribute to the existing literature by exploring the underlying reasons for herding in China. It is shown that analyst recommendation, short-term investor horizon, and risk are the principal causes of herding. However, we cannot find evidence that relates herding to firm size, nor can we detect significant differences in herding between state-owned enterprises (SOE) and non-SOEs.
    Keywords: A-share market; Herd behavior; Return dispersion; Systemic risk.
    JEL: G15
    Date: 2016–06–19
  201. By: Manuel Souto-Otero (University of Bath); Andreia Inamorato dos Santos (European Commission – JRC - IPTS); Robin Shields (University of Bath); Predrag Lazetic (University of Bath); Jonatan Castaño Muñoz (European Commission – JRC - IPTS); Axelle Devaux (ICF International); Stephanie Oberheidt (ICF International); Yves Punie (European Commission – JRC - IPTS)
    Abstract: OpenCases is a study which is part of the OpenEdu Project. It is a qualitative study consisting of a review of literature on open education and nine in-depth case studies of higher education institutions, a consortium of universities, a private organisation and a national initiative. It analysed the rationale and enabling conditions for involvement in open education, open education activities, strategies, impact, challenges and prospects. The main outcome of this study is evidence that a large number of OER have reached a large group of learners. However, completion rates of MOOCs are low. Accreditation is not formalised and in general its impact on employability is not measured.
    Keywords: open education, openness, higher education, open science, open research, OER, MOOC, open educational resources, universities
    Date: 2016–05
  202. By: Chen, Wen-Hao; Piraino, Patrizio; Ostrovsky, Yuri
    Abstract: Comparative studies of intergenerational earnings and income mobility largely rank Canada as one of the most mobile countries among advanced economies, such as Denmark, Finland and Norway. The assertion that Canada is a highly mobile society is drawn from intergenerational income elasticity estimates reported in Corak and Heisz (1999). Corak and Heisz used data from the earlier version of the Intergenerational Income Database (IID), which tracked income of Canadian youth only into their early thirties. Recent theoretical literature, however, suggests that the relationship between childrens? and parents? lifetime income may not be accurately estimated when children?s income are not observed from their mid-careers? known as lifecycle bias. The present study addresses this concern by re-examining the extent of intergenerational earnings and income mobility in Canada using the updated version of the IID, which tracks children well into their mid-forties, when mid-career income are observed.
    Keywords: Aboriginal peoples, Children and youth, Health and well-being, Household, family and personal income, Income, pensions, spending and wealth, Labour, Labour market activities, Low income and inequality, Wages, salaries and other earnings
    Date: 2016–06–17
  203. By: Wayne Liou (Economics Department, University of Hawaii – Manoa); Timothy J. Halliday (Economics Department, University of Hawaii – Manoa and IZA)
    Abstract: In 2007, the State of Arizona passed the Legal Arizona Workers Act (LAWA) which required all employers to verify the legal status of all prospective employees. Replicating existing results from the literature, we show that LAWA displaced about 40,000 Mexican-born people from Arizona. About 25% of these displaced persons relocated to New Mexico indicating that LAWA had externalities on adjoining states.
    Keywords: Migration
    JEL: J61 J68
    Date: 2016–06
  204. By: McAndrews, James J. (Federal Reserve Bank of New York); Kroeger, Alexander (Federal Reserve Bank of New York)
    Abstract: The policy measures taken since the financial crisis have greatly expanded the size of the Federal Reserve’s balance sheet and have thus raised the level of aggregate bank reserves as well. Over the same period there has been a significant shift in the timing of payments made over the Federal Reserve’s Fedwire Funds Service toward earlier settlement. This paper documents this timing change and presents regression results suggesting that the increase in overall reserve balances explains the vast majority of this development. The paper also discusses the benefits of high aggregate reserve balances for the robustness of the payment system and the potential implications for policy going forward.
    Keywords: Fedwire; settlement liquidity; reserves; monetary policy implementation
    JEL: G20 G21 G28
    Date: 2016–06–01
  205. By: Riina Vuorikari (European Commission – JRC - IPTS); Yves Punie (European Commission – JRC - IPTS); Stephanie Carretero Gomez (European Commission – JRC - IPTS); Godelieve Van Den Brande (European Commission, DG Employment)
    Abstract: The European Digital Competence Framework for Citizens, also known as DigComp, offers a tool to improve citizens’ digital competence. DigComp was first published in 2013 and has become a reference for many digital competence initiatives at both European and Member State levels. This document introduces DigComp 2.0. It constitutes phase 1 of the update of the framework which focuses on the conceptual reference model, new vocabulary and streamlined descriptors. The current document also gives examples of how DigComp is used at the European, national and regional levels.
    Keywords: Digitally-competent educational organisations, innovation in education, European Framework for Digitally-Competent Eeducational Organisations, educational policy, digital learning technologies, self-assessment questionnaire, ICT for learning and skills
    JEL: I20 I21 I23 I28 I29
    Date: 2016–06
  206. By: Daniel J. Lee
    Abstract: Implicit associations and biases are carried without awareness of conscious direction. In this paper, I develop a model to study giving behaviours under conditions of implicit bias. I test this model by implementing a novel laboratory experiment.a Dictator Game with sorting to study both these giving behaviours, as well as a subject.s willingness to be exposed to a giving environment. In doing so, I adapt the Implicit Association Test (IAT), commonplace in other social sciences, for use in economics experiments. I then compare IAT score to dictator giving and sorting as a necessary test of its validity. I find that the presence of sorting environments identify a reluctance to share and negatively predict giving. However, despite the IAT.s evergrowing popularity, it fails to predict even simple economic behaviours such as dictator giving. These results are indicative that implicit bias fails to overcome selfish interests and thus the IAT lacks external validity. Keywords: Implicit Association Test, implicit bias, race, prosocial behaviour
    Keywords: affirmative action, discrimination, decomposition techniques, South Africa
    Date: 2016
  207. By: Luz Dary Ramirez Franco
    Abstract: En este documento se presenta un estudio acerca de cómo variables de estructura económica y de estructura espacial afectaron al crecimiento del empleo en 50 provincias españolas entre los años 1999 y 2004. Para ello, se realiza una estimación por Mínimos cuadrados ordinarios que abarca los sectores de manufacturas y de servicios. Los resultados evidencian que el grueso de las empresas de la industria española es de tamaño pequeño o mediano; que existen economías de urbanización; que hay ambigüedad con respecto a las economías de localización; que los índices de centralización y concentración generan un impacto negativo y positivo respectivamente sobre el crecimiento del empleo, y que a mayor dispersión del empleo, menor crecimiento del mismo.
    Keywords: Estructura económica; estructura espacial; subcentros de empleo; empleo disperso.
    JEL: R11 R12 R23
    Date: 2015–12–30
  208. By: International Food Policy Research Institute (IFPRI)
    Abstract: En la actualidad, pocos son los obstáculos a los que se enfrenta la comunidad mundial que puedan compararse en magnitud con el de la malnutrición, una condición que afecta directamente a una de cada tres personas. La malnutrición se manifiesta de muy distintas maneras: retraso en el crecimiento y el desarrollo de los niños; personas esqueléticas o propensas a las infecciones; personas con exceso de peso o con alto contenido de azúcar, sal, grasa o colesterol en la sangre; e incluso personas con carencias de vitaminas o minerales de importancia. La malnutrición y la alimentación constituyen claramente los mayores factores de riesgo para la carga mundial de morbilidad (CMM): cada país se enfrenta a un serio problema de salud pública debido a la malnutrición. Cada año, las consecuencias económicas implican pérdidas del 11% del PIB en África y Asia, mientras que la prevención de la malnutrición representa 16 dólares estadounidenses de rentabilidad de la inversión por cada dólar gastado. En todo el mundo, los países han acordado metas en materia de nutrición, pero, a pesar de ciertos avances observados en los últimos años, el mundo está lejos de poder alcanzarlas. Este tercer informe sobre el estado de la nutrición mundial propone formas de invertir la tendencia y acabar con todas las formas de malnutrición en 2030.
    Keywords: nutrition; malnutrition; nutrition policies; anemia; stunting; obesity; overweight; wasting disease; diabetes; children; micronutrients; health; climate change; private sector; agricultural development; agricultural policies; economic development; food systems; sustainability; poverty; breast feeding; indicators; HIV/AIDS; capacity building; public expenditure; children; sustainable development goals; wasting; burden of disease; undernourishment; undernutrition; noncommunicable diseases (NCD); child growth; Latin America; Africa south of Sahara; Oceania; South East Asia; South Asia; South America; Middle East; North Africa; Africa; Asia
    Date: 2016
  209. By: Rehfeld, Dieter; Nordhause-Janz, Jürgen
    Abstract: Seit der Wirtschafts- und Finanzkrise 2007/8 ist Industrie wieder auf der politischen Agenda. Die programmatischen Initiativen werden nur sehr allmählich mit konkreten Instrumenten unterfüttert. Gewerkschaftliche Initiativen auf der regionalen Ebene zeigen, wie breit das industriepolitische Handlungsfeld angelegt ist, und können Beispiele auch für andere Regionen liefern. Das Spektrum regionaler industriepolitischer Initiativen reicht von den täglichen Auseinandersetzungen um konkrete Projekte über Strategien zur Standortentwicklung, innovationspolitische Strategien bis hin zur Zukunftsgestaltung (Energiewende, Industrie 4.0, Elektromobilität). Erfolgreiche Industriepolitik ist langfristig und in vernetzten Strukturen anzulegen.
    Date: 2016
  210. By: Fajardo, José
    Abstract: In this paper we present new pricing formulas for some Power style contracts of European type when the underlying process is driven by an important class of L´evy processes, which includes CGMY model, generalized hyperbolic Model and Meixner Model, when no symmetry properties are assumed, extending and complementing in this way previous findings in the literature. Also, we show how to implement our new formulas.
    Keywords: Skewness; L´evy processes; Absence of symmetry; Power contracts
    JEL: C52 G12 G13
    Date: 2016–05–31
  211. By: Mohammad Saleh Farazi (Department of Business Organization and Marketing, Universidad Pablo de Olavide); Ana Pérez-Luño (Department of Business Organization and Marketing, Universidad Pablo de Olavide); Shanthi Gopalakrishnan (School of Management, New Jersey Institute of Technology)
    Abstract: This study focuses on knowledge structuration and its strategic implications for new research-intensive firms. These firms mainly pursue growth strategies by leveraging their knowledge-based resources and capabilities in inter-organizational relationships, while they are typically constrained on other resources. Therefore, they need to strategically develop and structure their knowledge resources in a way that guarantees their survival and serves their future goals best. Taking biotechnology firms as our research setting, we first identify groups of firms with similar generic knowledge structuration, i.e. depth and breadth of knowledge possessed by the firm. Then, drawing from organizational learning theory and knowledge-based view, we discuss how strategically structuring the technological knowledge of the firm can affect the benefits it gains from collaborating with other organizations. We provide research propositions for different strategic groups and theoretically link knowledge structuration to both exploration and exploitation alliances.
    Keywords: Knowledge strategy, structuration, depth, breadth, alliance, biotechnology
    Date: 2016–01
  212. By: Claudia Keser; Gerrit Kimpel; Andreas Oestreicher
    Abstract: In this paper we look into the probability that, given the choice, corporate groups would opt for taxation on a consolidated basis. We further consider what effects separate accounting and taxation on a consolidated basis (formula apportionment) might have on the location of investments and exploitation of remaining leeway for profit shifting. To this end, we present an experimental framework that captures the most relevant aspects of theses decision for EU multinationals. In a controlled laboratory experiment we use a basic 2-by-2 treatment design with two levels of tax-rate differential between two investment locations and two different remuneration functions allowing the participants to act as owners or managers of a company. In addition, we control for the way in which information on possible extra costs associated with profit shifting is presented to participants. Our results show that taxation using formula apportionment, while being a viable alternative, does not emerge as the preferred regime. In both separate accounting and formula apportionment, the allocation of production factors depends on the tax-rate differential. Higher tax rates lead to lower amounts of investment, in particular if formula apportionment (CCCTB) is used. Moreover, profit shifts to companies not eligible for consolidation (i.e., companies not resident in the EU) are significantly higher under formula apportionment than under separate accounting. We do not observe significant differences in the behavior of managers and owners. However, the form in which information is provided on possible extra costs has an impact on the extent of profits shifted to low tax countries.
    Keywords: International Company Taxation; Separate Accounting; Formula Apportionment; Transfer Pricing; Experimental Economics,
    JEL: C91 H25 M41
    Date: 2016–06–06
  213. By: Natália P. Monteiro (Department of Economics/NIPE, University of Minho); Odd Rune Straume (Department of Economics/NIPE, University of Minho)
    Abstract: We analyse empirically whether cooperatives and investor-owned fims differ in terms of productive efficiency. Using rich Portuguese panel data covering a wide range of industries, we apply two different empirical approaches to estimate potential diffferences in total factor productivity between the two groups of fi rms. The results from our benchmark random-effects model show that cooperatives are signi cantly less productive, on average, than investor-owned fi rms. This conclusion is to a large extent confi rmed by the results from System-GMM estimations. The lower productivity of cooperatives applies to a wide spectrum of industries. In six out of thirteen industries, cooperatives are outperformed by investor-owned firms in all empirical speci cations considered, while there is no industry in which cooperatives are consistently found to be the more productive type of firm.
    Keywords: Cooperatives; investor-owned fi rms; productive effiiciency
    JEL: D24 J54 P12 P13
    Date: 2016
  214. By: Angela Gerolamo; Amy Overcash; Jennifer McGovern; Grace Roemer
    Abstract: This report describes the New Jersey Nursing Initiative design, evaluation findings, and key lessons learned, and it offers recommendations for improving program operations and evaluation.
    Keywords: New Jersey, Nursing Initiative, Faculty Preparation
    JEL: I
  215. By: Berdin, Elia; Pancaro, Cosimo; Kok Sørensen, Christoffer
    Abstract: In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country level data to make it representative of the major euro area insurance markets. Then, we project this representative balance sheet forward under stochastic capital markets, stochastic mortality developments and stochastic claims. The model highlights the potential threats to insurers solvency and profitability stemming from a sustained period of low interest rates particularly in those markets which are largely exposed to reinvestment risks due to the relatively high guarantees and generous profit participation schemes. The model also proves how the resilience of insurers to adverse financial developments heavily depends on the diversification of their business mix. Finally, the model identifies potential negative spillovers between life and non-life business thorugh the redistribution of capital within groups.
    Keywords: Financial Stability,Insurance,Interest Rate Risk,Stress Test
    JEL: G20 G22 G23
    Date: 2016
  216. By: Stefano Colonnello; G. Curatola; N. G. Hoang
    Abstract: We develop a model of managerial compensation structure and asset risk choice. The model provides predictions about the relation between credit spreads and different compensation components. First, we show that credit spreads are decreasing in inside debt only if it is unsecured. Second, the relation between credit spreads and equity incentives varies depending on the features of inside debt.
    Keywords: inside debt, credit spreads, risk-taking
    JEL: G32 G34
    Date: 2016–06
  217. By: Roel Jongeneel; Nico Polman; G. Cornelis van Kooten
    Abstract: In this paper, we develop a theoretical model for identifying the appropriate welfare measures associated with the positive and negative externalities of agricultural production. Implications of methodological assumptions are discussed, and the model is then used to estimate the costs and benefits associated with the negative and positive externalities of the Dutch agricultural sector. Efforts are made to cross-validate cost estimates empirically, and we also estimate the value of the non-commodity outputs that Dutch farmers provide. The non-market costs and benefits attributable to farming are then set against the value-added of the agricultural sector as a whole. Total value-added benefits are estimated to be €10,604 million a year. The external annual costs are calculated to be €1,868 million, significantly greater than estimated external gross benefits of €263 million, but much less than value added. Using all available information, total average annual net benefits from agriculture in the Netherlands are estimated to be €8,736 million per year for the period 2005 to 2012. Nonetheless, net external costs are equivalent to €849 per ha of arable, horticultural and pasture land, and are high relative to estimates found for other countries.
    Keywords: environmental spillovers; applied welfare measurement; agricultural externalities; agricultural value added; non-agricultural commodities
    JEL: D61 Q15 Q18 Q51 Q57 R11
    Date: 2016–06
  218. By: Klüh, Ulrich
    Abstract: Two opposing positions are frequently evoked to describe the relationship between macroeconomics and social policy. On the one hand, social policy is seen as a kind of service station. Macroeconomic programs and results are determined first, social policy deals with the consequences. On the other hand, there is a holistic approach of Keynesian provenience that situates macroeconomics in the broader research agenda for social policy. At the same time, points of contact between macroeconomics and social policy are rare. Sometimes there even seems to be a dichotomous relationship. How can we then describe the role of social policy in a macroeconomic context, and the role of macroeconomics in a social policy context? The article reviews pertinent links between the two fields and proposes a heuristic for re-engaging the macro and social dimension of policy.
    Keywords: Macroeconomics, Social Policy, Macro-regimes, Keynesianism
    JEL: A1 B0 B5 E0 E6 H0 I3 N0
    Date: 2016
  219. By: Bó, Inácio; Heller, C.-Philipp
    Abstract: We show that Ergin & Sönmez's (2006) results which show that for schools it is a dominant strategy to truthfully rank the students under the Boston mechanism, and that the Nash equilibrium outcomes in undominated strategies of the induced game are stable, rely crucially on two assumptions. First, (a) that schools need to be restricted to find all students acceptable, and (b) that students cannot observe the priorities set by the schools before submitting their preferences. We show that relaxing either assumption eliminates the strategy dominance, and that Nash equilibrium outcomes in undominated strategies for the simultaneous induced game in case (a) and subgame perfect Nash equilibria in case (b) may contain unstable matchings. We also show that when able to manipulate capacities, schools may only have an incentive to do so if students submit their preferences after observing the reported capacities.
    Keywords: Mechanism Design,Two-Sided Matching,Boston Mechanism,School Choice
    JEL: C78 D63 D78 D82
    Date: 2016
  220. By: Yang, Xiaojun; Li, Jun
    Keywords: Consumer/Household Economics, Resource /Energy Economics and Policy,
    Date: 2016–02
  221. By: Joshua Hall (West Virginia University, Department of Economics); Shree Baba Pokharel (West Virginia University, Department of Economics)
    Abstract: Using cross-sectional data from fifty states of the United States and the District of Columbia for two different time periods, this paper examines the degree to which special interests or the median voter determines state highway expenditures. In addition to finding that previous estimates of the determinants of state highway expenditures are robust, we find that that special interests that were important in 1984 were no longer significant nearly 20 years later. Like the previous literature, we conclude that the reduced form median voter model performs well in explaining state highway expenditures.
    Keywords: median voter model, special interests, highway expenditures
    JEL: H41 H49 H60 H72 H76
    Date: 2016–06
  222. By: Gregg, Daniel
    Keywords: Research and Development/Tech Change/Emerging Technologies,
    Date: 2016–02
  223. By: Roberton C. Williams III
    Abstract: This paper examines potential environmental tax policy reforms. It focuses primarily on a carbon tax, but also more briefly considers a range of other possible changes. These include revising or eliminating various energy and environmental tax credits and deductions (many of which might become unnecessary in the presence of a carbon tax), as well as changes to energy taxes that have substantial environmental implications (such as the federal gasoline tax). The paper draws on recent theoretical and empirical research to evaluate the effects of such reforms on tax revenue, pollution emissions, economic efficiency, and income distribution.
    JEL: H21 H22 H23 Q50 Q58
    Date: 2016–06
  224. By: Kompas, Tom; Van Ha, Pham; Nguyen, Hoa
    Keywords: Environmental Economics and Policy,
    Date: 2016–02
  225. By: Andrés Rodríguez-Pose; Yannis Psycharis; Vassilis Tselios
    Abstract: This paper analyses the role of pork-barrel politics in the allocation of public investment expenditures in Greece. It proposes a model which explicitly relates the allocation of public investment to electoral results using a unique dataset covering the period from the restoration of democracy in 1974 until 2009, just before the Great Recession that radically transformed the political panorama of the country. The analysis includes ten legislative periods marked by governments of the two parties that dominated the political arena in Greece: the Liberal and the Socialist Party. The results show that Socialist and re-elected governments applied more expansionary fiscal policies relative to Liberals. The two main parties also used different tactics when it came to pork-barrelling: while the Socialists when in government rewarded/groomed their electoral fiefs, the Liberals invested in areas controlled by the opposition to win over new votes or seats.
    Keywords: Public investment, pork-barrel politics, elections, regional policy, Greece.
    JEL: P16 R1 R12 R42 R58 H54
    Date: 2016–06
  226. By: Shengyuan Zhang (Division of Social Science, Hong Kong University of Science and Technology); Jimin Zhao (Division of Social Science, Hong Kong University of Science and Technology; Institute for Emerging Market Studies, Hong Kong University of Science and Technology)
    Abstract: This study aims to understand the existing urban passenger transport system in Hong and Shenzhen from the perspective of human travel behavior, examining closely what policy and individual factors influence individual travel behavior in the two cities. The research is based on comparisons drawn from household and individual travel surveys conducted in Shenzhen in 2014 and in Hong Kong in 2002 and 2011. Hong Kong operates a more efficient urban passenger transport system than Shenzhen in terms of prioritizing use of public transport and restricting the use of cars. However, due to lack of strong government leadership, Hong Kong lags behind Shenzhen in promoting EVs. Both cities have had little success promoting nonmotorized transportation because of the greater appeal of alternative transportation modes.
    Keywords: ASIF, carbon emissions, energy consumption, urban transportation, scenario analysis, transportation policy
    Date: 2016–06
  227. By: Kara Zivin; Ann O'Malley; JudyAnn Bigby; Jonathan Brown; Eugene Rich
    Abstract: This issue brief describes why behavioral health integration in primary care is so important in terms of improving care quality and reducing costs.
    Keywords: primary care, behavioral health, payment reform, AHRQ, MACRA, MIPS, CMS
    JEL: I
  228. By: Joachim Freyberger (Institute for Fiscal Studies); Matthew Masten (Institute for Fiscal Studies)
    Abstract: We provide general compactness results for many commonly used parameter spaces in nonparametric estimation. We consider three kinds of functions: (1) functions with bounded domains which satisfy standard norm bounds, (2) functions with bounded domains which do not satisfy standard norm bounds, and (3) functions with unbounded domains. In all three cases we provide two kinds of results, compact embedding and closedness, which together allow one to show that parameter spaces defined by a ||·||s-norm bound are compact under a norm ||·||c. We apply these results to nonparametric mean regression and nonparametric instrumental variables estimation.
    Keywords: Nonparametric estimation, sieve estimation, trimming, nonparametric instrumental variables
    JEL: C14 C26 C51
    Date: 2016–01–03
  229. By: Pamela Campa; Michel Serafinelli
    Abstract: This paper investigates the extent to which attitudes are affected by political regimes and government policies. We focus on female attitudes toward work and gender-role attitudes in the population at large, which have been shown to have significant effects on labor market outcomes. We exploit the imposition of state-socialist regimes across Central and Eastern Europe, and their efforts to promote womenÕs economic inclusion, for both instrumental and ideological reasons, presenting evidence from two different datasets. First, we take advantage of the German partition into East and West after 1945 and unique access to restricted information on place of residence to implement a spatial regression discontinuity design. We find more positive attitudes toward work in the sample of East German women. We also find evidence that increased female access to higher education and fulltime employment, arguably two of the very few positive aspects of living under state-socialism, may have served as channels for regime influence. Second, we employ a difference-in-differences strategy that compares attitudes formed in Central and Eastern European countries (CEECs) and Western European Countries (WECs), before and after the imposition of state socialism in CEECs. Gender-role attitudes formed in CEECs during the state socialist period appear to be significantly less traditional than those formed in WECs.
    Keywords: gender-role attitudes, state-socialism, Central and Eastern Europe
    Date: 2016–06
  230. By: Bo Honoré (Institute for Fiscal Studies and Princeton); Áureo de Paula (Institute for Fiscal Studies and University College London)
    Abstract: This paper introduces a bivariate version of the generalized accelerated failure time model. It allows for simultaneity in the econometric sense that the two realized outcomes depend structurally on each other. Another feature of the proposed model is that it will generate equal durations with positive probability. The motivating example is retirement decisions by married couples. In that example it seems reasonable to allow for the possibility that each partner's optimal retirement time depends on the retirement time of the spouse. Moreover, the data suggest that the wife and the husband retire at the same time for a nonnegligible fraction of couples. Our approach takes as a starting point a stylized economic model that leads to a univariate generalized accelerated failure time model. The covariates of that generalized accelerated failure time model act as utility-flow shifters in the economic model. We introduce simultaneity by allowing the utility flow in retirement to depend on the retirement status of the spouse. The econometric model is then completed by assuming that the observed outcome is the Nash bargaining solution in that simple economic model. The advantage of this approach is that it includes independent realizations from the generalized accelerated failure time model as a special case, and deviations from this special case can be given an economic interpretation. We illustrate the model by studying the joint retirement decisions in married couples using the Health and Retirement Study. We provide a discussion of relevant identifying variation and estimate our model using indirect inference. The main empirical nding is that the simultaneity seems economically important. In our preferred speci cation the indirect utility associated with being retired increases by approximately 5% when one's spouse retires. The estimated model also predicts that the marginal eff ect of a change in the husbands' pension plan on wives' retirement dates is about 3.3% of the direct eff ect on the husbands'.
    JEL: J26 C41 C3
    Date: 2016–02–17
  231. By: Frank Milne (Queen's University)
    Abstract: This paper is aimed at providing advice to young Australian Politicians and Policy Analysts. The paper explains common dangers in policy formulation and implementation. It also explains the usual political pressures that distort policy formulation and common sources of policy failures.
    Keywords: Economic Policy formulation and implementation, Australia
    JEL: E60 E65
    Date: 2016–06
  232. By: Lowrey , Tina M; Kronrod , Ann
    Abstract: When developing new brand names, marketers face the dilemma of how similar their new brand name is or should be to familiar brand names in the market. The current research tests the complete range of conditions exploring how the degree of similarity of a new brand name to an existing one may affect attitudes toward the new brand name. The authors first replicate an inverted-U pattern suggested by congruency theories. However, this result holds only in the case of positive pre-existing attitudes toward familiar brand names. Additional tests demonstrate a U-shaped pattern in the case of negative attitudes toward familiar brand names, and a linear relation between similarity and attitudes in the case of no pre-existing attitudes toward familiar brand names. A field study replicates these findings, testing actual choice of products that bear different levels of resemblance to real positive and negative brand names (Oreo and Spam).
    Keywords: Brand name; Branding; Brand attitudes; Similarity; Familiarity; Innovation
    Date: 2016–09–28
  233. By: Stephen S. Poloz
    Abstract: Financial stability risks have become topical in the wake of the global financial crisis and the subsequent extended period of very low interest rates. This paper investigates the significance of the mix of monetary and fiscal policies for financial stability through counterfactual simulations of three key historical episodes, using the Bank’s main policy model, ToTEM (Terms-of-Trade Economic Model). The paper finds that there is an intimate relationship between the monetary/fiscal policy mix and the dynamics of both private sector and public sector debt accumulation. No attempt is made to develop criteria for policy mix optimization, since it is clear from the model simulations that the appropriate policy mix is highly state-dependent. This finding points to the need for a coherent framework for weighing the relative financial and macroeconomic consequences of accumulating public sector versus private sector debt. Furthermore, the analysis suggests that there are potential benefits to ex ante monetary/fiscal policy coordination, and that Canada’s policy framework—where the monetary and fiscal authorities jointly agree on an inflation target while enshrining central bank operational independence—represents an elegant coordinating mechanism.
    Keywords: Economic models, Financial stability, Fiscal Policy, Monetary policy framework
    JEL: E37 E5 E63
    Date: 2016
  234. By: Tunç, Süleyman
    Abstract: Sensitivity for the protection of consumers increase more and more every day and the subject becomes an agenda in the public opinion. Studies carried out under different names and legal arrangements in the pre-industrial societies, are accelerated by industrialization. The provisions regarding the Consumer Protection entered into the Turkish Legislation by the Constitution of 1982, have taken their last shape in the Act No. 6502 enacted in the year of 2013 and the relevant Regulations. The internet, which is an indispensable element in the globalized world, has become an important platform where the consumers voiced their complaints. The aim of this study is to analyze the complaints most shared over the internet and to examine the regulations made by the Act No. 6502 related to these complaints.
    Keywords: Consumer, Consumer Protection, Complaints, Law No. 6502
    JEL: K19
    Date: 2015
  235. By: Drazen, Allan; Ozbay, Erkut
    Abstract: We present experimental evidence that policies chosen by leaders depend on whether they were elected or appointed. Consistent with previous studies of the "dictator game" , we find that unitary policymakers do not always act selfishly, that is, choose a policy that maximizes their own payoffs. However, the way in which one became the leader matters. Leaders who are elected are significantly more likely to choose a policy not equal to their "type" than leaders who are appointed. Elected leaders who act non-selfishly will favor the voter rather than the losing candidate, while appointed leaders show no tendency to favor the voter over the losing candidate. Our results provide support for the view that non-selfish behavior of leaders reflects a reciprocity motive. They also show that candidates do not simply implement their own preferences once in office, as suggested by the basic citizen-candidate model.
    Keywords: Citizen-Candidate; Dictator Game; leaders; Reciprocity
    JEL: C91 D64 D72
    Date: 2016–06
  236. By: Subha Mani; Saurabh Singhal; Smriti Sharma; Utteeyo Dasgupta
    Abstract: Heterogeneity in subject populations often necessitates choosing an elicitation task that is intuitive, easy to explain, and simple to implement. Given that subject behaviour often differs dramatically across tasks when eliciting risk preferences, caution needs to be exercised in choosing one risk elicitation task over another.Using a within-subject design, we compare behaviour in the simple most investment game (Gneezy and Potters 1997) and the ordered lottery choice game (Eckel and Grossman 2002) to evaluate whether the simpler task allows us to elicit attitudes consistent with those elicited from the ordered lottery task.Using a large sample of over 2000 subjects, we find risk attitudes to be fairly stable across the two tasks. Our results further indicate that the consistency of risk attitudes across the tasks depends on gender of the subject, quantitative skills, father.s education level, and dispositional factors such as locus of control and Big Five personality traits.
    Keywords: Experimental design, Risk
    Date: 2016
  237. By: Loughrey, Jason; Donnellan, Trevor; Lennon, John
    Abstract: In this paper, we seek to identify spatial clusters of farmland size inequality across Western Europe and to discuss the implications for the future of agriculture and agricultural policy reform in the region. We utilise Eurostat data to estimate the degree of inequality in farmland size at the NUTS (Nomenclature of Territorial Units for Statistics) 2 level. We utilise geographical information systems software to illustrate the spatial distribution of farm size inequality and conduct exploratory spatial data analysis techniques to identify spatial dependence between neighbouring NUTS 2 regions. The findings show that there are clusters of low inequality in the countries of Northern Europe and clusters with high inequality in much of Southern Europe. The highlands of Scotland are a notable exception to the general trend in Northern Europe. The variation in farmland size is a key determinant in the distribution of farm income. In combination with high farmland prices and sparse land rental opportunities, a highly unequal farm size distribution can militate against the progress of new-entrant farmers and small farmers wishing to expand their production and increase their farm incomes. A highly unequal farm size distribution can therefore grant an elevated importance to land inheritance as a determinant of relative economic success at the farm level.
    Keywords: Farm Size, Inequality, Western Europe, Spatial Autocorrelation, Agricultural and Food Policy, C21, D31, 013, Q12, Q15, R58,
    Date: 2016–04
  238. By: Marta Arespa (Universitat de Barcelona); Diego Gruber (Kernel Analytics)
    Abstract: Existent literature is by no means conclusive on the effects of trade finance on trade and the economy. We propose a suitable framework to explore the linkages between international trade and finance based on an international real business cycle model where firms require external finance to import and can be financially constrained. We find that credit shocks do affect the dynamic properties of the economy and they have the potential to cause significant deviations in trade and economic performance. The trade-to-GDP ratio falls following a negative credit shock, as the shock reduces the capability of firms to purchase foreign intermediate goods, thereby reducing efficiency and production. However, it forces a demand substitution towards domestic intermediate goods that limits GDP deterioration. We also find that financially developed countries trade more, are richer and more stable in terms of GDP and consumption, consistent with the empirical evidence. Finally, the model sheds light on persistent contradictions between theoretical business-cycle and their empirical counterparts, namely, the consumption/output anomaly and the volatility of consumption, imports and terms of trade relative to GDP.
    Keywords: Trade finance, credit constraint, great trade collapse, RBC
    JEL: E3 F1 F4 G1
    Date: 2016
  239. By: Messori, Luciano (Associazione Italiana per la Cultura della Cooperazione e del Non Profit); Orsini, Raimondello (Associazione Italiana per la Cultura della Cooperazione e del Non Profit)
    Abstract: La fama di John Bates Clark (1847-1938) è legata soprattutto al suo contributo alla teoria marginalista della distribuzione del reddito e alla diffusione del marginalismo negli Stati Uniti. La sua opera di gran lunga più conosciuta è The Distribution of Wealth: A Theory of Wages, Interest and Profits, pubblicato nel 1899, che mostra come in un’economia statica la distribuzione della ricchezza tra i fattori di produzione sia proporzionale alla produttività marginale di ciascuno di essi. Nonostante la sua produzione scientifica abbia spaziato su un'ampia gamma di questioni, sia di teoria economica e sociale, sia di politica economica, con approcci metodologici anche molto diversi, già i suoi allievi diretti ed i suoi colleghi ebbero la tendenza a enfatizzare il suo ruolo di teorico, didatta e divulgatore dell'economia marginalista, e quindi principalmente i suoi contributi funzionali alla migliore definizione e sistematizzazione dell'analisi microeconomica neoclassica. Già nel 1927, in un volume pubblicato in occasione degli ottanta anni di Clark, il suo collega alla Columbia University, Jacob H. Hollander, scrive: The real work of John B. Clark as an economist lies within the thirteen years from 1886 to 1899.
    Keywords: John Bates Clark; economia marginalista;
    JEL: A10
    Date: 2016–05–05
  240. By: Johnston, Robert J.; Holland, Ben; Yao, Liuyang
    Keywords: Agricultural and Food Policy, Environmental Economics and Policy,
    Date: 2016–02
  241. By: Gillespie, Patrick R.; Hynes, Stephen; O'Reilly, Paul
    Abstract: The Waterville fishery provides angling and other recreation amenities to the public at a nominal cost. However, the use-value which this site provides is not completely captured by market transactions. Benefits which must be consumed in situ make the Travel Cost Method (TCM) the most appropriate choice of revealed preference technique for estimating their value. Data for this analysis was sourced from an online survey, but many respondents were first approached on-site, and links to the survey questionnaire were also advertised on a local conservation website, so self-selection bias was expected. A negative binomial model with a correction for endogenous stratification was estimated, and it outperformed both the standard Negative Binomial and Poisson models. The resulting estimate of per trip consumer surplus was €300. Furthermore, there was a lack of any evidence to support the idea that the site’s benefits are inferior goods. In light of this, and of the high use-values associated with the site, the conclusion drawn from the analysis is that future development plans should prioritise the health of the local ecosystem before other quality improving measures.
    Keywords: coastal, fishery, benefit cost, consumer surplus, TCM, travel cost, Agricultural and Food Policy, Environmental Economics and Policy, Q220, Q260,
    Date: 2016–04
  242. By: Kuek, Tai Hock
    Abstract: This paper reviews the literature on monetary neutrality in India from empirical perspectives. Based on monetary neutrality proposition, increment in money supply has no effect on real variables in the long-run. In another words, monetary injection into the economy by the government will not trigger or promote real economic growth as in real gross domestic product (GDP) in the long-run. With monetary neutrality proposition, effectiveness of the current monetary policies in an economy can be examined. For the case of India, mixed results have been obtained on the issue of monetary neutrality.
    Keywords: Monetary neutrality, literature review, India
    JEL: E4
    Date: 2016–06–13
  243. By: Kristin Forbes; Dennis Reinhardt; Tomasz Wieladek
    Abstract: Have bank regulatory policies and unconventional monetary policies—and any possible interactions—been a factor behind the recent “deglobalisation” in cross-border bank lending? To test this hypothesis, we use bank-level data from the UK—a country at the heart of the global financial system. Our results suggest that increases in microprudential capital requirements tend to reduce international bank lending and some forms of unconventional monetary policy can amplify this effect. Specifically, the UK’s Funding for Lending Scheme (FLS) significantly amplified the effects of increased capital requirements on cross-border lending. Quantitative easing did not appear to have a similar effect. We find that this interaction between microprudential regulations and the FLS can explain roughly 30% of the contraction in aggregate UK cross-border bank lending between mid-2012 and end-2013, corresponding to around 10% of the global contraction in cross-border lending. This suggests that unconventional monetary policy designed to support domestic lending can have the unintended consequence of reducing foreign lending.
    JEL: G21 G28
    Date: 2016–06
  244. By: Alejandro Esteller (Institute for Fiscal Studies and Barcelona Economics Institute, University of Barcelona); Amedeo Piolatto (Institute for Fiscal Studies and Barcelona Economics Institute, University of Barcelona); Matthew Rablen (Institute for Fiscal Studies and Brunel University)
    Abstract: The taxation of high-income earners is of importance to every country and is the subject of a considerable amount of recent academic research. Such high-income earners contribute substantial amounts of tax and generate signifi cant positive spillovers, but are also highly mobile: a 1% increase in the top marginal income tax rate increases out-migrations by around 1.5 to 3%. We review research into taxation of high-income earners to provide a synthesis of existing theoretical and empirical understanding. We o ffer various avenues for potential future theoretical and empirical research.
    Keywords: high-income earners, mobility, tax avoidance
    Date: 2016–04–22
  245. By: Asongu, Simplice; Nwachukwu, Jacinta C.
    Abstract: Motivated by the April 2015 World Bank Publication on MDGs which reveals that poverty has been declining in all regions of the world with the exception of African countries, this study investigates the effects of a plethora of foreign aid dynamics on inequality adjusted human development. Contemporary and non-contemporary OLS, Fixed-effects and a system GMM technique with forward orthogonal deviations are employed. The empirical evidence is based on an updated sample of 53 African countries for the period 2005-2012.The following findings are established. First, the impacts of aid dynamics with high degrees of substitution are positive. These include aid for: social infrastructure, economic infrastructure, the productive sector and multi-sectors. Second, the effect of humanitarian assistance is consistently negative across specifications and models. Third, the effects of programme assistance and action on debt are ambiguous because they become positive with the GMM technique. Justifications for these changes and clarifications with respect to existing literature are provided. Policy implications are discussed in the light of the post-2015 development agenda. We also provide some recommendations for a rethinking of theories and models on which development assistance is based.
    Keywords: Foreign Aid; Political Economy; Development; Africa
    JEL: B20 F35 F50 O10 O55
    Date: 2015–12
  246. By: Saglam, Ismail
    Abstract: This paper studies whether a Cournot oligopoly with unknown costs should be left unregulated, or regulated according to the optimal mechanism of Gradstein (1995), or first monopolized and then regulated according to the optimal mechanism of Baron and Myerson (1982). We show that the answer to this question depends on the number of the oligopolistic firms and the size of their fixed costs, as well as on the weight of the producer welfare in the social objective function.
    Keywords: Monopoly; Oligopoly; Cournot Competition; Regulation; Asymmetric Information
    JEL: D82 L51
    Date: 2016–06–06
  247. By: Cestone, Giacinta; Fumagalli, Chiara; Kramarz, Francis; Pica, Giovanni
    Abstract: We investigate how Internal Labor Markets (ILMs) allow organizations to accommodate shocks calling for costly labor adjustments. Using data on workers' mobility within French business groups, we find that adverse shocks affecting affiliated firms boost the proportion of workers redeployed to other group units rather than external firms. This effect is stronger when labor regulations are stricter and destination-firms are more efficient or enjoy better growth opportunities. Affiliated firms hit by positive shocks rely on the ILM for new hires, especially high-skilled workers. Overall, ILMs emerge as a co-insurance mechanism within organizations, providing job stability to employees as a by-product.
    Keywords: Business Groups; Co-Insurance; Internal Labor Markets
    JEL: G30 J08 J40 L22
    Date: 2016–06
  248. By: OECD
    Abstract: This report presents a framework for analysing Internet openness, the factors that influence it, and its effects. It also presents initial qualitative and quantitative evidence on the effects of Internet openness. Among the key findings are that Internet openness consists of many technical, economic and social elements and that overall openness is vital for reaping the Internet’s potential benefits. Those benefits include positive effects on trade, innovation and entrepreneurship, macroeconomic performance, and social wellbeing. However, openness also presents challenges, as bad actors sometimes take advantage of it when conducting malicious activities. While the global, decentralised and interconnected nature of the Internet prevents individual countries from determining openness unilaterally, governments nevertheless take policy actions that can affect openness. Policymakers should bear in mind that even though there are legitimate reasons for setting certain boundaries, drifting away from a general preference for Internet openness is economically and socially costly.
    Date: 2016–06–17
  249. By: Alexander Schied; Leo Speiser; Iryna Voloshchenko
    Abstract: We use functional pathwise It\=o calculus to prove a strictly pathwise version of the master formula in Fernholz' stochastic portfolio theory. Moreover, the portfolio-generating function may depend on the entire history of the asset trajectories and on an additional continuous trajectory of bounded variation. Our results are illustrated by several examples and shown to work on empirical market data.
    Date: 2016–06
  250. By: Gilberto Tadeu Lima (Department of Economics, University of São Paulo); Mark Setterfield (Department of Economics, New School for Social Research)
    Abstract: A central element in the canonical Kaleckian growth model is the demand-led output-adjustment stability condition known as the Keynesian stability condition. This condition requires that, all else constant, saving be more responsive to changes in capital capacity utilization than investment. This paper further explores the plausibility of the Keynesian stability condition by enriching the Kaleckian growth model with a more fully developed Keynesian theory of expectations formation. As a result, the responsiveness of investment to changes in capacity utilization is reduced, and through mechanisms that have clear and plausible behavioural underpinnings. It therefore becomes more likely (in principle) that the Keynesian stability condition will hold in practice. The paper also explores the consequences of such re-specification of investment behaviour for certain comparative static results associated with the canonical Kaleckian growth model.
    Keywords: Keynesian stability condition, expectations, Kaleckian growth model
    JEL: B50 E12 E22
    Date: 2016–04
  251. By: Takashi Kunimoto; Roberto Serrano
    Abstract: We come close to characterizing the class of social choice correspondences that are implementable in rationalizable strategies. We identify a new condition, which we call set-monotonicity, and show that it is necessary and almost sufficient for rationalizable implementation. Set-monotonicity is much weaker than Maskin monotonicity, which is the key condition for Nash implementation and which also had been shown to be necessary for rationalizable implementation of social choice functions. Set-monotonicity reduces to Maskin monotonicity in the case of functions. We conclude that the conditions for rationalizable implementation are not only starkly different from, but also much weaker than those for Nash implementation, when we consider social choice correspondences.
    Date: 2016
  252. By: Luigi Butera (Becker Friedman Institute for Research in Economics (BFI), Department of Economics, University of Chicago); Daniel Houser (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University)
    Abstract: Philanthropy, and particularly ensuring that ones giving is effective, can require substantial time and effort. One way to reduce these costs, and thus encourage greater giving, could be to encourage delegation of giving decisions to better-informed others. At the same time, because it involves a loss of agency, delegating these decisions may produce less warm-glow and thus reduce one’s charitable impulse. Unfortunately, the importance of agency in charitable decisions remains largely unexplored. In this paper, using a laboratory experiment with real donations, we shed light on this issue. Our main finding is that agency, while it does correlate with self-reported warm-glow, nevertheless seems to play a small role in encouraging giving. In particular, people do not reduce donations when giving decisions are made by (costly) algorithms that guarantee efficient recipients. Moreover, we find participating in giving groups a weaker form of delegation is also effective in that they are appealing to donors who would not otherwise make informed donations, and thus improves overall effective giving. Our results suggest that one path to promoting effective giving may be to create institutions that facilitate delegated generosity.
    Keywords: Altruism, Laboratory Experiment, Agency, Charitable Giving
    JEL: C9 D64 D71
    Date: 2016–06
  253. By: Claude Diebolt; Ralph Hippe
    Abstract: In a recent contribution, Redding and Schott (2003) add human capital to a two sector NEG model, highlighting that remoteness represents a penalty that gives disincentives to invest in human capital. But is this hypothesis consistent with long-term evidence? We test the persistence of this effect at the regional level in an historical setting. The results show that market access has a significant positive influence on human capital in OLS, Tobit and IV regression models. Thus, the paper confirms the ‘penalty of remoteness’ hypothesis for Europe in the long run.
    Keywords: Human Capital, New Economic Geography, Regional Development, Market Access.
    JEL: I21 N33 N93 R11
    Date: 2016
  254. By: Allan, Corey; Kerr, Suzi
    Keywords: Land Economics/Use,
    Date: 2016–02
  255. By: Freebairn, John
    Abstract: The paper reviews the contribution of Australian economists to understand the effects of a boom export industry on: the real exchange rate; output, prices and factor incomes of the boom industry, other trade exposed industries and non-traded industries; and national income and its distribution. Theoretical models and empirical models are reviewed. Differences in boom economy effects are considered for supply side versus demand side driven booms, and over the different price increase, investment increase and production increase phases of the boom. Some evaluation of government industry and macroeconomic policy options is canvassed.
    Keywords: Production Economics,
    Date: 2016–02
  256. By: Andersen, Thomas Barnebeck (Department of Business and Economics); Barslund, Mikkel (Centre for European Policy Studies); Vanhuysse, Pieter (Department of Political Science and Public Management)
    Abstract: We ask whether EU membership has been associated with increased domestic economic growth. Using different causal identification strategies, different time periods, different country samples, and different datasets, we are unable to demonstrate the presence of a membership growth premium. This may reflect that GDP data are too noisy and/or causal identification too complicated, in which case we should remain agnostic about the EU’s growth impact. Alternatively, it may reflect that EU membership simply has no effect on prosperity.
    Keywords: EU membership; economic growth; single market
    JEL: F43 F45 O40 P20
    Date: 2016–06–08
  257. By: Nordquist, Dale W.; Nitchie, Donald L.; Paulson, Garen J.; Knorr, Tonya L.; Froslan, Janet M.; VanderPoel, Connie
    Keywords: Agricultural Finance, Farm Management, Productivity Analysis,
    Date: 2016
  258. By: Anais Maillet
    Abstract: Among other factors, food markets volatility has been explained by variations in production originating either in exogenous shocks affecting crops or in errors in anticipations due to non-rational expectations. We propose an alternative source of variations based on acreage decisions from rational farmers subject to imperfect information on shocks. Depending on the type of shock, more precise information does not necessarily reduce food price volatility. With a shock on input prices for example, the price is only indirectly affected by the shock through aggregate supply. In that case better information increases production and price volatility. However if the price is also directly affected by the shock then the effect of information can be reversed. With a global production or demand shock, we show that more information reduces price volatility, which implies that forecasts about climate, pests, diets, biofuel policies, etc. can help preventing excessive food price variations.
    JEL: F13 I38 Q11 Q17 Q18
    Date: 2015–12
  259. By: Waśniewski, Krzysztof
    Abstract: The present paper aims at assessing the possible efficiency of the principle of national contributions, assumed in the 2015 Paris Framework Convention on Climate Change. Strong historical evidence indicates that any significant development of constitutional states used to take place, in the past, on the rising tide of demographic growth. Presently, we are facing global demographic slowdown, and contesters argue that constitutional states are not the right address to write to if we want breakthrough technological change. This paper assumes that the capacity of constitutional states to carry out the obligations declared in the Framework Convention, i.e. to carry out deep technological changes in the global economy, depends on their economic power, which can be estimated as their capacity to appropriate capital. Empirical data, examined in this article, indicates that since the 1980s, constitutional states have been losing their economic power, and that the overall technological progress is more and more disconnected from that economic power of governments. Moreover, constitutional states seem to be losing their capacity to experiment with their own institutions.
    Keywords: Institutions; constitutional state; political economy
    JEL: B0 B5 H0 H1 H3 H8
    Date: 2016–05–25
  260. By: Fouarge, D. (Research Centre for Educ and Labour Mark); Dijksman, S. (Research Centre for Educ and Labour Mark; Externe publicaties SBE)
    Abstract: De Beroepenindeling ROA CBS 2014 (afgekort BRC 2014) die in dit document wordt toegelicht is een van de International Standard Classification of Occupations 2008 (ISCO 2008) afgeleide indeling bedoeld voor toepassing in analyses en statistieken op nationaal niveau. De BRC 2014 is tot stand gekomen na overleg tussen de organisaties ROA en CBS.
    Date: 2015–01–01
  261. By: Bo Xiong; John C. Beghin (Center for Agricultural and Rural Development (CARD))
    Abstract: A possible Trans-Atlantic Trade and Investment Partnership (TTIP) agreement will further integrate agricultural markets between the United States and the European Union. The elimination of tariffs and cooperation on sanitary and phytosanitary measures will promote cross-Atlantic trade. We empirically estimate the impacts of tariffs and Maximum Residue Limits (MRLs) on trade in plant products between the two partners. Furthermore, we simulate trade expansions under plausible negotiation outcomes. We find that a TTIP agreement promotes cross-Atlantic trade in plant products, in both directions, by over 60% if tariffs are removed and MRLs are mutually recognized or harmonized to Codex levels.
    Keywords: Trans-Atlantic Trade and Investment Partnership, TTIP, maximum residue limit, MRL, sanitary and phytosanitary measures, tariff, trade agreement, NTM JEL: Q17, F15
    Date: 2016–06
  262. By: Esteban Ezequiel Maito
    Abstract: El presente trabajo analiza la acumulación de capital en Argentina durante el último siglo. A lo largo del mismo se observa un sostenido descenso de la tasa de ganancia, explicado principalmente por el crecimiento de la composición del capital y la tendencia a la sobreacumulación relativa de capital. Se presenta, tanto para la tasa de ganancia como para la composición de valor del capital, un análisis de la evolución de sus principales componentes. En el marco de una tendencia a la sobreacumulación de capital fijo respecto al valor agregado, la participación de las ganancias en el producto muestra una tendencia descendente debido al incremento tendencial del consumo de capital fijo y los impuestos netos y, hasta la última dictadura, de la participación asalariada.
    Keywords: Argentina; Acumulación de capital; Distribución funcional; Tasa de ganancia; Composición del capital
    JEL: E01 E22 P10
    Date: 2015–12–30
  263. By: The Evaluation Partnership and Ramboll
    Abstract: The overall aim of the present study was to contribute to and complete the Performance Measurement Framework already partially drafted by the Commission in order to enable the measurement of the Customs and Fiscalis 2020 programmes’ implementation, processes and results using a comprehensive, detailed and feasible monitoring system
    Keywords: European Union, Perfomance Measurement Framework, tax policy, customs policy, Customs2020, Fiscalis2020
    Date: 2015–10
  264. By: Alexei Onatski; Chen Wang
    Abstract: Johansen’s (1988, 1991) likelihood ratio test for cointegration rank of a Gaussian VAR depends only on the squared sample canonical correlations between current changes and past levels of a simple transformation of the data. We study the asymptotic behavior of the empirical distribution of those squared canonical correlations when the number of observations and the dimensionality of the VAR diverge to infinity simultaneously and proportionally. We find that the distribution almost surely weakly converges to the so-called Wachter distribution. This finding provides a theoretical explanation for the observed tendency of Johansen’s test to find “spurious cointegration”. It also sheds light on the workings and limitations of the Bartlett correction approach to the over-rejection problem. We propose a simple graphical device, similar to the scree plot, for a preliminary assessment of cointegration in high-dimensional VARs.
    Date: 2016–06–15
  265. By: Grégoire ROTA-GRAZIOSI (Centre d'Etudes et de Recherches sur le Développement International(CERDI))
    Abstract: Pareto-improving tax coordination, and even tax harmonization, are Nash implementable between sovereign countries without any supranational tax authorities. Following Schelling's approach, we consider voluntary commitment, which constrains countries' respective tax rate choices. We develop a commitment game where countries choose their strategy sets in preliminary stages and play consistently during the final one. We determine the set of tax rates, which are implementable by commitment. This allows countries to reach Pareto-improving equilibriums. We also establish that complete tax harmonization may emerge as the subgame perfect Nash equilibrium of the commitment game as long as the asymmetry between countries remains limited. Our analysis contributes to the rationale of tax ranges and, more broadly, of non binding but self-enforcing commitments (not equivalent to cheap talk) in the context of tax competition.
    Keywords: Tax coordination, Commitment.
    JEL: C72 H30
    Date: 2016–06
  266. By: Faia, Ester
    Abstract: Data show that sovereign risk reduces liquidity, increases funding cost and risk of banks highly exposed to it. A feedback loop exists between sovereign and bank risk. I build a model that rationalizes those links. Banks act as delegated monitors and invest in risky projects and in risky sovereign bonds. As investors hear rumors of increased sovereign risk, they run the bank (via global games). Banks could rollover liquidity in repo market using government bonds as collateral, but as sovereign risk raises collateral values shrink. Overall banks' liquidity falls (its cost increases) and so does banks' credit. In this context noisy news (announcements with signal extraction) of consolidation policy are recessionary in the short run, as they contribute to investors and banks pessimism, and mildly expansionary in the medium run. The banks liquidity channel plays a major role in the fiscal transmission.
    Keywords: banks' funding costs; feedback loops; liquidity risk; repo freezes.; sovereign risk
    JEL: E5 E6 G3
    Date: 2016–06
  267. By: van der Velden, R.K.W. (Research Centre for Educ and Labour Mark); van der Maas, H. (External organisation)
    Abstract: De Programmaraad voor fundamenteel onderwijsonderzoek (PROO) van het Nationaal Regieorgaan Onderwijsonderzoek (NRO) heeft in het najaar van 2013 een commissie ingesteld met als opdracht de PROO te adviseren over de toekomst van het door de PROO gefinancierde cohortonderzoek. Aanleiding is het feit dat de subsidieperiode voor het lopende cohortonderzoek COOL5-18 (vanaf nu aangeduid als COOL) in 2016 afloopt. De vraag aan de commissie was of en zo ja op welke wijze hieraan in 2017 een vervolg dient te worden gegeven.
    Date: 2015–01–01
  268. By: Xu, Kun; Gua, Zhi-hua; Xu, Wenli
    Abstract: Taking Anhui province as an example, this paper analyzes economic effects of fiscal investment from local government. Firstly, results from analyzing structure of fiscal investment show that: the major part of fiscal investment is supply of public goods and services, in particular infrastructure and social management; local government prefers domestic firms more, in special national and private enterprise. Further, results of panel model, based on industries, shows that: fiscal investment restrains production; scales of fiscal investment exert little impact on growth. It implies that increasing incomes, decelerating pubic investment, and deregulating production decision are potential approaches to spur persistent growth.
    Keywords: Fiscal Investment; Public Goods; Economic Growth; Nation-Owned Firms
    JEL: H54
    Date: 2016–04
  269. By: Tyrefors Hinnerich, Bjorn (Dept. of Economics, Stockholm University); Vlachos, Jonas (Dept. of Economics, Stockholm University)
    Abstract: Sweden has a school voucher system with universal coverage and full acceptance of corporate providers. Using a value added approach, we find that students at upper- secondary voucher schools on average score 0.06 standard deviations lower on externally graded standardized tests in first year core courses. The negative impact is larger among lower achieving students (but not among immigrant students), the same students who are most prone to attend voucher schools. For high achieving students, the voucher school impact is around zero. Comparing internal and external evaluations of the same standardized tests, we find that voucher schools are 0.14 standard deviations more generous than municipal schools in their internal test grading. The greater leniency in test grading is relatively uniform across different groups, but more pronounced among students at academic than vocational programs. The findings are consistent with voucher schools responding more to differences in educational preferences than municipal schools.
    Keywords: Voucher schools; student achievement; grading standards
    JEL: H40 I21 I22
    Date: 2016–06–01
  270. By: Miguel García-Posada (Banco de España); Raquel Vegas (Banco de España)
    Abstract: Traditionally, bankruptcy procedures in Spain have been lengthy and costly processes that have nearly always (95%) resulted in the liquidation of the insolvent firm. These dysfunctions became apparent with the large increase in bankruptcy filings during the crisis that started in 2008 and the ensuing congestion of the courts. In order to resolve these and other problems, the Bankruptcy Law has been reformed several times. The goal of this research is to analyse the impact of these reforms on two facets: the length of bankruptcy procedures and the probability of achieving a successful reorganisation, hence avoiding the firm’s liquidation. Our findings show that two of the four reforms analysed increased the percentage of reorganisations and decreased bankruptcy duration through improving the quality of insolvency administrators and by fostering out-of-court workouts for large corporations.
    Keywords: bankruptcy, reorganisation, liquidation, duration analysis, competing risks
    JEL: G33 C41 K22
    Date: 2016–06
  271. By: Giammario Impullitti; Omar Licandro
    Abstract: We study the welfare gains originating from pro-competitive effects of trade liberalization in an economy with heterogeneous firms, variable markups and endogenous growth. Variable markups arise from oligopoly trade in similar goods, and cost-reducing innovation is the engine of sustained productivity growth. Trade liberalization stiffens product market competition by reducing markups, generating tougher firm selection and increasing the aggregate productivity level. Market share reallocations triggered by selection increase firms’ incentives to innovate, thereby leading to a higher aggregate productivity growth rate. Endogenous productivity growth boosts the selection gains from trade, leading to substantial welfare improvements. A calibrated version of the model shows that growth doubles the gains from trade obtainable in models with static firm-level productivity.
    Keywords: Endogenous Growth, Heterogeneous Firms, Oligopoly, Variable Markups, Dynamic Gains from Trade.
    Date: 2016
  272. By: -
    Abstract: Con este trabajo sobre las cuentas de los hogares, los autores desean reafirmar el potencial analítico de la contabilidad nacional para describir e interpretar la estructura y el comportamiento de uno de los sectores más importantes de la economía, motor de la demanda y a la vez generador de una parte considerable de la producción nacional, al menos en América Latina y el Caribe. Además, este sector es beneficiario en última instancia de las rentas de la propiedad y de la empresa y fuente de un importante excedente que impulsa los mecanismos de acumulación social en los países de la región. En el documento se rescatan varias sugerencias del informe de la Comisión Stiglitz, en particular la necesidad de enfocar con mayor atención la medición del ingreso y del consumo de los hogares para comprender los aspectos relacionados con la distribución del ingreso y de la riqueza, el bienestar humano y el desarrollo sostenible. En el texto se describen los elementos fundamentales de las encuestas de ingresos y gastos de los hogares, así como la arquitectura de las cuentas de este sector institucional de acuerdo con el Sistema de Cuentas Nacionales 2008 (SCN 2008).
    Date: 2016–03
  273. By: Andersson, Tommy (Department of Economics, Lund University); Kratz , Jörgen (Department of Economics, Lund University)
    Abstract: This paper investigates a pairwise kidney exchange program that includes patient-donor pairs in which the patients can receive a kidney across the blood group barrier from their own donors. Patients in such pairs gain strictly by an exchange if they are matched to a fully compatible donor. We study the set of priority matchings where the number of patients matched to fully compatible donors is maximized among all priority matchings and where all matched patients that can receive a kidney across the blood group barrier from their own donors are matched to fully compatible donors. The main result demonstrates that matchings in this set can be identified by solving an appropriately defined maximum weight matching problem. It is also demonstrated that the inclusion of patients that can receive a kidney across the blood group barrier from their own donors will not reduce the number of transplants for patients with incompatible donors, as all patients involved in an exchange before the inclusion are still involved in an exchange after the inclusion.
    Keywords: market design; pairwise kidney exchange; blood group incompatibility; priority matchings; half-compatibility priority matchings
    JEL: C78 D02 D63 D78
    Date: 2016–06–17
  274. By: Tapsuwan, Sorada; Mathot, Claire; Walker, Iain
    Keywords: Community/Rural/Urban Development, Consumer/Household Economics, Environmental Economics and Policy,
    Date: 2016–02
  275. By: Ireneaus Wolff
    Abstract: Most social-preference models have been tailored to yield only a full-defection equilibrium in one-shot linear public-good situations. This paper determines the Nash-equilibrium sets that result from experiment participants’ elicited preferences. The data show that multiple equilibria are relatively frequent even in a standard three-player setting. In this perspective, the common finding of close-to-omnilateral defection at the end of repeated public-good games is surprising and raises the question of why the dynamics of play seem to select this equilibrium out of the existing equilibria.
    Keywords: Public good, social dilemma, Nash-equilibrium, conditional cooperation, social preferences
    Date: 2016
  276. By: Paolo Barucca; Marco Bardoscia; Fabio Caccioli; Marco D'Errico; Gabriele Visentin; Stefano Battiston; Guido Caldarelli
    Abstract: We introduce a network valuation model (hereafter NEVA) for the ex-ante valuation of claims among financial institutions connected in a network of liabilities. Similar to previous work, the new framework allows to endogenously determine the recovery rate on all claims upon the default of some institutions. In addition, it also allows to account for ex-ante uncertainty on the asset values, in particular the one arising when the valuation is carried out at some time before the maturity of the claims. The framework encompasses as special cases both the ex-post approaches of Eisenberg and Noe and its previous extensions, as well as the ex-ante approaches, in the sense that each of these models can be recovered exactly for special values of the parameters. We characterize the existence and uniqueness of the solutions of the valuation problem under general conditions on how the value of each claim depends on the equity of the counterparty. Further, we define an algorithm to carry out the network valuation and we provide sufficient conditions for convergence to the maximal solution.
    Date: 2016–06
  277. By: OECD
    Abstract: Many cars sold today are already capable of some level of automated operation, and prototype cars capable of driving autonomously have been - and continue to be - tested on public roads in Europe, Japan and the United States. These technologies have arrived rapidly on the market and their future deployment is expected to accelerate. Autonomous driving promises many benefits: improved safety, reduced congestion and lower stress for car occupants, among others. Authorities will have to adapt existing rules and create new ones in order to ensure the full compatibility of these vehicles with the public’s expectations regarding safety, legal responsibility and privacy. This report explores the strategic issues that will have to be considered by authorities as more fully automated and ultimately autonomous vehicles arrive on our streets and roads.
    Date: 2015–04–01
  278. By: Marzinotto, Benedicta (University of Udine); Turrini, Alessandro (European Commission)
    Abstract: This paper assesses the relationship between government and manufacturing wages. We find that the long-run relation between the two wages is stronger when the government is a large employer. Manufacturing wages are better aligned with productivity and unemployment when public wages, to which they respond, are set through bargaining. Finally, manufacturing wages react in the same way whether public wages are increased or cut, a relation that seems to hold also under fiscal consolidation provided the public sector is a large employer.
    Keywords: government wages, wage-setting, cost competitiveness, fiscal consolidation, cointegration
    JEL: C32 E24 E62 H59
    Date: 2016–05
  279. By: Swati Dhingra; Gianmarco Ottaviano; John Van Reenen; Jonathan Wadsworth
    Abstract: A major argument of Brexit campaigners is that leaving the European Union would give the UK more control over the flow of immigrants, who they claim hurt the jobs and pay of native-born workers. CEP research shows that EU immigration is at worst neutral and at best, an economic benefit of membership.
    Keywords: immigration, EU Referendum, jobs, wages, UK economy, Brexit
    Date: 2016–06
  280. By: Börsch-Supan, Axel; Quinn, Christopher (Munich Center for the Economics of Aging (MEA))
    Abstract: The paper motivates and describes the tax treatment of German retirement benefits and pensions after the 2005 reform initiated by the German Federal Constitutional Court. The main question is whether this reform has produced a “level playing field†among the many instruments generating retirement income in Germany. The paper briefly outlines rational principles for the taxation of retirement benefits and pensions and compares these with current practice in Germany and abroad.
    Date: 2015–11–27
  281. By: Karim El Mokri; Tayeb Ghazi
    Abstract: Le bassin Atlantique occupe une place stratégique dans l’économie mondiale vu le poids systémique que représente la partie Nord de la région. Néanmoins, cet espace demeure très hétérogène avec des écarts importants entre les économies qu’il englobe. Les analyses menées dans ce Brief montrent également le manque de synchronisation du cycle économique entre les pays de la région mais surtout le faible degré d’intégration commerciale et financière de la partie africaine du bassin. En outre, il est constaté que les pays africains continuent de pâtir d’une faible intégration entre eux. Ces éléments militent certes, vers la nécessité pour l’Afrique d’identifier les opportunités qu’offre l’espace atlantique et de les saisir, mais surtout d’accélérer les réformes domestiques pour accroître leurs capacités productives, exploiter les complémentarités économiques potentielles au niveau infra-africain, tout en accordant une attention particulière aux mutations de l’économie mondiale eu égard au rôle que peut jouer l’Asie dans les années à venir.
    Keywords: atlantique, développement, économie, Afrique, croissance, PIB, intégration, exportation, importation
    Date: 2016–06
  282. By: Alisdair McKay; Ricardo Reis
    Abstract: Should the generosity of unemployment benefits and the progressivity of income taxes depend on the presence of business cycles? This paper proposes a tractable model where there is a role for social insurance against uninsurable shocks to income and unemployment, as well as inefficient business cycles driven by aggregate shocks through matching frictions and nominal rigidities. We derive an augmented Baily-Chetty formula showing that the optimal generosity and progressivity depend on a macroeconomic stabilization term. Using a series of analytical examples, we show that this term typically pushes for an increase in generosity and progressivity as long as slack is more responsive to social programs in recessions. A calibration to the U.S. economy shows that taking concerns for macroeconomic stabilization into account raises the optimal unemployment benefits replacement rate by 13 percentage points but has a negligible impact on the optimal progressivity of the income tax. More generally, the role of social insurance programs as automatic stabilizers affects their optimal design.
    JEL: E62 H21 H30
    Date: 2016–06
  283. By: Thesmar, David; Brunnermeier , Markus K; Garicano , Luis; Lane, Philip R; Pagano , Marco; Reis, Ricardo; Santos , Tano; Van Nieuwerburgh , Stijn; Vayanos , Dimitri
    Abstract: We propose a simple model of the sovereign-bank diabolic loop, and establish four results. First, the diabolic loop can be avoided by restricting banks’ domestic sovereign exposures relative to their equity. Second, equity requirements can be lowered if banks only hold senior domestic sovereign debt. Third, such requirements shrink even further if banks only hold the senior tranche of an internationally diversified sovereign portfolio – known as ESBies in the euro-area context. Finally, ESBies generate more safe assets than domestic debt tranching alone; and, insofar as the diabolic loop is defused, the junior tranche generated by the securitization is itself risk-free.
    Keywords: diabolic loop; sovereign debt crisis; government default; bank default; bailout; ESBies
    JEL: G18 G21
    Date: 2016–05–12
  284. By: Peter K. Kruse-Andersen (Department of Economics, University of Copenhagen)
    Abstract: A Schumpeterian growth model is developed to investigate how environmental policy affects economic growth when environmental policy also affects the direction of technical change. In contrast to previous models, production and pollution abatement technologies are embodied in separate intermediate good types. A set of stylized facts related to pollution emission, environmental policy, and pollution abatement expenditures is presented, and it is shown that the developed model is consistent with these stylized facts. It is shown analytically that a tightening of the environmental policy unambiguously directs research efforts toward pollution abatement technologies and away from production technologies. This directed technical change reduces economic growth and pollution emission growth. Simulation results indicate that even large environmental policy reforms have small economic growth effects. However, these economic growth effects have relatively large welfare effects which suggest that static models and exogenus growth models leave out an important welfare effect of environmental policy.
    Keywords: Directed technical change, endogenous growth, pollution, environmental policy, Schumpeterian growth model
    JEL: O30 O41 O44 Q55 Q58
    Date: 2016–06–14
  285. By: Roberta De Filippis (Institute for Fiscal Studies); Antonio Guarino (Institute for Fiscal Studies); Philippe Jehiel (Institute for Fiscal Studies); Toru Kitagawa (Institute for Fiscal Studies and cemmap and University College London)
    Abstract: We present a novel experimental design to study social learning in the laboratory. Subjects have to predict the value of a good in a sequential order. We elicit each subject’s belief twice: first (“prior belief”), after he observes his predecessors’ action; second (“posterior belief”), after he observes a private signal on the value of the good. We are therefore able to disentangle social learning from learning from a private signal. Our main result is that subjects update on their private signal in an asymmetric way. They weigh the private signal as a Bayesian agent would do when the signal confirms their prior belief; they overweight the signal when it contradicts their prior belief. We show that this way of updating, incompatible with Bayesianism, can be explained by ambiguous beliefs (multiple priors on the predecessor’s rationality) and a generalization of the Maximum Likelihood Updating rule.
    Keywords: Social learning
    Date: 2016–05–09
  286. By: Santiago Gamba-Santamaria; Jose Eduardo Gomez-Gonzalez (Banco de la República de Colombia); Luis Fernando Melo-Velandia (Banco de la República de Colombia); Jorge Luis Hurtado-Guarin (Banco de la República de Colombia)
    Abstract: We extend the framework of Diebold and Yilmaz [2009] and Diebold and Yilmaz [2012] and construct volatility spillover indexes using a DCC-GARCH framework to model the multivariate relationships of volatility among assets. We compute spillover indexes directly from the series of asset returns and recognize the time-variant nature of the covariance matrix. Our approach allows for a better understanding of the movements of financial returns within a framework of volatility spillovers. We apply our method to stock market indexes of the United States and four Latin American countries. Our results show that Brazil is a net volatility transmitter for most of the sample period, while Chile, Colombia and Mexico are net receivers. The total spillover index is substantially higher between 2008Q3 and 2012Q2, and shock transmission from the United States to Latin America substantially increased around the Lehman Brothers’ episode. Classification JEL: G01, G15, C32
    Keywords: Volatility spillovers, DCC-GARCH model, Stock market linkages, financial crisis
    Date: 2016–05
  287. By: Calzolari, Giacomo; Colliard, Jean-Edouard; Lóránth, Gyöngyi
    Abstract: We study the supervision of multinational banks (MNBs), allowing for either national or supranational supervision. National supervision leads to insufficient monitoring of MNBs due to a coordination problem between supervisors. Supranational supervision solves this problem and generates more monitoring. However, this increased monitoring can have unintended consequences, as it also affects the choice of foreign representation. Indeed, supranational supervision encourages MNBs to expand abroad using branches rather than subsidiaries, resulting in more pressure on their domestic deposit insurance fund. In some cases, it discourages foreign expansion altogether, so that financial integration paradoxically decreases. Our framework has implications on the design of supervisory arrangements for MNBs, the European Single Supervisory Mechanism being a prominent example.
    Keywords: Banking Union; Cross-border banks; Monitoring; Multinational banks; regulation; Supervision
    JEL: F23 G21 G28 L51
    Date: 2016–06
  288. By: Aomar Ibourk
    Abstract: La vision stratégique 2015-2030 constitue une innovation dans le domaine éducatif marocain. Contrairement aux réformes précédentes, cette vision aborde à des problèmes qui ont été longtemps occultés. Parmi ces problèmes figure la qualité de l’enseignement. Si cette dernière meublait toujours les programmes des anciennes réformes, elle est considérée comme l’une des priorités de cette nouvelle vision. L’objectif du présent Policy Brief est de dresser un état des lieux des acquis scolaires, partie intégrante de la qualité de l’enseignement, des élèves inscrits en quatrième année du primaire. Nous nous appuyions sur les enquêtes « Trends in Mathematics and Science Study » (TIMSS) et « Progress In Reading and Literacy Study » (PIRLS) auxquelles le Maroc a participé. La finalité consiste à mettre en lumière les déficits accumulés tout au long de ces dernières années.
    Keywords: éducation, Maroc, enseignement, réforme, TIMSS, PIRLS, lecture, mathématique, alphabétisation
    Date: 2016–05
  289. By: Izryadnova, Olga (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)
    Abstract: The paper examines the following issues: the basic tendencies of development of modern gambling market; general and specific features of the legal regulation of the organization and conduct of gambling; the basic principles of the creation, management and regulation of activities of the organization and conduct of gambling; mechanism of regulation of the activity of gambling zones.
    Keywords: gambling market, gambling zones, legal regulation
    Date: 2016–04–14
  290. By: Fabiana Gómez (University of Bristol); Jorge Ponce (Banco Central del Uruguay)
    Abstract: We formally compare the effects of minimum capital requirements, capital buffers, liquidity requirements and loan loss provisions on the incentives of bankers to exert effort and take excessive risk. We find that these regulations impact differently the behavior of bankers. In the case of investment banks, the application of capital buffers and liquidity requirements makes it more difficult to achieve the first best solution. In the case of commercial banks, capital buffers, reserve requirements and traditional loan loss provisions for expected losses provide adequate incentives to bank managers, although the capital buffer is the most powerful instrument. Counter-cyclical (so-called dynamic) loan loss provisions may provide bank managers with incentives to gamble. The results inform policy makers in the ongoing debate about the harmonization of banking regulation and the implementation of Basel III.
    Keywords: Banking regulation, minimum capital requirement, capital buffer, liquidity requirement, (countercyclical) loan loss provision, commercial banks, investment banks, bankers' incentives, effort, risk; Regulación bancaria, requerimiento mínimo de capital, colchones de capital, requerimientos de liquidez, provisiones (contracíclicas), bancos comerciales, bancos de inversión, incentivos del banquero, esfuerzo, riesgo
    JEL: G21 G28
    Date: 2015
  291. By: Christian Basteck; Marco Mantovani
    Abstract: Unsophisticated applicants can be at a disadvantage under manipulable and hence strategically demanding school choice mechanisms. Disclosing information on applications in previous admission periods makes it easier to assess the chances of being admitted at a particular school, and hence may level the playing field between applicants who differ in their cognitive ability. We test this conjecture experimentally for the widely used Boston mechanism. Results show that, absent this information, there exists a substantial gap between subjects of higher and lower cognitive ability, resulting in significant differences in payoffs, and ability segregation across schools. The treatment is effective in improving applicants. strategic performance. However, because both lower and higher ability subjects improve when they have information about past demands, the gap between the two groups shrinks only marginally, and the instrument fails at levelling the playing field.
    Keywords: laboratory experiment, school choice, strategy-proofness, cognitive ability, mechanism design
    Date: 2016
  292. By: Juan A. Lacomba (Department of Economic Theory and Economic History, University of Granada.); Francisco M. Lagos (Department of Economic Theory and Economic History, University of Granada.); Ernesto Reuben (Columbia University.); Frans Van Winden (University of Amsterdam.)
    Abstract: In this paper, we study two games of conflict characterized by unequal access to productive resources and finitely repeated interaction. In the Noisy Conflict game, the winner of the conflict is randomly determined depending on a players’ relative conflict expenditures. In the Decisive Conflict game, the winner of the conflict is simply the player who spends more on conflict. By comparing behavior in the two games, we evaluate the effect that “decisiveness” has on the allocation of productive resources to conflict, the resulting inequality in the players’ final wealth, and the likelihood that players from long-lasting peaceful relations..
    Keywords: conflict; decisiveness; inequality; peace; rent seeking
    JEL: D72 D74 C92
    Date: 2016–05–30
  293. By: Shaar, Karam; Zubaidi, Ahmad
    Abstract: The US and China report substantially different figures regarding their trade with each other. Empirical studies suggest that neither the US nor China can be solely blamed for this discrepancy. Previous empirical studies investigating the effects of Yuan depreciation on US-China trade largely retrieved the data from one side only without even citing which side it is. This study extends the literature regarding the dynamic effects of exchange rate on trade balance, known as the J-Curve Theory, by employing the trade data reported by the US and China independently in empirical assessment. We tested 38 trade commodities over the period 1987-2012 and found that: (i) discrepancy in trade data affects the accuracy of testing the J-Curve considerably. (ii) the coefficients suggesting that Yuan depreciation increases the US bilateral trade deficit with China seem much less inconsistent compared with the coefficients claiming the opposite. This applies to short and long run. We propose Mutual Confirmation as a robustness check for the empirical assessment of the J-Curve Theory.
    Keywords: Exchange rate depreciation, Trade data discrepancy, ARDL, US-China trade, Mutual confirmation,
    Date: 2016
  294. By: Uluc Aysun (University of Central Florida, Orlando, FL)
    Abstract: We calculate borrowing spreads for over 8,000 U.S. firms and investigate how these are related to the stance of monetary policy. After 2009, we observe, consistent with credit channel theory, a positive relationship between shadow federal funds rates and borrowing spreads for only firms with high borrowing spreads and low quality. Conversely, we find a negative relationship for firms (of high and low quality) with low borrowing spreads. These relationships are reversed for the period before 2008. Our results uncover the distortional effects of monetary policy. Loose monetary policy causes spreads to converge (diverge) across firms after 2009 (before 2008).
    Keywords: credit channel; zero lower bound; firm-level data; shadow rates
    JEL: E44 E51 E52 G10
    Date: 2016–06
  295. By: Cörvers, Frank (ROA / Human capital in the region); Dijksman, Sander (ROA / Dynamics of the labour market); Fouarge, Didier (ROA / Dynamics of the labour market); Poulissen, Davey (ROA / Training and employment)
    Abstract: Vanwege het toenemend belang van regionale arbeidsmarktinformatie stelt het Researchcentrum voor Onderwijs en Arbeidsmarkt (ROA) van de Universiteit Maastricht sinds 2013 regionale arbeidsmarktprognoses naar opleiding voor Nederland op.1 Deze regionale prognoses zijn afgeleid van en dienen tevens ter aanvulling op de bekende landelijke arbeidsmarktprognoses. Dit technisch rapport geeft de methodiek weer die gevolgd is bij het vertalen van de landelijke arbeidsmarktprognoses van het ROA naar 35 arbeidsmarktregio’s alsook een beknopt overzicht van enkele resultaten ter illustratie van de gehanteerde methodiek. De volledige regionale prognoses zijn beschikbaar via het ArbeidsmarktInformatieSysteem (AIS), waarmee gebruikers zelf op eenvoudige wijze de gewenste tabellen kunnen samenstellen.2 Daarnaast zal het ROA in het najaar van 2016 een publicatie uitbrengen dat gericht is op de resultaten van de regionale prognoses ter aanvulling op de hier gepresenteerde methodiek. Ook zal het ROA middels de regionale arbeidsmarktprognoses een bijdrage leveren aan de Regio in Beeld publicaties van het UWV die voor elke arbeidsmarktregio apart worden uitgebracht (najaar 2016).
    Date: 2016
  296. By: Stefano STAFFOLANI (Università Politecnica delle Marche, Dipartimento di Scienze Economiche e Sociali); Maria Cristina RECCHIONI (Università Politecnica delle Marche, Dipartimento di Management)
    Abstract: This paper presents a theoretical model of enrollment decisions made by high school graduates, under the assumption that their choices are strongly influenced by the educational standard(s), roughly de ned as what students are expected to have learned by the end of the course. Higher standards reduce the probability of graduation but increase the accumulation of human capital and future earnings. The policy maker decides whether standards are set equally for all universities (centralization) or autonomously by each university (decentralization). In the centralized setting, the model establishes relationships among the standards that maximize di erent objectives: graduation, enrollment, and human capital. Speci cally, the standard that maximizes graduation is lower than the one that maximizes enrollment, which, in turn, is lower than the one that maximizes human capital. The decentralized setting may perform worse than the centralized one in terms of these three objectives if moving costs exist, while it always performs worse in terms of inter-generational mobility in education.
    Keywords: Education, University, Standards, Human Capital, Inequality, Regulation of Educational System
    JEL: J24 I21 I23
    Date: 2016–05
  297. By: Christopher Jepsen (University College Dublin); Peter Mueser (University of Missouri-Columbia); Kyung-Seong Jeon (University of Missouri-Columbia)
    Abstract: This paper provides novel evidence on the labor-market returns to proprietary (also called for-profit) postsecondary school attendance. Specifically, we link administrative records on proprietary school attendance with quarterly earnings data for nearly 70,000 students. Because average age at school entry is 30 years of age, and because we have earnings data for five or more years prior to attendance, we estimate a person fixed-effects model to control for time-invariant differences across individuals. By five years after entry, quarterly earnings returns are around 26 percent for men and 21-22 percent for women. Average returns are quite similar for associate’s degree programs and certificate programs, but vary substantially by field of study. Differences in return by gender are completely explained by differences in field of study.
    Keywords: postsecondary education, labor-market returns, proprietary schooling
    JEL: J24 I26
  298. By: Yang, Cathy L; Toubia, Olivier; de Jong, Martijn G
    Abstract: A perennial problem in choice experiments is that consumers may not behave as they would in real life. Incentive alignment, whereby each decision is realized with some probability, is often seen as a solution to this problem. However, if processing information is costly, incentive-alignment should not be enough to motivate participants to process choice-relevant information as carefully as they would if the decision was to be realized with certainty. Moreover, the probability that a choice will be realized influences its psychological distance, which should have a systematic impact on the type of alternatives chosen by consumers. We empirically investigate how incentives impact attention, information processing, and choice. We vary the probability that the respondent’s choice will be realized from 0 (hypothetical) to 0.01, 0.50, 0.99, and 1 (deterministic). Based on response time and eye tracking data, we find a positive correlation between the probability that the choice will be realized and the level of attention. Respondents for whom choices are more likely to be realized also tend to choose more familiar products, and tend to be more price sensitive. The latter effect is driven by respondents who care more about the product category.
    Keywords: incentive alignment; choice experiments; preference measurement; eye tracking
    JEL: C81 C91 M31
    Date: 2015–10–16
  299. By: Gauti B. Eggertsson; Neil R. Mehrotra; Sanjay R. Singh; Lawrence H. Summers
    Abstract: Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of stagnation. In a world with a low natural rate of interest, greater capital integration transmits recessions across countries as opposed to lower interest rates. In a global secular stagnation, expansionary fiscal policy carries positive spillovers implying gains from coordination, and fiscal policy is self-financing. Expansionary monetary policy, by contrast, is beggar-thy-neighbor with output gains in one country coming at the expense of the other. Similarly, we find that competitiveness policies including structural labor market reforms or neomercantilist trade policies are also beggar-thy-neighbor in a global secular stagnation.
    JEL: E31 E32 E52 F33
    Date: 2016–06
  300. By: José-Ignacio Antón; Francisco-Javier Braña; Rafael Muñoz de Bustillo
    Abstract: This article presents for the first time a comparative study of the cost of disability for households in 31 European countries. In order to do so, we exploit the European Union Statistics on Income and Living Conditions, its special module on housing conditions for 2007 and 2012 and employ two alternative methodologies, one based on how difficult it is for households to make ends meet and the other related to the access of households to a set of services and assets. The comparative nature of the present analysis shows these national estimates of the cost disability from a broader perspective than previous research. One important finding of this study is that there is a significant diversity in the cost of disability across European countries, with Scandinavian countries at the top of the ranking and Eastern European states at the bottom. We discuss some possible explanatory reasons for the pattern of costs across countries found in our analysis.
    Keywords: disability, cost, standard of living, income, welfare
    JEL: I10 I30
    Date: 2016–06
  301. By: Olivia Serdeczny; Eleanor Waters; Sander Chan
    Abstract: The concept of non-economic loss and damage (NELD) groups the impacts of climate change that are hard to measure or quantify. This paper outlines the main characteristics of NELD and the specific challenges they pose to research and policy-making at the national and international level.
    Date: 2016
  302. By: Harold Cole; Daniel Neuhann; Guillermo Ordoñez
    Abstract: What a country has done in the past, and what other countries are doing in the present, can feedback for good or for ill in debt markets. We develop a simple model of sovereign bond markets with global investors and endogenous information acquisition about fundamental default probabilities. This model displays hysteresis and contagion in sovereign bond spreads. Small fundamental shocks in one country can induce investors to acquire information, generating price volatility and increased risk premia. These changes may also induce investors to rebalance their portfolio, generating market segmentation and information acquisition in seemingly unrelated economies. Information regimes may persist over time, requiring large improvements in fundamentals to return to more stable bond spread conditions.
    JEL: F34 F42 G15 H63
    Date: 2016–06
  303. By: Paul Dolan; Georgios Kavetsos
    Abstract: There is increasing interest in subjective well-being (SWB) both in academic and policy circles. As a result, considerable research efforts are now being directed at the validity and reliability of SWB measures. This study examines how SWB reports differ by survey mode. Using data from the April 2011 to March 2012 Annual Population Survey in the UK we find that individuals consistently report higher SWB over the phone compared to face-to-face interviews. We also show that the determinants of SWB differ significantly by mode, with life circumstances tending to matter more in face-to-face interviews. These results have substantial implications for research and policy purposes.
    Keywords: Subjective well-being; Happiness; Survey mode; Valuation
    JEL: D60 I30
    Date: 2016
  304. By: Otaviano Canuto
    Abstract: 2015 was the worst year for world trade since the aftermath of the global financial crisis, with figures exhibiting a decline of almost 14% in dollar value terms. In fact, world trade volumes have lagged behind GDP growth since the 2000s, a trend accentuated since the onset of the global financial crisis, whereas global trade increases took place at a higher pace than world GDP prior to the new millennium. Although some transitional – and therefore potentially reversible – explaining factors may be pointed out, some structural trends have also been at play. Given that trade has been a key driver of global growth, income convergence, and poverty reduction, concerns have been raised over whether the current directions of world trade lead towards a lesser development-boosting potential.
    Date: 2016–06
  305. By: Elizaveta Lukmanova (Department of Economics, Vienna University of Economics and Business); Gabriele Tondl (Department of Economics, Vienna University of Economics and Business)
    Abstract: This paper investigates a new category of influential factors on business cycle synchronization (BCS), so far hardly regarded in the BCS literature: It provides an empirical assessment of the impact of macroeconomic imbalances, as monitored by the European Commission by the scoreboard indicators since 2011, on BCS in the Euozone. We use a quarterly data set covering the period 2002-2012 and estimate the direct and indirect effects of macroeconomic imbalances in the pre- and post-crisis period in a simultaneous equations model. Business cycle correlation between EA members is measured by the recently proposed dynamic conditional correlation of Engle 2002 which can better identify synchronous and asynchronous behaviour of BC than the commonly used measures. We find that appearing differences between EA members in the current account, in government deficit and public debt, in private debt and unit labor cost developments have reduced BCS in the EA, even more in the post-crisis period than before. Moreover, these explanatory factors of BCS, generally reinforce each other and are also influenced by other critical macro imbalances. Since BCS is essential in a monetary union, this paper provides clear support that a stronger, common economic governance would be important for the functioning and survival of the Eurozone.
    Keywords: Business cycle synchronization, Macroeconomic imbalances, Monetary union, Euro Area, Simultaneous equations model, Panel data
    JEL: E32 E60 E61 F45 C33
    Date: 2016–06
  306. By: Tanya Byker; Italo Gutierrez
    Abstract: We evaluate the impact of a female sterilization campaign in Peru in the 1990s using a propensity score reweighting (PSR) method that accounts for a contaminated treatment group problem: while we observe sterilizations, we do not know which sterilizations were part of the campaign and which would have occurred in the absence of a campaign. Using our PSR method, we estimate that women sterilized as part of the campaign had on average 1.2 fewer children by 2004. In contrast, women sterilized outside the campaign had 0.6 fewer children by 2004. We also estimate impacts of the campaign on other household outcomes.
    Keywords: female sterilization, fertility, family planning, contaminated data models, propensity scores
    JEL: C21 J13
    Date: 2015–08
  307. By: Covi, Giovanni; Eydam, Ulrich
    Abstract: In this paper we examine the relationship between the default risk of banks and sovereigns, i.e. the 'doom-loop'. Specifically we try to assess the effectiveness of the implementation of the new recovery and resolution framework. We use a panel with daily data on European banks and sovereigns ranging from 2008 to 2016. We find that there was a pronounced feedback loop between banks and sovereigns from 2008 to 2014. However, this feedback loop seems to have disappeared after the implementation of the new regulatory framework. This finding is robust across several specifications.
    Keywords: Financial Stability,Sovereign Bailout,Doom Loop,Bank Recovery and Resolution Directive,European Banking Union
    JEL: E58 G01 G18 L51
    Date: 2016
  308. By: Nuguer Victoria; Cuadra Gabriel
    Abstract: We develop a two-country DSGE model with global banks to analyze the role of cross-border banking flows on the transmission of a quality of capital shock in the United States to emerging market economies (EMEs). Banks face a moral hazard problem for borrowing from households. EME's banks might be risky: they can also be constrained to borrow from U.S. banks. A negative quality of capital shock in the United States generates a global financial crisis. EME's macroprudential policy that targets non-core liabilities makes the domestic economy resilient to the volatility of cross-border banking flows and makes EME's households better-off.
    Keywords: Global banking; emerging market economies; financial frictions; macroprudential policy.
    JEL: G28 E44 F42 G21
    Date: 2016–06
  309. By: Sosso FEINDOUNO (Ferdi); Michaël GOUJON (Université d'Auvergne); Laurent WAGNER (Ferdi)
    Abstract: We have created a new index, the Internal Violence Index (IVI), which aims to compare the amount of violence at the country level for 130 developing countries. The IVI is a composite indicator composed of four clusters - internal armed conflict, criminality, terrorism, and political violence. It is based on quantitative variables only, in contrast to the existing subjective indicators of fragility.
    Keywords: Internally displaced people, Terrorism, Criminality, Conflict, Fragility
    JEL: F5 C82
    Date: 2016–04
  310. By: Sosso FEINDOUNO (Ferdi); Michaël GOUJON (University of Auvergne); Laurent WAGNER (Ferdi)
    Abstract: We have created a new index, the Internal Violence Index (IVI), which aims to compare the amount of violence at the country level for 130 developing countries. The IVI is a composite indicator composed of four clusters - internal armed conflict, criminality, terrorism, and political violence. It is based on quantitative variables only, in contrast to the existing subjective indicators of fragility.
    Keywords: Internally displaced people, Terrorism, Criminality, Conflict, Fragility
    JEL: F5 C82
    Date: 2016–04
  311. By: Marco Di Maggio; Marcin Kacperczyk
    Abstract: We study the impact of the zero lower bound interest rate policy on the industrial organization of the U.S. money fund industry. We find that in response to policies that maintain low interest rates, money funds: change their product offerings by investing in riskier asset classes; are more likely to exit the market; and reduce the fees they charge their investors. The consequence of fund closures resulting from interest rate policy is the relocation of resources in affected fund families and in the asset management industry in general, as well as decline in capital of issuers borrowing from money funds.
    JEL: E52 G23 G28
    Date: 2016–06
  312. By: Popov, Alexander; Laeven, Luc
    Abstract: We exploit regional variation in US house price fluctuations during the boom-bust cycle of the 2000s to study the impact of the housing cycle on young Americans' choices related to education and employment. We find that in MSAs which experienced large increases in house prices between 2001 and 2006, young adults were substantially more likely to forego a higher education and join the workforce, lowering skill formation. During the bust years, the young, especially those without higher education, were more likely to be unemployed in areas which experienced higher declines in house prices. JEL Classification: E32, G21, J10, R21
    Keywords: booms, education, house prices, unemployment
    Date: 2016–04
  313. By: Alfonso Ugarte
    Abstract: We investigate the idea that when we separate an explanatory variable into its “between†and “within†variations we could be roughly decomposing it into a structural (long-term) and a cyclical component respectively, and this could translate into different Between and Within estimates in panel data.
    Keywords: Global , Research , Working Paper
    JEL: C01 C18 C23 C33 C51 C58 G20 G21
    Date: 2016–05
  314. By: Laurence Levin; Matthew S. Lewis; Frank A. Wolak
    Abstract: Daily city-level expenditures and prices are used to estimate the price responsiveness of gasoline demand in the U.S. Using a frequency of purchase model that explicitly acknowledges the distinction between gasoline demand and gasoline expenditures, we consistently find the price elasticity of demand to be an order of magnitude larger than estimates from recent studies using more aggregated data. We demonstrate directly that higher levels of spatial and temporal aggregation generate increasingly inelastic demand estimates, and then perform a decomposition to examine the relative importance of several different sources of bias likely to arise in more aggregated studies.
    JEL: L91
    Date: 2016–06
  315. By: Matteo Maggiori; Xavier Gabaix
    Abstract: We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such alterations to their balance sheets cause financiers to change their required compensation for holding currency risk, thus impacting both the level and volatility of exchange rates. Our theory of exchange rate determination in imperfect financial markets not only helps rationalize the empirical disconnect between exchange rates and traditional macroeconomic fundamentals, but also has real consequences for output and risk sharing. Exchange rates are sensitive to imbalances in financial markets and seldom perform the shock absorption role that is central to traditional theoretical macroeconomic analysis. Our framework is flexible; it accommodates a number of important modeling features within an imperfect financial market model, such as non-tradables, production, money, sticky prices or wages, various forms of international pricing-to-market, and unemployment.
  316. By: Carlos Rodríguez Crespo (Instituto Complutense de Estudios Internacionales (ICEI). Universidad Complutense de Madrid.); Javier Ramos Díaz (Instituto Complutense de Estudios Internacionales (ICEI). Universidad Complutense de Madrid.)
    Abstract: Nuestro propósito en este working paper es presentar las principales conclusiones que se derivan de la posición de los agentes en relación con la reciente introducción en el ámbito de las políticas públicas españolas de dos instrumentos que pretenden corregir el desempleo juvenil en España: el sistema de Garantía Juvenil y la Formación Profesional Dual. Es el resultado de un proyecto, financiado por la Comisión Europea, inscrito en el programa COMM/MAD/2014/02. ref. ES44, que ha permitido celebrar dos workshop con expertos procedentes del ámbito académico, de las Administraciones Públicas y de los agentes sociales, para evaluar inicialmente la implantación de ambos instrumentos en España. La estructura del trabajo es la siguiente. Inicialmente, será presentada evidencia empírica del problema del desempleo juvenil y del colectivo NEET en la UE y España. A continuación, se compendiarán con brevedad las principales iniciativas comunitarias y su transposición al caso español. Posteriormente, serán sintetizados los discursos de los agentes sobre los problemas suscitados en la implantación del sistema de garantía juvenil. A continuación extractaremos la posición de los agentes sobre la formación profesional dual, para analizarlos, como en el caso anterior. Finalmente, serán presentadas las conclusiones de este trabajo.
    Keywords: Empleo juvenil; Garantía juvenil; Formación profesional dual.
    Date: 2016
  317. By: Basurto, Saul
    Abstract: This paper examines two speci cations of the Ricardian Hedonic Model (RHM) in order to identify divergences between implicit values of land attributes. The main goal of this research is to compare these values obtained from ex-ante and ex-post indicators of land productivity. To the best of our knowledge, there is no similar work on the existing literature. Our argument is that these values di er due to the former depends upon farmers' expectations formed at the beginning of the crop year while actual prices and annual weather determine the later. We combine information on 2,524 farms in Mexico with climate normals, soil types, and a set of controls, using Geographic Information System (GIS) tools. The main ndings indicate that these values globally di er. Moreover, most of the signi cant coecients are individually di erent across both equations. According to the rental price model, the annual implicit value of an extra degree Celsius is $130 Mexican pesos (2.03% of the average rental price) and $154 (2.38%) of an additional mm. of rainfall. However, exploring the results from the net revenues speci cation, an extra oC modi es the net revenue by $-518 (-8.89%) and $351 (6.03%) an additional mm. of rainfall.
    Keywords: Climate change, agriculture, Hedonic, Ricardian, Agricultural and Food Policy, Environmental Economics and Policy, Land Economics/Use, Q510,
    Date: 2016–04
  318. By: Roman Frydman (New York University); Joshua R. Stillwagon (Trinity College)
    Abstract: Behavioral finance views stock-market investors’ expectations as largely unrelated to fundamental factors. Relying on survey data, this paper presents econometric evidence that fundamentals are a major driver of investors’ expectations. Although expectations are also in part extrapolative, this effect is transient. The paper’s approach underscores the central importance of opening models to structural change and imposing discipline on econometric analysis through specification testing. Our findings support the novel hypothesis that rational market participants, faced with unforeseeable change, base their forecasts on both fundamentals - the focus of the REH approach - and the psychological and technical considerations underlying behavioral finance.
    Keywords: Behavioral finance, REH, Knightian uncertainty, survey expectations, structural change, model specification, automated model selection.
    JEL: G12 G14 G02 C22
    Date: 2016–05
  319. By: Pere Gomis-Porqueras (Deakin University); Benoit Julien (UNSW Australia); Liang Wang (University of Hawaii Manoa)
    Abstract: We consider a frictional market where buyers are uncoordinated and sellers cannot commit ex-ante to either a per-unit price or quantity of a divisible good. Sellers then can exploit their local monopoly power by adjusting prices or quantities once the local demand is realized. We find that when sellers can adjust quantities ex-post, there exists a unique symmetric equilibrium where the increase in the buyer-seller ratio leads to higher quantities and prices in equilibrium. When sellers post ex-ante quantities and adjust prices ex-post, a symmetric equilibrium does not exist.
    Keywords: Competitive Search, Price Posting, Quantity Posting
    JEL: D40 L10
  320. By: Schlepper, Kathi
    Abstract: In this work, I study the impact of high-frequency trading (HFT) on price discovery and volatility in the Bund futures market. Using a new dataset based on microseconds, the focus of the study is on the reaction of high-frequency traders (HFTs) to major macroeconomic news events. I show that through their fast and strong reaction to news, HFTs contribute more to price discovery compared to Non-HFTs, but also add a higher share to noise than to permanent volatility. Moreover, I find evidence that HFTs tend to supply less liquidity after an unexpected rise in market volatility and prior to upcoming macroeconomic news events. These findings suggest that in times of high market stress, HFT behavior may exacerbate intraday price volatility and amplify the risk of market disruptions in fixed income markets.
    Keywords: High-Frequency Trading,Price Discovery,Volatility
    JEL: G10 G12 G14
    Date: 2016
  321. By: Juan David Rojas; Sebastián Higuera
    Abstract: En el presente trabajo se busca estudiar los efectos de los flujos de capitales internacionales sobre la economía colombiana para el periodo 2001 - 2015. Para ello se estimó un modelo de vectores autorregresivos estructural SVARX, con datos trimestrales sobre el Índice de Seguimiento a la Economía y los flujos brutos de capitales, utilizando un conjunto de variables exógenas que determinan parte de la dinámica de ambas variables. A partir de un análisis de impulso–respuesta y descomposición de varianza se encontró que existe una relación directa positiva entre los flujos de capitales y el crecimiento económico a corto y mediano plazo en Colombia. También se encontró una mayor persistencia en el efecto de los choques asociados al crecimiento de los flujos de capitales sobre el crecimiento económico, respecto a sus propios choques.
    Keywords: Flujos de Capitales, Crecimiento Económico, Vectores Autorregresivos.
    JEL: F32 F43 C22 C30
    Date: 2016–06–16
  322. By: Holopainen, Markus; Sarlin, Peter
    Abstract: This paper presents first steps toward robust models for crisis prediction. We conduct a horse race of conventional statistical methods and more recent machine learning methods as early-warning models. As individual models are in the literature most often built in isolation of other methods, the exercise is of high relevance for assessing the relative performance of a wide variety of methods. Further, we test various ensemble approaches to aggregating the information products of the built models, providing a more robust basis for measuring country-level vulnerabilities. Finally, we provide approaches to estimating model uncertainty in early-warning exercises, particularly model performance uncertainty and model output uncertainty. The approaches put forward in this paper are shown with Europe as a playground. Generally, our results show that the conventional statistical approaches are outperformed by more advanced machine learning methods, such as k-nearest neighbors and neural networks, and particularly by model aggregation approaches through ensemble learning. JEL Classification: E44, F30, G01, G15, C43
    Keywords: early-warning models, ensembles, financial stability, horse race, model uncertainty
    Date: 2016–05
  323. By: Denis Fougere (Observatoire sociologique du changement); Erwan Gautier (Université de Nantes); Sébastien Roux (INSEE Paris)
    Abstract: Cet article est une étude empirique portant sur les ajustements des salaires minima de branche en France et sur leur interaction possible avec les hausses du SMIC (salaire minimum interprofessionnel de croissance). Nous avons construit pour cette étude une base de données contenant près de 48 000 salaires minima de branche associés à des postes spécifiques dans plus de 340 branches sur la période 2006-2014. Nous obtenons que le SMIC a un effet significatif sur la saisonnalité et le calendrier des négociations de branche. L’inflation, les hausses de salaire dans la branche et les hausses de SMIC (en termes réels) sont les principaux déterminants des hausses des minima de branche et les élasticités des minima de branche par rapport à ces variables sont respectivement de 0.6, 0.3 et 0.25. Les élasticités des minima de branches par rapport à l’inflation ou au SMIC diminuent le long de la distribution des minimas mais restent positives pour tous les niveaux de minima.
    Keywords: salaire minimum; négociations collectives; salaires; minimum wage; collective bargaining; wages
    Date: 2016–03
  324. By: Jiri Schwarz (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic; Czech National Bank, Na Prikope 28, 115 03 Prague 1, Czech Republic); Martin Stepanek (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic)
    Abstract: This paper utilizes a data set of over 208,000 U.S. patents applied for between 1975 and 2010 to study development of strategic patenting over time and across industries. With received citations as a measure of patent social value, we use data envelopment analysis to estimate firm-level relative importance of strategic versus protective patenting. Our novel identification strategy reveals there was an almost universal drop in patent social value in the second half of the 1990s, signaling a shift towards the strategic use of patents. But the development of patenting strategies continued even after 2000 with semiconductor companies increasing their focus on patent value relative to companies from other industries. On average, aerospace and software companies preferred the production of valuable patents, but patenting strategies can differ vastly even among companies operating within one industry. The results confirm our expectations regarding the focus of aerospace companies on socially valuable patents.
    Keywords: Patents, patent value, strategic patenting, intellectual property rights
    JEL: D23 K11 O32 O34
    Date: 2016–04
  325. By: McEachin, Andrew; Atteberry, Allison
    Abstract: State and federal accountability policies are predicated on the ability to estimate valid and reliable measures of school impacts on student learning. The typical spring- to-spring testing window potentially conflates the amount of learning that occurs during the school-year with learning that occurs during the summer. We use a unique dataset to explore the potential for students’ summer learning to bias school-level value-added models used in accountability policies and research on school quality. The results of this paper raise important questions about the design of performance-based education policies, as well as schools’ role in the production of students’ achievement.
    Date: 2016–03
  326. By: Girum Abebe; Biruk Tekle; Yukichi Mano
    Abstract: In developing countries, savings is an important financial tool, particularly for micro-business with limited access to credit. However, micro-entrepreneurs often undersave, even when they have some surplus and the desire to save maybe because of knowledge gap and behavioral biases. To test the importance of these saving constraints, we offered four-hour financial literacy training and periodic SMS reminders for three months to randomly selected group of micro-entrepreneurs in Addis Ababa, Ethiopia.. While financial literacy training alone seemed ineffective, we find that reminders and joint treatment encouraged better saving behavior. Our results confirm earlier findings that savings can be limited by attention, whereas how entrepreneurs manage savings depends on their levels of financial literacy.
    Keywords: savings; reminders; financial training; entrepreneurs
    JEL: D92 E21 L26
    Date: 2016
  327. By: Nathan Chappell (Motu Economic and Public Policy Research); Isabelle Sin (Motu Economic and Public Policy Research)
    Abstract: An amendment to legislation in 2009 enabled New Zealand firms with fewer than 20 employees to hire new workers on trial periods. The scheme was subsequently extended to employers of all sizes. The policy was intended to encourage firms to take on more employees, and particularly more disadvantaged job seekers, by reducing the risk associated with hiring an unknown worker. We use unit record linked employer-employee data and the staggered introduction of the policy for firms of different sizes to assess the policy effect on firm hiring behaviour. We find no evidence that the policy affected the number of hires by firms on average, either overall or into employment that lasted beyond the trial period. We also do not find an effect on hiring of disadvantaged jobseekers. However, our results suggest that the policy increased hiring in industries with high use of trial periods by 10.3 percent.
    Keywords: 90-day trials, employment, labour market flexibility, firm hiring
    JEL: J08 J63 J64
    Date: 2016–06
  328. By: Giovanna Mascheroni; Jane Vincent
    Abstract: This paper draws on qualitative data collected as a part of a comparative study on children and teenagers’ uses of smartphones in nine European countries to explore the meanings and emotions associated with the enhanced possibility of “full-time” contact with peers provided by smartphones. It argues that full-time access to peers—which interviewees identify as the main consequence of smartphones and instant messaging apps on their interactions with friends—is a communicative affordance, that is, a set of socially constructed opportunities and constraints that frame possibilities of action by giving rise to a diversity of communicative practices, as well as contradictory feelings among young people: intimacy, proximity, security as well as anxiety, exclusion and obligation. Understanding the perceptions and emotions around the affordance of “anywhere, anytime” accessibility, therefore, helps in untangling how communicative affordances are individually perceived but also, and more importantly, socially appropriated, negotiated, legitimised, and institutionalised.
    Keywords: children and young people; communicative affordances; emotions; perpetual contact; smartphones
    JEL: L91 L96
    Date: 2016–05–17
  329. By: Pierre-Richard Agénor
    Abstract: This paper studies the growth and welfare effects of macroprudential regulation in an overlapping generations model of endogenous growth with banking and agency costs. Indivisible investment projects combine with informational imperfections to create a double moral hazard problem à la Holmström-Tirole and a role for bank monitoring. When the optimal monitoring intensity is endogenously determined, an increase in the reserve requirement rate (motivated by systemic risk considerations) has conflicting effects on investment and growth. The trade-off between ensuring financial stability and promoting economic growth can be internalized by choosing the reserve requirement rate that maximizes growth and welfare. However, the risk of disintermediation means that financial supervision may also need to be strengthened, and the perimeter of regulation broadened, if the optimal required reserve ratio is too high.
    Date: 2016
  330. By: Gromov, Vladimir (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Malinina, Tatiana (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy)
    Abstract: The paper concerns the international and Russian practice of taxation of income from trusts. The proposals on the change of approach for taxation of such income according to the applicable law are formulated.
    Keywords: taxation of income, trusts
    Date: 2016–03–31
  331. By: Libo Xu (University of Calgary); Apostolos Serletis (University of Calgary)
    Abstract: This paper extends the ongoing literature on regime change. The extension allows time variation in disturbance variances of interest rate rules for monetary policy and tax rules for Â…fiscal policy that switch stochastically between two regimes. We achieve superior modelings of monetary and Â…fiscal policy rules with quarterly U.S. data.
    Date: 2016–06–13
  332. By: Monika Hadas-Dyduch (University of Economics in Katowice)
    Abstract: The aim of the article is to present the author's model for prediction of the minimum wage. The model is based on wavelet analysis and methods of adaptation. Use of multiresolution analysis for prediction of the minimum wage in combination with the method to compensate the exponential gave good results in terms of minimizing the error. Research the minimum wage is very important. It should be noted that, in 2014, the level of gross minimum wages across the EU Member States varied from 33 % to just over 50 % of average gross monthly earnings for those persons working in industry, construction or services.
    Keywords: wavelets, prediction, salary, minimum wage.
    JEL: C5 F3
    Date: 2016–06
  333. By: Hussein, Mohamud; Fraser, Iain; Costanigro, Marco
    Abstract: We estimate the implicit prices consumers are willing to pay for country of origin labels, using hedonic price models and panel data on retail meat purchases in the United Kingdom (UK). We find that consumers place a significant value on the origin information, especially since the horsemeat incident in 2013. Both the horsemeat incident and resulting consumer response raise questions about the balance between mandatory and voluntary labelling. There is also the potential for unintended consequences for meat industry competitiveness and trade, which may affect consumer welfare negatively.
    Keywords: Consumer Preference, Hedonic Price, Meat, Origin Labelling, Agricultural and Food Policy, Consumer/Household Economics, D120 Consumer Economics,
    Date: 2016–04
  334. By: OECD
    Abstract: This report presents the findings and conclusions of a short peer review of road safety policy in Korea. This was centred on a meeting of road safety experts from Korea and from OECD countries held in Seoul in December 2014. The objective was to address the challenge of how to move Korea from its current position as one of the worst performers among the OECD countries in the annual number of road fatalities to being one of the best, in line with the targets set under the United Nations Sustainable Development Goals.
    Date: 2016–05–01
  335. By: Aomar Ibourk
    Abstract: L’écart entre filles et garçons en termes de scolarisation, au Maroc, a longtemps préoccupé tant les académiciens que les décideurs. En revanche, très peu d’études se sont penchées sur l’analyse de cet écart sous une toile de fond quantitative. Ce présent travail s’intéresse à l’écart genre en termes d’acquis scolaires en lecture. La finalité étant de mettre en exergue les facteurs influençant les différences de performance entre les genres ainsi que leur ampleur. Pour ce faire, une étude micro-économétrique est menée en se basant sur l’enquête PIRLS 2011. En effet, la décomposition de Blinder-Oaxaca est conduite en vue de décomposer les différences de performance en incluant des variables explicatives touchant aussi bien à l’école qu’aux caractéristiques de l’élève.
    Date: 2016–06
  336. By: Jingting Fan; Sebnem Kalemli-Ozcan
    Abstract: One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002–2011, and test the micro foundation of this theory by estimating the effect of an exogenous change in credit constraints, resulting from financial reforms, on firms’ saving behavior. As predicted, after financial reforms, firms who were credit-constrained previously decreased their savings more (or increased their savings less) relative to unconstrained firms. However, this firm-level effect did not lead to a decrease in aggregate corporate savings as conjectured by the theory. Our sector level regressions show that corporate savings increased after financial reforms, and more so for sectors more dependent on external finance. The current account surpluses also did not register a significant deterioration after financial reforms, consistent with our findings on sectoral and aggregate corporate savings
    JEL: E0 F0
    Date: 2016–06
  337. By: Calvet , Laurent E; Bach , Laurent; Sodini, Paolo
    Abstract: This paper empirically investigates the portfolios of wealthy households and their implications for the dynamics of inequality. Using an administrative panel of all Swedish residents, we document that returns on financial wealth are on average 4% higher per year for households in the top 1% compared to the median household. These high average returns are primarily compensations for high levels of systematic risk. Abnormal risk-adjusted returns, linked for instance to informational advantages or exceptional investment skill, contribute only marginally to the high returns of the wealthy. Implications for inequality dynamics and public policy are discussed.
    Keywords: Household finance; inequality; risk-taking
    JEL: D12 D31
    Date: 2015–12–20
  338. By: Takashi Kamihigashi (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)
    Abstract: We establish a simple no-bubble theorem that applies to a wide range of deterministic sequential economies with infinitely lived agents. In particular, we show that asset bubbles never arise if at least one agent can reduce his asset holdings permanently from some period onward. Our no-bubble theorem is based on the optimal behavior of a single agent, requiring virtually no assumption beyond the strict monotonicity of preferences. The theorem is a substantial generalization of Kocherlakota's (1992, Journal of Economic Theory 57, 245-256) result on asset bubbles and short sales constraints.
    Keywords: Asset bubbles, No-bubble theorem, Sequential budget constraints, Optimality, Binary relation
    Date: 2016–06
  339. By: Timothy B. Armstrong (Cowles Foundation, Yale University); Michal Kolesár (Princeton University)
    Abstract: We consider the problem of constructing honest confidence intervals (CIs) for a scalar parameter of interest, such as the regression discontinuity parameter, in nonparametric regression based on kernel or local polynomial estimators. To ensure that our CIs are honest, we derive and tabulate novel critical values that take into account the possible bias of the estimator upon which the CIs are based. We give sharp efficiency bounds of using different kernels, and derive the optimal bandwidth for constructing honest CIs. We show that using the bandwidth that minimizes the maximum mean-squared error results in CIs that are nearly efficient and that in this case, the critical value depends only on the rate of convergence. For the common case in which the rate of convergence is n^{-4/5}, the appropriate critical value for 95% CIs is 2.18, rather than the usual 1.96 critical value. We illustrate our results in an empirical application.
    Keywords: Nonparametric inference, relative efficiency
    JEL: C12 C14
    Date: 2016–06
  340. By: Paul Gretton (EABER)
    Abstract: Effective economic reform agendas provide a means for promoting national economic growth, raising living standards and adapting to changes in trading conditions, new technologies and ways of working. Taking as a focus the Australia-China economic relationship, the GTAP model of the global economy is used to project the implications for Australia and China of preferential, unilateral and broader approaches to trade liberalisation, a broad agenda for reform across the services sector and financial market reform. The simulations show that reform strategies based on non-discriminatory trade liberalization and broadly-based concerted domestic reforms are likely to deliver substantive economic benefits and contribute to growth. Agendas that are restrictive, either through preferential deals between trading partners or through a narrow sectoral focus domestically are likely to constrain gains below levels that would otherwise be attainable.
    JEL: F1 F3 F4 O4 O5
    Date: 2016–06
  341. By: Paul Gretton (EABER)
    Abstract: Effective economic reform agendas provide a means for promoting national economic growth, raising living standards and adapting to changes in trading conditions, new technologies and ways of working. Taking as a focus the Australia-China economic relationship, the GTAP model of the global economy is used to project the implications for Australia and China of preferential, unilateral and broader approaches to trade liberalisation, a broad agenda for reform across the services sector and financial market reform. The simulations show that reform strategies based on non-discriminatory trade liberalization and broadly-based concerted domestic reforms are likely to deliver substantive economic benefits and contribute to growth. Agendas that are restrictive, either through preferential deals between trading partners or through a narrow sectoral focus domestically are likely to constrain gains below levels that would otherwise be attainable.
    JEL: F1 F3 F4 O4 O5
    Date: 2016–06
  342. By: Matteo Smerlak; Bapu Vaitla
    Abstract: Resilience, the ability to recover from adverse events ("shocks"), is of fundamental importance to food security. This is especially true in poor countries, where basic needs are frequently threatened by economic, environmental, and health shocks. An empirically sound formalization of the concept of food security resilience, however, is lacking. Here we introduce a general framework for quantifying resilience based on a simple definition: a unit is resilient if $(a)$ its long-term food security trend is not deteriorating and $(b)$ the effects of shocks on this trend do not persist over time. Our approach can be applied to any food security variable for which high-frequency time-series data is available, can accommodate any unit of analysis (e.g., individuals, households, countries), and is especially useful in rapidly changing contexts wherein standard equilibrium-based economic models are ineffective. We illustrate our method with an analysis of per capita kilocalorie availability for 161 countries between 1961 and 2011. We find that resilient countries are not necessarily those that are characterized by high levels or less volatile fluctuations of kilocalorie intake. Accordingly, food security policies and programs will need to be tailored not only to welfare levels at any one time, but also to long-run welfare dynamics.
    Date: 2016–06
  343. By: Lorena Zardo Trindade; Tim Goedemé
    Abstract: Indicators based on EU-SILC should be accompanied by appropriate standard errors, and in order to do so, it is necessary to consider the sample design. Because important sample design variables are missing in the EU-SILC User Database (UDB), the aim of this note is to explain the update of EU-SILC UDB sample design variables for 2012 (version 4), 2013 (version 3) and 2014 (version 1), based on the methodology developed by Goedemé (2010b, 2013a). Although several of the challenges for reconstructing the EU-SILC sample design variables are identical for all releases of the data, the update required minor adjustments in the computation of the new sample design variables psu1 and strata1. The effect of the use of the new sample design variables on standard errors is observed for ‘At risk of poverty’ and ‘Material deprivation’, for which SE values are found to be larger when the sample design variables are considered.
    Keywords: EU-SILC, sample design, sampling variance, Standard error
    JEL: D31 O52
    Date: 2016–06
  344. By: Tommaso Ferraresi (Università degli Studi di Firenze [Firenze]); Andrea Roventini (Laboratory of Economics and Management (Pisa) (LEM)); Willi Semmler (New School for Social Research)
    Abstract: In this work we investigate the interrelations among technology, output and employment in the different states of the U.S. economy (recessions vs. expansions). More precisely, we estimate different threshold vector autoregression (TVAR) models with TFP, hours, and GDP, employing the latter as threshold variable, and we assess the ensuing generalized impulse responses of GDP and hours as to TFP shocks. We find that positive productivity shocks, while spurring GDP growth, display a negative effect on hours worked at least on impact, independently of the state of the economy. In the 1957-2011 period, the effects of productivity shocks on employment are abundantly negative in downturns, but they are not significantly different from zero in good times. However, the impact of TFP shocks in different business cycle regimes depends on the chosen sample: after the mid eighties (1984-2011), productivity shocks increase hours during recessions. Finally, we express and test some conjectures that might have caused the changes in the responses in different time periods.
    Keywords: Technology shocks; Employment; Threshold vector autoregression; Generalized impulse response functions
    JEL: E32 O33 C32 E63
    Date: 2016–06
  345. By: Fan, Jingting; Kalemli-Ozcan, Sebnem
    Abstract: One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002-2011, and test the micro foundation of this theory by estimating the effect of an exogenous change in credit constraints, resulting from financial reforms, on firms' saving behavior. As predicted, after financial reforms, firms who were credit-constrained previously decreased their savings more (or increased their savings less) relative to unconstrained firms. However, this firm-level effect did not lead to a decrease in aggregate corporate savings as conjectured by the theory. Our sector level regressions show that corporate savings increased after financial reforms, and more so for sectors more dependent on external finance. The current account surpluses also did not register a significant deterioration after financial reforms, consistent with our findings on sectoral and aggregate corporate savings.
    JEL: D24 E22 F41 O16 O47
    Date: 2016–06
  346. By: Søren Johansen (Department of Economics, University of Copenhagen); Bent Nielsen (Department of Economics, Nuffield College)
    Abstract: We show tightness of a general M-estimator for multiple linear regression in time series. The positive criterion function for the M-estimator is assumed lower semi-continuous and sufficiently large for large argument: Particular cases are the Huber-skip and quantile regression. Tightness requires an assumption on the frequency of small regressors. We show that this is satis?ed for a variety of deterministic and stochastic regressors, including stationary an random walks regressors. The results are obtained using a detailed analysis of the condition on the regressors combined with some recent martingale results.
    Keywords: M-estimator, robust statistics, martingales, Huber-skip, quantile estimation.
    Date: 2016–06–10
  347. By: Nicholas Bloom; Ali Choudhary; Renata Lemos; John Van Reenen
    Abstract: For more than a decade, CEP economists have been leading efforts to get measures of management incorporated into the statistical infrastructure used by governments and researchers. The authors report on the latest initiative, assessing the use of performance monitoring, targets and incentives in firms in Pakistan.
    Keywords: Firms, Pakistan, management, productivity
    Date: 2016–06
  348. By: Jeon, Bang (School of Economics Drexel University); Wu, Ji (Southwestern University of Finance and Economics); Chen, Minghua (Southwestern University of Finance and Economics); Wang, Rui (Southwestern University of Finance and Economics)
    Abstract: This paper addresses the impact of foreign ownership on the risk-taking behavior of banks. Using bank-level panel data of more than 1,300 commercial banks in 32 emerging economies during 2000-2013, we find that foreign owned banks take on more risk than their domestic counterparts. We further examine several factors that may potentially contribute to foreign banks’ differentiated riskiness from four perspectives, namely, foreign banks’ informational disadvantages, agency problems, the contagious effect of parent banks’ financial conditions and the disparity between home and host markets. We find supportive evidence that these factors play a significant role in affecting foreign banks’ risk-taking.
    Keywords: Foreign banks; Bank risk-taking; Emerging economies
    JEL: F65 G15 G21
    Date: 2016–05–14
  349. By: María Teresa à lvarez-Martínez (European Commission – JRC - IPTS); Montserrat López-Cobo (European Commission – JRC - IPTS)
    Abstract: This paper describes the construction process of a new set of national social accounting matrices (SAMs) for the EU-27 in 2010 that will be regionalized and used in RHOMOLO, the regional computable general equilibrium (CGE) model developed by the European Commission to evaluate the impact of cohesion policies. After a careful analysis of the input-output frameworks available in Eurostat and the World input-output database (WIOD), the latter has been used as the main data source, which is completed with information from national accounts in Eurostat. The structure of the SAM is determined by the sectoral disaggregation in WIOD. It includes a useful disaggregation of labour by skill levels and a disaggregation of the foreign sector in the EU and rest of the world. In the paper it is clearly described how to elaborate a symmetric input-output table product by product at purchasers' prices using supply and use tables and applying the industry technology. It is also described the reallocation of social contributions needed to properly assign tax revenues to government and avoid the problems generated by the second redistribution of income in national accounts. The description of the SAMs and their availability for the EU-27 can be very useful to researchers in applied economics and it may help to better understand the structure of RHOMOLO.
    Keywords: social accounting matrices, national accounts, EU-27
    JEL: D57 E16
    Date: 2016–06
  350. By: Ahmet Sensoy; Benjamin M. Tabak
    Abstract: We use generalized Hurst exponents to investigate long-range dependence across countries that have implemented an in ation targeting monetary policy regime and have a oating currency regime. We show that the degree of long-range dependence has changed after the 2008 crisis for equity markets but not as much for exchange rate markets. We compare results for developed and emerging economies and find that there still are some important differences but not as they were before the crisis. We also include an additional set of relevant countries and nd that our results are more pronounced for in ation targeters. We discuss several implications of these results.
    Keywords: Hurst exponent, market eciency, exchange rate, stock market, emerging markets, developed markets
    JEL: C65 F31 G01 G14 G15
    Date: 2016–05
  351. By: Carol Newman; John Rand; Finn Tarp; Neda Trifkovic
    Abstract: We investigate the relationship between the corporate social responsibility practices of local domestic firms and their engagement with foreign markets using four waves of panel data on a sample of more than 4,500 manufacturing firms from Viet Nam. We develop a measure of corporate social responsibility that combines compliance with labour standards, management commitment to corporate social responsibility, and community activities. We find a strong relationship between engagement in international markets and the corporate social responsibility activities of firms, with the exception of trade with China. Results suggest that firms in exportintensive sectors engage in more corporate social responsibility activities, while those in sectors with higher levels of imports engage in less. Length: 22 pages
    Keywords: corporate social responsibility, trade, spillovers, Viet Nam
    Date: 2016
  352. By: Bramucci, Alessandro
    Abstract: This paper reviews the debate on the economic effect of the international fragmentation of production, also known as "offshoring", and provides a preliminary investigation of the impact of intermediate imported inputs on employment and wages in five European countries (Germany, Spain, France, Italy, the United Kingdom). Data are obtained from the Sectoral Innovation Database (SID) of the University of Urbino, a large database that merges statistical material from various sources (LFS; CIS; WIOD). The first part of this work provides a review of the empirical literature that discusses the economic effects of offshoring on domestic labor demand and wages. The second section of the paper presents offshoring trends and discusses the results of the econometric analysis. Results suggest that offshoring has a general negative impact on employment and wages although more careful examination reveals that high-tech offshoring has a positive effect on wages of medium- and high-skilled workers.
    Keywords: Offshoring,Innovation,Employment,Wages
    JEL: F1 F2
    Date: 2016
  353. By: Pinar Yesin
    Abstract: The Swiss franc is known to appreciate strongly during financial market turmoil, demonstrating its status as a typical safe haven currency. One possible mechanism behind this appreciation during times of global turmoil is assumed to be higher capital inflows to Switzerland. This paper attempts to find some empirical evidence for this presumption. The analysis reveals that capital flow variables are not necessarily coincident with the movements of the Swiss franc. Interest rate differentials, a traditional determinant of exchange rates, co-move only weakly with Swiss franc movements. However, a robust and stronger link between variables that capture global or regional market uncertainty and movements of the Swiss franc is observed. Specifically, the information channel rather than new cross-border investment is found to be coincident with the Swiss franc. The weak link between capital flows and the exchange rate is confirmed to some extent for some other countries.
    Keywords: Exchange rate, safe haven currency, gross capital flows, net flows, private flows
    JEL: F21 F31 F32
    Date: 2016
  354. By: Nielsen, Caren Yinxia (Department of Economics, Lund University)
    Abstract: To address banks’ risk taking during the recent financial crisis, we develop a model of credit-portfolio optimization and study the impact of risk-based capital regulation (Basel Accords) on banks’ asset allocations. The model shows that, when a bank’s capital is constrained by regulation, regulatory cost (risk weightings in the Basel Accords) alters the risk and value calculations for the bank’s assets. The model predicts that the effect of a tightening of the capital requirements – for banks for which these requirements are (will become) binding – will be to skew the risky portfolio towards high-risk, high-earning assets (low-risk, low-earning assets), provided that the asset valuation – i.e., reward-to-regulatory-cost ratio – of the high-risk asset is higher than that of the low-risk asset. Empirical examination of U.S. banks supports the predictions applicable to the dataset. In addition, our tests show the characteristics of banks with different levels of risk taking. In particular, the core banks that use the internal ratings-based approach under Basel II invest more in high-risk assets.
    Keywords: Banks; asset risk; credit risk; portfolio choice; risk-based capital regulation
    JEL: G11 G18 G21 G28
    Date: 2016–06–13
  355. By: Guimarães Barbosa, Evaldo
    Abstract: This article claims that the basic relationships between, on the one side, size, growth and age of the small firm and, on the other side, the small firm’s hazard of exit is, apart from the “honeymoon” and the “liability of senescence” effects, non-linear, either U-shaped or inverted U-shaped. Variations from these patterns are dependent upon choices of different specifications and the presence or absence from the multivariate analysis of the real determinants for which size, growth and age of the firm proxy. The article also claims that the quadratic specification that has traditionally been fitted is rarely the most adequate, since other combinations of different pairs of exponents would certainly better capture nuances of the relationships being regressed. The article conclusively claims that these realizations explain findings in the extant literature that are awkward, unexpected, embarrassing and unacceptable and interpretations that are many times even more inapplicable.
    Keywords: Small firms; Survival determinants; Size, growth and age; Cox regression
    JEL: M21
    Date: 2016–06–19
  356. By: Broström, Anders (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology); McKelvey, Maureen (Institute of Innovation & Entrepreneurship, Department of Economy & Society, School of Business, Economics and Law, University of Gothenburg.)
    Abstract: This paper analyzes the conditions for successful knowledge transfer between the spheres of science and public policy. It does so by focusing upon the science-policy interface, specifically the processes of direct interaction between scientists and scientifically trained experts on the one hand and agents of policy-making organizations on the other. The paper defines two dimensions – cognitive distance and expert autonomy – which are argued to influence knowledge exchange, in such a way as to shape the outcome. A case study on the implementation of congestion charges in Stockholm, Sweden illustrates how the proposed framework pinpoints three central issues for understanding these processes: 1) differentiating the roles of e.g. a science-based consultancy firm and an academic environment in policy formation; 2) examining the fit between the organizational form of the science-policy interface and the intended goals; and 3) increasing our understanding of when policy makers themselves need to develop scientific competence in order to interact effectively with scientific experts.
    Keywords: organizational learning; science-based policy; evidence-based policy; interaction; cognitive distance; congestion charges
    JEL: A14 R41
    Date: 2016–06–02
  357. By: Caldara, Dario; Herbst, Edward
    Abstract: This paper studies the interaction between monetary policy, financial markets, and the real economy. We develop a Bayesian framework to estimate proxy structural vector autoregressions (SVARs) in which monetary policy shocks are identified by exploiting the information contained in high frequency data. For the Great Moderation period, we find that monetary policy shocks are key drivers of fluctuations in industrial output and corporate credit spreads, explaining about 20 percent of the volatility of these variables. Central to this result is a systematic component of monetary policy characterized by a direct and economically significant reaction to changes in credit spreads. We show that the failure to account for this endogenous reaction induces an attenuation bias in the response of all variables to monetary shocks.
    Keywords: Bayesian Inference ; Monetary policy ; Vector Autoregressions
    JEL: E52 C3 C5
    Date: 2016–05
  358. By: Erik Gawel; Sebastian Strunz; Paul Lehmann
    Abstract: This paper frames the transition towards clean energies as a sequential process of instrument choice and instrument change. First, regulators decide how to initiate the transition away from fossil energies. Here, support policies for renewable electricity are politically convenient because they face low resistance from fossil energies. interest groups. In the second stage, regulators need to adapt support policies for renewables to challenges arising along the transition pathway.We empirically substantiate our arguments by tracing the development of support policies in Germany. Against the backdrop of this analysis, we point towards small-step policies that could foster the transition process.
    Keywords: Environmental policy, Management, Renewable energy sources
    Date: 2016
  359. By: Silke Tober
    Abstract: The ECB's expansionary monetary policy has positive effects on the euro area economy. Interest rates have declined further, bank lending is improving, and the euro is weaker. However, inflation remains much too low and aggregate demand too weak for the output gap to close rapidly. Further weakening the euro is not a feasible option. A weaker euro would aggravate global imbalances and impact negatively on less-than-robust global growth. Expansionary fiscal policy therefore needs to add to the effects of monetary policy.The euro area, moreover, suffers a key problem that not only impedes monetary policy effectiveness but also constrains fiscal policy and puts the future stability of the euro area at risk: With the decision to give up on the safe-asset quality of euro area sovereign bonds the euro area is losing a fundamental stability anchor.
    Date: 2016
  360. By: Hänisch, Carsten; Klos, Jonas
    Abstract: This paper provides a micro-simulation study on the long-run effects of career interruptions in Germany, extending earlier work which generally only focuses on the first few years after an interruption. Using data of the German Socio-Economic Panel, it finds that career interruptions will, for the average individual, have lifelong effects on incomes and labor-force participation. It quantifies these effects for the average affected individual as well as on the entire society and therefore provides additional information on the total cost of career interruptions.
    Keywords: micro-simulation,career interruptions,lifetime income
    JEL: H55
    Date: 2016
  361. By: Brodeur, Abel (University of Ottawa); Nield, Kerry (Carleton University)
    Abstract: In New York City (NYC), it has been a common complaint that it is difficult to find a taxi in the rain. Using all Uber rides in NYC from April to September 2014 and January to June 2015, we show that the number of Uber rides is significantly correlated with whether it rained. The number of Uber rides per hour is about 25 percent higher when it is raining, suggesting that surge pricing encourages an increase in supply. During the same time period, the number of taxi rides per hour increases by only 4 percent in rainy hours. We then show that the number of taxi rides per hour decreased by approximately 8 percent after Uber entered the New York market in May 2011, confirming that Uber is depressing taxi demand. Last, we test whether the total (Uber plus taxi) number of rides in rainy hours increased since May 2011. Our estimates suggest that the total number of rides increased by approximately 9 percent since Uber entered the market and that it is relatively easier to get a ride in rainy than in non-rainy hours in post-Uber years.
    Keywords: rain, Uber, taxi, dynamic pricing
    JEL: D01 D03 L92 J22
    Date: 2016–06
  362. By: Byung-Geun Choi; Napat Rujeerapaiboon; Ruiwei Jiang
    Abstract: Growth-optimal portfolios are guaranteed to accumulate higher wealth than any other investment strategy in the long run. However, they tend to be risky in the short term. For serially uncorrelated markets, similar portfolios with more robust guarantees have been recently proposed. This paper extends these robust portfolios by accommodating non-zero autocorrelations that may reflect investors' beliefs about market movements. Moreover, we prove that the risk incurred by such autocorrelations can be absorbed by modifying the covariance matrix of asset returns.
    Date: 2016–06
  363. By: Kazenin, Konstantin Igorevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)
    Abstract: The preprint reviews the phenomenon of institutional competition regulators in solving commercial disputes in the two cities of Dagestan - Makhachkala and Khasavyurt. On the basis of field research data shows that some types of business conflicts in these cities are solved with the use of such controls as Islamic law and traditional ("conventional") right. The reasons for this phenomenon and propose recommendations for policy authorities against him.
    Keywords: institutional competition regulators, Dagestan, Makhachkala, Khasavyurt
    Date: 2016–05–04
  364. By: Cristian Peñaloza (Universidad Nacional de Colombia [Bogotá]); Laura Palacios (EVS - UMR 5600 Environnement Ville Société - UL2 - Université Lumière - Lyon 2 - Université Jean Moulin - Lyon III - ENS Lyon - École normale supérieure - Lyon - Ecole Nationale Supérieure des Mines de Saint-Etienne - École Nationale des Travaux Publics de l'État [ENTPE] - Université Jean Monnet - Saint-Etienne - CNRS - Centre National de la Recherche Scientifique - ENSAL - École nationale supérieure d'architecture de Lyon, PIESO-ENSMSE - Département Performance Industrielle et Environnementale des Systèmes et des Organisations - Mines Saint-Étienne MSE - École des Mines de Saint-Étienne - Institut Mines-Télécom - Institut Henri Fayol); Jesus Gonzalez-Feliu (EVS - UMR 5600 Environnement Ville Société - UL2 - Université Lumière - Lyon 2 - Université Jean Moulin - Lyon III - ENS Lyon - École normale supérieure - Lyon - Ecole Nationale Supérieure des Mines de Saint-Etienne - École Nationale des Travaux Publics de l'État [ENTPE] - Université Jean Monnet - Saint-Etienne - CNRS - Centre National de la Recherche Scientifique - ENSAL - École nationale supérieure d'architecture de Lyon, PIESO-ENSMSE - Département Performance Industrielle et Environnementale des Systèmes et des Organisations - Mines Saint-Étienne MSE - École des Mines de Saint-Étienne - Institut Mines-Télécom - Institut Henri Fayol)
    Abstract: The production and distribution of Bienestarina to the vulnerable population of Colombia is one of the strategies of the "Colombian Institute of Familiar Wellness" (ICBF its acronym in Spanish) to fight malnutrition, especially among children. This article presents a first characterization of the supply chain for this product in Bogotá emphasizing collection and distribution logistics operations and identifying the actors in the chain, the currently applied regulations and the logistical requirements that leading the distribution of this complement to the different types of beneficiaries.
    Keywords: Food supply chain,distribution processes,Bienestarina,Instituto Colombiano del Bienestar Familiar
    Date: 2016–05–12
  365. By: Renwick, Alan
    Abstract: Globally aquaculture is seen as an increasingly important component in the quest to achieve food security in light of such drivers as a decline in capture fisheries, an expanding global population and climatic change. However, it is widely recognised that in many countries poor regulation acts as a major constraint on the development of the sector. This paper, using the Irish oyster industry as an example highlights not only how regulation can be seen as a significant source of risk in itself to aquaculture, but also how it also increases the level of other risks to the successful development of the sector. Mechanisms for increasing the resilience of the sector by dealing with these risks are reviewed and two possible approaches (supporting collaborative action and backing selected producers) to strengthening the structure of the industry are considered. Both approaches are shown to have strengths and weaknesses
    Keywords: Agricultural and Food Policy, Risk and Uncertainty,
    Date: 2016–04
  366. By: Luis Armando Galvis-Aponte; Lina Marcela Moyano-Támara; Carlos Alberto Alba-Fajardo
    Abstract: En este trabajo se realiza un análisis de la pobreza y las desigualdades existentes en el Pacífico colombiano. Se estudian las razones por las cuales esta región se ha quedado rezagada frente a las demás. Para lo anterior, se lleva a cabo un diagnóstico de la pobreza utilizando cuatro indicadores: Línea de Pobreza; Índice de Necesidades Básicas Insatisfechas; Índice de Pobreza Multidimensional; y Esfuerzo Requerido. De los resultados se infiere que independientemente del indicador empleado, la incidencia de la pobreza en el Pacífico es alta; lo es aún más en Chocó y en los municipios del Cauca. Finalmente, en la búsqueda de un mejor entendimiento de la persistencia de la pobreza, se examinan brevemente aspectos como: capital humano, gasto público y conflicto armado. La evidencia sugiere que la mayoría de municipios de la región se encuentran en una trampa espacial de pobreza. ******ABSTRACT: In this paper we study the incidence of poverty and inequalities in the Pacific Coast of Colombia. The document aims to understand the reasons why this region has been lagging behind others. To this end, we conduct a diagnostic of poverty measures such as: poverty line, Unsatisfied Basic Needs Index, Multidimensional Poverty Index, and effort required to reduce the socioeconomic gaps. The results show that regardless of the indicator used, the region is characterized by a high incidence of poverty, which is more salient in the municipalities of Chocó and Cauca. Finally, to understand why the high incidence of poverty is persistent we discuss the aspects related to human capital, public expenditure and armed conflict. We conclude that a most of the population in the region suffer from a "poverty trap" that refrains them to achieve a higher development.
    Keywords: Pacífico, trampas de pobreza, desigualdades, capital humano, economía regional.
    JEL: I32 R11 E23
    Date: 2016–06–10
  367. By: Mike Helal (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne); Michael Coelli (Department of Economics, The University of Melbourne)
    Abstract: Recent studies in Economics have found that the idiosyncratic effect of school leaders may be an important factor in improving student outcomes. The specific channels through which principals affect schools are, with minor exceptions, still largely unexplored in this literature. Employing a unique administrative panel data set from the Victorian public school system, we construct estimates of the idiosyncratic effects of principals on student achievement. We do so using fixed effects techniques and turnover of principals across schools to isolate the effect of principals from the effect of schools themselves. More importantly, through annual detailed staff and parent surveys, we investigate several potential mechanisms through which individual principals may affect student outcomes. Classification-I21
    Keywords: Student achievement, school principals, value-added
    Date: 2016–06
  368. By: Halbheer , Daniel; Gerstner , Eitan; Koenigsberg , Oded
    Abstract: Conventional wisdom holds that service failure creates customer misery and reduces firm profitability. This paper challenges this view and shows that occasional service failure can be profitable for the firm when optional protection against the resulting customer misery can be marketed. It also shows that a firm that uses such a protection strategy inflicts a calculated misery on unprotected customers and wastes resources to provide the protection. Despite these inefficiencies, using the protection strategy can lead to market expansion and social welfare gains due to lower prices.
    Keywords: Service Failure; Customer Damage; Random Versioning
    Date: 2015–12–17
  369. By: Steven Glazerman; Dallas Dotter
    Abstract: This brief summarizes a technical report that describes what DC parents look for when they choose a school for their child.
    Keywords: school choice, segregation, lottery, education, district of Columbia, market signals
    JEL: I
  370. By: Blyde, Juan
    Abstract: An increasing number of analyses show that firms that are engaged in international trade have superior labor capabilities than their counterparts serving only the domestic market. One way to improve labor skills is by training current employees. There is, however, no empirical evidence showing how the exports of a firm respond to training programs. Using firm level data from Chile this study examines the impact of training employees on the firm’s export status. Based on a matching difference-in-differences estimator the results show that training employees can substantially increase the probability of becoming an exporter. Additional results provide details on how the effects differ by labor type, by the intensity of the labor training and whether there are cumulative effects over time. The analysis also sheds light on factors that complement training. All these issues are important to assess under what conditions labor training programs might work best with respect to trade outcomes
    Keywords: Exports, training, skills
    JEL: F10 F16 J24
    Date: 2016–06–06
  371. By: Deryugin, A.N. (Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Arlashkin. Igor Yurievich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Proka, K.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The review contains the analysis of Russia’s fiscal equalization system. The authors identified the system’s major shortcomings and provided arguments in favor of taking measures for its improvement in order to increase the system’s effectiveness, efficiency and objectiveness. Based on the analysis of the world best practice in the sphere of fiscal equalization as well as by using econometric modeling the authors developed recommendations on calculating budget expenditures index and improving policy in the field of determining the total amount of equalization transfers.
    Keywords: fiscal equalization, equalization transfers, distribution
    Date: 2016–03–23
  372. By: Lara Hulsey; Joshua Leftin; Anne Gordon; Claire Smither Wulsin; Nicholas Redel; Allen Schirm; Nicholas Beyler; Sheila Heaviside; Brian Estes; Carole Trippe
    Abstract: The Direct Certification with Medicaid (DC-M) demonstration added Medicaid to the list of programs used to directly certify students for free school meals. This report presents findings on the impacts of DC-M during the second year of the demonstration, school year 2013-2014.
    Keywords: NSLP, Direct Certification
    JEL: I0 I1
  373. By: Pinna, Andrea; Ruttenberg, Wiebe
    Abstract: Over the last decade, information technology has contributed significantly to the evolution of financial markets, without, however, revolutionising the way in which financial institutions interact with one another. This may be about to change, as some market players are now predicting that new database technologies, such as blockchain and other distributed ledger technologies (DLTs), could be the source of an imminent revolution. This paper analyses the main features of DLTs that could influence their potential adoption by financial institutions and discusses how the use of these technologies could affect the European post-trade market for securities. The original protocol underlying DLTs has its roots in the anarchic world of virtual currencies, which operate outside the conventional financial system. The public debate on DLTs has also been very much focused on the revolutionary potential of the technology. This paper concludes that, irrespective of the technology used and the market players involved, certain processes that feature in the post-trade market for securities will still need to be performed by institutions. DLTs could, however, stimulate a reorganisation of financial markets, which could in turn: (i) reduce reconciliation costs, (ii) streamline the post-trade value chain, and (iii) allow more efficient use to be made of collateral and regulatory capital. It should, nevertheless, be remembered that research into DLTs and their uses is at an early stage. The scope for financial institutions to adopt DLTs and their potential impact on mainstream financial markets are still unclear. This paper discusses three potential models of how market players could adopt DLTs for performing core post-trade functions. The DLT could be adopted either: (i) in clusters, (ii) collectively, or (iii) peer to peer. The evaluation of the three adoption models assumes that they are all equally compatible with the regulatory framework. It shows that, assuming this to be the case, they would each have different advantages and costs. JEL Classification: G21, G23, L15, O33
    Keywords: Bitcoin, blockchain, clearing, distributed ledger technologies, financial market infrastructures, fintech, settlement
    Date: 2016–04
  374. By: Jeffrey A. Flory; Andreas Leibbrandt; John A. List
    Abstract: Workplace misbehaviors are often governed by explicit monitoring and strict punishment. Such enforcement activities can serve to lessen worker productivity and harm worker morale. We take a different approach to curbing worker misbehavior—bonuses. Examining more than 6500 donor phone calls across more than 80 workers, we use a natural field experiment to investigate how different wage contracts influence workers’ propensity to cheat and sabotage one another. Our findings show that even though standard relative performance pay contracts, relative to a fixed wage scheme, increase productivity, they have a dark side: they cause considerable cheating and sabotage of co-workers. Yet, even in such environments, by including an unexpected bonus, the employer can substantially curb worker misbehavior. In this manner, our findings reveal how employers can effectively leverage bonuses to eliminate undesired behaviors induced by performance pay contracts.
    JEL: C9 C93 J3 J41
    Date: 2016–06
  375. By: Thomas Buser (University of Amsterdam, the Netherlands); Leonie Gerhards (University of Hamburg, Germany); Joël J. van der Weele (University of Amsterdam, the Netherlands)
    Abstract: People typically update their beliefs about their own abilities too little in response to feed-back, a phenomenon known as “conservatism”, and some studies suggest that they overweight good relative to bad signals (“asymmetry”). We measure individual conservatism and asymmetry in three tasks that test different cognitive skills, and study entry into a winner-takes-all competition based on similar skills. We show that individual differences in feedback responsiveness explain an important part of the variation in confidence and competition entry decisions. Conservatism is correlated across tasks and predicts competition entry both by influencing beliefs and independently of beliefs, suggesting it can be considered a personal trait. Subjects tend to be more conservative in tasks that they see as more ego-relevant and women are more conservative than men. Asymmetry is less stable across tasks, but predicts competition entry by increasing self-confidence.
    Keywords: Bayesian updating; feedback; confidence; identity; competitive behavior
    JEL: C91 C93 D83
    Date: 2016–06–03
  376. By: Jan Christoph Schlegel
    Abstract: We study conditions for the existence of stable, strategy-proof mechanisms in a many-to-one matching model with discrete salary space (the discrete Kelso-Crawford model). Workers and firms want to match many-to-one and agree on the terms of their match. Firms demand different sets of workers at different salaries. Workers have preferences over different firm-salary combinations. Workers' preferences are monotone in salaries. We show that for this model a descending auction mechanism is the only candidate for a stable mechanism that is strategy-proof for workers. Moreover, we identify a maximal domain of demand functions for firms, such that the mechanism is stable and strategy-proof. For each demand function in our domain, we can construct a related demand function that we call a virtual demand function. Replacing demand functions by virtual demand functions will not change the outcome of our mechanism. Known conditions (gross substitutability and the law of aggregate demand) can be applied to the virtual demand profile to check whether the mechanism is stable and strategy-proof. Our result gives a sense in which gross substitutability and the law of aggregate demand are necessary for the existence of a stable and strategy-proof mechanism. In the special case where demand functions are generated by quasi-linear profit functions, demand functions and virtual demand functions agree. Thus for this case, our domain reduces to the domain of demand functions under which workers are gross substitutes.
    Keywords: Matching with contracts; Matching with salaries; Gross Substitutes; Virtual Demand
    JEL: C78 D47
    Date: 2016–06
  377. By: Weber, Jeremy G.; Wang, Yongsheng; Chomas, Maxwell
    Abstract: We provide a quantitative description of state-level taxation of oil and gas production in the Continental U.S. for 2004 to 2013. Aggregate revenues from production taxes nearly doubled in real terms over the period, reaching $10.3 billion and accounting for 20 percent of tax receipts in the top ten revenue states. The average state had a tax rate of 3.6 percent; nationally, the average dollar of production was taxed at 4.2 percent. The oil-specific rate estimated for the study period is $2.4 per barrel or $5.5 per ton of carbon. Lastly, state-level tax rates are two-thirds higher in states excluding oil and gas wells from local property taxes, suggesting that the policies are substitutes for one another.
    Keywords: state policy, oil and gas taxation, effective tax rates
    JEL: Q38 Q48
    Date: 2016–06–03
  378. By: OECD
    Abstract: Larger container ships have generated cost savings for carriers, decreased maritime transport costs and as such facilitated global trade in the past. However, larger ships require adaptations of infrastructure, equipment and cause larger peaks in container traffic in ports, with wide-ranging impacts. This report assesses if the benefits of the current mega container ships still outweigh their costs to the whole transport chain.
    Date: 2015–05–01
  379. By: Elwert, Annika (Department of Economic History, Lund University)
    Abstract: This study raises the question of how marriage market relevant status characteristics are distributed among partners in exogamous relationships. The status exchange hypothesis posits that partners in racially and ethnically heterogamous relationships trade status characteristics, mainly education. We address this hypothesis focusing on intermarriages between immigrants and native men (N=606,257) and women (N=600,165) in Sweden using register data covering the entire Swedish population for the period 1990 to 2009. Results from binomial and multinomial logistic regressions show that low status in terms of age, income, and previous relationships are determinants for exogamy, and that the main marriage market relevant status that is exchanged is age, not education. This holds particularly for immigrants from certain countries of origin such as for wives from Asia and Africa and husbands from Asia, Africa and the Middle East. Swedish men and women show surprisingly large symmetry in status exchange patterns
    Keywords: Interethnic marriage; Immigration/Migrant families; Ethnicity; Western European families
    JEL: J12 J15 Z13
    Date: 2016–06–15
  380. By: Dorner, Zach; Brent, Daniel A.; Leroux, Anke
    Abstract: Risk is an important attribute of goods, whereby the utility derived from that attribute is determined by one's attitude to risk. We develop a novel approach to leverage data on risk attitudes from a fully incentivized risk elicitation task to model intrinsic riskiness of alternatives in a choice experiment. In a door-to-door survey, 981 respondents participated in a discrete choice experiment to elicit pref- erences over alternative sources of municipal water, conditional on water price and quality. Additional source attributes, such as supply risks due to the water source being weather dependent or technology risks are treated as intrinsic as they cannot be plausibly disassociated from the water supply source. The risk task allows the estimation of a coefficient of constant relative risk aversion (CRRA) for an indi- vidual, which is incorporated into the preference estimation to test the hypotheses that supply risk and new technology risk are important intrinsic attributes for new water sources. Participants are not given information about supply or technological risks of the sources to avoid framing effects driving the results. Controlling for water quality and cost, we find that supply risk is an important determinant of participants' choices, while respondents are not concerned about technology risk.
    Keywords: Research and Development/Tech Change/Emerging Technologies, Research Methods/ Statistical Methods, Risk and Uncertainty,
    Date: 2016–06
  381. By: OECD
    Abstract: This report presents new evidence on how Information and Communication Technologies (ICTs) are changing the demand for skills at work. While the use of ICT at work increased in a large majority of countries between 2011 and 2014, a significant number of workers do not seem to have sufficient skills to use these technologies effectively. The diffusion of ICTs is also changing the way work is carried out, increasing the raising the demand for “soft skills” such as communication, self-direction and problem solving. While these findings offer some new and interesting insights, the report discusses various avenues for further analysis.
    Date: 2016–06–21
  382. By: Vicondoa, Alejandro
    Abstract: This paper identifies anticipated (news) and unanticipated (surprise) shocks to the U.S. Fed Funds rate using CBOT Fed Funds Future Market and assesses their propagation to emerging economies. Anticipated movements account for 80% of quarterly Fed Funds fluctuations and explain a significant fraction of the narrative monetary policy shocks. An expected 1% increase in the reference interest rate induces a fall of 2% in GDP of emerging economies two quarters before the shock materializes. Unanticipated contractionary shocks also cause a recession. Both shocks have a larger impact in emerging relative to developed economies and the financial channel is the most relevant for their transmission. Anticipation is also relevant to understand the transmission of U.S. real interest rate shocks.
    Keywords: International business cycle, Interest rate, News shocks, Small open economy
    JEL: E32 E52 F41 F44
    Date: 2016
  383. By: Alexander N. Bogin (Federal Housing Finance Agency); William M. Doerner (Federal Housing Finance Agency)
    Abstract: This paper describes an empirical approach to generate plausible, historically-based interest rate shocks, which can be applied to any market environment and can readily link to movements in other key risk factors. The approach is based upon yield curve parameterization and requires a parsimonious yet flexible factorization model.
    Keywords: factorization, implied volatility, interest rates, market risk
    JEL: G21 G28 G32
    Date: 2013–10
  384. By: Paul Hubbard (The Australian National University); Dhruv Sharma
    Abstract: We project gross domestic product (GDP) for 140 world economies from 2020 to 2050 based on United Nation's demographic projections, the International Monetary Fund's GDP statistics and estimates of potential labour productivity derived from the World Economic Forum's Global Competitiveness Index (GCI) and a methodology published by the Australian Treasury. We review the conceptual framework underpinning this model, and identify its core assumptions. Finally, we highlight potential applications for this model, including : considering the dispersion of global economic activity; assessing the potential scale of activity across different trading blocs; and quantifying the impact of domestic policy reform scenarios in individual economies. Rather than provide an exhaustive analysis of the results, we make the data and results freely available . The views expressed in this paper represent the views of the authors and not those of the Australian Treasury.
    JEL: E01 E13 C82
    Date: 2016–06
  385. By: Kurz-Kim, Jeong-Ryeol
    Abstract: Using a simple sign test, we report new empirical evidence, taken from both the US and the German stock markets, showing that trading behavior substantially changed around Black Monday in 1987. It turned out that before Black Monday investors behaved more as in the momentum strategy; and after Black Monday more as in the contrarian strategy. We argue that crashes, in general, themselves are merely a manifestation of uncertainty on stock markets and the high uncertainty due to globalization is mainly responsible for this change.
    Keywords: Trading behavior,Momentum,Contrarian,Black Monday,Globalization,Uncertainty
    JEL: C12 G02 G11
    Date: 2016
  386. By: Jörn Block; Lars Hornuf; Alexandra Moritz
    Abstract: Start-ups often post updates during equity crowdfunding campaigns. Yet, little is known about the effects of such updates on funding success. We investigate this question by using handcollected data from 71 funding campaigns on two German equity crowdfunding portals. Using a combination of qualitative and quantitative empirical research techniques, we find that posting an update has a significant positive effect on the number of investments by the crowd and the investment amount collected by the start-up. This effect does not occur immediately in its entirety; rather, it is lagged by a few days. The positive effect increases with the number of words of the update. Distinguishing by the content of the update, we find that the positive effect can be attributed to updates on new funding and business developments an