nep-sog New Economics Papers
on Sociology of Economics
Issue of 2016‒09‒18
724 papers chosen by
Jonas Holmström
Axventure AB

  1. Certified Random: A New Order for Co-Authorship By Debraj Ray; Arthur Robson
  2. The Liquidity Coverage Ratio and Security Prices By Lucas Marc Fuhrer; Benjamin Müller; Luzian Steiner
  3. Assessing Indicators and Limits for a Sustainable Everyday Nutrition By Lukas, Melanie; Rohn, Holger; Lettenmeier, Michael; Liedtke, Christa; Wirges, Monika; Wiesen, Klaus; Schweißinger, Johanna; von Lenthe, Charlotte
  4. HortiCube: A Platform for Transparent, Trusted Data Sharing in the Food Supply Chain By Verhoosel, Jack; van Bekkum, Michael; Verwaart, Tim
  5. Income or Consumption: Which Better Predicts Subjective Wellbeing? By Thomas Carver; Arthur Grimes
  6. Global Value Chain and the Competitiveness of Asian Countries By KIYOTA Kozo; OIKAWA Keita; YOSHIOKA Katsuhiro
  7. Capital Inflow Surges and Consequences By Ghosh, Atish R.; Qureshi, Mahvash S.
  8. The Liquid Hand-to-Mouth: Evidence from a Personal Finance Management Software By Arna Vardardottir; Michaela Pagel
  9. The Effectiveness of Social Science Research in Addressing Societal Problems: Broadening Participation in Computing By Rosenbloom, Joshua L.; Ginther, Donna K.
  10. River deep, mountain high: Of long-run knowledge trajectories within and between innovation clusters By Nomaler, Onder; Verspagen, Bart
  11. Der Europäische Rat in der Europäischen Union: Kritische Betrachtung seiner Entstehung mittels der Theorie des Evolutionären Institutionalismus By Hambloch, Sibylle
  12. Conflict between State Aid Regulation and Foreign Investment Protection (Japanese) By TAMADA Dai
  13. Манифест Биткойна или Крипто-Социализм как следующая фаза Социально-Экономического развития. By Kosten, Dmitri
  14. The Perils of Top-down State Building: Evidence from Colombia's False Positives By Daron Acemoglu; Leopoldo Fergusson; James A. Robinson; Dario Romero; Juan F. Vargas
  15. The impact of rainwater harvesting on household labor supply By Tsukada, Rachel; Lehmann, Christian
  16. Colocation and knowledge diffusion: evidence from million dollar plants By Christian Fons-Rosen; Vincenzo Scrutinio; Katalin Szemeredi
  17. International Research Networks: Determinants of Country Embeddedness By Holger Graf; Martin Kalthaus
  18. Sociology Academic World: The Institutionalization of Relations of Power and Knowledge By Vakhshtayn, Victor Semenovich; Nazarenko, A.P.
  19. Efficiency and Capital Structure in the Italian Cereal Sector By Tiberti, Marco; Stefani, Gianluca; Lombardi, Ginevra
  20. Economics of Goat and Ewe Milk Cheeses with Protected Designation of Origin in Europe By Giraud, Georges
  21. High-Skilled Immigration and the Rise of STEM Occupations in U.S. Employment By Gordon H. Hanson; Matthew J. Slaughter
  22. The Empirical Content of Season-of-Birth Effects: An Investigation with Turkish Data By Torun, Huzeyfe; Tumen, Semih
  23. Firm Age and Size and the Financial Management of Infrequent Shocks By Benjamin L. Collier; Andrew F. Haughwout; Howard C. Kunreuther; Erwann O. Michel-Kerjan; Michael A. Stewart
  24. Public Expenditure and Growth: The Indian Case By Antra Bhatt; Claudio Sardoni
  25. Measures to Promote Green Cars: Evaluation at the car variant level By KITANO Taiju
  26. The impact of long-run macroeconomic experiences on personality By Vellekoop, Nathanaël
  27. Analysis of Joint Exchange Rate Pass-Through and Import Duty Rates in the Russian Economy By Idrisov, Georgy; Ponomarev, Yury; Pleskachev, Yury Andreevich
  28. Virtual reality experiments in economics By Alessandro Innocenti
  29. The Balassa-Samuelson Effect and the Labor Market in Japan F1977-2008 AbstractThis study examines the BalassaSamuelson effect based on the real exchange rate by sectors in Japan and the United States. Although it is theoretically assumed that the effect holds under identical wages between tradable and non- tradable sectors, few empirical studies verify the validity of this assumption. We attempt to investigate the feasibility of the Balassa-Samuelson effect by focusing on Japanese labour market dynamics using a panel threshold model. The empirical results show that the effect may not have held since the end of the 1990s, given the wage discrepancy between tradable and non-tradable sectors, and that structural changes have been driven by the machinery sectors such as electricity and general machinery. By Takao Fujii; Yoichi Matsubayashi
  30. A Time Series Paradox: Unit Root Tests Perform Poorly When Data Are Cointegrated By W. Robert Reed; Aaron Smith
  31. Exploring the Community Structure of Complex Networks By Drago, Carlo
  32. Mining team characteristics to predict Wikipedia article quality By Grace Gimon Betancourt; Armando Segnini; Carlos Trabuco; Amira Rezgui; Nicolas Jullien
  33. Towards a general theory of resilience. Lessons from a multi-perspective research. By Paul Théron
  34. STEM graduates and secondary school curriculum: does early exposure to science matter? By Marta De Philippis
  35. Optimal Bailout of Systemic Banks By Charles Nolan; Plutarchos Sakellaris; John D. Tsoukalas
  36. Bitcoin Mission Statement. Or What does it mean Sharing Economy and Distributed Trust? By Kosten, Dmitri
  37. Canonical Supermartingale Couplings By Marcel Nutz; Florian Stebegg
  38. The Effects of Diversity in Innovation: The moderating role of universal-diverse leaders By SUZUKI Satoko; TAKEMURA Kosuke
  39. Back to the Future. The effect of digital technology on the performance of public historical archives By Calogero Guccio; Marco Martorana; Isidoro Mazza; Ilde Rizzo
  40. Behavioral Interventions to Help Workers Keep Their Jobs After an Injury or Illness (Policy Brief) By Kara Contreary; Irma Perez-Johnson
  41. Priority for the Worse Off and the Social Cost of Carbon By Adler, Matthew; Anthoff, David; Bosetti, Valentina; Garner, Greg; Keller, Klaus; Treich, Nicolas
  42. Being Central and Productive? Evidence from Slovenian Visual Artists in the 19th and 20th Century By Andrej Srakar; Petja Grafenauer; Marilena Vecco
  43. Opportunities for advances in climate change economics By Burke, M.; Craxton, M.; Kolstad, C.D.; Onda, C.; Allcott, H.; Baker, E.; Barrage, L.; Carson, R.; Gillingham, K.; Graff-Zivin, J.; Greenstone, M.; Hallegatte, S.; Hanemann, W.M.; Heal, G.; Hsiang, S.; Jones, B.; Kelly, D.L.; Kopp, R.; Kotchen, M.; Mendelsohn, R.; Meng, K.; Metcalf, G.; Moreno-Cruz, J.; Pindyck, R.; Rose, s.; Rudik, Ivan; Stock, J.; Tol, R.S.J.
  44. The subjective discount factor and the coefficient of relative risk aversion under time-additive isoelastic expected utility model By Dominique Pepin
  45. Working Paper 241 - Long term consequences of consumption seasonality By AfDB AfDB
  46. International Experience in Assessing the Long-Term Budgetary Impact of Programs at the Federal, Regional and Municipal Level By Belev, Sergei; Mamedov, Arseniy; Moguchev, Nikita Sergeevich; Tischenko, Tatiana Vladimirovna
  47. The gender productivity gap : some evidence for a set of highly productive academic economists By Ruiz-Castillo, Javier; Carrasco, Raquel
  48. Strategic Default Induced by Loan Modification Programs By Li, Xianghong; Zhao, Xinlei
  49. Raising the Bar By Neil Seftor
  50. The Solution to Science's Replication Crisis By Bruce Knuteson
  51. The land use change time-accounting failure By Marion Dupoux
  52. Sozialwissenschaftliche ökonomische Bildung By Hedtke, Reinhold
  53. Distributive Conflict, Growth, and the ‘Entrepreneurial State’. By Daniele Tavani; Luca Zamparelli
  54. Insurance Between Firms: The Role of Internal Labor Markets By Giacinta Cestone; Chiara Fumagalli; Francis Kramarz; Giovanni Pica
  55. The Returns to Education at Community Colleges: New Evidence from the Education Longitudinal Survey By Marcotte, Dave E.
  56. Energy transition in transportation under cost uncertainty- an assessment based on robust optimization By Claire Nicolas; Stéphane Tchung-Ming; Emmanuel Hache
  57. The Efficiency of Race-Neutral Alternatives to Race-Based Affirmative Action: Evidence from Chicago's Exam Schools By Glenn Ellison; Parag A. Pathak
  58. An example of hybridization between the "discovering matrix" and the "9 windows" tools during ideation phases of interclustering projects By Julien Ambrosino; Jérémy Legardeur
  59. The Optimal Range of Organizational Trust in Inter-Firm Strategic Alliances By Lascaux, Alexander
  60. Bridging the Gap: Do Fast Reacting Fossil Technologies Facilitate Renewable Energy Diffusion? By Verdolini, Elena; Vona, Francesco; Popp, David
  61. Behavioral Interventions to Promote Job Retention after Injury or Illness By Kara Contreary; Irma Perez-Johnson
  62. Assessing fairness of dynamic grid tariffs By Neuteleers, Stijn; Mulder, Machiel; Hindriks, Frank
  63. Monetary policy transmission in an open economy: new data and evidence from the United Kingdom By Cesa-Bianchi, Ambrogio; Thwaites, Gregory; Vicondoa, Alejandro
  64. The Measuring the Efficiency of Food Chains – Selected Approaches By Jarzębowski, Sebastian; Bezat-Jarzębowska, Agnieszka
  65. Measuring change in subjective wellbeing: Methods to quantify recall bias and recalibration response shift By Blome, Christine; Augustin, Matthias
  66. Economic development and intergenerational earnings mobility: Evidence from Taiwan By Chu, Luke Yu-Wei; Lin, Ming-Jen
  67. Too good to be truthful: Why competent advisers are fired By Christoph Schottmüller
  68. The Effect of Financial Regulation Mandate on Inflatin Bias: A Dynamic Panel Approach By Diana Lima; Ioannis Lazopoulos; Vasco Gabriel
  69. Debt Runs and the Value of Liquidity Reserves By Fabrice Tourre
  70. Regulatory holidays and optimal network expansion By Zwart, Gijsbert; Willems, Bert
  71. Quantitative Easing in the Euro Area: The Dynamics of Risk Exposures and the Impact on Asset Prices. By R. S.J. Koijen; F. Koulischer; B. Nguyen; M. Yogo
  72. Has the wage Phillips curve changed in the euro area? By Guido BUlligan; Eliana Viviano
  73. Likelihood inference on semiparametric models with generated regressors By Yukitoshi Matsushita
  74. Quality Growth: From Process to Product Innovation Along the Path of Development By Esteban Jaimovich
  75. Power laws in market capitalization during the Dot-com and Shanghai bubble periods By Takayuki Mizuno; Takaaki Ohnishi; Tsutomu Watanabe
  76. Do Agrarian Households use International Migration as an Income Diversification Strategy? Evidence from Albania By Seidu, Ayuba; Onel, Gulcan
  77. Assessing HITECH Implementation and Lessons: 5 Years Later By Marsha Gold; Catherine McLaughlin
  78. Eficiencia energética y efecto rebote. Conceptos, métodos y políticas By Freire-González, Jaume
  79. The impact of social transfers on income poverty and material deprivation By Geranda Notten; Anne-Catherine Guio
  80. Albania; Eighth Review Under the Extended Arrangement and Request for Modification of Performance Criteria-Press Release and Staff Report By International Monetary Fund.
  81. Parenting Methods, Sense of Ethics, Happiness Quotient, and Income Creation:Empirical research in Japan (Japanese) By NISHIMURA Kazuo; YAGI Tadashi
  82. Optimal Prizes By Pradeep Dubey; Siddhartha Sahi
  83. Women Working Longer: Facts and Some Explanations By Claudia Goldin; Lawrence F. Katz
  84. The joint distributions of running maximum of a Slepian processes By Pingjin Deng
  85. Discrimination à l’embauche des candidates d’origine maghrébine dans la région de la Capitale-Nationale By Simon Brière; Bernard Fortin; Guy Lacroix
  86. Labour rights in Peru and the EU trade agreement: Compliance with the commitments under the sustainable development chapter By Orbie, Jan; Van den Putte, Lore
  87. Santa Marta Real y Republicana : El accionar económico y político de la Provincia de Santa Marta en los albores de la independencia, 1810-1830. By Joaquín Viloria-De-la-Hoz.
  88. Ratios and benchmarks as tools for local food hub decision-making: a comparative case study By Lyons, Savanna May
  89. Welfare Implications of the Indian Employment Guarantee Programme with a Wage Payment Delay By Parantap Basu; Kunal Sen
  90. A Framework for Eliciting, Incorporating, and Disciplining Identification Beliefs in Linear Models By Francis DiTraglia; Camilo García-Jimeno
  91. An Unintended Consequence of Using "Errors in Variables Shocks" in DSGE Models? By Adrian Pagan
  92. Helping Workers Keep Their Jobs After an Injury, Illness, or Disability: State Strategies (Fact Sheet) By Yonatan Ben-Shalom
  93. Democracy and social capital in Greece By Daskalopoulou, Irene
  94. A generalized dynamic arbitrage free yield model By Bekker, Paulus
  95. Optimal Transfers in Noncooperative Games By Pradeep Dubey; Siddhartha Sahi
  96. Up or down the value chain? The comparative analysis of the GVC position of the economies of the new EU member states By Jan Hagemejer
  97. (Non-)Insurance Markets, Loss Size Manipulation and Competition By Soetevent, Adriaan; Hinloopen, Jeroen
  98. Kinder in Armutslagen : Konzepte, aktuelle Zahlen und Forschungsstand By Tophoven, Silke; Wenzig, Claudia; Lietzmann, Torsten
  99. An Economic Analysis of the Relationship between Household Income and Fertility By Fang He
  100. Do Extreme Weather Events Generate Attention to Climate Change? By Sisco, Matthew R.; Bosetti, Valentina; Weber, Elke U.
  101. An individual-based approach to the measurement of multiple-period mobility for nominal and ordinal variables By Sanghamitra Bandyopadhyay; Gaston Yalonetzky
  102. Do Stronger Patents Stimulate or Stifle Innovation? The Crucial Role of Financial Development By Chu, Angus C.; Cozzi, Guido; Pan, Shiyuan; Zhang, Mengbo
  103. Risk and Loss Aversion, Price Uncertainty and the Implications for Consumer Search By Soetevent, Adriaan R.; Bruzikas, Tadas
  104. The Development of Methodological Tools to Assess Public Confidence in the Civil Servants By Litvintseva, Elena Anan'evna; Karpichev, Viktor Sergeevich; Mamedov, Nizami; Afanasieva, N.V.; Rybakova, I.N.; Skipetrova, T.V.; Fateev, I.V.
  105. The Signaling Effect of Raising Inflation By Jean Barthélemy; Eric Mengus
  106. A Lesson from the Great Depression that the Fed Might have Learned: A Comparison of the 1932 Open Market Purchases with Quantitative Easing By Michael Bordo; Arunima Sinha
  107. Entrepreneurial heterogeneity and the design of entrepreneurship policies for economic growth and inclusive development By Calza, Elisa; Goedhuys, Micheline
  108. Beyond routines as Things: introduction to the special Issue on routines Dynamics By Martha S. Feldman; Brian Pentland; Luciana D'Adderio; Nathalie Lazaric
  109. Consumption Taxes and Divisibility of Labor under Incomplete Markets By Shuhei Takahashi; Tomoyuki Nakajima
  110. Multiple core regions: regional inequality in switzerland, 1860 to 2008 By Stohr, Christian
  111. Ökologische Anforderungen an das Inverkehrbringen von Produkten By Cottier, Thomas; Holzer, Kateryna; Liechti-McKee, Rachel
  112. Refactorización de código y consideraciones sobre la complejidad ciclomática By Darío G. Cardacci
  113. The Intra-Family Division of Bequests and Bequest Motives: Empirical Evidence from a Survey on Japanese Households By HAMAAKI Junya; HORI Masahiro; MURATA Keiko
  114. Value at risk and the diversification dogma By Arturo Erdely
  115. Desnutrición infantil en Colombia: Marco de referencia By Ruiz Gómez, Fernando; Franco Restrepo, Camila; Góngora Salazar, Pamela; Giron Vargas, Sandra Lorena; Rodríguez Norato, Claribel
  116. Working Paper 242 - Understanding the prospective local content in the petroleum sector; and the potential impact of high energy prices on production sectors and household welfare in Uganda By AfDB AfDB
  117. Production networks, geography and firm performance By Andrew B. Bernard; Andreas Moxnes; Yukiko U. Saito
  118. The elusive employment effect of the minimum wage By Alan Manning
  119. Intergenerational contact across marriage and cohabitation in Italy. Something new? By Pirani Elena
  120. Waste haven effect: unwrapping the impact of environmental regulation By Thais Nuñez-Rocha
  121. Global Value Chains and Changing Trade Elastici By Byron Gangnes; Ari Van Assche
  122. Urban AgriCulture and Food Systems Dynamics: Urban Gardening and Urban Farming of the Bonn-Rhein-Sieg region, Germany By Hirsch, Darya; Meyer, Christian; Klement, Johannes; Hamer, Martin; Terlau, Wiltrud
  123. An asymptotic expansion for forward-backward SDEs: a Malliavin calculus approach (Forthcoming in Asia-Pacific Financial Markets) By Akihiko Takahashi; Toshihiro Yamada
  124. Pros and Cons of Introducing a Mandatory Country of Origin Labelling for Dairy Products in Germany By Salamon, Petra; Weible, Daniela; Weber, Sascha; Christoph-Schulz, Inken
  125. Acceptance of Animal Husbandry Practices: The Consumer Perspective By Roosen, Jutta; Dahlhausen, Johanna Lena; Petershammer, Silke
  126. Les déterminants du délai d’audit et ses implications en termes de fiabilité et de pertinence de l’information financière: un essai de validation dans le contexte français By Khoufi Nouha; Habib Affes
  127. Indicators of Beef Quality for Consumers: a Systematic Review By Henchion, Maeve; McCarthy, Mary; Resconi, Virginia
  128. Urbanization, Growth and Structural Change By Michael Peters; Fabian Eckert
  129. Trust and signals in workplace organization: evidence from job autonomy differentials between immigrant groups By van Hoorn, Andr
  130. Sentiments and Economic Activity: Evidence from U.S. States By Benhabib, Jess; Spiegel, Mark M.
  131. An Asymmetric Melitz Model of Trade and Growth By NAITO Takumi
  132. Do Off-Farm Income and Remittances Alter Household Food Consumption Patterns? Evidence from Albania By Seidu, Ayuba; Onel, Gulcan
  133. Happiness, unemployment and self-esteem By van der Meer, Peter H.; Wielers, Rudi
  134. Monetary Policy and Durable Goods By Miles Kimball; Christopher House; Christoph Boehm; Robert Barsky
  135. Firm size distortions and the productivity distribution: evidence from France By Luis Garicano; Claire Lelarge; John Van Reenen
  136. A commercial gift for charity By Soetevent, Adriaan R.; Bao, Te; Schippers, Anouk L.
  137. Network economics and the environment: insights and perspectives By Sergio Currarini; Carmen Marchiori; Alessandro Tavoni
  138. Finance neutral potential output: an evaluation on an emerging market monetary policy context By J. Sebastián Amador-Torres
  139. Fertility, social mobility and long run inequality By Cordoba, Juan Carlos; Liu, Xiying; Ripoll, Marla
  140. Bad Bad Contagion By Londono, Juan M.
  141. Good deal measurement in asset pricing: Actuarial and financial implications By Balbás, Alejandro; Okhrati, Ramin; Garrido, José
  142. The Impact of Emissions-Based Taxes on the Retirement of Used and Inefficient Vehicles: The Case of Switzerland By Anna Alberini; Markus Bareit; Adan Martinez-Cruz; Massimo Filippini
  143. Employment insecurity and employees’ health in Denmark By Elena Cottini; Paolo Ghinetti
  144. Consumers’ Preference for Sweet Peppers with Different Process Attributes: A Discrete Choice Experiment in Taiwan By Yeh, Ching-Hua; Hartmann, Monika
  145. Steps States Can Take to Help Workers Keep Their Jobs after Injury, Illness, or Disability By Yonatan Ben-Shalom
  146. Endogenous Search, Price Dispersion, and Welfare By Liang Wang
  147. Take-up of Social Assistance Benefits: The case of Homeless By Sylvain Chareyron; Patrick Domingues
  148. A descriptive model of banking an aggregate demand By Mierau, Joachim; Mink, Mark
  149. Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound By Pierre-Olivier Gourinchas; Hélène Rey
  150. Sozioökonomische Bildung in der sozialwissenschaftlichen Domäne By Hedtke, Reinhold
  151. Central African Economic and Monetary Community; Selected Issues By International Monetary Fund.
  152. Stock market and economic growth in Eastern Europ By María A. Prats; Beatriz Sandoval
  153. The Returns to Elite College Education: A Quasi-Experimental Analysis By Anelli, Massimo
  154. Inward FDI and innovation in transitional countries By Allan Webster
  155. Closed-form solutions for worst-case law invariant risk measures with application to robust portfolio optimization By Jonathan Yu-Meng Li
  156. Long-Run Development and the New Cultural EconomicsS By Boris Gershman
  157. The theory of unconventional monetary policy By Farmer, Roger; Zabczyk, Pawel
  158. Product Differentiation with Multiple Qualities By F. Barigozzi; C. A. Ma
  159. The Importance of Unemployment Insurance as an Automatic Stabilizer By Marco Di Maggio; Amir Kermani
  160. Clustering in Dynamic Causal Networks as a Measure of Systemic Risk on the Euro Zone By Monica Billio; Lorenzo Frattarolo; Hayette Gatfaoui; Philippe De Peretti
  161. Articuler les dynamiques professionnelles et institutionnelles : un nouveau défi des systèmes de santé By Olivier Baly; Frédéric Kletz; Jean-Claude Sardas; Bruna Alves de Rezende
  162. Recent Trends in Cross-currency Basis By Fumihiko Arai; Yoshibumi Makabe; Yasunori Okawara; Teppei Nagano
  163. Institutionalization in Efficient Markets: The Case of Price Bubbles By Sheen S. Levine; Edward J. Zajac
  164. Dating Business Cycles in India. By Pandey, Radhika; Patnaik, Ila; Shah, Ajay
  165. Continuous Quasi-Hyperbolic Discounting By Craig Webb
  166. How Do Venture Capitalists Make Decisions? By Paul Gompers; William Gornall; Steven N. Kaplan; Ilya A. Strebulaev
  167. Reliability and validity of the happiness approach to measuring preferences By van Hoorn, Andr
  168. Improving Value Chains for Dairy Farmers in Matiguás, Nicaragua: a System Dynamics Approach By Lie, Helene; Rich, Karl M.
  169. Quality Seals in the Food Sector: Consumers Information Needs and Sources By Meixner, Oliver; Haas, Rainer
  170. The Political Economy of National Statistics By Diane Coyle
  171. Financial Safety Nets By Julien Bengui; Javier Bianchi; Louphou Coulibaly
  172. Learning in the Oil Futures Markets: Evidence and Macroeconomic Implications By Leduc, Sylvain; Moran, Kevin; Vigfusson, Robert J.
  173. Regression Discontinuity Designs with Clustered Data: Variance and Bandwidth Choice By Bartalotti, Otávio C.; Brummet, Quentin O.
  174. Family Connections in Motorsports: The Case of Formula One By Craig A. Depken II; Peter A. Groothuis; Kurt W. Rotthoff
  175. Bayesian Process Networks: An approach to systemic process risk analysis by mapping process models onto Bayesian networks By Oepping, Hardy
  176. Pursuing Added Value in the Irish Agri‐Food Sector: An Application of the Global Value Chain Methodology By Heery, Declan; O’Donoghue, Cathal; Ó Fathartaigh, Mícheál
  177. The Implications of Agricultural Trade and Market Developments for Food Security By Grégoire Tallard; Peter Liapis; Graham Pilgrim
  178. Subfield profitability analysis reveals an economic case for cropland diversification By Brandes, Elke; McNunn, Gabriel Sean; Schulte, Lisa A.; Bonner, Ian J.; Muth, D. J.; Babcock, Bruce A.; Sharma, Bhavna; Heaton, Emily A.
  179. Bond Market Asymmetries across Recessions and Expansions: New Evidence on Risk Premia By Martin M. Andreasen; Tom Engsted; Stig V. Møller; Magnus Sander
  180. After blood diamonds: The moral economy of illegality in the Sierra Leonean diamond market By Engwicht, Nina
  181. Testing the Predictability of Consumption Growth: Evidence from China By Liping Gao; Hyeongwoo Kim
  182. On the optimal design of a Financial Stability Fund By à rpád à brahám; Eva Carceles-Poveda; Yan Liu; Ramon Marimon
  183. Piggy-Back Exporting, Intermediation, and the Distributional Gains from Trade in Agricultural Markets By Swati Dhingra
  184. Unconventional monetary policy in a small open economy By Margaux MacDonald; Michal Popiel
  185. La liquidación de 2014 del sistema de financiación de las comunidades autónomas de régimen común: Adenda By Angel de la Fuente
  186. La carga tributaria sobre los ingresos laborales y de capital en Colombia: el caso del impuesto sobre la renta y el IVA By Jorge Armando Rodríguez; Javier Ávila Mahecha
  187. PROCEEDINGS OF ABSTRACTS By Anonymous; Tomic, Danilo; Subic, Jonel
  188. The Whole is Greater than the Sum: An Empirical Analysis of the Effect of Team Based Learning on Student Achievement By Artz, Georgeanne M.; Jacobs, Keri; Boessen, Christian R.
  189. The Impact of Grade Retention on Juvenile Crime By Juan Diaz; Nicolas Grau; Tatiana Reyes; Jorge Rivera
  190. Changes in the Returns to Skill and the Variance of Unobserved Ability By Guido Matias Cortes,; Manuel Alejandro Hidalgo
  191. Responding to (Un)Reasonable Requests By Vittorio Pelligra; Tommaso Reggiani; Daniel John Zizzo
  192. Access to Israeli Labor Markets: Effects on the West Bank Economy By Agbahey, Johanes; Siddig, Khalid; Grethe, Harald
  193. Financial Development and Geographic Isolation: Global Evidence By Kodila-Tedika, Oasis; Asongu, Simplice; Cinyabuguma, Matthias
  194. When Do We Start? Pension reform in aging Japan By KITAO Sagiri
  195. El ser y el tener de los habitantes de la ciudad de Medelli?n como determinantes de la satisfaccio?n con la vida By Catalina Gómez Toro; Gabriel Jaime Suárez Obando; Juan Esteban Garzón Trujillo; Javier Alberto Gómez Gómez
  196. Labour Market Institutions in Open Economy By Povilas Lastauskas; Julius Stakenas
  197. “No more credit score”: employer credit check bans and signal substitution By Clifford, Robert; Shoag, Daniel
  198. A dynamic model of financial balances for the United Kingdom By Burgess, Stephen; Burrows, Oliver; Godin, Antoine; Kinsella, Stephen; Millard, Stephen
  199. The Network of Large-Value Loans in the U.S.: Concentration and Segregation By Anton Badev
  200. The host with the most? The effects of the Olympic Games on happiness By Paul Dolan; Georgios Kavetsos; Christian Krekel; Dimitris Mavridis; Robert Metcalfe; Claudia Senik; Stefan Szymanski; Nicolas R. Ziebarth
  201. Investing in Photovoltaics: Timing, Plant Sizing and Smart Grids Flexibility By Bertolini, Marina; D’Alpaos, Chiara; Moretto, Michele
  202. Electronic Nicotine Delivery Systems and Electronic Non-Nicotine Delivery Systems (ENDS/ENNDS) By World Health Organization
  203. Can Financial Literacy Reduce Anxiety about Life in Old Age? By KADOYA Yoshihiko; Mostafa Saidur Rahim KHAN
  204. Der Einfluss linguistischer Diversität innerhalb von Schulklassen auf den Bildungerfolg von Schülern mit deutscher und nichtdeutscher Muttersprache By Bredtmann, Julia; Otten, Sebastian; Vonnahme, Christina
  205. Thrivers and Divers: Using Non-Academic Measures to Predict College Success and Failure By Graham Beattie; Jean-William P. Laliberté; Philip Oreopoulos
  206. Post-Socialist Constitutions: The De Jure - De Facto Gap, Its Effects and Determinants By Katarzyna Metelska-Szaniawska
  207. Legal Problems of the Effectiveness of Public Authorities in the Conditions of Modern Economic Development of the Russian Federation By Boldyreva, Elena; Kuznetsova, S.D.; Levakin, Igor Vyacheslavovich; Chepunov, O.I.; Chepus, A.V.
  208. Modelling the effect of crime on economic activity: The case of Mexican states By Álvarez, Antonio; Garduño, Rafael; Núñez, Héctor
  209. New models to estimate costs of US farm programs By Zhu, Xiaohong
  210. “An Over View of the Implementation of Precision Farming Projects in Tamil Nadu, India” By Ramamoorthy, Dr. R. Ravikumar; A, Mr Jagan Gopu
  211. The Legal Model of Economic Concentration in the Russian Legislation By Egorova, Maria A.
  212. Pozioma współpraca badawczo-rozwojowa a kartelizacja gałęzi By Jacek, Prokop; Adam, Karbowski
  213. Wer hat Angst vor der BWL? Was die Konsumentenbildung von der Betriebswirtschaftslehre lernen kann By Hedtke, Reinhold
  214. Ten Years Later: a Comparison between the Results of Early Simulation Scenarios and the Sustainability of a Small‐Scale Agro‐Industry Development Program By Fernandes, Aline R.; da Silva, Carlos Arthur B.
  215. Essays in the Law and Economics of the Firm By Roberto Venturini
  216. Executive Lawyers: Gatekeepers or Strategic Officers? By Adair Morse; Wei Wang; Serena Wu
  217. Modelling cognitive determinants of the intentions to consume foods from edible insects: An application of the theory of planned behaviour By Pambo, Kennedy Otieno; Mbeche, Robert M.; Okello, Julius J.; Kinyuru, John N.
  218. Liquidity Constraints, Wealth Transfers and Home Ownership By Blickle, Kristian; Brown, Martin
  219. The impact of loan financing on SME’s from transitional countries By Jens Hoelscher; Peter Howard-Jones; Allan Webster
  220. Effects of Commodity Price Shocks on Inflation: A Cross-Country Analysis By SEKINE Atsushi; TSURUGA Takayuki
  221. Between Virtualization and Turning to the Material: Actor-Network Theory and Sociology Relationalism By Erofeeva, Maria
  222. Developing New Value Chains for Small‐Scale and Emerging Cattle Farmers in South Africa By Mmbengwa, Victor; Nengovhela, Nkhanedzeni; Ngqangweni, Simphiwe; Spies, David; Baker, Derek; Burrow, Heather; Griffith, Garry
  223. No student left behind? Evidence from the Programme for School Guidance in Spain By J. Ignacio Garcia-Perez; Marisa Hidalgo-Hidalgo
  224. What Makes a Good Trader? On the Role of Intuition and Reflection on Trader Performance By Brice Corgnet; Mark DeSantis; David Porter
  225. What Makes a Good Trader? On the Role of Intuition and Reflection on Trader Performance By Brice Corgnet; Mark DeSantis; David Porter
  226. Money, Asset Prices and the Liquidity Premium By Lee, Seungduck
  227. Quantitative Easing and the Liquidity Channel of Monetary Policy By Lucas Herrenbrueck
  228. Anticipating the Future: Scenarios for Resilient Institutions in Agricultural Research and Innovation By Poppe, Krijn; Floor, Geerling‐Eiff; Trond, Selnes
  229. Migration as a Test of the Happiness Set Point Hypothesis: Evidence from Immigration to Canada By John F. Helliwell; Aneta Bonikowska; Hugh Shiplett
  230. Mechanisms of State Regulation of the Use of Agricultural Land for Construction Purposes: International and Russian Experience By Shagaida, Natalia
  231. Reference Price Formation for Product Innovations – the Role of Consistent Price-Value-Relationships By Peschel, Anne Odile; Zielke, Stephan; Scholderer, Joachim
  232. How are migrant employees manages? An integrated analysis By van Hoorn, Andr
  233. An Empirical Investigation of Risk Sharing among Indonesian Households By Parantap Basu; Sigit Sulistiyo Wibowo
  234. How individuals cope with institutional complexity in organizations: a case study in the energy transition By Virginie Svenningsen; Eva Boxenbaum; Davide Ravasi
  235. Woody Biomass Processing: Potential Economic Impacts on Rural Regions By Randall Jackson; Amir B. Ferreira Neto; Elham Erfanian
  236. Innovation and Interactions: A Bibliometrics Study on intra‐firm Coordination By de Avila Santos, João Heitor; de Barcellos, Marcia Dutra; Sauvée, Loïc
  237. Anti-Trade Agitation and Distribution-Neutral Tax Policy- An Elementary Framework By Sugata Marjit
  238. Expanded Geographic Assessment of the Agricultural Risk of Temporary Water Storage for FM Diversion By Bangsund, Dean A.; Shaik, Saleem; Saxowsky, David; Hodur, Nancy M.; Ndembe, Elvis
  239. Towards a financial cycle for the US, 1973-2014 By Rozite, Kristiana; Bezemer, Dirk J.; Jacobs, Jan P.A.M.
  240. Value Preserving Welfare Weights for Social Optimization Problems By Alexis Anagnostopoulos; Eva Carceles-Poveda; Yair Tauman
  241. The Informational Content of the Limit Order Book: An Empirical Study of Prediction Markets By Joachim R. Groeger
  242. Corporate Restructuring in the Asian electronics market: Insights from Philips and Panasonic By Reddy, Kotapati Srinivasa
  243. "Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ghana and Tanzania" By Fernando Rios-Avila
  244. Preferences for truth-telling By Johannes Abeler; Daniele Nosenzo; Collin Raymond
  245. The Gross Domestic Product. History, relevance and limitations in its interpretation By Georgescu, George
  246. State-to-State dispute settlement and the interpretation of investment treaties By David Gaukrodger
  247. The Immigration Policies in Comparison (IMPIC) Dataset: Technical Report By Bjerre, Liv; Helbling, Marc; Römer, Friederike; Zobel, Malisa Zora
  248. Adapting Supply Chain Management for Local Foods Logistics By Engelseth, Per; Hogset, Heidi
  249. Labor-Market Specialization within Same-Sex and Different-Sex Couples By Christopher Jepsen; Lisa K. Jepsen
  250. The Category of Node-and-Choice Preforms for Extensive-Form Games By Peter A. Streufert
  251. ¿Qué explica el precio del vino? Análisis hedónico del mercado de alta calidad By Ignacio Benito Amaro; Gustavo Ferro
  252. Consecuencias de la violencia doméstica contra la mujer en el progreso escolar de los niños y niñas del Perú By Alcázar, Lorena; Ocampo, Diego
  253. Inequality and the Social Cost of Carbon By Anthoff, David; Emmerling, Johannes
  254. Cost-Effectiveness Of Treatments For Mild-To-Moderate Obstructive Sleep Apnea In France By Anne-Isabelle Poullié; Magali Cognet; Aline Gauthier; Marine Clementz; Sylvain Druais; Hans-Martin Späth; Lionel Perrier; Oliver Scemama; Catherine Rumeau Pichon; Jean-Luc Harousseau
  255. Emotional Judges and Unlucky Juveniles By Ozkan Eren; Naci Mocan
  256. Efficient Risk Sharing under Limited Commitment and Search Frictions By Junichi Fujimoto; Junsang Lee
  257. Revisiting the Effects of Unemployment Insurance Extensions on Unemployment: A Measurement Error-Corrected RD Approach By Dieterle, Steven; Bartalotti, Otávio C.; Brummet, Quentin O.
  258. Current Trends in Cooperative Finance By Briggeman, Brian; Jacobs, Keri; Kenkel, Phil; McKee, Greg
  259. Antecedentes del Banco de la República, 1904 -1922. By Adolfo Meisel-Roca.
  260. Deposit Insurance in General Equilibrium By Hans Gersbach; Volker Britz; Hans Haller
  261. Modelling adult skills in OECD countries By Jorge Calero; Rosario Ivano Scandurra
  262. Interest parity conditions during the classical gold standard (1880 -1914) - Evidence from the investment demand for bills of exchange in Europe By Nils Herger
  263. Wealth Inequality in Sweden: What Can We Learn from Capitalized Income Tax Data? By Lundberg, Jacob; Waldenström, Daniel
  264. Essays on business cycles with liquidity constraints and firm entry-exit dynamics under incomplete information By Ma, Zhixia
  265. Exports and Foreign Sales of Multinational Firms: Analysis of simultaneous equations (Japanese) By ITO Koji; ZHU Lianming; YUKIMOTO Tadashi
  266. Metaphorical and Metonymic Strategies of Sociological Theorising By Stepantsov, Pavel; Yermakova, V.B.
  267. Guidelines for the Development and Evaluation of the Effectiveness and Efficiency of Public Programs at the Regional Level By Yuzhakov, Vladimir Nikolaevich; Dobrolyubova, Elena; Klochkova, E.N.
  268. The Earned Income Tax Credit: Targeting the Poor but Crowding Out Wealth By Froemel, M.; Gottlieb, C.
  269. Impact sur l’emploi de la participation aux projets de R&D des pôles de compétitivité. Méthode et résultats By Magali Chaudey; Marion Dessertine
  270. Hacking the CAP – Options to redesign the European Agricultural Policy By Poppe, Krijn
  271. VALUES FOR ENVIRONMENTS WITH EXTERNALITIES – THE AVERAGE APPROACH By David Wettstein; Ines Macho-Stadler; David Perez-Castrillo
  272. La crisis del euro en perspectiva By Francesco Bogliacino; Dario Guarascio
  273. Ecuador; Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Ecuador By International Monetary Fund.
  274. Normality of Demand in a Two-Goods Setting By Laurens Cherchye; Bram De Rock; Thomas Demuynck
  275. Consumers’ Acceptance and Attitude towards Bioactive Enriched Foods By Hegyi, Adrienn; Kertész, Zsófia; Kuti, Tünde; Sebők, András
  276. Real-Time Forecast Evaluation of DSGE Models with Stochastic Volatility By Francis X. Diebold; Frank Schorfheide; Minchul Shin
  277. The Effectiveness of Central Bank Forward Guidance under Inflation and Price-Level Targeting By Cole, Stephen J.
  278. Competitive reactions to personal selling By Holtrop, Niels; Wieringa, Jakob; Gijsenberg, Maarten; Stern, P.
  279. The U.S. Economy in WWII as a Model for Coping with Climate Change By Hugh Rockoff
  280. Do Loan-to-Value Ratio Regulation Changes Affect Canadian Mortgage Credit? By Kronick, Jeremy
  281. Two-Stage Contests with Preferences over Style By David Wettstein; Todd R. Kaplan
  282. The evolution of bad debts in Italy during the global financial crisis and the sovereign debt crisis: a counterfactual analysis By Alessandro Notarpietro; Lisa Rodano
  283. Bootstrap Confidence Intervals for Sharp Regression Discontinuity Designs with the Uniform Kernel By Bartalotti, Otávio C.; Calhoun, Gray; He, Yang
  284. Matching Brazilian Soybean Production to the EU Sustainability Standards’ Requirements. Compliance of the Sojaplus Management Program with the Fefac Guidelines By da Silva Júnior, Aziz Galvão; Zanasi, Cesare; de Souza Júnior, Wilson; Ajonas, João Vitor Gutierrez
  285. Qualité de vie du travail indépendant By Jean-Yves Ottmann; Cindy Felio
  286. Heterogeneous Wealth Dynamics: On the Roles of Risk and Ability By Paulo Santos; Christopher B. Barrett
  287. Determinants of exports: firm heterogeneity and local context By Pietro de Matteis; Filomena Pietrovito; Alberto Franco Pozzolo
  288. The Phenomenon of Global Migration: Political and Economic Aspect By Zharkov, Vasiliy Petrovich; Malakhov, Vladimir Sergeevich; Simon, Mark Evgenievich; Letnyakov, Denis Eduardovich
  289. Determinantes socioeconómicos e institucionales para promover el desarrollo económico local en Nariño, Cundinamarca, municipio de sexta categoría en Colombia By Adolfo VÉLEZ MONTOYA; Olga Marina García Norato
  290. You Reap What You Know: Observability of Soil Quality, and Political Fragmentation By Thilo R. Huning; Fabian Wahl
  291. Mobile Collateral versus Immobile Collateral By Gary Gorton; Tyler Muir
  292. Did EU accession improve efficiency of firms from transitional countries? By Jenifer Piesse; Dragana Radicic; Allan Webster
  293. Is The Mediterranean The New Rio Grande? US And EU Immigration Pressures In The Long Run By Gordon Hanson; Craig McIntosh
  294. The Effects of In utero Programs on Birth Outcomes: The Case of “Buen Comienzo” *** El Efecto de Programas dirigidos a Madres Gestantes en Indicadores al Nacer: El caso de “Buen Comienzo” By Lina Cardona-Sosa; Carlos Medina
  295. Un concept nouveau de monnaie par une approche philosophique praxéologique By Denis Dupré
  296. How Can States Help Workers Keep Their Jobs After Injury, Illness, or Disability? (Policy Brief) By Yonatan Ben-Shalom
  297. Agro-Ecosystem Productivity and the Dynamic Response to Shocks By Jean-Paul Chavas
  298. Social Benefits, Job Security and Corruption: What 'Fine' State Employees By Zhuravleva, T.L.
  299. The Impact of Demand Shocks on Firm-Level Offshoring Behavior: Theory and Evidence By Tan, Yong
  300. A Welfare Analysis of Macroprudential Policy Rules in the Euro Area By Jean-Christophe Poutineau; Gauthier Vermandel
  301. (Sub) Optimality and (Non) Optimal Satisficing in Risky Decision Experiments By Daniela Di Cagno; Werner Gürth; Noemi Pace; Francesca Marzo
  302. Existence of financial equilibrium with differential information: the no-arbitrage characterization By Lionel De Boisdeffre
  303. Template-type: ReDIF-Paper 1.0 By Ivan Gonzalez; Budy P Resosudarmo
  304. Importance of Coordinated Interactions of Multiple Stakeholders for Developing Products with Health Claims By Sebők, András; Hegyi, Adrienn; Kertész, Zsófia; Bordoni, Alessandra
  305. The Labor Market Consequences of Refugee Supply Shocks By Borjas, George J.; Monras, Joan
  306. U.S. bank M&As in the post-Dodd-Frank Act era: Do they create value? By Leledakis, George N.; Pyrgiotakis, Emmanouil G.
  307. Natural disasters and human mobility By Mbaye, Linguère M.; Zimmermann, Klaus F.
  308. Потенциал научной школы в развитии аграрной экономики региона: опыт, проблемы By Стукач, Виктор
  309. Tax evasion, firm dynamics and growth By Emmanuele Bobbio
  310. How Does Energy-Cost Lead to Energy Efficiency? Panel Evidence from Canada By Samuel Gamtessa; Adugna Olani
  311. Analysis of ABC Model of Annual Research Productivity using ABCD Framework By Aithal, Sreeramana; V. T., Shailashree; P. M., Suresh Kumar
  312. This Letter examines the use of private placements as an alternative source of wholesale funding for Irish resident credit institutions over the decade up to end-2014. Private placements are a sub-set of total bond issuance and not all Irish-resident banks used these instruments. These debt securities (or bonds) are arranged privately between an issuer and an investor. There is a well-developed international market for the provision of wholesale funding to the banking system through private placements and this topic is addressed in the international literature. The objective of this research is to estimate, insofar as possible, the role played by private placements in the wholesale funding of the banking system in Ireland before the onset of the Financial Crisis and to outline how this has changed over the past decade. In order to do so, we have collected primary data from Irish-resident banks on an annual basis covering a 10-year period. Data was collected by means of a survey which enabled us to identify that cohort of banks that availed of this funding source. The results presented here suggest that approximately €121 billion of these bonds were outstanding by 2007 with both Irish domestic market and IFSC banks actively participating in this wholesale funding channel. The importance of these instruments as a source of wholesale funding has since declined significantly and had fallen to €29 billion by 2014. This was particularly the case for the Irish domestic market banks. Finally, we have used the emerging statistics on holdings of securities (SHS) to provide greater insight into who held the remaining bonds by 2014. By Coates, Dermot; Dooley, Jennifer
  313. Exact Likelihood Inference in Group Interaction Network Models By Grant Hillier; Federico Martellosio
  314. Information-sensitive Leviathans By Andreas Nicklisch; Kristoffel Grechenig; Christian Thoeni
  315. How do People Procrastinate to Meet a Deadline? By KAYABA, Yutaka
  316. Les institutions du welfare comme enjeu de la crise. Vers un welfare du commun By Carlo Vercellone
  317. Social Experiments in the Labor Market By Jesse Rothstein; Till von Wachter
  318. Essays on patent litigation By Xia Liu
  319. The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship By Kyle Herkenhoff
  320. Granting Market Economy Status to China in the EU: An Economic Impact Assessment By Cecilia Bellora; Sébastien Jean
  321. Currency Misalignments in emerging and developing countries: reassessing the role of Exchange Rate Regimes By Cécile Couharde; Carl Grekou
  322. Designing Online Marketplaces: Trust and Reputation Mechanisms By Michael Luca
  323. Why Peace Endures: an Analysis of Post-Conflict Stabilization By Richard Caplan; Anke Hoeffler
  324. Dairy Price commodity in Italy: volatility and forecast after milk quotas By Rosa, F.; Weaver; Vasciaveo
  325. Echec de la transformation du CNDD-FDD du mouvement rebelle en parti politique au Burundi: une question d'équilibre entre le changement et la continuité By Rufyikiri, Gervais
  326. Interconnection of Fiscal Policies on Sustainability of Public Debt By Atsumasa Kondo
  327. A Bayesian implementable social choice function cannot be implemented by a direct mechanism By Wu, Haoyang
  328. Lerarenmobiliteit in Caribisch Nederland: achtergrond, verblijf en vertrek By Cörvers, Frank; Mommers, Ardi
  329. Risk Sharing, the Exchange Rate and Net Foreign Assets in a World Economy with Uncertainty Shocks By Robert Kollmann
  330. The Strategic Use of Abatement by a Polluting Monopoly By Martín-Herrán, Guiomar; Rubio, Santiago J.
  331. Tax Cuts, Tax Expenditures, and Comprehensive Tax Reform: Federal Income Tax Reform in the United States, 1961-1986 By Seiichiro Mozumi
  332. Price Margins in the Finnish Food Chain By Peltoniemi, Ari; Niemi, Jyrki
  333. Money and Status: How Best to Incentivize Work By Pradeep Dubey; John Geanakoplos
  334. Migration Responses to Conflict: Evidence from the Border of the American Civil War By Shari Eli; Laura Salisbury; Allison Shertzer
  335. The Welfare Cost of Retirement Uncertainty By Frank N. Caliendo; Maria Casanova; Aspen Gorry; Sita Slavov
  336. Can microcredit impact the activity of small and medium enterprises? New evidence from a Regression Discontinuity Design in Panama By Nènè Oumou; Jonathan Goyette
  337. BRICs et émergents : les nouveaux investisseurs internationaux By Wladimir Andreff
  338. Climate Engineering under Deep Uncertainty and Heterogeneity By Emmerling, Johannes; Manoussi, Vassiliki; Xepapadeas, Anastasios
  339. A Bayesian implementable social choice function may not be truthfully implementable By Wu, Haoyang
  340. Population aging and the transmission of monetary policy to consumption By Arlene Wong
  341. Energy efficiency and rebound effect in European road freight transport By Llorca, Manuel; Jamasb, Tooraj
  342. Does having a Choice make a Difference? Market Potential of the Animal Welfare Label in Germany By Schulze-Ehlers, Birgit; Purwins, Nina
  343. E-waste Management as a Global Challenge (Introductory Chapter) By Florin-Constatin Mihai; Maria-Grazia Gnoni
  344. Role of IST and TFP Shocks in Business Cycle Fluctuations: The Case of India By Parantap Basu; Shesadri Banerjee
  345. How do people pay rent? By Zhang, David Hao
  346. Whither Inflation Targeting? Speech to the Hayek Group, Reno, Nevada, September 6, 2016 By Williams, John C.
  347. Competition, Product Proliferation and Welfare: A Study of the U.S.\ Smartphone Market By Chenyu Yang; Ying Fan
  348. Without my medal on my mind: counterfactual thinking and other determinants of athlete emotions By Laura Kudrna; Georgios Kavetsos; Chloe Foy; Paul Dolan
  349. Financial Markets and Agricultural Commodities: Volatility Impulse Response Analysis By Baldi, Lucia; Peri, Massimo; Vandone, Daniela
  350. The effect of entry on R&D networks By Emmanuel Petrakis; Nikolas Tsakas
  351. Committing to Fiscal Policy: The Influence of the U.S. President on Consumer Confidence and Output By Philipp Adämmer; T. Philipp Dybowski
  352. Pourquoi et comment faut-il sauver la sécurité hydrique ? Changement climatique, écologie politique et services écosystémiques By Yvan Renou
  353. Risk Management and the Money Multiplier By Tatiana Damjanovic; Vladislav Damjanovic; Charles Nolan
  354. Longview: The Economic Outlook. Speech to the Anchorage Economic Development Corporation, Anchorage, Alaska , August 18, 2016 By Williams, John C.
  355. Comparative Analysis of the Effectiveness of Individual Instruments of State Investment Policy By Mamedov, Arseny; Hudko, Hudko; Belev, Sergei; Moguchev, Nikita Sergeevich
  356. Information expensiveness perceived by Vietnamese patients with respect to healthcare provider’s choice By Quan-Hoang Vuong
  357. Food Scares: Reflections and Reactions By Olsen, Nina Veflen; Storstad, Oddveig; Samuelsen, Bendik; Langsrud, Solveig; Hagtvedt, Therese; Gregersen, Fredrik; Ueland, Øydis
  358. Nominal Rigidities in Debt and Product Markets By Carlos Garriga; Finn E. Kydland; Roman Šustek
  359. The creation function of a junior listing venue: An empirical test on the Alternative Investment Market By Valerie Revest; Alessandro Sapio
  360. Asset bubbles and efficiency in a generalized two-sector model By Stefano Bosi; Cuong Le Van; Ngoc-Sang Pham
  361. Recent Flattening in the Higher Education Wage Premium: Polarization, Skill Downgrading, or Both? By Valletta, Robert G.
  362. An Investigation into the Dynamics of EU Agricultural Imports from Mediterranean Partner Countries By Mili, Samir
  363. Endogenous Fluctuations and Social Welfare under Credit Constraints and Heterogeneous Beliefs By Maurizio MOTOLESE; NAKATA Hiroyuki
  364. Pensions, annuities, and long-term care insurance: On the impact of risk screening By Martin Boyer; Franca Glenzer
  365. Debt Constraints and Employment By Patrick Kehoe; Elena Pastorino; Virgiliu Midrigan
  366. Sistemas de Alerta Temprana para Inundaciones: Análisis Comparativo de Tres Países Latinoamericanos By Susana del granado; Anna Maria Stewart Ibarra; Mercy Virginia Borbor; Carol Franco; Moory Romero; Erica Tauzer
  367. The Effect of Low-Income Housing on Neighborhood Mobility: Evidence from Linked Micro-Data By Brummet, Quentin O.; Bartalotti, Otávio C.
  368. Malaria Risk and Civil Violence By Cervellati, Matteo; Esposito, Elena; Sunde, Uwe; Valmori, Simona
  369. Do expectations matter? Reassessing the effect of government spending on key macroeconomic variables in Germany By Gründler, Klaus; Sauerhammer, Sarah
  370. The role of best practices in supporting market integrity and effectiveness: remarks at the 2016 Primary Dealers Meeting, Federal Reserve Bank of New York, New York City By Potter, Simon M.
  371. Should the Carbon Price Be the Same in All Countries? By Antoine D'Autume; Katheline Schubert; Cees Withagen
  372. The Subcluster Wild Bootstrap for Few (Treated) Clusters By James G. MacKinnon; Matthew D. Webb
  373. Classroom teaching versus blended learning: lessons learnt from the comparison By Sylvie Chevrier; Muriel Jougleux; Catherine Maman
  374. On Income Inequality and Population Size By Sitthiyot, Thitithep; Holasut, Kanyarat
  375. Does the "tunnel effect" still remains in 2016? By Odile Heddebaut; Jean-Marie Ernecq
  376. Decision Making with Risky, Rival Outcomes: Theory and Evidence By David B. Johnson; Matthew D. Webb
  377. Optimal Monetary Policy in a Collateralized Economy By Gary Gorton; Ping He
  378. Gini coefficients of education for 146 countries, 1950-2010 By Ziesemer, Thomas
  379. Are Seminars on Export Promotion Effective? Evidence from a randomized controlled trial By Yu Ri KIM; TODO Yasuyuki; SHIMAMOTO Daichi; Petr MATOUS
  380. Regime Shifts in India's Monetary Policy Response Function. By Kumawat, Lokendra; Bhanumurthy, N. R.
  381. ¿Costumbre o Reaccio?n? El efecto de ser vi?ctima de delitos y corrupcio?n en la satisfaccio?n con la vida de los colombianos By Lina Cardona; Catalina Gómez; Juan Fernando Henao Duque
  382. Bridging the Gap in Workforce and Education Services: Career Coaching in the Virginia RETHINKS Health Sciences Education TAACCCT Program By Cecilia Speroni; Nan Maxwell
  383. Outward Foreign Direct Investment from BRIC countries: Comparing strategies of Brazilian, Russian, Indian and Chinese multinational companies By Wladimir Andreff
  384. Fiscal multipliers across the credit cycle By Mihály Tamás Borsi
  385. Opportunities & Challenges for Green Technology in 21st Century By Aithal, Sreeramana; Aithal, Shubhrajyotsna
  386. Political Business Cycles 40 Years after Nordhaus By Eric Dubois
  387. Productivity shocks in a union-duopoly model By António Brandão; Joana Pinho
  388. The economic impact of universities: evidence from across the globe By Anna Valero; John Van Reenen
  389. How does treatment self-selection affect inferences about political communication? By Thomas J. Leeper
  390. Leisure and education: insights from a time-use analysis By Jorge Calero; Marcos Fernández-Gutiérrez
  391. A Detailed Description of OGRE, the OLG Model By Daniel Baksa; Zsuzsa Munkacsi
  393. A simple model of subprime borrowers and credit growth By Giorgio Primiceri; Andrea Tambalotti; Alejandro Justiniano
  394. Investigating the Application of Queue Theory in the Nigerian Banking System By FARAYIBI, Adesoji
  395. The Role of Agri-food Processor in the Food Economics By Bezat-Jarzębowska, Agnieszka; Rembisz, Włodzimierz
  396. Does Rosie like riveting? Male and female occupational choices By Grace Lordan; Jörn-Steffen Pischke
  397. Real Exchange Rates and Growth By Duygu Yolcu Karadam; Erdal Özmen
  398. Can Myopic Loss Aversion Explain the Equity Premium Puzzle? Evidence from a Natural Field Experiment with Professional Traders By Francis Larson; John A. List; Robert D. Metcalfe
  399. Love, Money, and Parental Goods: Does Parental Matchmaking Matter? By Fali Huang; Ginger Zhe Jin; Lixin Colin Xu
  400. Distinguishing between ‘Normal’ and ‘Extreme’ Price Volatility in Food Security Assessment By Huffaker, R.; Canavari, M.; Muñoz-Carpena, R.
  401. Trade Liberalisation and Optimal R&D Policies in a Model of Exporting Firms Conducting Process Innovation By Thanh Le; Cuong Le Van
  402. Covariance of random stock prices in the Stochastic Dividend Discount Model By Arianna Agosto; Alessandra Mainini; Enrico Moretto
  403. Essays on the micro-level impact of civil war and illegal activities in developing countries By Juan Carlos Munoz Mora
  404. The Funded Pension Scheme and Economic Growth in Nigeria By FARAYIBI, Adesoji
  405. Determinants of Quality of Family Planning Counseling Among Private Health Facilities in Lagos By Doug Johnson; Jorge Ugaz
  406. The network staircase – marketing and sales collaboration for small food producers By Haugum, Margrete; Grande, Jorunn
  407. Measuring the Natural Rate of Interest : International Trends and Determinants By Holston, Kathryn; Laubach, Thomas; Williams, John C.
  408. Is the ECB unconventional monetary policy effective? By Inês Pereira
  409. Flexible Mixture-Amount Models for Business and Industry using Gaussian Processes By Aiste Ruseckaite; Dennis Fok; Peter Goos
  410. Protectionism through exporting: subsidies with export share requirements in China By Fabrice Defever; Alejandro Riaño
  411. "Get rid of the four olds": the long-lasting impact of the Chinese Cultural Revolution on Chinese society By Kerstin Schopohl
  412. La culture organisationnelle revisitée : esquisse d'une culture située By Mohamed Ali Abdelwahed; Inès Antit
  413. Rational land and housing bubbles in infinite-horizon economies By Stefano Bosi; Cuong Le Van; Ngoc-Sang Pham
  414. Income-Induced Expenditure Switching By Rudolfs Bems; Julian di Giovanni
  415. Professional Asset Managers and the Evolution of Corporate Governance in France and Japan: Lessons from a Questionnaire Survey By Yumiko Miwa; Peter Wirtz; Mitsuru Mizuno; Mohamed Khenissi
  416. Analysis of the relationship between Oil price, Exchange rate and Stock market in Nigeria By Raheem, Aremu Idowu; Ayodeji, Musa Adebiyi
  417. EU-African Regional Trade Agreements as a Development Tool to Reduce EU Border Rejections By Fiankor, Dela-Dem Doe; Ehrich, Malte; Brümmer, Bernhard
  418. Production with Storable and Durable Inputs: Nonparametric Analysis of Intertemporal Efficiency By Laurens Cherchye; Bram De Rock
  419. Some Approaches to Ranking in Higher Education By Barinova, V.A.; Eremkin, V.A.; Zemtsov, Stepan
  420. Buying Reputation as a Signal of Quality: Evidence from an Online Marketplace By Lingfang (Ivy) Li; Steven Tadelis; Xiaolan Zhou
  421. “AgBalance – My Virtual Farm”. A Simulation Game for a Competition of Students and Scientists in Order to gain Insights into the Concept of Tradeoffs in Sustainable Agriculture By Frank, Markus
  422. Organizacja współpracy badawczo-rozwojowej przedsiębiorstw By Karbowski, Adam
  423. The Mixed Bentham-Rawls Intertemporal Choice Criterion and Rawls’ Just Savings Principle By Charles Figuieres; Ngo Van Long; Mabel Tidball
  424. How Money Drives US Congressional Elections By Thomas Ferguson; Paul Jorgensen; Jie Chen
  425. Perspectiva sobre la sostenibilidad de los recursos naturales a largo plazo: caso industria camaronera ecuatoriana By Uzcátegui, Carolina; Solano, Javier; Figueroa, Paulina
  426. No Extension Without Representation? Evidence from a Natural Experiment in Collective Bargaining By Hijzen, Alexander; Martins, Pedro S.
  427. Communities and Communication: The Transformation of the Social Formation of Solidarity Mechanisms By Vakhshtayn, Victor Semenovich; Vàizer, Tatiàna
  428. Das Bestellerprinzip – Entlastung für den Mieter oder Augenwischerei? By Jochen Michaelis; Georg von Wangenheim
  429. Labor Productivity Slowdown in the Developed Economies. Another Productivity Puzzle? By Georg Erber; Ulrich Fritsche; Patrick Harms
  430. Bank Concentration, Competition, and Financial Inclusion By Owen, Ann L.; Pereira, Javier
  431. Agglomeration Economies, Productivity, and Quality Upgrading By SAITO Hisamitsu; MATSUURA Toshiyuki
  432. Sen cycles and externalities By Piggins, Ashley; Salerno, Gillian
  433. Tempered Particle Filtering By Herbst, Edward; Schorfheide, Frank
  434. Von der Betriebswirtschaftslehre lernen? Handlungsorientierung und Pluralismus in der ökonomischen Bildung By Hedtke, Reinhold
  435. Republic of Serbia; Fourth and Fifth Reviews Under the Stand-By Arrangement and Rephasing of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Serbia By International Monetary Fund.
  436. Heterogeneous Impacts of the Affordable Care Act on Labor Markets By Chao Fu; Naoki Aizawa
  437. La no reversión de la fortuna en el largo plazo: geografía y persistencia espacial de la prosperidad en Colombia, 1500-2005. By Adolfo Meisel Roca.
  438. Managerial ownership changes and mutual fund performance By Martin, Thorsten; Sonnenburg, Florian
  439. Prospects for Renewable Energy Development in Russia and the World By Barinova, V.A.; Laitner, Skip; Lashina, T.A.
  440. What Drives Pricing Behavior in Peer-to-Peer Markets? Evidence from the Carsharing Platform BlaBlaCar By Mehdi Farajallah; Robert G. Hammond; Thierry Pénard
  441. Transmettre des compétences « qui ne s’apprennent pas »: étude d’un dispositif numérique d’identification et de développement des compétences douces. By Delphine Theurelle-Stein; Isabelle Barth
  442. Work-related learning and skill development in Europe: Does initial skill mismatch matter? By Ferreira Sequeda, Maria; Künn, Annemarie; de Grip, Andries
  443. Evaluation of Risks, Threats and Challenges of Migration Policy in the Context of Long-Term Mass Presence on the Territory of Russian Refugees from Neighboring Countries By Malakhov, Vladimir Sergeevich
  444. The Dynamics of Income-Related Health Inequalities in Australia versus Great Britain By Calara, Paul Samuel; Gerdtham, Ulf-G; Petrie, Dennis
  445. Correlated accidents By L. A. Franzoni
  446. When Innovation Meets Tradition: The Case of “Riso & Rane” Rural District in Lombardy Region By Ferrazzi, Giovanni; Ventura, Vera; Ratti, Sabrina; Balzaretti, Claudia
  447. Managing Capital Outflows: The Role of Foreign Exchange Intervention By Pablo Winant; Jonathan Ostry; Atish Ghosh; Suman Basu
  448. Ahorro de los hogares de ingresos medios y bajos de las zonas urbana y rural en Colombia By Ana María Iregui-Bohórquez; Ligia Alba Melo-Becerra; María Teresa Ramírez-Giraldo; Ana María Tribín-Uribe
  449. An analysis of the paddy/rice value chains in Sri Lanka By S.M.P.Senanayake; S.P. Premaratne
  451. Spatial Integration of Milk Markets in Uganda By Kabbiri, Ronald; Dora, Manoj K.; Alam, Mohammad J.; Elepu, Gabriel; Gellynck, Xavier
  452. Kiribati; 2016 Article IV Consultation-Press Release;Staff Report; and Statement by the Executive Director for Kiribati By International Monetary Fund.
  453. Dynamics of Integration in East Asian Equity Markets By KOMATSUBARA Tadaaki; OKIMOTO Tatsuyoshi; TATSUMI Ken-ichi
  454. ¿Son las aerolíneas latinoamericanas más ineficientes? Estimaciones con fronteras estocásticas By Gustavo Ferro; Pablo Daniel Monterubbianesi
  455. Designing Choice Sets to Exploit Focusing Illusion By Dezső, Linda; Steinhart, Jonathan; Bakó, Barna; Kirchler, Erich
  456. Diaspora economics: New perspectives By Constant, Amelie F.; Zimmermann, Klaus F.
  457. Small Area Estimation: New Developments and Directions for HHS Data By John L. Czajka; Amang Sukasih; Alyssa Maccarone
  458. Productivity and reallocation: evidence from the universe of Italian firms By Andrea Linarello; Andrea Petrella
  459. The financial impact of divestment from fossil fuels By Plantinga, Auke; Scholtens, Bert
  460. Informal Labor and the Efficiency Cost of Social Programs: Evidence from the Brazilian Unemployment Insurance Program By François Gerard; Gustavo Gonzaga
  461. Characterizing revealing and arbitrage-free financial markets By Lionel De Boisdeffre
  462. Welfare Implications of the Term Structure of Returns: Should Central Banks Fill Gaps or Remove Volatility? By Pierlauro Lopez
  463. Implementing the Virginia RETHINKS Health Sciences Education TAACCCT Grant By Margaret Sullivan; Brittany English; Alyson Burnett; Jillian Berk
  464. Short Sales and Shareholders' Unanimity By Jean-Marc Bottazzi; Mario Pascoa; Guillermo Ramírez
  465. On the Efficiency of Monetary Equilibrium when Agents are Wary By Aloisio Araujo; Juan Pablo Gama-Torres; Rodrigo Novinski; Mario Pascoa
  466. Price Competition in Product Variety Networks By Ushchev, Philip; Zenou, Yves
  467. Political Lending By Ahmed Tahoun; Florin P. Vasvari
  468. Linguistic and Economic Adjustment among Immigrants in Israel By Chiswick, Barry R.; Rebhun, Uzi; Beider, Nadia
  469. Examining the Relationship between Trust and Psychological Variables: Do psychological interventions enhance trust? (Japanese) By SEKIZAWA Yoichi; NOGUCHI Remi; SO Mirai; YAMAGUCHI Sosei; SHIMIZU Eiji
  470. Business Cost and Skill Acquisition By Anurag Banerjee; Parantap Basu; Elisa Keller
  471. Trader lead-lag networks and order flow prediction By Damien Challet; R\'emy Chicheportiche; Mehdi Lallouache; Serge Kassibrakis
  472. Deputy Crown Prince Mohammed Bin Salman?s Three-Pronged Approach to Counter-Terrorism By Report: Salman Al Ansari; Dr. Majid Rafizadeh
  473. European Integration and Australian Manufacturing Industry: The Case of Philips Electronics, 1960s-1970s By Pierre van der Eng
  474. Willingness to Pay for Clean Air: Evidence from the air purifier markets in China By ITO Koichiro; ZHANG Shuang
  475. Historical Memory as a Factor in the Consolidation of Russian Society By Pokida, A.N.; Zybunovskaya , N.V.; Aleshina, V.A.
  476. Strategic Patient Discharge: The Case of Long-Term Care Hospitals By Paul J. Eliason; Paul L. E. Grieco; Ryan C. McDevitt; James W. Roberts
  477. Trajectories of Neighborhood Change: Spatial Patterns of Increasing Ethnic Diversity By Zwiers, Merle; van Ham, Maarten; Manley, David
  478. Leadership-driven Ideation: The Cognitive Effects of Directive Feedbacks on Creativity By Hicham Ezzat; Marine Agogué; Mathieu Cassotti; Pascal Le Masson; Benoit Weil
  479. Analysis of International Documents on the Development of 'Green' Economy and 'Green' Growth By Lipina, Svetlana; Shevchuk, A.V.; Lipina, A.V.; Agapova, E.
  480. Collateral in Italy: a legal and economic analysis of privileges, pledges and mortgages By Elisa Brodi
  481. Improving on daily measures of price discovery By Gustavo Fruet Dias; Marcelo Fernandes; Cristina M. Scherrer
  482. Expo Milano 2015: Legacies in Tweets By Ventura, Vera; Iacus, Stefano; Ceron, Andrea; Curini, Luigi; Frisio, Dario
  483. Exporter dynamics and partial-year effects By Andrew B. Bernard; Renzo Massari; Jose-Daniel Reyes; Daria Taglioni
  484. Exact Properties of the Maximum Likelihood Estimator in Spatial Autoregressive Models By Grant Hillier; Federico Martellosio
  485. International financial reporting standards and private firms’ access to bank loans By Benjamin Balsmeier; Steven Vanhaverbeke
  486. The Anatomy of Behavioral Responses to Social Assistance When Informal Employment Is High By Bergolo, Marcelo; Cruces, Guillermo
  487. Mapping public support for further European unification: a multilevel analysis By Kristel Jacquier
  488. Pension Saving Responses to Anticipated Tax Changes: Evidence from Monthly Pension Contribution Records By Claus Thustrup Kreiner; Søren Leth-Petersen; Peer Ebbesen Skov
  489. Africa’s Prospects for Enjoying a Demographic Dividend By David E. Bloom; Michael Kuhn; Klaus Prettner
  490. Explaining the slow diffusion of new renewable energy in the Argentine electricity market : a wrong policy mix or an unfavourable context ? By German Bersalli
  491. Disentangling managerial incentives from a dynamic perspective: the role of stock grants By Amal Hili; Didier Laussel; Ngo Van Long
  492. Ein Bayes-Netz zur Analyse des Absturzrisikos im Gerüstbau By Oepping, Hardy
  494. La figure de Saint-Simon dans les discours technocratiques français By Alexandre Moatti
  495. Ordenación de la actividad económica, ley natural y justicia en Aristóteles y en Santo Tomás By Cendejas Bueno, José Luis
  496. Older Women’s Labor Market Attachment, Retirement Planning, and Household Debt By Annamaria Lusardi; Olivia S. Mitchell
  497. Public Debt and Private Firm Funding: Evidence from Chinese Cities By Yi Huang; Marco Pagano; Ugo Panizza
  498. Identifying and Decomposing Peer Effects on Participation Decisions Using a Randomized Controlled Trial By SHIMAMOTO Daichi; TODO Yasuyuki; Yu Ri KIM; Petr MATOUS
  499. Analyse de la rentabilité économique des scénarios de réforme du RRQ proposés en 2016 By David Boisclair; Simon Brière; Guy Lacroix; Steeve Marchand; Pierre-Carl Michaud
  500. Business Ethics in Organizations: An Experimental Examination of Whistleblowing and Personality By Bartuli, Jenny; Djawadi, Behnud Mir; Fahr, René
  501. Substance Abuse Treatment Centers and Local Crime By Samuel R. Bondurant; Jason M. Lindo; Isaac D. Swensen
  502. Public, privé et éducation prioritaire : une analyse de la mixité sociale selon le secteur du collège By Pierre Courtioux; Tristan-Pierre Maury
  503. Capital and labour (mis)allocation in the euro area: Some stylized facts and determinants By Elisa Gamberoni; Claire Giordano; Paloma Lopez-Garcia
  504. Estimating border effects: the impact of spatial aggregation By Cletus C. Coughlin; Dennis Novy
  505. Industrial cluster policy and transaction networks: Evidence from firm-level data in Japan By Toshihiro Okubo; Tetsuji Okazaki; Eiichi Tomiura
  506. Multinational firms and tax havens By Gumpert, Anna; Hines Jr, James R; Schnitzer, Monika
  507. China’s Belt and Road initiative: can Europe expect trade gains? By Alicia García-Herrero; Jianwei Xu
  508. Monetary policy, market structure and the income shares in the U.S By George C. Bitros
  509. Goal Setting in the Principal-Agent Model: Weak Incentives for Strong Performance By Brice Corgnet; Joaquín Gómez-Miñambres; Roberto Hernán-Gonzalez
  510. Using nonparametric conditional approach to integrate quality into efficiency analysis: Empirical evidence from cardiology departments By Varabyova, Yauheniya; Blankart, Carl Rudolf Berchtold; Schreyögg, Jonas
  511. Multiple Lenders, Strategic Default and Covenants By Jean Paul Decamps; Catherine Casamatta; Arnold Chassagnon; Andrea Attar
  512. Vers une prévisibilité des sanctions concurrentielles ? La procédure de transaction à la Macron By Patrice Bougette; Hugues Bouthinon-Dumas; Frédéric Marty
  513. Entropy and efficiency of the ETF market By Lucio Maria Calcagnile; Fulvio Corsi; Stefano Marmi
  514. Analyse de la rentabilité économique des scénarios de réforme du RRQ proposés en 2016 By David Boisclair; Simon Brière; Guy Lacroix; Steeve Marchand; Pierre-Carl Michaud
  515. Re-vitalizing Money Demand in the Euro Area: Still Valid at the Zero Lower Bound By Christian Dreger; Dieter Gerdesmeier; Barbara Roffia
  516. The Usage of Complex Strategic Planning, Management, Implementation of the Strategy, the Cluster Approach and Innovation as a Means to Improve the Effectiveness of Regional Development [On the Example of the Russian Federation and Kazakhstan Regions] By Kalenjyan, S.; Solntsev, V.I.; Vardapetyan, V.V.; Gumilevskaya, Olga
  517. Can We Increase Retirement Saving? By Steven A. Sass
  518. Nursing Home Choice, Family Bargaining and Optimal Policy in a Hotelling Economy By Marie-Louise Leroux; Grégory Ponthiere
  519. Product mix and firm productivity responses to trade competition By Thierry Mayer; Marc J. Melitz; Gianmarco I. P. Ottaviano
  520. How Auctions Amplify House-Price Fluctuations By Alina Arefeva
  521. You Reap What You Know: Darwin beats Malthus: Medicalization, Evolutionary Anthropology and the Demographic Transition By Katharina Mühlhoff
  522. Règles budgétaires touchant les dépenses consolidées By Bryan Campbell; Michel Magnan; Benoit Perron; Zabiullah Tarshi
  523. Model Perancangan Sistem Informasi Dalam Mendukung Ketahanan Pangan By Rosadi, Dadi; Sidharta, Iwan
  524. SEAL's operating manual: a Spatially-bounded Economic Agent-based Lab By Bernardo Alves Furtado; Isaque Daniel Rocha Eberhardt; Alexandre Messa
  525. A Study of Factors Affecting the Price of Russian Exporters on World Markets By Knobel, Alexander; Kuznetsov, D.E.; Sedalishchev, V.V.
  526. Seeding the S-Curve? The Role of Early Adopters in Diffusion By Christian Catalini; Catherine Tucker
  527. Mind the employment gap: an impact evaluation of the Czech “multi-speed” parental benefit reform By Alzbeta Mullerova
  528. Redesigning a food bank supply chain network, Part I: Background and mathematical formulation By Martins, C. L.; Melo, Teresa; Pato, Margarida Vaz
  529. Local and sectoral import spillovers in Sweden By Evangelia Leda Pateli
  530. Deforestation Rate in the Long-run: the Case of Brazil By Di Corato, Luca; Moretto, Michele; Vergalli, Sergio
  531. Labor Market Frictions and Aggregate Employment By Ryan Michaels; David Ratner; Michael Elsby
  532. Multilevel Transmission of Cultural Attitudes and Entrepreneurial Intention: Evidence from High-School Students By A. Tubadji; E. Santarelli; R. Patuelli
  533. The impact of technology diffusion in health care markets - Evidence from heart attack treatment By Hentschker, C.; Wübker, A.
  534. Political Regimes and Stock Market Performance in Africa By Asongu, Simplice; Nwachukwu, Jacinta C.
  535. Failure of rebel movement-to-political party transformation of the CNDD-FDD in Burundi: an issue of balance between change and continuity By Rufyikiri, Gervais
  536. Rentseeking Behavior in Systems with a Complex Structure By Levin, Mark; Shilova, Nadezhda V.
  537. The Advantage of Dual Discrimination in Lottery Contest Games By MEALEM, Yosef; NITZAN, Shmuel; UI, Takashi
  538. Improving the Validity of Microsimulation Results: Lessons from Slovakia By Zuzana Siebertova; Norbert Svarda; Jana Valachyova
  539. Local Economic Development and Sustainable Global Development: Food Security and Food Sovereignty By de Carvalho, Bernardo Reynolds Pacheco
  540. How do collaboration and investments in knowledge management affect process innovation in services? By Ashok, Mona; Narula, Rajneesh; Martinez-Noya, Andrea
  541. Risk Premiums in Slovak Government Bonds By Ludovit Odor; Pavol Povala
  542. Improvement and Development of Technology of Personal-Professional Diagnosis and Evaluation as a Means to Enhance the Process of Formation of a Reserve of Administrative Personnel Civil Service By Sinyagin, Y.V.; Pereverzina, Olga Yur'evna; Kosorotkina, Maria
  543. Commercial Bank Innovations in Small and Medium-Sized Enterprise Finance: Global Models and Implications for Thailand By Subhanij, Tientip
  544. On the relevance of low-carbon stock indices to tackle climate change By Manuel Coeslier; Céline Louche; Jean-François Hétet
  545. Analisa Pengaruh Rasio Keuangan Model Springate Terhadap Harga Saham Pada Perusahaan Publik Sektor Telekomunikasi By Effendi, Effendi; Affandi, Azhar; Sidharta, Iwan
  546. Fiscal incentives for R&D and innovation in a diverse world By Thomas Neubig; Fernando Galindo-Rueda; Silvia Appelt
  547. Financial Risk Protection from Social Health Insurance By Kayleigh Barnes; Arnab Mukherji; Patrick Mullen; Neeraj Sood
  548. The Ratio of Project Management Tools and 'Classical' Public Service in OECD Countries and Developing Countries By Atnashev, Timur M.; Balobanov, A.E.
  549. The performativity of potential output: Pro-cyclicality and path dependency in coordinating European fiscal policies By Philipp Heimberger; Jakob Kapeller
  550. Public awareness about e-tagging device on security Check posts & toll-plazas for the smooth traffic management and reduction in terrorist activities in Pakistan. By Muhammad Mirza; Rehman Muqadass; Abdul Rahman Chaudhary; Ahmad Bazmi Nisar
  551. Agency Business Cycles By Guido Menzio; Mikhail Golosov
  552. Two consecutive steps in transformation: from Values to Prices and from Sectoral Rates to a Weighted Common Rate By Melendez-Plumed, Vicenc
  553. Reassessing Longer-Run U.S. Growth: How Low? By Fernald, John G.
  554. Welfare Analysis of the Allocation of Time During the Great Recession By Anil Alpman; François Gardes
  555. State of confidence, overborrowing and the macroeconomic stabilization puzzle: a system dynamic approach By Eleonora Cavallaro; Bernardo Maggi
  556. Technology, Skill and the Wage Structure By Nancy L Stokey
  557. Estudio de las posibilidades de inversión en los mercados frontera By Cuervo Valledor, Álvaro; Pérez Mena, Adolfo; Vicente López, Miguel; Calvo Clúa, Rosalía
  558. The Impact of Macroeconomic News on the Euro-Dollar Exchange Rate By Alberto Caruso
  559. Unemployment Persistence, Inflation and Monetary Policy in A Dynamic Stochastic Model of the Phillips Curve By George Alogoskoufis
  560. The Risk Parity Principle applied on a Corporate Bond Index using Duration Times Spread By Lauren Stagnol
  561. Measuring the inadequacy of IRR in PFI schemes using profitability index and AIRR By Cuthbert, James R.; Magni, Carlo Alberto
  562. Self-enforcing Debt, Reputation, and the Role of Interest Rates By Yiannis Vailakis; V. Filipe Martins-da-Rocha
  563. Spillovers of the ECB's non-standard monetary policy into CESEE economies By Alessio Ciarlone; Andrea Colabella
  564. Small Firms, Human Capital, and Productivity in Asia By Vandenberg, Paul; Trinh, Long Q.
  565. Trading gains: new estimates of swiss gdp, 1851 to 2008 By Stohr, Christian
  566. Flexibility of new hires' earnings in Ireland By Lydon, Reamonn; Lozej, Matija
  567. Economic Benefits, Costs and Risks for Russia on Trade and Economic Alliances with Countries of CIS, Europe and the USA Contact By Knobel, Alexander; Kazaryan, Margarita; Kuznetsov, D.E.; Sedalishchev, V.V.; Firanchuk, Alexander
  568. Urbanization, Inequality, and Poverty in the People’s Republic of China By Zhang, Yuan
  569. Accelerating System Development for the Food Chain: a Portfolio of over 30 Projects, Aiming at Impact and Growth By Sundmaeker, Harald
  570. Will a government find it financially easier to neutralize a looming protest if more groups are involved? By Stark, Oded; Zawojska, Ewa
  571. The house price gradient: evidence from Italian cities By Elisabetta Manzoli; Sauro Mocetti
  572. What Happened to Wage Inequality in Japan during the Last 25 Years? Evidence from the FFL decomposition method By YOKOYAMA Izumi; KODAMA Naomi; HIGUCHI Yoshio
  573. Analysis of the Mechanisms of Formation and Activities of the EU and the EAEC Interstate Educational Spaces By Krasnova, Gulnara; Polushkina, Elena
  575. Randomization Inference for Difference-in-Differences with Few Treated Clusters By James G. MacKinnon; Matthew D. Webb
  576. Velocity in the Long Run: Money and Structural Transformation By Antonio Mele; Radoslaw Stefanski
  577. Happiness and victimization in Latin America By Catalina Gómez Toro; Carolina Ortega Londoño; Daniel Gómez Mesa; Lina Cardona Sosa
  578. A spatial autoregressive panel model to analyze road network spillovers on production By Álvarez, Inmaculada C.; Barbero, Javier; Zofío, José L.
  579. Self-Employment, Wealth and Start-up Costs: Evidence from a Financial Crisis By Koffi Elitcha; Raquel Fonseca Benito
  580. Measuring and decomposing the distance to the Shapley wage function with limited data By Aguiar, Victor; Pongou, Roland; Tondji, Jean-Baptiste
  581. Information and Preferences in Matching Mechanisms By Li Chen
  582. Who buys what, where: Reconstruction of the international trade flows by commodity and industry By Yuichi Ikeda; Tsutomu Watanabe
  583. The Impact of Alternative Transitions to Normalized Monetary Policy By Serguei Maliar; John Taylor; Lilia Maliar
  584. Coalition Preclusion Contracts and Moderate Policies By Gersbach, Hans; Schneider, Maik; Tejada, Oriol
  585. Unlucky to Be Young? The Long-Term Effects of School Starting Age on Smoking Behaviour and Health By Bahrs, Michael; Schumann, Mathias
  586. The Theory of Planned Behaviour and Food Choices: The Case of Sustainable pre-packed Salad By Stranieri, S.; Ricci, E.; Banterle, A.
  587. Orphan Food? Nay, Future of Food ! Understanding the Pulse of the Indian Market By Deodhar, Satish Y.
  588. Less-than-truckload Dynamic Pricing Model in Physical Internet By Bin Qiao; Shenle Pan; Eric Ballot
  589. Import, Export and Consumption of Russia in Terms of Jobs By Kuznetsov,
  590. Forecast bankruptcy using a blend of clustering and MARS model - Case of US banks By Zeineb Affes; Rania Hentati-Kaffel
  591. On shock symmetry in South America: New evidence from intra-Brazilian real exchange rates By Christian Rohe
  592. Bosnia and Herzegovina; Request for Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Bosnia and Herzegovina By International Monetary Fund.
  593. Gender Quotas: Challenging the Boards, Performance and the Stock Market By Giulia Ferrari; Valeria Ferraro; Paola Profeta; Chiara Pronzato
  594. Convexity of Network Restricted Games Induced by Minimum Partitions By Alexandre Skoda
  595. Product switching and the business cycle By Andrew B. Bernard; Toshihiro Okubo
  596. Academic enrolment, careers and student mobility in Italy By Ilaria De Angelis; Vincenzo Mariani; Francesca Modena; Pasqualino Montanaro
  597. Opening the Pandora's Box – Liberalised Input Trade and Wage Inequality with Non-traded Goods and Segmented Unskilled Labour Markets By Soumyatanu Mukherjee
  598. Reconciliation of the Washington Consensus with the Beijing Model in Africa By Asongu, Simplice; Nwachukwu, Jacinta
  599. The impact of piped water supply on household welfare By Tsukada, Rachel; Hailu, Degol
  600. What Determines Top Income Shares? The Role of the Interactions between Financial Integration and Tax Policy By Thibault Darcillon
  601. Random Categorization and Bounded Rationality By David Laidler
  602. Production networks in the wind turbine industry, which place for developing countries in East Asia? By Hoai-Son Nguyen; Minh Ha-Duong
  603. CEO pay and the rise of relative performance contracts: a question of governance By Brian Bell; John Van Reenen
  604. The Anatomy of Behavioral Responses to Social Assistance when Informal Employment is High. By Marcelo Bergolo; Guillermo Cruces
  605. Modelling the Pig Supply Chain: a Network Analysis Applied to the Italian Case By Clemente, Flavia; Nasuelli, Piero; Baggio, Rodolfo
  606. The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa By Bjoern Rother; Gaelle Pierre; Davide Lombardo; Risto Herrala; Priscilla Toffano; Erik Roos; Allan G Auclair; Karina Manasseh
  607. Credit cycles and real activity - the Swiss case By Gregor Bäurle; Rolf Scheufele
  608. Price Setting in Online Grocery Markets: The Case of Chocolate By Grein, Theresa; Herrmann, Roland
  609. Innowacyjność przedsiębiorstw: miary oraz modele By Karbowski, Adam
  610. The More Children You Have the More Likely You Are to Smoke? Evidence from Vietnam By Mohamed Arouri; Adel Ben Youssef; Cuong Nguyen-Viet
  611. Farmers’ Preferences for Supermarket Contracts in Kenya By Ochieng, Dennis O.; Veettil, Prakashan C.; Qaim, Matin
  612. The Impact of the BRICS alliance on South Africa economic growth - a VECM approach By Ncube, Prince; Cheteni, Priviledge
  613. Hodgson, Cumulative Causation, and Reflexive Economic Agents By Davis, John B.
  614. UIDAI's Public Policy Innovations. By Sharma, Ram Sewak
  615. Management as a technology? By Nicholas Bloom; Raffaella Sadun; John Van Reenen
  616. Evaluation und Erweiterung der Didaktik der kreativen Zerstörung By Breßler, Julia
  617. Money and Credit: Health and Health Inequality during the Great Recession: Evidence from the PSID By Huixia Wang; Chenggang Wang; Timothy Halliday
  618. The Development of the Oil Sector of the Russian Economy: Main Trends and Public Policy By Bobylev, Yuri; Rasenko, O.A.
  619. Technological Leadership (de)Concentration: Causes in ICTE By Yasin Ozcan; Shane Greenstein
  620. Information Asymmetry and Market Power in the African Banking Industry By Agyenim Boateng; Simplice Asongu; Raphael Akamavi; Vanessa Tchamyou
  621. Acceptance of a Sustainability Standard: Evidence from an Empirical Study of Future-Oriented Dairy Farmers By Luhmann, Henrike; Schaper, Christian; Theuvsen, Ludwig
  622. A Dialogical Approach to increase " Matching " Efficiency before Collaborative Business Model Processes By Jérémie Faham; Maxime Daniel; Benjamin Tyl; Iban Lizarralde; Iñaki Garagorri; Jérémy Legardeur
  623. Electoral reciprocity in programmatic redistribution: Experimental Evidence By Sebastian Galiani; Nadya Hajj; Pablo Ibarraran; Nandita Krishnaswamy; Patrick J. McEwan
  624. Price impact without order book: A study of the OTC credit index market By Zoltan Eisler; Jean-Philippe Bouchaud
  625. Prospects of Development of the Industry of 'Islamic' Finance in the Russian Federation. Main Obstackless and Suggestions to Overcome Them By Danilov, Yury A.; Yandiev, Magomet
  626. Electric energy consumption and economic growth in Togo By Palakiyem Kpemoua
  627. Preferential Liberalization, Antidumping, and Safeguards: Stumbling Block Evidence from MERCOSUR By Bown, Chad P.; Tovar, Patricia
  628. Impulsive Behavior in Competition: Testing Theories of Overbidding in Rent-Seeking Contests By Sheremeta, Roman
  629. Using Big Data to Estimate Consumer Surplus: The Case of Uber By Peter Cohen; Robert Hahn; Jonathan Hall; Steven Levitt; Robert Metcalfe
  630. The chips are down: The influence of family on children's trust formation By Giulietti, Corrado; Rettore, Enrico; Tonini, Sara
  631. Strategic Real Options : Entry deterrence and exit inducement By Lavrutich, Maria
  632. Understanding and Misunderstanding Randomized Controlled Trials By Angus Deaton; Nancy Cartwright
  633. Truth-Tracking Judgment Aggregation Over Interconnected Issues By Irem Bozbay
  634. Helping People and Communities Affected by Regional Economic Transitions 09.01.16 2016 Kentucky Summit on Philanthropy, The Kentucky Philanthropy Initiative, Lexington, Kentucky By Mester, Loretta J.
  635. Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy By Wenxin Du; Carolin E. Pflueger; Jesse Schreger
  636. L'aide à un parent âgé, seul et dépendant : déterminants structurels et interactions By Quitterie Roquebert; Roméo Fontaine; Agnès Gramain
  637. Commodity Market Dynamics and Price Volatility: Insights from Dynamic Storage Models By Berg, Ernst
  638. SME Global Development: Comparing Germany with Japan (Japanese) By IWAOMTO Koichi
  639. Expenditure Visibility and Voter Memory: A Compositional Approach to the Political Budget Cycle in Indian States, 1959 – 2012 By J. Stephen Ferris; Bharatee B. Dash
  640. Vertical conflict of interest and horizontal inequities By Sémirat, S.
  641. Competitive Pressure Widens the Gender Gap in Performance: Evidence from a Two-Stage Competition in Mathematics By Iriberri, Nagore; Rey-Biel, Pedro
  642. Turning Human Waste into Renewable Energy: Scope and Options for India By Mukherjee, Sacchidananda; Chakraborty, Debashis
  643. Testing for heteroscedasticity in jumpy and noisy high-frequency data: A resampling approach By Kim Christensen; Ulrich Hounyo; Mark Podolskij
  644. Financial Characteristics of North Dakota Farms 2006-2015 By Swenson, Andrew L.
  645. Healthcare Spending: The Role of Healthcare Institutions from an International Perspective By Titeca, Hannes
  646. Macro Announcement Premium and Risk Preferences By Ravi Bansal; Hengjie Ai
  647. Random Categorization and Bounded Rationality By Victor H. Aguiar
  648. On the behaviour of the functional components ofgovernment expenditures during fiscal consolidations By Vitor Castro
  649. Can Teacher Practices Reduce the Gender Gap in Mathematics Interest for Students with Different Achievements? By Yulia V. Kuzmina
  650. Blooming Landscapes in the West? - German reunification and the price of land. By Raphael Schoettler; Nikolaus Wolf; ;
  651. Le processus d’acceptation d’un bot : Analyse du récit de vie de Salebot By Erwan Joud; Nicolas Jullien; Marine Le Gall-Ely
  652. Wage flexibility and employment fluctuations: evidence from the housing sector By Jörn-Steffen Pischke
  653. Climate-friendly Products – to buy or not to buy? By Zander, Katrin; Feucht, Yvonne
  654. Determinantes del acceso al crédito formal e informal: Evidencia de los hogares de ingresos medios y bajos en Colombia By Ana María Iregui-Bohórquez; Ligia Alba Melo-Becerra; María Teresa Ramírez-Giraldo; Ana María Tribín-Uribe
  655. Rationality of announcements, business cycle asymmetry, and predictabilityof revisions. The case of French GDP. By M. Mogliani; T. Ferrière
  656. Republic of Slovenia; Technical Assistance Report-Contingency Planning and Crisis Management By International Monetary Fund.
  657. The Gini Coefficient and Personal Inequality Measurement By James B. Davies
  658. Cluster Policy and Firm Performance: A Case Study of the French Optic/Photonic Industry By Amel Ben Abdesslem; Raphaël Chiappini
  659. Political Corruption in the Execution of Public Contracts By Olga Chiappinelli
  660. Rebalancing in China—Progress and Prospects By Longmei Zhang
  661. Краснодарска покрајина и Република Србија: могућности и перспективе сарадње By Bukvić, Rajko
  662. Service Delivery and Customer Satisfaction in Nigerian Banks By FARAYIBI, Adesoji
  663. Preferences for School Milk - How Juveniles Differ By Christoph-Schulz, Inken; Weible, Daniela; Salamon, Petra
  664. Payment for Environmental Services (psa) as Capital Driver and Promoter of Environmental Conservation: the Case of Brazilian Livestock By Machado, Abdias Garcia; dos Santos, Fábio Alexandre
  665. Student Coaching: How Far Can Technology Go? By Philip Oreopoulos; Uros Petronijevic
  666. A unified approach to estimating demand and welfare By Stephen J. Redding; David E. Weinstein
  667. The corporatization of the Tshwane Fresh Produce Market in South Africa towards creating an enabling institutional environment: A case study By Louw, André; van der Merwe, Melissa; Louw, Johan
  668. The persistence of inequality across Indian states By Sanghamitra Bandyopadhyay
  669. Realized Matrix-Exponential Stochastic Volatility with Asymmetry, Long Memory and Spillovers By Manabu Asai; Chia-Lin Chang; Michael McAleer
  670. Strategiczne znaczenie kosztu stałego ustanowienia współpracy badawczo-rozwojowej przedsiębiorstw By Karbowski, Adam
  671. Solution-oriented versus Novelty-oriented Leadership Instructions: Cognitive Effect on Creative Ideation By Hicham Ezzat; Marine Agogué; Pascal Le Masson; Benoit Weil
  672. Does competition from private surgical centres improve public hospitals’ performance? Evidence from the English National Health Service By Zack Cooper; Stephen Gibbons; Matthew Skellern
  673. Forecasting US GNP Growth: The Role of Uncertainty By Mawuli Segnon; Rangan Gupta; Stelios Bekiros; Mark E. Wohar
  674. Post-GFC external shocks and Indonesian economic performance By Prayudhi Azwar; Rod Tyers
  675. The Coevolution of Money Markets and Monetary Policy, 1815–2008 By Clemens Jobst; Stefano Ugolini
  676. The impact of household labor-saving technologies along the family life cycle By Tsukada, Rachel; Dupuy, Arnaud
  677. A Post-Separation Social Accounting Matrix for the Sudan By Siddig, Khalid; Elagra, Samir; Grethe, Harald; Mubarak, Amel
  678. Vacancy Chains By Ryan Michaels; David Ratner; Michael Elsby
  679. Finite-sample and asymptotic analysis of generalization ability with an application to penalized regression By Ning Xu; Jian Hong; Timothy C. G. Fisher
  680. Social transfers and poverty in Europe: comparing social exclusion and targeting across welfare regimes By Massimo Baldini; Giovanni Gallo; Manuel Reverberi; Andrea Trapani
  681. Optimal Fiscal Policy in a Model of Firm Entry and Financial Frictions By Tatiana Damjanovic; Dudley Cooke
  682. The optimal contract under adverse selection in a moral-hazard model with a risk-averse agentAbstract: This paper studies the optimal contract offered by a risk-neutral principal to a riskaverse agent when the agent’s hidden efficiency and action both improve the probability of the project being successful. We show that if the agent is sufficiently prudent and efficient, the principal induces a higher probability of success than under moral hazard, despite the costly informational rent given up. Moreover, the conditions to avoid pooling are difficult to satisfy because of the different kinds of incentives to be managed and the overall trade-off between rent extraction,insurance, and efficiency involved.Keywords:Adverse selection, moral hazard, risk aversion, prudence By Lionel Thomas
  683. Hospital Network Competition and Adverse Selection: Evidence from the Massachusetts Health Insurance Exchange By Mark Shepard
  684. Student Centric Learning Through Planned Hard work - An Innovative Model By Aithal, Sreeramana; Aithal, Shubrajyotsna
  685. Economic impacts of natural gas flow disruptions between Russia and the EU By Oosterhaven, Jan; Bouwmeester, Maaike
  686. Powering education By Fadi Hassan; Paolo Lucchino
  687. Micro-entrepreneurs in Rural Burundi: Innovation and Contestation at the Bottom of the Pyramid By Katarzyna Cieslik
  688. Les résultats éducatifs de long terme des élèves de l?école secondaire privée au Québec : une évaluation des effets de traitement avec données longitudinales By David Lapierre; Pierre Lefebvre; Philip Merrigan
  689. Competition for the access to and use of information in networks By Philipp Möhlmeier; Agnieszka Rusinowska; Emily Tanimura
  690. Analysing the impact of renewable energy regulation on retail electricity prices By Pablo del Rio; Pere Mir-Artigues; Elisa Trujillo-Baute
  691. Perancangan Dan Implementasi Sistem Informasi Urunan Desa (URDES) Berdasarkan Pada Pajak Bumi Dan Bangunan By Sidharta, Iwan; Wati, Mirna
  692. Demographics and Real Interest Rates: Inspecting the Mechanism By Fernanda Nechio; Andrea Ferrero; Carlos Carvalho
  693. Market and Political Power Interactions in Greece:An Empirical Investigation By Tryphon Kollintzas; Dimitris Papageorgiou; Efthymios Tsionas; Vanghelis Vassilatos
  694. Misreporting Trade: Tariff Evasion, Corruption, and Auditing Standards By Derek Kellenberg; Arik Levinson
  695. Barriers to Skill Acquisition: Evidence from English Training in India By Jain, Tarun; Maitra, Pushkar; Mani, Subha
  696. Improvement complaining: When complainers have the solution to the problem By Mathieu Béal; Yany Grégoire; William Sabadie
  697. How do Farmers interact with Input Suppliers: Some Evidence from the Dairy Sector in Poland By Malak-Rawlikowska, Agata; Milczarek-Andrzejewska, Dominika
  698. This paper analyses changes in overeducation incidence in Poland in 2006-2014. We find that a rise in number of tertiary educated workers outpaced an increase in number of jobs requiring tertiary education, in result the share of overeducated workers in total employment almost doubled. Overeducation increase is driven mainly by mild overeducation rather than severe overeducation. We find that overeducated workers are usually young with little job experience. Women are found at lower risk of severe overeducation compared to men, but relatively more at risk of mild overeducation. Low risk of overeducation is associated with having studied technical and health programmes. Working part-time, in small firms, in private sector, and living outside big cities in less developed regions are associated with higher risk of overeducation. By Jan Baran
  699. Deregulation of the ASEAN air Transport Market: Measure of Impacts of Airport Activities on Local Economies By Isabelle Laplace; Chantal Latgé-Roucolle
  700. Retail location and freight flow generation: proposition of a method estimating upstream and downstream movements generated by city center stores and peripheral shopping centers By Sonagnon Hounwanou; Natacha Gondran; Jesus Gonzalez-Feliu
  701. Networks and lending conditions: Empirical evidence from the Swiss franc money markets By Silvio Schumacher
  702. Smart Contracts – How will Blockchain Technology Affect Contractual Practices? By Lauslahti, Kristian; Mattila, Juri; Seppälä, Timo
  703. The Mismeasure of Mammon: Uses and Abuses of Executive Pay Data By Matt Hopkins; William Lazonick
  704. A Missing Generation of Firms? Aggregate Effects of the Decline in New Business Formation By Todd Messer; Michael Siemer; Francois Gourio
  705. Modeling Business Cycle Fluctuations through Markov Switching VAR:An Application to Iran By Moradi, Alireza
  706. Germany's Driving Force of Domestic Affairs and the State Aim (Japanese) By IWAOMTO Koichi
  707. Aging, (Pension) Reforms and the Shadow Economy in Southern Europe By Daniel Baksa; Zsuzsa Munkacsi
  708. Efficiency-Morality Trade-Offs in Repugnant Transactions: A Choice Experiment By Julio J. Elias; Nicola Lacetera; Mario Macis
  709. State and Industry Congresses Business in Russia in the Late XIX - Early XX Century: Problems and Cooperation Mechanisms By Bessolitsyn, Alexander
  710. Quality Management in Broiler and Pork Supply Chains Aimed at Reducing Risks of Antimicrobial Resistance: an Elicitation Workshop By Saatkamp, H.W.; Roskam, J.L.; Gocsik, E.
  711. What are the prerequisites for a euro-area fiscal capacity? By Maria Demertzis; Guntram B. Wolff
  712. Analysis of Decision Making of Marriage : Empirical Evidence from Survey Data(in Japanese) By SATO Hiroki; MIWA Satoshi; TAKAMI Tomohiro; TAKAMURA Shizuka; ISHIDA Ayako
  713. Methodology of the National Health Account for Germany - Database, compilation and results By Schwärzler, Marion Cornelia; Kronenberg, Tobias
  714. Purpose-driven corporations: how corporate law reorders the field of corporate governance By Blanche Segrestin; Kevin Levillain; Armand Hatchuel
  715. Key Success Factors in the Brazilian Coffee Agrichain: Present and Future Challenges By de Almeida, Luciana Florêncio; Zylbersztajn, Decio
  716. Labour Market Regulations and Capital Intensity By Gilbert Cette; Jimmy Lopez; Jacques Mairesse
  717. Stress Testing in the Nigerian Banking Sector By FARAYIBI, Adesoji
  719. Finite-sample and asymptotic analysis of generalization ability with an application to penalized regression By Xu, Ning; Hong, Jian; Fisher, Timothy
  720. Heterogeneous Impact Dynamics of a Rural Business Development Program in Nicaragua By Michael R. Carter; Emilia Tjernström; Patricia Toledo
  721. Whose Balance Sheet is this? Neural Networks for Banks’ Pattern Recognition By Carlos León; José Fernando Moreno; Jorge Cely
  722. Towards a Sustainable Meat Production with Precision Livestock Farming By Van Hertem, Tom; Lague, Simon; Rooijakkers, Luc; Vranken, Erik
  723. An Alternative to State-Market Dualism: The Sharing Economy. Practical and Epistemological Questions By David Vallat
  724. Climate Database Facilitating Climate Smart Meal Planning for the Public Sector in Sweden By Florén, Britta; Amani, Pegah; Davis, Jennifer

  1. By: Debraj Ray; Arthur Robson
    Abstract: In economics, alphabetical name order is the baseline norm for joint publications. A growing literature suggests, however, that alphabetical order confers uneven benefits on the first author. This paper introduces and studies certified random order, which involves randomization of names that is institutionally ratified by a commonly understood symbol. Certified random order maintains all the ethical niceties of alphabetical order, but in addition: (a) it distributes the psychological and perceptual weight given to first authorship evenly over the alphabet, (b) it allows either author to signal credit when contributions are extremely unequal, (c) it will be willingly adopted in a decentralized manner even in an environment where alphabetical order is dominant, (d) it is robust to deviations, (e) it dominates alphabetical order on the grounds of ex-ante efficiency, and (f) barring the addition of a simple symbol, it is no more complex than the old system, and brings perfect symmetry to joint authorship.
    JEL: A10 A14
    Date: 2016–09
  2. By: Lucas Marc Fuhrer; Benjamin Müller; Luzian Steiner
    Abstract: What is the added value of a security which qualifies as a "high-quality liquid asset" (HQLA) under the Basel III "Liquidity Coverage Ratio" (LCR)? In this paper, we quantify the added value in terms of yield changes and, as suggested by Stein (2013), call it HQLA premium. To do so, we exploit the introduction of the LCR in Switzerland as a unique quasi-natural experiment and we find evidence for the existence of an HQLA premium in the order of 4 basis points. Guided by theoretical considerations, we claim that the HQLA premium is state dependent and argue that our estimate is a lower bound measure. Furthermore, we discuss the implications of an economically significant HQLA premium. Thereby, we contribute to a better understanding of the LCR and its implications for financial markets.
    Keywords: Basel III, Liquidity Coverage Ratio, high-quality liquid assets, HQLA premium
    JEL: E50 G10 G18 G21 G28
    Date: 2016
  3. By: Lukas, Melanie; Rohn, Holger; Lettenmeier, Michael; Liedtke, Christa; Wirges, Monika; Wiesen, Klaus; Schweißinger, Johanna; von Lenthe, Charlotte
    Abstract: Human nutrition is responsible for about 30% of the global natural resource use. In order to decrease resource use to a level in line with planetary boundaries, a resource use reduction in the nutrition sector by a factor 2 is suggested. A large untapped potential to increase resource efficiency and improve consumers’ health status is assumed, but valid indicators and general guidelines to assess these impacts and limits can barely be found. Therefore we will have a try to define sustainable limits towards the individuals’ daily diet and therefore stimulate current available scientific debate. Within the paper an examination of existing indicators and assessment methods is carried out. We set the focus on health indicators, such as energy intake, and environmental indicators, such as the carbon or material footprint. The paper aims to provide first, an assessment of core indicators to explore the sustainability impact of foodstuff, and second, a deeper understanding and a discussion of sustainable limits for those dimensions of food and nutrition. Therefore we will discuss several ecological and health indicators which may be suitable to assess the sustainabilty impact and indicate differences or similarities. As a result it becomes obvious that several ecological indicators “point in the same direction” and therefore a discussion about the variability and the variety of these indicators has to be faced in the future. Further the definition of sustainable levels per indicator is an essential aspect to get an idea about the needed barriers for a sustainable nutrition, by now first steps had been made, but no binding guidelines are available yet. Therefore the paper suggests a few indications to set up sustainable levels for health and environmental indicators, based on the idea to reduce the resource use level up to 30-50% in 2030.
    Keywords: food, nutritional footprint, footprints, resource-efficiency, resource conservation, natural resource use, sustainability indicators, sustainable levels, Agribusiness, Food Security and Poverty, Health Economics and Policy,
    Date: 2016–05
  4. By: Verhoosel, Jack; van Bekkum, Michael; Verwaart, Tim
    Abstract: Food supply chains consist of many links and operate on a global scale with many stakeholders involved from farm to fork. Each stakeholder maintains data about food products that they handle, but this data is not transparently available to all other stakeholders in the chain due to various reasons. Trust and reciprocity for data sharing is limited and there is insufficient clarity in data ownership and possible legal consequences. However, various stakeholders could benefit from making data available across the supply chain. Food producers are very interested in consumer demands and trends. Growers also want to guide their supply based on the potential demand for specific food products in the near future. In addition, there are various other data sources that contain interesting data for these same stakeholders, such as import/export transactions, production (forecast) data, parcel crop information, local weather predictions and social media streams. To make all stakeholders in the food chain benefit from these data sources and to share data more transparently, the Dutch horticulture and food domain is developing the HortiCube platform via which various data sources are made accessible to application developers using a secure, linked data application interface. This paper describes the development of the HortiCube, the technologies being used and the lessons learned on aligning semantics by mapping of terms and the implementation performance using an example demo application.
    Keywords: HortiCube, data sharing, trust and security, semantic alignment, Agribusiness,
    Date: 2016–05
  5. By: Thomas Carver (Motu Economic and Public Policy Research); Arthur Grimes (Motu Economic and Public Policy Research)
    Abstract: The positive relationship between income and subjective wellbeing has been well documented. However, work assessing the relationship of alternative material wellbeing metrics to subjective wellbeing is limited. Consistent with the permanent income hypothesis, we find that a consumption measure out-performs income in predicting subjective wellbeing. When objective measures of consumption are combined with self-assessments of a household’s standard of living, income becomes insignificant altogether. We obtain our result utilising household-level data from Statistics New Zealand’s ‘New Zealand General Social Survey’ which contains a measure of material wellbeing called the ‘Economic Living Standard Index’ that combines measures of consumption flows and self-assessments of material wellbeing.
    Keywords: Life satisfaction, Subjective Wellbeing, Consumption, Permanent Income Hypothesis, Material Wellbeing
    JEL: D12 D63 E21 I31
    Date: 2016–09
  6. By: KIYOTA Kozo; OIKAWA Keita; YOSHIOKA Katsuhiro
    Abstract: This paper examines the competitiveness of industries in six Asian countries—China, India, Indonesia, Japan, South Korea, and Taiwan—using the World Input-Output Database tables from 1995 to 2011. Competitiveness is measured by the value added that industries contribute to the production of final goods, which we refer to as global value chain (GVC) income, rather than by gross exports. We find that the competitiveness of manufacturing is increasing in China, India, and Indonesia, whereas it is decreasing in Japan, South Korea, and Taiwan. Even though we focus on the GVC income rather than gross exports, the increasing competitiveness of Chinese, Indian, and Indonesian manufacturing is remarkable. We also find that, unlike EU countries, Asian countries have generally been able to combine increasing GVC job opportunities with a rise in real income. The GVC income in Asian countries presents a different picture to that in European countries.
    Date: 2016–08
  7. By: Ghosh, Atish R. (Asian Development Bank Institute); Qureshi, Mahvash S. (Asian Development Bank Institute)
    Abstract: While capital flows to emerging markets bring numerous benefits, they are also known to create macroeconomic imbalances (economic overheating, currency overvaluation) and increase financial vulnerabilities (domestic credit growth, bank leverage, foreign currency-denominated lending). But are all inflows the same? In this paper, we examine whether the source of the inflow—residents repatriating foreign assets or nonresidents investing in the country—or the type of inflow (foreign direct investment, portfolio, other investment) makes any difference to the consequences of the capital flow. Our results, based on a sample of 53 emerging markets over 1980–2013, show that when it comes to the source of the inflow, the macroeconomic and financial-stability consequences of flows driven by residents (asset flows) and nonresidents (liability flows) are broadly similar in economic terms. Formal statistical tests, however, suggest that liability flows are more prone to causing economic overheating and domestic credit expansion than asset flows. On the types of inflows, we find that compared to direct investment, portfolio debt and other investment flows are associated with larger macroeconomic imbalances and financial vulnerabilities. We conclude that policy should try to mitigate the untoward consequences of inflows, and shift their composition from risky to safer forms of liabilities.
    Keywords: capital flow; emerging markets; macroeconomics; economic overheating; credit expansion; currency; overvaluation; domestic credit; bank leverage; foreign currency; lending; FDI; foreign direct investment; investment; financial stability; asset flow; liability flow; portfolio debt
    JEL: F21 F32 F38 F41 F42 F62
    Date: 2016–09–15
  8. By: Arna Vardardottir (Copenhagen Business School); Michaela Pagel (Columbia University)
    Abstract: We use a very accurate panel of all individual spending, income, balances, and credit limits from a financial aggregation app and document significant payday responses of spending to the arrival of both regular and irregular income. These payday responses are clean, robust, and homogeneous for all income and spending categories throughout the income distribution. Spending responses to income are typically explained by households' capital structures: households that hold little or no liquid wealth have to consume hand-to-mouth. However, we find that few individuals hold little or no liquidity and also document that liquidity holdings are much larger than predicted by state-of-the-art models explaining spending responses with liquidity constraints due to illiquid savings. Given that present liquidity constraints do not bind, we analyze whether individuals hold cash cushions to cope with future liquidity constraints. To that end, we analyze cash holding responses to income payments inspired by the corporate finance literature. However, we find that individuals' cash responses are consistent with standard models without illiquid savings and neither present nor future liquidity constraints being frequently binding. Because these models are inconsistent with payday responses, the evidence suggests the existence of households that spend heuristically and call those the "liquid hand-to-mouth."
    Date: 2016
  9. By: Rosenbloom, Joshua L.; Ginther, Donna K.
    Abstract: One important rationale for federal funding of social science research is its role in addressing pressing social problems. In this article we examine the impact of the National Science Foundation’s (NSF) Information Technology Workforce Program (ITWF) on broadening participation Computing and Information Technology careers. Established in 2000 in response to the declining participation of women and minorities in Computer Science education and Information Technology Careers, the ITWF supported close to $30 million in research before it ended in 2004. We document the quantitative and qualitative effects of this research funding both to illustrate the complex ways in which R&D funding can advance scientific understanding and to identify the challenges that such problem-driven social science research may encounter. The problem of diversity in the IT Workforce has not been solved, but we conclude that the ITWF program nonetheless had important effects on understanding of this problem and efforts to address it.
    Date: 2016–02–06
  10. By: Nomaler, Onder (UNU-MERIT, and Eindhoven University of Technology); Verspagen, Bart (UNU-MERIT, and Maastricht University, SBE)
    Abstract: We bring together the topics of geographical clusters and technological trajectories, and shift the focus of the analysis of regional innovation to main technological trends rather than firms. We define a number of inventive clusters in the US space and show that long chains of citations mostly take place between these clusters. This is reminiscent of the idea of global pipelines of knowledge transfer that is found in the geographical literature. The deep citations are used to identify technological trajectories, which are the main directions along which incremental technological progress accumulates into larger changes. While the origin and destination of these trajectories are concentrated in space, the intermediate nodes travel long distances and cover many locations across the globe. We conclude by calling for more theoretical and empirical attention to the "deep rivers" that connect the "high mountains" of local knowledge production.
    Keywords: patent citations, regional concentration of inventive activities, technological trajectories, regional clusters, technological trends
    JEL: O33 O31 R11
    Date: 2016–09–14
  11. By: Hambloch, Sibylle
    Abstract: Ziel des Artikels ist es, die Entstehung und den Wandel des Europäischen Rates als Gremium der Staats- und Regierungschefs der Europäischen Union (EU) zu untersuchen. Der Europäische Rat hat insoweit eine besondere Stellung im EU-Institutionengefüge, als er als Impulsgeber und Systemgestalter fur die weitere Entwicklung der Union fungiert und die zukünftigen grundsätzlichen Ziele der Union festlegt. Seine Aufgaben und Funktionsweise sind heute im Vertrag von Lissabon geregelt. Daraus ergeben sich die folgenden Fragen: Welche Vorstellungen der Mitglieder uber die Form und den Zweck des Europäischen Rates (Leitideen) entstanden bei dessen Gründung und wie veränderten sie sich im Laufe der Zeit? Die Untersuchung der Entwicklung des Europäischen Rates von einem nicht kodifizierten Gremium der Staats- und Regierungschefs zu einem offiziellen Organ der EU impliziert auch Fragen nach der Existenz alter und der Schaffung neuer EG-Strukturen sowie nach supranationaler und intergouvernementaler europäischer Integration. Dabei soll die Theorie des Evolutorischen Institutionalismus zur Analyse herangezogen werden.
    Date: 2016
  12. By: TAMADA Dai
    Abstract: This paper examines the issue of conflict between the State aid regulation and the protection of foreign investment. Certain kinds of incentives provided by the former East European countries were regarded as illegal "State aid" and thus were terminated. This resulted in allegations of a breach of "fair and equitable treatment" (FET) contained in international investment agreements. Here we can find a conflict between competition law and investment law. From the Investor-State dispute settlement (ISDS) cases, if there was "specific commitment" or "specific entitlement" given by the host State, there can be "legitimate expectation" by the investor and consequently is a breach of the FET clause. In this context, if a foreign investor engages in investment activities, relying on some kind of "aid" from the host State, there must be "specific" assurance or commitment, especially with regard to the content and duration of that aid. Second, there still remains a conflict between the two laws, in the sense that the compensation awarded in ISDS cannot be enforced in the EU countries as it is regarded as "new State aid" by the European Commission. Accordingly, at the time of initial investment, investors should take into consideration of the high risk of subsidies being cut by the host State.
    Date: 2016–09
  13. By: Kosten, Dmitri
    Abstract: Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained under the control of the centralized authority. A deep level of collaboration is required to attain the next level of productivity provided by new technological advancements. However, the present system with a centralized control of governance and finance appears to constrain and restrain the value producing economy. This constriction becomes especially evident when the business environment requires collaboration to create, as it underlines the inherent conflict of centralized control. The most recent tech sector innovations, such as smart contracts and crypto-currencies, are poised to disrupt the system of centralized control. The removal of a centralized authority from the position of control will change the fabric of the society to reflect the mesh network of shared resources. The society will transform to the new form of socio-economic relations – the era of Crypto-Socialism. Технический прогресс и технологические достижения в области производства являются главной движущей силой в эволюции систем социально-экономических отношений. Благодаря таким достижениям феодализм сменился капитализмом. Несмотря на то, что индивид приобрел личную и физическую свободы, его материально-финансовая свобода по прежнему контролируется централизованной властью. Для достижения качественно нового уровня продуктивности, заложенного в потенциале новых технологий, необходим качественно новый уровень сотрудничества. Однако, существующая система централизованного контроля управления и финансов ограничивает и сдерживает производственную экономику. Это ограничение становится особенно очевидным и подчеркивает внутренний конфликт централизованного управления, в то время как для созидания на качественно ином уровне необходимо сотрудничество нового типа. Самые последние достижения технологического прогресса, такие как "умные контракты" и криптовалюты, направлены на глубокую реорганизацию систем. Удаление централизованной власти с управляющего положения изменит текстуру общества, и точнее отразит естественную ячеистую сеть социально-экономических отношений и совместного использования производственных ресурсов. Произойдет переход общества в новую форму социально-экономических отношений, в эпоху Крипто-Социализма.
    Keywords: биткоин, блокчеин, крипто-социализм, социально-экономические отношения, децентрализация финансового посредничества, деньги, криптовалюта, пирамида Маслоу, частичное резервирование, эмиссия. Bitcoin, Blockchain, crypto-socialism, socio-economic relations, decentralization of financial intermediation, money, crypto-currencies, Maslow pyramid, system of fractional reserve, devaluation.
    JEL: E0 E1 E4 E5 E6 G0 G1 G2 G3 H0 H2 H3 H6 O3 P0 P2 P3 P4 P5
    Date: 2016–09–05
  14. By: Daron Acemoglu; Leopoldo Fergusson; James A. Robinson; Dario Romero; Juan F. Vargas
    Abstract: How should a state which lacks the monopoly of violence go about acquiring it? We investigate the use of high-powered incentives for members of the Colombian army as part of a strategy to combat left-wing guerillas and build the state's monopoly of violence. We show that this top-down state-building effort produced several perverse side effects. Innocent civilians were killed and misrepresented as guerillas (a phenomenon known in Colombia as 'false positives'). Exploiting the fact that Colombian colonels have stronger career concerns and should be more responsive to such incentives, we show that there were significantly more false positives during the period of high-powered incentives in municipalities where a higher share of brigades were commanded by colonels and in those where checks coming from civilian judicial institutions were weaker. We further find that in municipalities with a higher share of colonels, the period of high-powered incentives coincided with a worsening of local judicial institutions and the security situation, with more frequent attacks not just by the guerillas but also by paramilitaries.
    JEL: D02 D73 D74 D82 K42
    Date: 2016–09
  15. By: Tsukada, Rachel (UNU-MERIT); Lehmann, Christian (Universidade de Brasilia)
    Abstract: This paper explores the effects of rainwater harvesting (RWH) on aggregate household labor supply in areas prone to droughts. Using a Brazilian survey on rainwater harvesting, we find that having a RWH infrastructure at the homestead increases household wellbeing through three channels: (i) a direct time allocation effect - since households spend less time fetching water from distant sources, the time saved is allocated to other productive activities; (ii) a direct input effect - since water is an essential input for agricultural households and more labor hours are available, the cistern technology may contribute to increase the household's agricultural production. Both direct effects associate the labor-saving technology with an increase in productive labor supply. Finally, there is (iii) an indirect consumption effect - as a consequence of larger production, households can exchange larger quantities of own production against market goods, further increasing the household wellbeing.
    Keywords: poverty, access to water, risk coping, labor supply
    JEL: I32 I38 L95 O15 Q25
    Date: 2016–08–30
  16. By: Christian Fons-Rosen; Vincenzo Scrutinio; Katalin Szemeredi
    Abstract: This paper uses the entry of large corporations into U.S. counties during the 1980s and 1990s to analyse the effect of plant opening on knowledge spillovers to local inventors. We use a difference-in-differences identification strategy exploiting information on the revealed ranking of possible locations for large plants in the US. Under the identifying assumption that locations not chosen (losers) are a counterfactual for the chosen location (winner), we find that patents of these large corporations are 68% more likely to be cited in the winning counties relative to the losing counties after entry. The effect materializes after the opening of the plant, rather than after the entry decision itself. The increase in citations is stronger for more recent patents whereas patent quality does not seem to play an important role. We find that the increase in citations is larger from patents belonging to the same technology class of the cited patent.
    Keywords: productivity; innovation; knowledge diffusion
    JEL: O3 R11 R12
    Date: 2016–08
  17. By: Holger Graf (School of Economics and Business Administration, Friedrich-Schiller-University Jena); Martin Kalthaus (School of Economics and Business Administration, Friedrich-Schiller-University Jena)
    Abstract: We analyze the evolution of the international collaboration network in photovoltaic research. Using data on scientific publications for the period 1980-2015, we apply social network analysis to trace the evolution of the global network of countries and national research networks of organizations. Our objective is to identify the determinants of countries' international research embeddedness by looking at national policies and structural properties of the national research networks. We observe a steady increase of publications and collaboration within the global research network. While there is a small group of countries that remains central throughout all years, several countries emerge and catch up while others lose their relative position.We find that cohesion and connectedness of the national system positively affect research output as well as international embeddedness, whereas centralized systems are less embedded. Policy, especially demand side instruments, has a positive effect on publication output and embeddedness.
    Keywords: International Collaboration, Research Network, Photovoltaics, Instrument Mix, Bibliographic Data
    JEL: L14 O31 O38 Q42
    Date: 2016–09–13
  18. By: Vakhshtayn, Victor Semenovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Nazarenko, A.P. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The preprint is devoted to the study of mechanisms of the production of scientific knowledge in modern universities and other academic institutions. In particular, it is focused on relationships between scientific and education activities in the contemporary Russian universities, on strategies and tactics of the academic community during the execution of research projects. Additionally, the preprint concerns the study of assessing applications for a grant by experts of the scientific funds.
    Keywords: scientific knowledge, academic institutions
    Date: 2016–07–22
  19. By: Tiberti, Marco; Stefani, Gianluca; Lombardi, Ginevra
    Abstract: Farm capital structure may have contrasting effects on farm efficiency as a strand of the farm efficiency literature as pointed out ( for a review see for example Davidova and Latruffe 2007). Farmers often use external funding both to cover productions costs and to finance investments (machinery, equipment, buildings) to enhance farm economic performance. The debt is necessary to maintain or improve farm productivity and competitiveness by adopting technological innovation needed to increase farm efficiency. At the same time leverage may affects farm efficiency by influencing farm production decision constrained by lower farm expenditure capacity. In this case, farms response may rely on reducing the necessary expenditures to maintain the production assets with negative consequences on farm productivity, growth and efficiency. Finally, farm leverage may affects the farms capacity to react to market shocks adopting the needed strategic adjustments to maintain productivity, efficiency and competitiveness. A relevant case study for assessing this last effect would be the recent surge in price volatility that affected European and world cereal markets starting from 2008.
    Keywords: Agribusiness,
    Date: 2016–05
  20. By: Giraud, Georges
    Abstract: We present an overview of the added-value created by Protected Designation of Origin (PDO) labelling scheme for goat and/or ewe milk cheeses in Europe through literature review. A food product wearing the Protected Designation of Origin (PDO) label has an original trait, strictly related to its area of origin, this trait is not reproducible outside this area. A PDO food product is produced and processed and prepared in its area of production and benefits from a long lasting good reputation. The PDO labelling scheme is based upon the peculiar combination of pedoclimatic conditions and local know-how which makes the product unique and original. The PDO label is a guarantee of origin and protects the collective brand name against fraudulent naming of PDO-like products coming from nowhere, such as Feta-like industrial cheese.
    Keywords: Agribusiness,
    Date: 2016–05
  21. By: Gordon H. Hanson; Matthew J. Slaughter
    Abstract: Abstract In this paper, we document the importance of high-skilled immigration for U.S. employment in STEM fields. To begin, we review patterns of U.S. employment in STEM occupations among workers with at least a college degree. These patterns mirror the cycle of boom and bust in the U.S. technology industry. Among younger workers, the share of hours worked in STEM jobs peaked around the year 2000, at the height of the dot-com bubble. STEM employment shares are just now approaching these previous highs. Next, we consider the importance of immigrant labor to STEM employment. Immigrants account for a disproportionate share of jobs in STEM occupations, in particular among younger workers and among workers with a master's degree or PhD. Foreign-born presence is most pronounced in computer-related occupations, such as software programming. The majority of foreign-born workers in STEM jobs arrived in the U.S. at age 21 or older. Although we do not know the visa history of these individuals, their age at arrival is consistent with the H-1B visa being an important mode of entry for highly trained STEM workers into the U.S. Finally, we examine wage differences between native and foreign-born labor. Whereas foreign-born workers earn substantially less than native-born workers in non-STEM occupations, the native-foreign born earnings difference in STEM jobs is much smaller. Further, foreign-born workers in STEM fields reach earnings parity with native workers much more quickly than they do in non-STEM fields. In non-STEM jobs, foreign-born workers require 20 years or more in the U.S. to reach earnings parity with natives; in STEM fields, they achieve parity in less than a decade.
    JEL: F22 J61
    Date: 2016–09
  22. By: Torun, Huzeyfe (Central Bank of Turkey); Tumen, Semih (Central Bank of Turkey)
    Abstract: Although the season of birth variable is often used as an instrumental variable to estimate the rate of returns to schooling in the labor economics literature, there is an emerging consensus that the season of birth is systematically associated with later outcomes in life such as the educational and labor market success; thus, it is highly likely non-random. Using a large micro-level data set from Turkey, we argue that the degree of this non-randomness can be even larger in a developing-country context. Specifically, we show that around 20 percent of all individuals in Turkey have January as their month of birth due to a combination of geographical, seasonal, institutional, and idiosyncratic factors that lead to misreporting. We further document that being January-born strongly predicts worse socio-economic outcomes in later life. We show that this can be a serious problem in evaluating policies that define eligibility based on the month of birth – such as compulsory schooling and compulsory military service laws that set the eligibility birth date cutoff as the January 1st. We confirm the validity of this concern based on a series of regression discontinuity design exercises. We conclude that, in a developing-country context, additional caution should be exercised when using the season-of-birth variable as a statistical tool.
    Keywords: season-of-birth effects, IV, education, earnings, family background, misreporting
    JEL: C26 I26 J13
    Date: 2016–09
  23. By: Benjamin L. Collier; Andrew F. Haughwout; Howard C. Kunreuther; Erwann O. Michel-Kerjan; Michael A. Stewart
    Abstract: Age and size distinctly affect firms’ financial management of infrequent risks. We examine a rare, severe event using detailed firm-level data collected following Hurricane Sandy in the New York area. Our results follow recent contributions from dynamic risk management theory, namely that larger firms are more likely to insure and to use credit after a shock. We build on this theory, showing tradeoffs between managing frequent versus infrequent risks: young firms, exposed to many risks, do not insure against infrequent events and are ex post credit constrained. Consequently, younger firms and smaller firms disproportionately bore the costs of the shock.
    JEL: D22 G22 G28 G32 L25 Q54
    Date: 2016–09
  24. By: Antra Bhatt (University of Chicago - Harris School of Public Policy.); Claudio Sardoni (Department of Social Sciences and Economics, Sapienza University of Rome)
    Abstract: The paper deals with the analysis of the relationship between public spending and growth as well as the dynamics of the ratio public debt/GDP. We show that a composition of public spending that favours productive expenditures, i.e. those with a direct positive effect on the economy's rate of growth, can determine a situation in which the ratio of the public debt to GDP is stable, even though the government runs primary de cits. We test our theoretical results by considering the Indian case that, for a number of reasons, appears to be consistent with our theoretical hypotheses and assumptions. The results of the empirical analysis substantially support the idea that the dynamics of the economy as well as of the ratio public debt/GDP are crucially contingent on having a public sector that favours productive expenditures.
    Keywords: Public expenditure, Growth, Public debt.
    JEL: H30 H54 H60
    Date: 2016–09
  25. By: KITANO Taiju
    Abstract: Automobile firms commonly offer multiple variants for each of their car models. Heterogeneity at the variant level is an important element to be considered when assessing attribute-based policy interventions, such as tax incentives and subsidy for green cars, because of substantial variant-level heterogeneity in the attributes within a model. This paper presents a discrete choice model of product differentiation at the variant level, and estimates the structural parameters of the econometric model using data at different levels of aggregation: model-level sales and variant-level prices and attributes. Using these estimates, this paper examines the policies to promote green cars in Japan.
    Date: 2016–06
  26. By: Vellekoop, Nathanaël
    Abstract: Using two datasets containing demographically representative samples of the Dutch population, I study how lifetime experiences of aggregate labor market conditions affect personality. Three sets of findings are reported. First, experienced aggregate unemployment is negatively correlated with the levels of all Big Five personality traits, except for conscientiousness (no significant correlation). Second, in panel data models with individual fixed effects I find that changes in experienced aggregate unemployment cause changes in emotional stability and agreeableness for men, and conscientiousness for women. The correlation is positive, and effects are economically large. Thirdly, I report suggestive evidence that the main driver is experienced aggregate unemployment, instead of other macroeconomic variables as experienced GDP, stock market returns or inflation. Taken together, these findings suggest that changes in Big Five personality traits are systematically related to experienced aggregate labor market conditions.
    Keywords: personality traits,Big Five,locus of control,labor market,unemployment
    JEL: D01 D12 E23 E32
    Date: 2016
  27. By: Idrisov, Georgy (Gaidar Institute for Economic Policy); Ponomarev, Yury (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Pleskachev, Yury Andreevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper presents the results of research and assessment of the combined exchange rate and import duty pass-through effect in the Russian economy and its key features. We used data on the basic macroeconomic indicators, published by the Central Bank of the Russian Federation and the Federal State Statistics Service, Federal Customs Service, as well as scientific, analytical and statistical publication of Russian and foreign sources, including international organizations.
    Keywords: exchange rate, import duty, economy
    Date: 2016–06–16
  28. By: Alessandro Innocenti
    Abstract: The paper provides a review of research using virtual reality as a tool in experimental economics. It addresses the question of whether behavior in virtual environments is a valuable source of empirical evidence for economists. A typology of virtual reality experiments based on the difference between low-immersive (LIVE) and high-immersive virtual environments (HIVE) is offered. It is argued that virtual reality experiments are framed field experiments, which allow testing the effect of contextual cues on economic decision-making under the strict control of the experimenter. This feature enhances replicability and attenuates the context-free illusion that represents an important limitation of the standard laboratory approach in economics.
    Keywords: virtual reality, experimental economics, laboratory methods, virtual worlds, immersive environments.
    JEL: B41 C90 C93
    Date: 2015–11
  29. By: Takao Fujii (Kobe University of Foreign Studies); Yoichi Matsubayashi (Graduate School of Economics, Kobe University)
    Date: 2016–09
  30. By: W. Robert Reed (University of Canterbury); Aaron Smith
    Abstract: We show that cointegration among times series paradoxically makes it more likely that a unit test will reject the unit root null hypothesis on the individual series. If one time series is cointegrated with another, then it can be written as the sum of two processes, one with a unit root and one stationary. It follows that the series cannot be represented as a finite-order autoregressive process. Unit root tests use an autoregressive model to account for autocorrelation, so they perform poorly in this setting, even if standard methods are used to choose the number of lags. This finding implies that univariate unit root tests are of questionable use in cointegration analysis.
    Keywords: Unit root testing, cointegration, Augmented Dickey-Fuller test, Akaike Information Criterion (AIC), Bayesian Information Criterion (BIC), Modified Akaike Information Criterion (MAIC)
    JEL: C32 C22 C18
    Date: 2016–09–06
  31. By: Drago, Carlo
    Abstract: Regarding complex networks, one of the most relevant problems is to understand and to explore community structure. In particular it is important to define the network organization and the functions associated to the different network partitions. In this context, the idea is to consider some new approaches based on interval data in order to represent the different relevant network components as communities. The method is also useful to represent the network community structure, especially the network hierarchical structure. The application of the methodologies is based on the Italian interlocking directorship network.
    Keywords: Complex Networks, Community Detection, Communities, Interval Data, Interlocking Directorates, Research Methods/ Statistical Methods, C4, C60, L14,
    Date: 2016–09–09
  32. By: Grace Gimon Betancourt (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom); Armando Segnini (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom); Carlos Trabuco (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom); Amira Rezgui (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom, MARSOUIN - Môle Armoricain de Recherche sur la SOciété de l'information et des usages d'INternet - Télécom Bretagne - UBO - Université de Bretagne Occidentale - UBS - Université de Bretagne Sud - UEB - Université européenne de Bretagne - UR1 - Université de Rennes 1 - Université Rennes 2 - Institut Mines-Télécom - Ecole Nationale de la Statistique et de Analyse de l'Information - Rennes, ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - UBO - Université de Bretagne Occidentale - Télécom Bretagne - Institut Mines-Télécom - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société); Nicolas Jullien (LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - Télécom Bretagne - UEB - Université européenne de Bretagne - Institut Mines-Télécom, MARSOUIN - Môle Armoricain de Recherche sur la SOciété de l'information et des usages d'INternet - Télécom Bretagne - UBO - Université de Bretagne Occidentale - UBS - Université de Bretagne Sud - UEB - Université européenne de Bretagne - UR1 - Université de Rennes 1 - Université Rennes 2 - Institut Mines-Télécom - Ecole Nationale de la Statistique et de Analyse de l'Information - Rennes, ICI - Laboratoire Information, Coordination, Incitations - UEB - Université européenne de Bretagne - UBO - Université de Bretagne Occidentale - Télécom Bretagne - Institut Mines-Télécom - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société)
    Abstract: In this study, we were interested in studying which characteristics of virtual teams are good predictors for the quality of their production. The experiment involved obtaining the Spanish Wikipedia database dump and applying different data mining techniques suitable for large data sets to label the whole set of articles according to their quality (comparing them with the Featured/Good Articles, or FA/GA). Then we created the attributes that describe the characteristics of the team who produced the articles and using decision tree methods, we obtained the most relevant characteristics of the teams that produced FA/GA. The team's maximum efficiency and the total length of contribution are the most important predictors. This article contributes to the literature on virtual team organization.
    Keywords: Wikipedia,Epistemic Community,Article quality,Teaming
    Date: 2016–08–17
  33. By: Paul Théron (CREST - CREST (Crises & Resilience - Economy, Society, Technology))
    Abstract: This lecture shows, out of multiple perspective research works, that resilience is a struggle against collapse. After reviewing findings from several existing research currents, the lecture presents several examples of incidents that show that under (very) adverse circumstances sociotechnical systems degrade and that their capacity to surmount adversity under those circumstances (as opposed to the post-incident period) those systems display an ability to struggle, i.e. to instrument every available margin of manoeuvre, in order to keep dangers at bay and to regain control over the course of events. Seven general conclusions, at this stage of the research, are presented. A priori, they seem to apply to any type and size of social and sociotechnical systems. Five conclusions end the lecture, in the form of points of attention for critical infrastructure protection (CIP) practitioners.
    Keywords: Resilience,Resilience Engineering,Resilience as performance,Resilience capacity,Resilience dynamics,Critical Infrastructure Protection
    Date: 2016–06–22
  34. By: Marta De Philippis
    Abstract: Increasing the number of Science, Technology, Engineering and Math (STEM) university graduates is considered a key element for long-term productivity and competitiveness in the global economy. Still, little is known about what actually drives and shapes students' choices. This paper focusses on secondary school students at the very top of the ability distribution and explores the effect of more exposure to science on enrolment and persistence in STEM degrees at the university and on the quality of the university attended. The paper overcomes the standard endogeneity problems by exploiting the different timing in the implementation of a reform that induced secondary schools in the UK to offer more science to high ability 14 year-old children. Taking more science in secondary school increases the probability of enrolling in a STEM degree by 1.5 percentage point and the probability of graduating in these degrees by 3 percentage points. The results mask substantial gender heterogeneity: while girls are as willing as boys to take advanced science in secondary school - when offered -, the effect on STEM degrees is entirely driven by boys. Girls are induced to choose more challenging subjects, but still the most female-dominated ones.
    Keywords: university education; high school curriculum; STEM
    JEL: I21 I28 J16 J24
    Date: 2016–08
  35. By: Charles Nolan; Plutarchos Sakellaris; John D. Tsoukalas
    Abstract: Following the recent global nancial crisis, there have been many sig- ni cant changes to nancial regulatory policies. These may have re- duced the likelihood and future cost of the next crisis. However, they have not addressed the central dilemma in nancial regulation which is that governments cannot commit not to bail out banks and other - nancial rms. We develop a simple model to re ect this dilemma, and argue that some form of penalty structure imposed on key decision- makers post-bailout is necessary to address it.
    Keywords: Financial Crisis, Bank bail-outs, Systemic risk, Macropru- dential policy
    JEL: E2 E3
    Date: 2016–06
  36. By: Kosten, Dmitri
    Abstract: Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained under the control of the centralized authority. A deep level of collaboration is required to attain the next level of productivity provided by new technological advancements. However, the present system with a centralized control of governance and finance appears to constrain and restrain the value producing economy. This constriction becomes especially evident when the business environment requires collaboration to create, as it underlines the inherent conflict of centralized control. The most recent tech sector innovations, such as smart contracts and cryptocurrencies, are poised to disrupt the system of centralized control. The removal of a centralized authority from the position of control will change the fabric of the society to reflect the mesh network of shared resources. The society will transform to the new form of socio-economic relations – the era of Crypto-Socialism.
    Keywords: Bitcoin, Blockchain, Crypto-Socialism, socio-economic transformation, socio-economic framework, smart contract, sharing economy, distributed trust, function of money, financial decentralization, financial desintermediation
    JEL: B50 B53 E00 E02 E40 E41 E42 E43 E44 E49 E5 E50 E51 E52 E58 E59 K00 K20 P00 P20 P40
    Date: 2015–11–15
  37. By: Marcel Nutz; Florian Stebegg
    Abstract: Two probability distributions $\mu$ and $\nu$ in second stochastic order can be coupled by a supermartingale, and in fact by many. Is there a canonical choice? We construct and investigate two couplings which arise as optimizers for constrained Monge-Kantorovich optimal transport problems where only supermartingales are allowed as transports. Much like the Hoeffding-Fr\'echet coupling of classical transport and its symmetric counterpart, the Antitone coupling, these can be characterized by order-theoretic minimality properties, as simultaneous optimal transports for certain classes of reward (or cost) functions, and through no-crossing conditions on their supports. However, our two couplings have asymmetric geometries due to the directed nature of the supermartingale constraint.
    Date: 2016–09
  38. By: SUZUKI Satoko; TAKEMURA Kosuke
    Abstract: Past research has shown mixed results for the effect of diversity toward innovation. We hypothesize that leadership is a key in its success. In particular, we focus on the leader's universal-diverse orientation. Team diversity could lead to low social integration which affects team creativity; however, leaders with a high universal-diverse orientation ("universal-diverse" leaders) moderate this relationship between social integration and creativity. The conceptual model is assessed using survey data of 41 teams from mid- and large-sized Japanese companies. The results show that diversity is negatively associated with a group's social integration, and that social integration has a positive effect on creativity. The results also indicate that the universal-diverse leader mitigates the negative relationship between diversity and creativity through decreased social integration. This research contributes to diversity and group performance literature in two ways. First, it identifies a new moderator in the relationship between diversity and group performance. Second, it connects two research streams: diversity and group performance literature and leadership literature. The findings of the study also provide implications for policy makers and managers. Today, in Japan, diversity is considered as a key for economic growth. Thus, Japanese government is enforcing policies that support Japanese firms to diversify, and the latter are increasing their efforts to diversify. However, in order to obtain positive effects of diversity on firm performance, it is not enough simply to diversify their organizations. It is also important to have the universal-diverse leaders manage the diversified groups. Hence, it is important for the government and companies to also increase efforts in educating leaders. Leaders need to have universal-diverse orientation, and they need to be able to understand people's similarities and differences and effectively manage the diverse groups.
    Date: 2016–09
  39. By: Calogero Guccio (Department of Economics and Business, University of Catania); Marco Martorana (Department of Economics and Business, University of Catania); Isidoro Mazza (Department of Economics and Business, University of Catania); Ilde Rizzo (Department of Economics and Business, University of Catania)
    Abstract: The diffusion of social media platforms in public services calls for investigating their role in terms of supply and consumption. In cultural heritage, the application of such technologies has manifold implications ranging from preservation, to production and usage of cultural goods. This paper explores the scope for the use of new media in cultural heritage using website services. More specifically, we investigate the efficiency of public historical archives (PHAs) in Italy over the period 2009-2014 and try to assess the influence of websites on their efficiency. We use a two-stage approach involving the estimation of the frontier using Data Envelopment Analysis (DEA) and Window DEA (WDEA) to obtain PHAs efficiency scores and evaluate the effect of the use of websites on efficiency.
    Keywords: Innovation; Public services; Cultural heritage; Archives; Non parametric frontier
    JEL: Z1 D24
    Date: 2016–09
  40. By: Kara Contreary; Irma Perez-Johnson
    Abstract: Behavioral science draws on insights from psychology and other social sciences to study how cognitive, social, and emotional factors contribute to individual decision making.
    Keywords: disability, employment, return-to-work, behavioral intervention
    JEL: I J
  41. By: Adler, Matthew; Anthoff, David; Bosetti, Valentina; Garner, Greg; Keller, Klaus; Treich, Nicolas
    Abstract: The social cost of carbon (SCC) is a monetary measure of the harms from carbon emission. Specifically, it is the reduction in current consumption that produces a loss in social welfare equivalent to that caused by the emission of a ton of CO2. The standard approach is to calculate the SCC using a discounted-utilitarian social welfare function (SWF)—one that simply adds up the well-being numbers (utilities) of individuals, as discounted by a weighting factor that decreases with time. The discounted-utilitarian SWF has been criticized both for ignoring the distribution of well-being, and for including an arbitrary preference for earlier generations. Here, we use a prioritarian SWF, with no time-discount factor, to calculate the SCC in the integrated assessment model RICE. Prioritarianism is a well-developed concept in ethics and theoretical welfare economics, but has been, thus far, little used in climate scholarship. The core idea is to give greater weight to well-being changes affecting worse off individuals. We find substantial differences between the discounted-utilitarian and non-discounted prioritarian SCC.
    Keywords: Prioritarianism, Social Welfare Function, Social Cost of Carbon, Resource /Energy Economics and Policy, Q54, I30,
    Date: 2016–08–30
  42. By: Andrej Srakar (Institute for Economic Research, Faculty of Economics, University of Ljubljana, Slovenia); Petja Grafenauer (School of Arts, University of Nova Gorica, Nova Gorica, Slovenia); Marilena Vecco (Erasmus University Rotterdam, The Netherlands)
    Abstract: Slovenian art history has received very little (if any) attention from the viewpoint of network theory although there were several examples of artists co-working or working in groups, collectives or even loosely organized clusters (groups from the impressionist Sava in 1904 to postmodern Irwin in 1984). This may be interpreted as a way to acquire better positions in the national and international art circles and on the art market. In our article we use web-based dataset of Slovenska biografija (operated by the Slovenian Academy of Sciences and Arts), which contains data on numerous notable persons throughout Slovenian history to analyze the centrality of individual artistic figures and movements throughout Slovenian art history. We also study the influence of network centrality on cultural production controlling for endogeneity following the instrumental variable approach, proposed in the literature while using a new instrumental variable to solve the problem. Finally, we present results which show that women visual artists used their network positions more intensively than men and provide some first explanations for this observed relationship. In conclusion, we provide some reflections on the importance of these findings for further research work in the area.
    Keywords: Slovenian art history, social network analysis, network centrality, artist productivity, instrumental variables, women visual artists
    JEL: D85 J49 N70 Z11 C36 C38 C45
    Date: 2016–09
  43. By: Burke, M.; Craxton, M.; Kolstad, C.D.; Onda, C.; Allcott, H.; Baker, E.; Barrage, L.; Carson, R.; Gillingham, K.; Graff-Zivin, J.; Greenstone, M.; Hallegatte, S.; Hanemann, W.M.; Heal, G.; Hsiang, S.; Jones, B.; Kelly, D.L.; Kopp, R.; Kotchen, M.; Mendelsohn, R.; Meng, K.; Metcalf, G.; Moreno-Cruz, J.; Pindyck, R.; Rose, s.; Rudik, Ivan; Stock, J.; Tol, R.S.J.
    Date: 2016–04–01
  44. By: Dominique Pepin (CRIEF - Centre de Recherche sur l'Intégration Economique et Financière - Université de Poitiers)
    Abstract: By analysing the restrictions that ensure the existence of capital market equilibrium, we show that the coefficient of relative risk aversion and the subjective discount factor cannot be high simultaneously as they are supposed to be to make the standard asset pricing consistent with financial stylised facts.
    Keywords: subjective discount factor,risk aversion,asset prices,equilibrium,risk premium
    Date: 2016–06
  45. By: AfDB AfDB
    Date: 2016–09–09
  46. By: Belev, Sergei (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Mamedov, Arseniy (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Gaidar Institute for Economic Policy); Moguchev, Nikita Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Tischenko, Tatiana Vladimirovna (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This paper presents a comparative analysis of international practices assessment of budget programs. The first section contains a brief description of international experience in the implementation of elements of the Performance-based budgeting. In the five following sections analyze practices of some countries on the most significant areas of the budget process, including approaches to the use of macro-economic forecast scenarios to determine the main parameters of the budget; approaches to the integration of strategic documents and budget planning at the level of the central government; coordination of long-term programs implemented by agencies of the same level of authority and coordination of their activities; coordinating mechanisms between departments / agencies of the central government and regional level in planning and implementing long-term programs; and organizational and administrative documents of executive bodies to assess the effectiveness of long-term budgetary programs.
    Keywords: assessment, budget programs, long-term budgetary impact
    Date: 2016–05–18
  47. By: Ruiz-Castillo, Javier; Carrasco, Raquel
    Abstract: This paper compares the average productivity of males and females in a set of 2,530 highly productive economists that work in 2007 in a selection of the top 81 Economics departments worldwide. The main findings are the following. Firstly, after controlling for age and cohort effects, as well as for the effect of four career variables and a variable on geographic mobility, the productivity of females is, on average, 54% lower than the productivity of males. Secondly, the gender productivity gap decreases as we move up from the departments outside the U.S. towards the top ten U.S. departments. Thirdly, when we restrict our attention to the 833 economists with above average productivity, the proportion of females decreases from 14.0% to 5.4% and, after controlling for demographic and career variables, the gender productivity gap decreases to 15.8%.
    Date: 2016–09
  48. By: Li, Xianghong; Zhao, Xinlei
    Abstract: We use the October 2008 Countrywide legal settlement as a natural experiment to investigate how borrowers may change their payment behavior to be eligible for loan modifications. We find that the Countrywide modification program induces strategic default among both borrowers current in their loan payments and those already in payment delinquency before the settlement. By January 2009, modification-induced strategic default is about nine percentage points, on a base default rate of 30 percent, and such strategic behavior is more severe among riskier loans. These findings have implications on designs of loan modification programs that are different from the existing literature.
    Keywords: Loan modification, mortgage modification program, strategic default, Countrywide legal settlement
    JEL: G18 G21
    Date: 2016–08–31
  49. By: Neil Seftor
    Abstract: This article examines education research through the filter of a long running systematic review to assess research quality over time and the role of the systematic review in producing evidence.
    Keywords: education, content area, methodological development
    JEL: I
  50. By: Bruce Knuteson
    Abstract: The solution to science's replication crisis is a new ecosystem in which scientists sell what they learn from their research. In each pairwise transaction, the information seller makes (loses) money if he turns out to be correct (incorrect). Responsibility for the determination of correctness is delegated, with appropriate incentives, to the information purchaser. Each transaction is brokered by a central exchange, which holds money from the anonymous information buyer and anonymous information seller in escrow, and which enforces a set of incentives facilitating the transfer of useful, bluntly honest information from the seller to the buyer. This new ecosystem, capitalist science, directly addresses socialist science's replication crisis by explicitly rewarding accuracy and penalizing inaccuracy.
    Date: 2016–09
  51. By: Marion Dupoux
    Abstract: Land use change (LUC) is the second human-induced source of greenhouse gases (GHG). This paper warns about the LUC time-accounting failure in internalizing GHG impacts in economic appraisal (within policies). This emerges from (i) relative carbon prices commonly following the Hotelling rule as if climate change were regarded as an exhaustible resource problem and (ii) a uniform annualization (i.e. constant flows over time) of LUC impacts supported by most energy policies. First, carbon prices time evolution should account for the climate change framework specificities (natural carbon absorption, uncertainty), which makes a departure from the Hotelling rule necessary. Second, there is a carbon dynamic after land conversion: GHG impact flows are strictly decreasing over time. With a theoretical framework, I show that the employment of the uniform annualization, within a benefit-cost analysis, enhances both the discounting overwhelming effect and the carbon price increase, whatever the type of impact (emissions or sequestrations). It results in skewed values of LUC-related projects as long as relative carbon prices deviate from the Hotelling rule. I apply this framework to global warming impacts of bioethanol in France and quantify this bias. In particular, carbon profitability payback periods under the uniform approach do not reflect the LUC effective carbon investment. This potentially modifies the conclusions regarding a project’s achievement of imposed environmental criteria.
    Keywords: benefit-cost analysis, land use change, relative carbon price.
    JEL: D61 H43 Q15 Q16 Q48 Q54
    Date: 2016
  52. By: Hedtke, Reinhold
    Abstract: In diesem Beitrag versuche ich exemplarisch zu zeigen, wie fragwürdig verbreitete Selbstverständlichkeiten einer wirtschaftswissenschaftlichen ökonomischen Bildung sind. Als Alternative dazu skizziere ich Elemente eines sozialwissenschaftlichen Ansatzes ökonomischer Bildung. Eine sozialwissenschaftliche Wirtschaftsdidaktik und eine sozialwissenschaftlich angelegte ökonomische Bildung unterscheiden sich in einigen Punkten erheblich von den rein wirtschaftswissenschaftlichen Konzeptionen.
    Keywords: Wirtschaftsdidaktik,Ökonomische Bildung,Sozialwissenschaften
    JEL: A20
    Date: 2016
  53. By: Daniele Tavani (Department of Economics, Colorado State University.); Luca Zamparelli (Department of Social Sciences and Economics, Sapienza University of Rome)
    Abstract: In this paper, we introduce a twofold role for the public sector in the Goodwin (1967) growth cycle model. The government collects income taxes in order to: (a) invest in infrastructure capital, which directly affects the production possibilities of the economy; (b) finance publicly funded research, which augments the growth rate of labor productivity. We first focus on a special case in which labor productivity growth depends entirely on public research, and show that: (i) provided that the output-elasticity of infrastructure is greater than the elasticity of labor productivity growth to public R&D, there exists a tax rate tau* that maximizes the long-run labor share, but not a growth-maximizing tax rate; (ii) the long-run labor share is always increasing in the share of public spending in infrastructure, and (iii) the presence of public R&D is not enough to stabilize the distributive conflict. We then study a more general model with induced technical change where, as is well known in the literature, the distributive conflict is resolved in the long run. With induced technical change: (iv) the labor share-maximizing tax rate is the same as in the special case; (v) the long-run share of labor is always increasing in the share of public spending in infrastructure, and (vi) maximizing growth requires to levy a tax rate in excess of tau*.
    Keywords: Public R&D, Goodwin growth cycle, optimal fiscal policy.
    JEL: D33 E11 O38
    Date: 2016–09
  54. By: Giacinta Cestone; Chiara Fumagalli; Francis Kramarz; Giovanni Pica
    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 affliated 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: Internal Labor Markets, Organizations, Business Groups JEL Classification: G30, L22, J08, J40
    Date: 2016
  55. By: Marcotte, Dave E. (American University)
    Abstract: Community colleges have long been recognized for their potential in providing access to post-secondary education for students of limited means. Indeed, the recent #FreeTuition movement is built on community colleges as a cornerstone. Previous research on the value of community colleges in shaping earnings and career outcomes suggests that encouraging access to community college is a good investment. But, the evidence base on this issue is limited. The main limitations stem from the fact that what we know comes from data collected from cohorts of students who studied in community colleges more than twenty years ago. In the meantime, the market for higher education has changed drastically, and the Great Recession and economy of the early 21st Century have reshaped how young Americans are educated and begin their careers. For these reasons, I update the evidence on the employment and earnings effects of community college education. I study the experiences of the Educational Longitudinal Survey (ELS) cohort, which graduated from high school and began studying in community colleges at the start of the Great Recession, and who began their working careers in the years after. The experiences of this cohort are important in their own right, since they provide insight into the experiences of American workers during and after one of the largest economic downturns in modern history. Moreover, this paper will provide insight into the role post-secondary education plays in shaping economic security more generally.
    Keywords: education, community college
    JEL: I21 I23 I26
    Date: 2016–09
  56. By: Claire Nicolas; Stéphane Tchung-Ming; Emmanuel Hache
    Abstract: To improve energy security and ensure the compliance with stringent climate goals, the European Union is willing to step up its efforts to accelerate the development and deployment of electrification, and in general, of alternative fuels and propulsion methods. Yet, the costs and benefits of imposing norms on vehicle or biofuel mandates should be assessed in light of the uncertainties surrounding these pathways, in terms of e.g. cost of these new technologies. By using robust optimization, we are able to introduce uncertainty simultaneously on a high number of cost parameters without notably impacting the computing time of our model (a French TIMES paradigm model). To account for the different nature of the uncertain parameters we model two kinds of uncertainty propagation with time. We then apply this formal setting to French energy system under carbon constraint. As uncertainty increases, as does technology diversification to hedge against it. In the transportation sector, low-carbon alternatives (CNG, electricity) appear consistently as hedges against cost variations, along with biofuels. Policy implications of diversification strategies are of importance; in that sense, the work undertaken here is a step towards the design of robust technology-oriented energy policies.
    Keywords: Robust optimization; Climate change; Energy transition; Transportation policy.
    JEL: C61 O33 Q47 R40
    Date: 2016
  57. By: Glenn Ellison; Parag A. Pathak
    Abstract: Several public K-12 and university systems have recently shifted from race-based affirmative action plans to race-neutral alternatives. This paper explores the degree to which race-neutral alternatives are effective substitutes for racial quotas using data from the Chicago Public Schools (CPS), where a race-neutral, place-based affirmative action system is used for admissions at highly competitive exam high schools. We develop a theoretical framework that motivates quantifying the efficiency cost of race-neutral policies by the extent admissions decisions are distorted more than needed to achieve a given level of diversity. According to our metric, CPS's race-neutral system is 24% and 20% efficient as a tool for increasing minority representation at the top two exam schools, i.e. about three-fourths of the reduction in composite scores could have been avoided by explicitly considering race. Even though CPS's system is based on socioeconomic disadvantage, it is actually less effective than racial quotas at increasing the number of low-income students. We examine several alternative race-neutral policies and find some to be more efficient than the CPS policy. What is feasible varies with the school's surrounding neighborhood characteristics and the targeted level of minority representation. However, no race-neutral policy restores minority representation to prior levels without substantial inefficiency, implying significant efficiency costs from prohibitions on affirmative action policies that explicitly consider race.
    JEL: I20
    Date: 2016–09
  58. By: Julien Ambrosino (Aerospace Valley, ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA)); Jérémy Legardeur (ESTIA Recherche - Ecole Supérieure des Technologies Industrielles Avancées (ESTIA))
    Abstract: In the specific context of coopetition between members of clusters, innovative collaborative projects emergence is a key issue for members and clusters. Given the heterogeneous ecosystems that evolve within the clusters, the interclustering strategy which is conducted to create new types of cross-sectoral projects require new appropriate tools to support creative and new ideas emergence. Strong synergies are highlighted through the use of the discovering matrix and 9 screens tools. These links help facilitators of clusters to optimize the preparation and animation of creative sessions.
    Abstract: Dans le contexte spécifique de coopétition entre membres de clusters, l'émergence de projets collaboratifs est une question clé pour les membres et pour les clusters. Compte-tenu des écosystèmes hétérogènes qui évoluent au sein des clusters, la stratégie d'interclustering, menée pour créer de nouveaux types de projets intersectoriels, nécessite de nouveaux outils appropriés pour soutenir l'émergence d'idées nouvelles et créatives. Dans ce papier, de fortes synergies sont mises en évidence par l'utilisation de la matrice de découverte et 9 écrans. Ces liens visent à aider les animateurs de clusters pour optimiser la préparation et l'animation de sessions de créativité.
    Keywords: creativity,interclustering,idea generation,TRIZ,innovation management,9 screens,discovering matrix,créativité,génération d'idées,management de l'innovation,9 écrans,matrice de découverte
    Date: 2016–05–16
  59. By: Lascaux, Alexander (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: Optimal radius of trust means that firms involved in strategic collaboration maintain relationships which balance both socially embedded ties with traditional partners and connections with companies that possess important new knowledge and technological know-how. Both insufficient and excessive levels of trust harm strategic interests of the parties to interfirm collaboration. In this paper, I explore a range of factors influencing the emergence and evolution of trusting relationships in strategic alliances.
    Keywords: trust, strategic collaboration, alliances
    Date: 2016–06–16
  60. By: Verdolini, Elena; Vona, Francesco; Popp, David
    Abstract: The diffusion of renewable energy in the power system implies high supply variability. Lacking economically viable storage options, renewable energy integration has so far been possible thanks to the presence of fast-reacting mid-merit fossil-based technologies, which act as back-up capacity. This paper discusses the role of fossil-based power generation technologies in supporting renewable energy investments. We study the deployment of these two technologies conditional on all other drivers in 26 OECD countries between 1990 and 2013. We show that a 1% percent increase in the share of fast-reacting fossil generation capacity is associated with a 0.88% percent increase in renewable in the long run. These results are robust to various modifications in our empirical strategy, and most notably to the use of system-GMM techniques to account for the interdependence of renewable and fast-reacting fossil investment decisions. Our analysis points to the substantial indirect costs of renewable energy integration and highlights the complementarity of investments in different generation technologies for a successful decarbonization process.
    Keywords: Renewable Energy Investments, Fossil Energy Investments, Complementarity, Energy and Environmental Policy, Research and Development/Tech Change/Emerging Technologies, Q42, Q48, Q55, O33,
    Date: 2016–08–30
  61. By: Kara Contreary; Irma Perez-Johnson
    Abstract: This is one of three policy action papers prepared in Year 3 of the Stay-at-Work/Return-to-Work Policy Collaborative, an initiative funded by the Office of Disability Employment Policy in the U.S. Department of Labor.
    Keywords: disability, stay at work, return to work, behavioral interventions, job retention, injury, illness
    JEL: I J
  62. By: Neuteleers, Stijn; Mulder, Machiel; Hindriks, Frank (Groningen University)
    Date: 2016
  63. By: Cesa-Bianchi, Ambrogio (Bank of England); Thwaites, Gregory (Bank of England); Vicondoa, Alejandro (European University Institute)
    Abstract: This paper constructs a new series of monetary policy surprises for the United Kingdom and estimates their effects on macroeconomic and financial variables, employing a high-frequency identification procedure. First, using local projections methods, we find that monetary policy has persistent effects on real interest rates and breakeven inflation. Second, employing our series of surprises as an instrument in a SVAR, we show that monetary policy affects economic activity, prices, the exchange rate, exports and imports. Finally, we implement a test of overidentifying restrictions, which exploits the availability of the narrative series of monetary policy shocks computed by Cloyne and Huertgen (2014), and find no evidence that either set of shocks contains any endogenous response to macroeconomic variables.
    Keywords: Monetary policy transmission; external instrument; high-frequency identification; structural VAR; local projections
    JEL: E31 E32 E43 E44 E52 E58
    Date: 2016–09–02
  64. By: Jarzębowski, Sebastian; Bezat-Jarzębowska, Agnieszka
    Abstract: The aim adopted in the paper is to review methods for assessing the efficiency of supply chains and to carry out their critical evaluation. Literature studies, interviews, analysis of processes in the chains are used for analyzing of interdependence between the individual stages of supply chain and identifying the efficiency of entire supply chain. An important aspect is to determine the possibility of assessing the efficiency of supply chains in selected sectors of agribusiness by using approaches presented in the paper. Within the analyzed methods, the stochastic frontier approach can be an useful tool for estimating the efficiency on the firm level. However, the efficiency scores obtained from estimation of the stochastic frontier have a little use for policy implications and management purposes if the empirical studies do not investigate the sources of the inefficiency. Thus, it is recommended to include into the models external factors like, for instance, the degree of competitive pressure, the ownership form, various managerial characteristics, network characteristics and production quality indicators of inputs or outputs.
    Keywords: supply chain management, food supply chains, efficiency, Agribusiness,
    Date: 2016–05
  65. By: Blome, Christine; Augustin, Matthias
    Abstract: We propose to use subjective well-being (SWB) measures to determine patient-relevant treatment benefit. Benefit can be measured either prospectively (pre-post) or retrospectively, but both approaches can be biased: Prospective evaluation may be subject to response shift; retrospective evaluation may be subject to recall bias. As prospective and retrospective evaluations often differ in effect size and since there is no gold standard to compare against, the extent of the two biases needs to be determined. Response shift includes reprioritization, reconceptualization, and recalibration. We argue that in SWB measures only recalibration, but not reprioritization and reconceptualization are validity threats. We review approaches to quantify recall bias, response shift, or both in the measurement of health-related quality of life. We discuss which of these approaches are most suitable for application to SWB measurement, where only recall bias and recalibration are to be quantified, ignoring the other two response shift types. Some approaches of bias detection will not be applicable to SWB measurement, because they do not distinguish between recalibration and other types of response shift, or quantify reprioritization and/or reconceptualization alone. For other approaches, it is unclear whether underlying assumptions apply to SWB measurement. Anchor recalibration, structural equation modelling, and ROSALI are most suitable, the latter two with some limitations. Anchor recalibration was considered by its developers to be too difficult for participants to understand in its current form. Refining the anchor recalibration method may provide the most promising way to quantify both scale recalibration and recall bias.
    Keywords: health-related quality of life,thentest,response shift,recall bias,scale recalibration,subjective well-being
    Date: 2016
  66. By: Chu, Luke Yu-Wei; Lin, Ming-Jen
    Abstract: How economic development affects intergenerational earnings elasticity is not well-documented. In this paper, we estimate intergenerational earnings elasticities between fathers and sons in two periods. In the current period, 2005–2010, Taiwan is already a developed economy with slower economic growth. We apply the two-sample approach developed by Björklund and Jäntti (1997) and find that intergenerational earnings elasticity is around 0.4–0.5 in this period. In the earlier period, 1990–1994, Taiwan was still a developing economy with fast economic growth. We mimic the Björklund-Jäntti two-sample approach and use average earnings by occupation as a proxy for fathers’ earnings. To quantify potential bias, we apply the same method to the 2005–2010 data. Our proxy method yields similar estimates in both the early 1990s and late 2000s. These results suggest stable intergenerational transmission of economic status in Taiwan, despite its rapid economic development.
    Keywords: Economic development, Intergenerational earnings, Taiwan,
    Date: 2016
  67. By: Christoph Schottmüller (Department of Economics, University of Copenhagen)
    Abstract: A decision maker repeatedly asks an adviser for advice. The adviser is either competent or incompetent and his preferences are not perfectly aligned with the decision maker's preferences. Over time the decision maker learns about the adviser's type and fires him if he is likely to be incompetent. If the adviser's reputation for being competent improves, it is more attractive for him to push his own agenda because he is less likely to be fired for incompetence. Consequently, competent advisers are also fired with positive probability. Firing is least likely if the decision maker is unsure about the adviser's type.
    Keywords: advice, cheap talk, reputation
    JEL: C73 D83 G24
    Date: 2016–09–12
  68. By: Diana Lima (Central Bank of Portugal); Ioannis Lazopoulos (University of Surrey); Vasco Gabriel (University of Surrey)
    Abstract: Central banks in charge of banking regulation are less aggressive in their inflation mandate since tight monetary policy conditions could have an adverse effect on the stability of the banking system. Due to the conflict between the two mandates, it has been argued that banking supervisory powers should be assigned to an independent authority to avoid ination bias and enhance social welfare. The rst part of the paper develops a theoretical model that assesses the interaction between different policy transmission channels, namely the credit channel and the banks' balance sheet channel. Focusing on a mandate where central banks are also responsible for banking supervision, cases where the price and financial stabilisation objectives are complementary or conflicting are identfied, highlighting the role of policy instruments and types of macroeconomic shocks on welfare. The second part of the paper empirically assesses whether central banks' combined mandates lead to an inflation bias problem using panel data for 25 industrialised countries from 1975 to 2012. The estimation results show that, once we control for relevant policy and institutional factors (such as the presence of inflation targeting and deposit insurance schemes), the separation of banking supervision and monetary policy does not have a significant effect on inflation outcomes.
    Date: 2016–05
  69. By: Fabrice Tourre (University of Chicago)
    Abstract: This article analyzes a firm prone to debt runs, and the effect of its portfolio liquidity composition on the run behavior of its creditors. The firm holds cash and an illiquid asset, and is financed with term debt held by a continuum of creditors who decide whether to extend new financing when their debt claim mature. When the firm’s portfolio value deteriorates, creditors are inclined to run, but their propensity to run decreases with the amount of available liquidity resources. The theory has policy implications for micro-prudential bank liquidity regulation: for any leverage ratio, it characterizes the quantity of liquidity reserves a firm should hold in order to deter a run. I solve the model numerically and perform comparative statics, varying the firm’s illiquid asset characteristics and the firm’s debt maturity profile. I discuss the influence of the firm’s portfolio choice and dividend policy on the run behavior of creditors. Two key results emerge: current bank liquidity regulations are too punitive for highly capitalized banks and not conservative enough for less well capitalized institutions, while longer term liabilities do not always lead to less run-prone banks.
    Date: 2016
  70. By: Zwart, Gijsbert; Willems, Bert (Groningen University)
    Date: 2016
  71. By: R. S.J. Koijen; F. Koulischer; B. Nguyen; M. Yogo
    Abstract: We use new data on security-level portfolio holdings of institutional investors and households in the euro area to understand the impact of the ongoing asset purchase programme of the European Central Bank (ECB) on the dynamics of risk exposures and on asset prices. We develop a tractable measurement framework to quantify the dynamics of euro-area duration, sovereign and corporate credit, and equity risk exposures as the programme evolves. We propose an instrumental-variables estimator to identify the impact of central bank purchases on sovereign bonds on sovereign bond yields. Our results suggest that the foreign sector sells most in response to the programme, followed by banks and mutual funds, while the purchases of insurance companies and pension funds are positively related to purchases by the ECB.
    Keywords: Quantitative Easing, Flow of Risk, Portfolio Rebalancing, Risk Concentration.
    JEL: E52 E58 G2 G15
    Date: 2016
  72. By: Guido BUlligan (Banca d'Italia); Eliana Viviano (Banca d'Italia)
    Abstract: Increasing evidence shows that after a flattening occurred in the immediate aftermath of the global financial crisis, the relationship between price inflation and economic slack became stronger in the euro area. By contrast, there is no clear evidence of a strong(er) relationship between wage inflation and unemployment. In this paper we estimate a standard Phillips curve with time-varying coefficients separately for Italy, Spain, Germany and France. We find that, with the exception of Germany, after the global financial crisis the sensitivity of hourly wage changes to labour market slack increased. Second, using administrative microdata available only for Italy, we relate daily wage changes to the local unemployment rate. The results confirm the steepening of the Phillips curve after 2008, also when controlling for composition effects.
    Keywords: wage growth, Phillips curve, parameter instability JEL Classification: E24, E31, E58
    Date: 2016–09
  73. By: Yukitoshi Matsushita
    Abstract: Hahn and Ridder (2013) formulated influence functions of semiparametric three step estimators where generated regressors are computed in the first step. This class of estimators covers several important examples for empirical analysis, such as production function estimators by Olley and Pakes (1996), and propensity score matching estimators for treatment effects by Heckman, Ichimura and Todd (1998). This paper develops a nonparametric likelihood- based inference method for the parameters in such three step estimation problems. By modifying the moment functions to account for influences from the first and second step estimation, the resulting likelihood ratio statistic becomes asymptotically pivotal not only without estimating the asymptotic variance but also without undersmoothing.
    Keywords: generated regressor, empirical likelihood
    JEL: C12 C14
    Date: 2016–09
  74. By: Esteban Jaimovich (University of Surrey)
    Abstract: We propose a demand-driven growth theory where process innovations and product innovations fulfil sequential roles along the growth path. Process innovations must initially set the economy on a positive growth path. However, process innovations alone cannot fuel growth forever, as their benefits display an inherent tendency to wane. Product innovations are therefore also needed for the economy to keep growing in the long run. When the economy fails to switch from a growth regime steered by process innovation to one driven by product innovation, R&D effort and growth will eventually come to a halt. However, when the switch to a product innovation growth regime does take place, a virtuous circle gets ignited. This happens because product innovation effort not only keeps growth alive when incentives to undertake process innovation diminish, but it also regenerates profit prospects from further process innovation effort.
    JEL: O30 O31 O41
    Date: 2016–07
  75. By: Takayuki Mizuno (National Institute of Informatics, School of Multidisciplinary Sciences, SOKENDAI (The Graduate University for Advanced Studies), PRESTO, Japan Science and Technology Agency, The Canon Institute for Global Studies); Takaaki Ohnishi (Graduate School of Information Science and Technology The University of Tokyo, The Canon Institute for Global Studies); Tsutomu Watanabe (Graduate School of Economics, University of Tokyo, The Canon Institute for Global Studies)
    Abstract: The distributions of market capitalization across stocks listed in the NASDAQ and Shanghai stock exchanges have power law tails. The power law exponents associated with these distributions fluctuate around one, but show a substantial decline during the dot-com bubble in 1997-2000 and the Shanghai bubble in 2007. In this paper, we show that the observed decline in the power law exponents is closely related to the deviation of the market values of stocks from their fundamental values. Specifically, we regress market capitalization of individual stocks on financial variables, such as sales, profits, and asset sizes, using the entire sample period (1990 to 2015) in order to identify variables with substantial contributions to fluctuations in fundamentals. Based on the regression results for stocks in listed in the NASDAQ, we argue that the fundamental value of a company is well captured by the value of its net asset, therefore a price book-value ratio (PBR) is a good measure of the deviation from fundamentals. We show that the PBR distribution across stocks listed in the NASDAQ has a much heavier upper tail in 1997 than in the other years, suggesting that stock prices deviate from fundamentals for a limited number of stocks constituting the tail part of the PBR distribution. However, we fail to obtain a similar result for Shanghai stocks.
    Date: 2016–09
  76. By: Seidu, Ayuba; Onel, Gulcan
    Keywords: Community/Rural/Urban Development, International Relations/Trade, Labor and Human Capital,
    Date: 2016–06–22
  77. By: Marsha Gold; Catherine McLaughlin
    Abstract: The Health Information Technology for Economic and Clinical Health (HITECH) Act set ambitious goals for developing electronic health information as one tool to reform health care delivery and improve health outcomes. With HITECH’s grant funding now mostly exhausted but statutory authority for standards remaining, this article looks back at HITECH’s experience in the first 5 years to assess its implementation, remaining challenges, and lessons learned.
    Keywords: health information technology, health care delivery, federal health policy, health reform
    JEL: I
  78. By: Freire-González, Jaume
    Date: 2016–01
  79. By: Geranda Notten; Anne-Catherine Guio
    Abstract: This paper develops a simulation approach to study the effects of income transfers on material deprivation. The method is applied to pre-recession and post-austerity EU-SILC data for Germany, Greece, Poland and the United Kingdom. The results show that income transfers can not only reduce income poverty but they can also substantially reduce the extent and depth of material deprivation. Changes in social transfers have therefore a two-fold effect on the Europe 2020 poverty reduction target.
    Keywords: economic well-being, poverty, social exclusion, income, material deprivation, social transfers, Europe 2020 strategy, simulation
    JEL: D31 I32 I38
    Date: 2016–09
  80. By: International Monetary Fund.
    Abstract: In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (212.1 percent of current quota). So far, six purchases totaling the equivalent of SDR 209.49 million have been made, and another one equivalent to SDR 28.65 million will be made available upon completion of the eighth review. The economic recovery is strengthening, supported by large energy-related investments and a gradual recovery in domestic demand. The current account deficit is widening due to import-intensive FDI. Inflationary pressures, however, remain subdued and the exchange rate has been broadly stable vis-Ã -vis the euro. Despite substantial monetary easing, credit growth remains sluggish, constrained by the still sizable overhang of nonperforming loans (NPLs) on bank balance sheets.
    Date: 2016–09–09
  81. By: NISHIMURA Kazuo; YAGI Tadashi
    Abstract: In this research, we conducted a questionnaire survey on Japanese adults to reflect on the kinds of parenting methods they were subjected to as children and analyzed how these methods affected their future. Using the major factor method, we conducted a principal factor analysis of the responses to 20 questions on the child's relationship with his or her parents during childhood. We derived "interest," "trust," "norm," and "independence" as four factors and added two more indexes: "experience of sharing time with parents" and "strictness of parents." Subsequently, we classified the parenting methods into six types: (1) Supportive, (2) Strict (Tiger), (3) Indulgent, (4) Uninvolved, (5) Abusive, and (6) Average. Using these categories, we compared the average incomes of these children (namely, the adults who took this survey), their happiness quotient, and educational attainment for each of the six types and found that "Supportive" shows the highest score with regard to income, happiness quotient, and educational attainment, whereas "Abusive" shows the lowest score on all three aspects. We also compared the six types of parenting methods in terms of the sense of ethics and found that "Supportive" shows the desired results in every aspect.
    Date: 2016–07
  82. By: Pradeep Dubey; Siddhartha Sahi
    Date: 2016
  83. By: Claudia Goldin; Lawrence F. Katz
    Abstract: American women are working more, through their sixties and even into their seventies. Their increased participation at older ages started in the late 1980s before the turnaround in older men’s labor force participation and the economic downturns of the 2000s. The higher labor force participation of older women consists disproportionately of those working at full-time jobs. Increased labor force participation of women in their older ages is part of the general increase in cohort labor force participation. Cohort effects, in turn, are mainly a function of educational advances and greater prior work experience. But labor force participation rates of the most recent cohorts in their forties are less than those for previous cohorts. It would appear that employment at older ages could stagnate or even decrease. But several other factors will be operating in an opposing direction leading us to conclude that women are likely to continue to work even longer.
    JEL: J21 J22 J26
    Date: 2016–09
  84. By: Pingjin Deng
    Abstract: Consider the Slepian process $S$ defined by $ S(t)=B(t+1)-B(t),t\in [0,1]$ with $B(t),t\in \R$ a standard Brownian motion.In this contribution we analyze the joint distribution between the maximum $m_{s}=\max_{0\leq u\leq s}S(u)$ certain and the maximum $M_t=\max_{0\leq u\leq t}S(u)$ for $0
    Date: 2016–09
  85. By: Simon Brière; Bernard Fortin; Guy Lacroix
    Abstract: Pour des CV semblables en tout point, Samira Benounis recevra-t-elle moins d’invitations à un entretien d’embauche que Valérie Tremblay dans la région de la Capitale-Nationale (Québec, Canada) ? Cet article tente de répondre à cette question à partir d’une expérience utilisant la méthode de testing par envoi de CV. Nos résultats montrent que, toutes choses égales par ailleurs, la probabilité d’être invitée à un entretien d’embauche diminue de 11 % lorsque la candidate a un nom d’origine maghrébine plutôt que québécoise. Ce constat suggère la présence d’une discrimination à l’embauche des candidates d’origine maghrébine dans la région de la Capitale-Nationale.
    Keywords: discrimination à l’embauche, méthode de testing par envoi de CV, région de la Capitale-Nationale (Québec, Canada)
    JEL: C93 J71
    Date: 2016
  86. By: Orbie, Jan; Van den Putte, Lore
    Abstract: European Union (EU) trade policy has become increasingly contested and politicised. Citizens and politicians have become more and more concerned about the human rights and sustainable development implications of free trade. The European Commission in its 'Trade for All' Strategy has recognized the need for a more value-based trade policy. In the same vein, the EU has included a chapter on Trade and Sustainable Development in recent free trade agreements. However, there is still much uncertainty about the specifics of these legal commitments and about their implementation in practice. In this study, we aim to assess the labour rights commitments in the EU-Peru-Colombia agreement, with a specific focus on Peru and the agricultural sector. Based on an analytical framework that summarises the labour-related commitments of the sustainable development Title into three categories - upholding ILO Core Labour Standards, non-lowering domestic labour law, and promoting civil society dialogue - we conclude that Peru has failed to comply in a number of areas. We also make recommendations for the EU and civil society and suggestions for more profound and systematic research.
    Abstract: Diese Studie zeigt, dass sowohl die Peruanische Regierung als auch die EU ihre Bemühungen verstärken könnten, die in ihren Handelsabkommen enthaltenen Verpflichtungen zum Thema Arbeitsnormen einzuhalten, und die Zivilgesellschaft in dieser Hinsicht eine wichtige Rolle spielen könnte. Die Europäische Handelspolitik ist zunehmend umstritten geworden. In Reaktion darauf hat die Europäische Union (EU) in ihren jüngsten Handelsabkommen ein Kapitel zur nachhaltigen Entwicklung aufgenommen, welches Bestimmungen zu den Themen Arbeitsund Umweltschutz enthält. Dies ist unter anderem der Fall für das EU-Peru-Kolumbien Handelsabkommen, das im Jahr 2013 in Kraft getreten ist. Während das Abkommen ein Kapitel zur nachhaltigen Entwicklung enthält und obwohl die Achtung von Arbeitsnormen in Peru allgemein recht gering ist, ist die Einhaltung der Verpflichtungen zu Arbeitsnormen durch Peru im Rahmen des Abkommens bislang nicht untersucht worden. Wir konzentrieren uns in unserer Untersuchung auf den landwirtschaftlichen Exportsektor im breiteren Kontext von Arbeitsnormen. [...]
    Keywords: Peru,labour,European Union,trade
    Date: 2016
  87. By: Joaquín Viloria-De-la-Hoz.
    Abstract: El objetivo del presente artículo es analizar las circunstancias en que se dio el proceso de Independencia en las provincias del Caribe colombiano, centrado en las acciones ocurridas en la provincia de Santa Marta. Se busca conocer el accionar económico y político de los indígenas, los comerciantes catalanes, los militares venezolanos y los criollos de Santa Marta durante la guerra de Independencia y sus motivaciones para defender la monarquía española o la nueva República. En los albores de la Independencia, la historia de Santa Marta muestra que las autoridades coloniales favorecieron en ocasiones los intereses de los indígenas. Estas acciones generaron fidelidad de los indígenas ante el régimen colonial, el cual ya conocían y no les generaba grandes incertidumbres. La inclinación política de cada grupo estuvo mediada por su desenvolvimiento económico, que también se analizará en este documento. En el caso de Santa Marta, su economía giraba en torno a la actividad portuaria, el comercio interno y externo, así como a los cultivos de caña en las cercanías de la ciudad. En el resto de la provincia la actividad económica dominante fue la ganadería, principalmente en la zona de Valledupar, Valencia de Jesús y Plato. Classification JEL:N01, Z10 y Z19.
    Keywords: Santa Marta, Cartagena, Mamatoco, Bolívar, Montilla, Morillo,independencia, realismo, colonia.
    Date: 2015–04
  88. By: Lyons, Savanna May
    Date: 2016–01–01
  89. By: Parantap Basu (Durham Business School); Kunal Sen (University of Manchester)
    Abstract: We examine the e¢ cacy of a popular anti-poverty programme namely, the National Rural Employment Guarantee Act (NREGA) of the Government of India. We argue that a chronic friction of wage payment delay in this áagship programme could adversely a§ect the welfare of the poor through two channels. First, it causes deferred consumption. Second, it turns labour into a credit good which makes the indebted household work harder to clear o§ his existing debt. The loss of welfare persists even when the worker has an outside employment option. If a programme of Önancial inclusion increases the indebtedness of the poor, a wage payment delay in the NREGA programme could escalate this welfare loss although the o¢ cial indicator of success (i.e. participation) may not reveal this friction.
    Keywords: NREGA, Employment Guarantee, Credit Good, Financial Inclusion.
    Date: 2015–02
  90. By: Francis DiTraglia; Camilo García-Jimeno
    Abstract: To estimate causal effects from observational data, an applied researcher must impose beliefs. The instrumental variables exclusion restriction, for example, represents the belief that the instrument has no direct effect on the outcome of interest. Yet beliefs about instrument validity do not exist in isolation. Applied researchers often discuss the likely direction of selection and the potential for measurement error in their papers but at present lack formal tools for incorporating this information into their analyses. As such they not only leave money on the table, by failing to use all relevant information, but more importantly run the risk of reasoning to a contradiction by expressing mutually incompatible beliefs. In this paper we characterize the sharp identified set relating instrument invalidity, treatment endogeneity, and measurement error in a workhorse linear model, showing how beliefs over these three dimensions are mutually constrained. We consider two cases: in the first the treatment is continuous and subject to classical measurement error; in the second it is binary and subject to non-differential measurement error. In each, we propose a formal Bayesian framework to help researchers elicit their beliefs, incorporate them into estimation, and ensure their mutual coherence. We conclude by illustrating the usefulness of our proposed methods on a variety of examples from the empirical microeconomics literature.
    JEL: B23 B4 C10 C11 C16 C26 C8
    Date: 2016–09
  91. By: Adrian Pagan (Sydney Uni)
    Abstract: This note shows that the common practice of adding on measurement errors or "errors in variables" when estimating DSGE models can imply that there is a lack of co-integration between model and data variables and also between data variables themselves. An analysis is provided of what the nature of the measurement error would be if it was desired to ensure co-integration. It is very unlikely that it would be the white noise shocks that are commonly used.
    Keywords: DSGE models, shocks
    Date: 2016–09–12
  92. By: Yonatan Ben-Shalom
    Abstract: This fact sheet is based on a report for the Office of Disability Employment Policy, U.S. Department of Labor.
    Keywords: stay at work, return to work, state strategies
    JEL: I J
  93. By: Daskalopoulou, Irene
    Abstract: Democracy is the notion broadly used to denote a society’s commitment towards freedom and a better way of life. The minimum conditions that a country must adhere to in order to be acknowledged as democratic refer to arrangements between rulers and the ruled. In that sense, the key attributes of democracy are institutional guarantees referred to as either political rights and liberties or contestation for public office power and people’s participation. To the extent that these key attributes of democracy are shaped within a variety of different societal contexts, democracy is not a quality that either exists or not. Rather, different democracies exist depending largely on a wide set of societal characteristics. The research aim relates to the analysis of the relationship between democracy and social capital in Greece. In particular, we try to answer the question of whether we can speak of a “democracy – trust continuum” in Greece as suggested by the available literature, and if yes, where in this continuum could we possibly place Greece. An exploratory meta-analysis is used in order to sketch the country’s profile with respect to these phenomena and analyze the democracy – types of trust interrelationship as manifested in the case of Greece.
    Keywords: Democracy, social capital, social trust, Greece
    JEL: D71 D73 H3 O2
    Date: 2016–09–12
  94. By: Bekker, Paulus (Groningen University)
    Date: 2016
  95. By: Pradeep Dubey; Siddhartha Sahi
    Date: 2016
  96. By: Jan Hagemejer (Faculty of Economic Sciences, University of Warsaw; National Bank of Poland)
    Abstract: Since the transition of Central and Eastern European Countries in 1990s, liberalization in trade has changed the structure of these economies. The structural changes occurred as these countries to become the New Member States (NMS) of the European Union in the first decade of the 21st century. In this paper, we shed lights on these changes by analyzing the position of NMS within the global value chains (GVC). By calculation of upstreamness measures proposed by Antras et al. (2012), and tracing both the structure and the evolution of upstreamness over time, we are able to analyze the change in the organization of production around the world and the role the NMS play in the most important export sectors.. Although we observe a global increasing trend in the upstreamness of all countries, we find the convergence in the distance from final demand in trade of NMS and the EU15. There are, however, some large and persistent sectoral differences.
    Keywords: global value chains, upstreamness, European Union, New Member States
    JEL: C67 F10 F15
    Date: 2016
  97. By: Soetevent, Adriaan; Hinloopen, Jeroen (Groningen University)
    Date: 2016
  98. By: Tophoven, Silke (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Wenzig, Claudia (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Lietzmann, Torsten (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany])
    Abstract: "Official statistics show that children more often depend on social benefits and are more likely to live in low income households than other population groups. The material situation of children has to be considered within the household and family context. Children living in single-parent households show a particularly high risk of poverty. The risk of poverty for children also increases with the number of siblings. Unemployment or a low qualification level of the parents, as well as a non-German nationality are often associated with material deprivation during childhood. Living in poverty often goes along with restricted educational opportunities and a lower degree of social participation. Looking at existing research, in our view, a broader consideration of child poverty which combines different poverty indicators is missing so far. Common concepts of defining poverty have both advantages and disadvantages. Thus, a combination of different approaches to measure poverty is recommended. In addition, the longitudinal life course perspective on child poverty should be further developed." (Author's abstract, IAB-Doku) ((en))
    Keywords: Bedarfsgemeinschaft, Arbeitslosengeld II-Empfänger, Niedrigeinkommen, Familieneinkommen, Lebenssituation, Kinder, Armut, Bedürftigkeit, IAB-Haushaltspanel, soziale Deprivation, Familiengröße, Armutsbewältigung
    Date: 2016–09–05
  99. By: Fang He (Panel Data Research Center, Keio University)
    Abstract: This study aims to analyze the impact of husband's income, wife's income, and household income on fertility, using Japanese household survey data, the Japan Household Panel Survey. Permanent income of husband and households were calculated using the average labor income for the past three years, while the wife's imputed wage rate is estimated based on the employment experience, educational attainment, and geographic information. In order to control the endogeneity of income and the heterogeneity of households, the instrumental variable method combined with fixed-effects estimation was applied. The results suggest that husband's permanent income has a positive effect on fertility, while wife's imputed wage rate has a negative effect on fertility. Household income, which is defined as the sum of husband's and wife's labor income, has a significantly positive effect on fertility.
    Keywords: Income, Fertility, IV, Fixed-effects
    JEL: J13 D13 D31
    Date: 2016–08–19
  100. By: Sisco, Matthew R.; Bosetti, Valentina; Weber, Elke U.
    Abstract: We analyzed the effects of 10,748 weather events on attention to climate change between December 2011 and November 2014 in local areas across the United States. Attention was gauged by quantifying the relative increase in Twitter messages about climate change in the local area around the time of each event. Coastal floods, droughts, wildfires, strong wind, hail, excessive heat, extreme cold, and heavy snow events all had detectable effects. Attention was reliably higher directly after events began, compared to directly before. This suggests that actual experiences with extreme weather events are driving the increases in attention to climate change, beyond the purely descriptive information provided by the weather forecasts directly beforehand. Financial damage associated with the weather events had a positive and significant effect on attention, although the effect was small. The abnormality of each weather event’s occurrence compared to local historical activity was also a significant predictor. In particular and in line with past research, relative abnormalities in temperature (“local warming”) generated attention to climate change. In contrast, wind speed was predictive of attention to climate change in absolute levels. These results can be useful to predict short-term attention to climate change for strategic climate communications, and to better forecast long-term climate policy support.
    Keywords: Climate Attention, Social Media, Extreme Weather, Environmental Economics and Policy, Q54, C81, D80,
    Date: 2016–08–30
  101. By: Sanghamitra Bandyopadhyay; Gaston Yalonetzky
    Abstract: This paper discusses meanings of intra-generational mobility when variables take values corresponding to either unordered or ordered categories. We propose concepts of maximum and minimum mobility, along with mobility-inducing transformations and related desirable properties. Then we axiomatically characterize indices of individual mobility and social mobility. Our first set of concepts, properties and indices, measures mobility as diversity, unpredictability or instability in people’s status along the accounting period. This notion of mobility is relevant and applicable to both nominal and ordinal variables. Our second set measures mobility as average distance traveled across categories from one period to the next. This latter notion is only relevant for ordinal variables. We apply these indices to measure the extent of mobility in the responses to subjective wellbeing questions in the United Kingdom, using the British Household Panel Survey.
    Keywords: Intra-generational mobility; categorical variables; life satisfaction
    JEL: D30
    Date: 2016
  102. By: Chu, Angus C.; Cozzi, Guido; Pan, Shiyuan; Zhang, Mengbo
    Abstract: This study explores the effects of patent protection in a distance-to-frontier R&D-based growth model with financial frictions. We find that whether stronger patent protection stimulates or stifles innovation depends on credit constraints faced by R&D entrepreneurs. When credit constraints are non-binding (binding), strengthening patent protection stimulates (stifles) R&D. The overall effect of patent protection on innovation follows an inverted-U pattern. An excessively high level of patent protection prevents a country from converging to the world technology frontier. A higher level of financial development influences credit constraints through two channels: decreasing the interest-rate spread and increasing the default cost. Via the interest-spread (default-cost) channel, patent protection is more likely to have a negative (positive) effect on innovation under a higher level of financial development. We test these results using cross-country regressions and find supportive evidence for the interest-spread channel.
    Keywords: Patent protection, credit constraints, economic growth, convergence
    JEL: E44 O31 O34
    Date: 2016–09
  103. By: Soetevent, Adriaan R.; Bruzikas, Tadas (Groningen University)
    Date: 2016
  104. By: Litvintseva, Elena Anan'evna (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Karpichev, Viktor Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mamedov, Nizami (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Afanasieva, N.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Rybakova, I.N. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Skipetrova, T.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Fateev, I.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper presents the results of a scientific analysis of trust as a special form of manifestation of social reality and human existence, certain areas of freedom, the result of co-existence of individuals and social groups. Public trust is a key characteristic of Russian society, which manifests itself as an interpersonal level and at the level of social, including the credibility of the public institutions and the state as a whole.Conceptual development of public trust as a social mechanism for the stabilization of society and the state allowed to consider the phenomenon of "confidence" to the citizens of the state civil servants in the logic of "power - control - citizens' trust - co-management (civic engagement)"
    Keywords: civil servants, public police, confidence
    Date: 2016–06–28
  105. By: Jean Barthélemy (Département d'économie); Eric Mengus (HEC Paris - Recherche - Hors Laboratoire)
    Abstract: This paper argues that central bankers should raise inflation when anticipating liquidity traps to signal their credibility to forward guidance policies. As stable inflation in normal times either stems from central banker's credibility, e.g. through reputation, or from his aversion to inflation, the private sector is unable to infer the central banker's type from observing stable inflation, jeopardizing the efficiency of forward guidance policy. We show that this signaling motive can justify level of inflation well above 2% but also that the low inflation volatility during the Great Moderation was insufficient to ensure fully efficient forward guidance when needed.
    Keywords: Forward guidance; Inflation; Signaling
    JEL: E31 E52 E65
    Date: 2016–08
  106. By: Michael Bordo; Arunima Sinha
    Abstract: We examine the first QE program through the lens of an open-market operation under taken by the Federal Reserve in 1932, at the height of the Great Depression. This program entailed large purchases of medium- and long-term securities over a four-month period. There were no prior announcements about the size or composition of the operation, how long it would be put in place, and the program ended abruptly. We use the narrative record to conduct an event study analysis of the operation using the weekly-level Treasury holdings of the Federal Reserve in 1932, and the daily term structure of yields obtained from newspaper quotes. The event study indicates that the 1932 program dramatically lowered medium- and long-term Treasury yields; the declines in Treasury Notes and Bonds around the start of the operation were as large as 114 and 42 basis points respectively. We then use a segmented markets model to analyze the channel through which the open-market purchases affected the economy, namely the portfolio composition and signaling effects. Quarterly data from 1920-32 is used to estimate the model with Bayesian methods. We find that the significant degree of financial market segmentation in this period made the historical open market purchase operation more effective than QE in stimulating output growth. Had the Federal Reserve continued its operations and used the announcement strategy of the QE operation, the Great Contraction could have been attenuated earlier.
    JEL: E5 N1
    Date: 2016–08
  107. By: Calza, Elisa (UNU-MERIT); Goedhuys, Micheline (UNU-MERIT)
    Abstract: Entrepreneurship is the object of renewed and increasing attention, not only by academics, but also by policy makers worldwide. This interest partly results from a positive perception of entrepreneurship as a driver of economic growth, and the urgency for policy makers to find ways to stimulate and sustain economic growth, in developed as well as in developing countries. This trend raises the need to have a clear understanding of the role of entrepreneurship in the economy and society. This paper acknowledges that there is a large heterogeneity across entrepreneurs in their ability to contribute to economic growth. We present insights from macro-economic studies supporting this statement. We next take a micro perspective and discuss the evidence based literature to identify the critical factors and entrepreneur characteristics that can lead to entrepreneurial success and contribute to growth. This discussion serves as a framework against which we reflect on the rationales and effectiveness of entrepreneurial policies in developing countries.
    Keywords: entrepreneurship, firm growth, development policy
    JEL: O12 O20 L26
    Date: 2016–08–29
  108. By: Martha S. Feldman (UCI - University of California, Irvine [Irvine]); Brian Pentland (University of Michigan - U-M (USA) - University of Michigan - U-M (USA)); Luciana D'Adderio (University of Edinburgh); Nathalie Lazaric (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Routine Dynamics, Defintion, Themes in the Special issue
    Keywords: relationality , interactions, Dynamics,Organizational Routines,Routines décisionnelles
    Date: 2016–06–03
  109. By: Shuhei Takahashi (Kyoto University); Tomoyuki Nakajima (Kyoto University)
    Abstract: We analyze lump-sum transfers financed through consumption taxes in a heterogeneous-agent model with uninsured idiosyncratic wage risk and endogenous labor supply. The model is calibrated to the U.S. economy. We find that consumption inequality and uncertainty decrease with transfers much more substantially under divisible than indivisible labor. Increasing transfers by raising the consumption tax rate from 5% to 35% decreases the consumption Gini by 0.04 under divisible labor, whereas it has almost no effect on the consumption Gini under indivisible labor. The divisibility of labor also affects the relationship among consumption-tax financed transfers, aggregate saving, and the wealth distribution.
    Date: 2016
  110. By: Stohr, Christian
    Abstract: This paper estimates regional GDP for three different geographical levels in Switzerland. My analysis of regional inequality rests on a heuristic model featuring an initial growth impulse in one or several core regions and subsequent diffusion. As a consequence of the existence of multiple core regions Swiss regional inequality has been comparatively low at higher geographical levels. Spatial diffusion of economic growth has occurred across different parts of the country and within different labor market regions at the same time. This resulted in a bell-shape evolution of regional inequality at the micro regional level and convergence at higher geographical levels. In early and in late stages of the development process, productivity differentials were the main drivers of inequality, whereas economic structure was determinant between 1888 and 1941.
    Keywords: Regional data, Inequality, Industrial structure, Productivity, Comparative advantage, Switzerland
    JEL: R10 R11 N93 O14 O18
    Date: 2016
  111. By: Cottier, Thomas; Holzer, Kateryna; Liechti-McKee, Rachel
    Abstract: Der verfassungsrechtliche Spielraum des Gesetzgebers bei der Konkretisierung der Ziele der Nachhaltigkeit im Wirtschafts- und Umweltrecht wird in erster Linie durch die völkerrechtlichen Rahmenbedingungen der WTO sowie die Rechtsbeziehungen der Schweiz mit der EU definiert. Der vorliegende Beitrag behandelt die Frage, ob und inwieweit die Einfuhr von Rohstoffen und unmittelbar daraus gewonnenen Basisprodukten von einer nachhaltigen Produktionsweise im Ausland abhängig gemacht werden darf. Diese Thematik ist in der Umwelt- und Klimapolitik von zunehmender Bedeutung. Herstellungsverfahren und ihre Auswirkungen auf Mensch und Umwelt rücken in den Vordergrund. Der Beitrag zeigt auf, dass die Förderung von freiwilligen Labels und internationalen Standards für Best Practices zwar im Vordergrund steht, einseitige Importrestriktionen von Produkten anknüpfend am Kriterium von sog. PPM (Production and Process Methods) im Rahmen des WTO-Rechts jedoch nicht ausgeschlossen sind, sofern die Grundsätze der Nichtdiskriminierung sowie der Verhältnismässigkeit beachtet werden und vorgängig eine einvernehmliche Lösung mit dem Exportstaat angestrebt wird. Solche Importrestriktionen haben – nebst freiwilligen Massnahmen − als wichtige Instrumente der Umwelt- und Klimapolitik in der Rechtsprechung Anerkennung gefunden. Dies sowohl im Rahmen des Allgemeinen Zoll- und Handelsabkommens als auch des Abkommens zur Beseitigung technischer Handelshemmnisse. Bisher wenig genutzte Möglichkeiten, die Einfuhr zu begrenzen, bestehen darüber hinaus in der Zollpolitik für Produkte, die von ausserhalb des Europäischen Wirtschaftraumes eingeführt werden. Das Freihandelsabkommen zwischen der Schweiz und der EU folgt im Wesentlichen den gleichen Grundsätzen wie das WTO-Recht und lässt PPMs als Unterscheidungsmerkmale für an sich gleichartige Produkte ebenfalls grundsätzlich zu.
    Date: 2014–12–11
  112. By: Darío G. Cardacci
    Abstract: La refactorización de software es una práctica que permite obtener código más legible y ordenado, lo que redundará en beneficios relacionados con aspectos económicos y el tiempo necesario para realizar actividades vinculadas a la obtención de software, como los relacionados con el testing y el mantenimiento en cualquiera de sus formas. A pesar de sus innegables aportes, se deben considerar ciertos aspectos fundamentales dependiendo el tipo de refactorización que se desee realizar. El presente articulo plantea parcialmente cuales podrían ser observados cuando la refactorización que se desee practicar conlleva la transformación de código estructurado a código orientado a objetos. En particular plantea como se modifica y comporta la métrica que monitorea la complejidad ciclomática, cuando en la refactorización propuesta se aplican mecanismos y relaciones válidas en la orientación a objetos e inexistentes en las formas estructuradas para el desarrollo de software. Con este precedente se puede continuar analizando la totalizada de transformadas posibles de un modelo a otro al refactorizar, con el objetivo de establecer qué prácticas resultan positivas respecto de la variable analizada y cuales no son convenientes utilizar.
    Date: 2016–09
  113. By: HAMAAKI Junya; HORI Masahiro; MURATA Keiko
    Abstract: The division of bequests among family members differs sharply between Japan and the United States. Whereas in the United States, bequests tend to be divided equally among decedents’ children, they tend to be divided unequally in Japan. This paper first tries to answer why this is this case. We start by arguing that certain legal and institutional aspects that lead to equal bequests in the United States are not present in Japan. We then investigate patterns of bequest division in Japan to understand parental bequest motives. In particular, we compare the division of bequests in primary and secondary inheritances to examine parental motives and the role of traditional family values in Japan. While in the case of both “primary” and “secondary” inheritances (referring to inheritances where the first parent has died and inheritances in which the second parent has died, respectively) the patterns of bequest division in Japan look generally consistent with a variety of parental bequest motives proposed in the literature, the role of these motives, especially of the dynastic and strategic motives, is more prominent in primary inheritances, in which the surviving spouse has the opportunity to express his/her intentions. However, Japanese parents, contrary to predictions of the altruism model, appear not to bequeath more to economically disadvantaged children.
    Date: 2016–09
  114. By: Arturo Erdely
    Abstract: The so-called risk diversification principle is analyzed, showing that its convenience depends on individual characteristics of the risks involved and the dependence relationship among them. ----- Se analiza el principio de diversificaci\'on de riesgos y se demuestra que no siempre resulta mejor que no diversificar, pues esto depende de caracter\'isticas individuales de los riesgos involucrados, as\'i como de la relaci\'on de dependencia entre los mismos.
    Date: 2016–09
  115. By: Ruiz Gómez, Fernando; Franco Restrepo, Camila; Góngora Salazar, Pamela; Giron Vargas, Sandra Lorena; Rodríguez Norato, Claribel
    Abstract: Resumen: Este documento presenta la situación de morbilidad y mortalidad por desnutrición infantil en los ámbitos mundiales, nacional y en especial en el departamento de La Guajira. A partir del reconocimiento de la desnutrición como un resultado multifactorial, el Ministerio de Salud y Protección Social expone el marco de referencia adoptado para comprender y atender, desde sus competencias, la desnutrición infantil como un problema de salud pública en Colombia. Aún cuando los programas e intervenciones realizadas desde el sector salud son importantes, se enfatiza en la necesidad de la acción intersectorial coordinada para lograr disminuir las cifras de morbilidad y mortalidad relacionadas con la desnutrición infantil en el país.
    Keywords: Desnutrición infantil, Desnutrición aguda moderada y severa, Determinantes sociales, Seguridad alimentaria y nutricional
    JEL: I15
    Date: 2016–09–05
  116. By: AfDB AfDB
    Date: 2016–09–09
  117. By: Andrew B. Bernard; Andreas Moxnes; Yukiko U. Saito
    Abstract: This paper examines the importance of buyer-supplier relationships, geography and the structure of the production network in firm performance. We develop a simple model where firms can outsource tasks and search for suppliers in different locations. Low search and outsourcing costs lead firms to search more and find better suppliers. This in turn drives down the firm’s marginal production costs. We test the theory by exploiting the opening of a high-speed (Shinkansen) train line in Japan which lowered the cost of passenger travel but left shipping costs unchanged. Using an exhaustive dataset on firms’ buyer-seller linkages, we find significant improvements in firm performance as well as creation of new buyer-seller links, consistent with the model.
    Keywords: production networks; trade; productivity; infrastructure
    JEL: D85 F14 L10 L14 R12
    Date: 2016–06
  118. By: Alan Manning
    Abstract: There is a huge body of empirical research on the employment effect of the minimum wage that has failed to clearly demonstrate the negative effect that so many economists strongly believe to find. This paper reviews the reasons for this and argues that the literature needs to re-focus to further our knowledge on the topic.
    Keywords: Minimum wage; employment
    JEL: J3
    Date: 2016–05
  119. By: Pirani Elena (Dipartimento di Statistica, Informatica, Applicazioni "G. Parenti", Università di Firenze)
    Abstract: As far as cohabitation became increasingly popular as a form of union beside marriage, scholars started to question if this alternative way to form a romantic union shapes differently intergenerational ties. Empirical literature generally offered proofs that the type of union is negatively associated with intergenerational contacts, especially in traditional societies. Past research for the Italian context was in line with this assumption. We intend to assess the effects of choosing cohabitation relative to marriage on the frequency of contact with mother in contemporary Italy, a country where the strong family system is still exercising a main role within the society, but where the force of change in family behaviours is increasing year after year. Using data from a large, nationally representative survey, we study the frequency of contact mother-adult child across marriage and cohabitation, considering three measures of contact: face-to-face contact, telephone contact and mixed contact. In order to overcome endogeneity and selectivity problems, we adopt a simultaneous equation approach. Our findings prove that adult Italians cohabitors of the end of 2000s have a lower probability to meet personally their mother on daily basis relative to marrieds, but they are more likely to have frequent phone calls with her; no differences across marrieds and cohabitors appear when considering a composite indicator of mixed contact. We advance that when face-to-face contact is blocked for some reasons, for instance geographical distance, it is replaced by telephone contact, suggesting a potential compensation among children who live further away from parents. Cohabitors may have a non-traditional vision of the family and of family roles; nevertheless, they stay in touch with their family of origin changing the method of contact. In conclusion, our results do not lead to the indication of deteriorated contacts mother-child for cohabitors. This paper expands and updates previous findings on this issue, illustrating the association between union type and various indicators of contact mother-child in contemporary Italy. We interpret the novelty of these results suggesting that the slow yet incessant diffusion of cohabitation in 2000s has probably contributed to open the route to an increasing acceptance by the old generations, relaxing the parental negative attitude towards their children’s cohabitation decisions.
    Keywords: cohabitation; intergenerational ties; Italy; contact
    Date: 2016–09
  120. By: Thais Nuñez-Rocha (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: A new branch of the literature on international trade and environment suggests that developing countries are becoming waste havens for their developed counterparts, due to environmental regulation differences with trade partners. This paper analyses the effectiveness of the Basel Convention formalisation in the European Union (EU-WSR), by studying the impact of the EU-WSR on hazardous waste trade, first on the less developed EU countries, and then on regions of developing countries. It does so, by means of a gravity model framework applied to a panel data-set. Results show that there is no enough evidence to call for waste haven effect in the less developed EU countries, with both aggregated and disaggregated measures of environmental regulations, but increasing institution efficiency differences could lead to increasing imports of waste. In the regional analysis, there is no evidence of the efficacy of the EU-WSR. These findings provide insights into the efficacy of European engagements on waste trade, indicating that there is no simple answer as to its effect.
    Keywords: difference-in-differences,international environmental agreements,Hazardous waste,waste haven effect,international trade,log-linear and ppml gravity model
    Date: 2016–05
  121. By: Byron Gangnes (Department of Economics and UHERO, University of Hawaii); Ari Van Assche (Department of International Business HEC Montréal)
    Abstract: The trade collapse of 2008-2009 and the anemic trade growth since then raise the question of whether trade elasticities may be undergoing fundamental structural change. A potential source of such change is the spread of global value chains (GVCs), which have brought a marked increase in the use of intermediate goods and changes in the nature of trade competition. We review the recent literature on the impact of GVCs on measured trade elasticities and the ways in which their emergence may affect how we estimate and interpret trade responsiveness. We then draw out a few implications of recent research for global modeling.
    Keywords: Global value chains, trade elasticities
    JEL: C5 F14 F23
    Date: 2016–09
  122. By: Hirsch, Darya; Meyer, Christian; Klement, Johannes; Hamer, Martin; Terlau, Wiltrud
    Abstract: Agricultural activities within the city boundaries have a long history in both developed and developing countries. Especially in developing countries these activities contribute to food security and the mitigation of malnutrition (food grown for home consumption). They generate additional income and contribute to recreation, environmental health as well as social interaction. In this paper, a broad approach of Urban AgriCulture is used, which includes the production of crops in urban and peri-urban areas and ranges in developed countries from allotment gardens (Schrebergarten) over community gardens (Urban Gardening) to semi-entrepreneurial self-harvest farms and fully commercialized agriculture (Urban Farming). Citizens seek to make a shift from traditional to new (sustainable) forms of food supply. From this evolves a demand for urban spaces that can be used agriculturally. The way how these citizens’ initiatives can be supported and their contribution to a resilient and sustainable urban food system increasingly attracts attention. This paper presents an empirical case study on Urban AgriCulture initiatives in the Bonn-Rhein-Sieg region (Germany). Urban AgriCulture is still a niche movement with the potential to contribute more significantly to urban development and constitute a pillar of urban quality of life.
    Keywords: citizen participation, sustainable transition, urban green spaces, social empirical research, food systems, regional food production, Agribusiness, Production Economics,
    Date: 2016–05
  123. By: Akihiko Takahashi (University of Tokyo); Toshihiro Yamada (Hitotsubashi University)
    Abstract: This paper proposes a new analytical approximation scheme for the representation of the forward-backward stochastic differential equations (FBSDEs) of Ma and Zhang (2002). In particular, we obtain an error estimate for the scheme applying Malliavin calculus method for the forward SDEs combined with the Picard iteration scheme for the BSDEs. We also show numerical examples for pricing option with counterparty risk under local and stochastic volatility models, where the credit value adjustment (CVA) is taken into account.
    Date: 2016–09
  124. By: Salamon, Petra; Weible, Daniela; Weber, Sascha; Christoph-Schulz, Inken
    Abstract: with a regional declaration of the origin concerning main ingredients and their place of processing, protected designations of origin (PDO) and protected geographical indications (PGI) regulated by (EU) No 1151/2012 defined by particular quality or other value-adding characteristics or attributes. The German Food, Consumer Goods and Feed Code (LFGB) contains regulations for the protection of consumers against fraud and deception regarding origin labelling (LFGB, Article 11(1), sentence 2). Article 3(1) German Food Labelling Ordinance (LMKV) deals with indirect declarations of origin for food e.g., for milk products whereas it is mandatory to specify the name of the company or producer by an id-code so that an identification is guaranteed. In this context the main point is discussion is, that consumers may want to identify place of origin of the raw material and or processing of dairy products, but, at the moment, they are unable to do so with respect to all products offered.
    Keywords: Agribusiness,
    Date: 2016–05
  125. By: Roosen, Jutta; Dahlhausen, Johanna Lena; Petershammer, Silke
    Abstract: Everything consumers do involves making a choice. Looking at these choices, an increasing consumer interest in food products bearing labels identifying non-tangible attributes has been observed over the last years. Consumer concern relates not only to the issue as to what is produced and which product attributes are present in final products, but the growing sentiment relates also to the question of how food is produced in general. Consumers question fairness and justness of production processes with regard to producers (e.g., fair trade labelling) or animals (e.g., animal welfare labelling) and demand support for local supply chains. As a result, certain food production technologies are stigmatized in certain parts of the society. Thereby stigma is defined as “[…] a mark placed on a person, place, technology, or product, associated with a particular attribute that identifies it as different and deviant, flawed, or undesirable.” (Kasperson, Jhaveri & Kasperson, 2001:19). Human values are thought to be at the root of the stigmatization of certain food production technologies. A systematic analysis of human values was introduced in the seminal book by Milton Rokeach in 1973. He defines values “an enduring belief that a specific mode of conduct or end-state of existence is personally and socially preferable to alternative modes of conduct or end-states of existence.” Values hence transgress situations and time. Later work by Schwartz (1994) has refined the definition of values and developed a value survey instrument that links values to ten different value domains. He arranges these along a two-folded dichotomy of self-enhancement versus self-transgression and openness to change versus conservation. In consequence, some of these values relate to egoistic versus altruistic versus biospheric values. Thereby egoistic values refer to an egocentric orientation, altruistic values refer to a homocentric orientation and biospheric values refer to an ecocentric orientation (De Groot & Steg, 2008).
    Keywords: Agribusiness, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Food Security and Poverty,
    Date: 2016–05
  126. By: Khoufi Nouha (LEAT - Laboratoire d'Electronique, Antennes et Télécommunications - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique); Habib Affes (LEAT - Laboratoire d'Electronique, Antennes et Télécommunications - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Les déterminants du délai d'audit et ses implications en termes de fiabilité et de pertinence de l'information financière: un essai de validation dans le contexte français Laboratoire Gouvernance, Finance et Comptabilité GFC : 2 Résumé Dans le contexte actuel de remise en question de la qualité, et donc de l'utilité, de l'information financière diffusée par les entreprises cotées, la durée d'intervention des commissaires aux comptes représente une composante majeure du délai d'annonce des résultats annuels. En effet, un long délai d'intervention constitue un élément de fiabilité des résultats publiés. Toutefois, une annonce trop tardive des résultats enlève à la pertinence de l'information financière. Le recours à des données de panel sur un échantillon de 250 observations entreprises-années durant la période allant de 2010 à 2014 examine comment la réalité du terrain impose aux auditeurs un arbitrage serré entre pertinence qui suppose une certification et une publication rapide de l'information financière et fiabilité qui suppose un délai minimal permettant aux auditeurs d'accomplir les diligences requises de la mission. Les résultats de la recherche n'appuient pas les hypothèses d'efficience associées à la complexité et au risque de la mission d'audit. Elles semblent privilégier les aspects institutionnels dans l'explication du délai d'audit. Mots clés : Délai d'audit, qualité de l'information financière, les pressions politico-institutionnelles, divulgation des résultats, coûts d'agence,
    Keywords: qualité de l’information financière,les pressions politico-institutionnelles,divulgation des résultats,Délai d’audit,coûts d’agence
    Date: 2016–05–20
  127. By: Henchion, Maeve; McCarthy, Mary; Resconi, Virginia
    Abstract: Quality is a subjective term and means different things to different people. However there is general agreement that beef quality needs to be consistent, and needs to be improved. Furthermore, there is agreement that it will become an increasingly important factor in consumer decision making (Henchion et al., 2014). Informed by quality theory, this paper seeks to determine the relative importance of quality attributes from a consumer perspective through undertaking a systematic review of the literature on consumer attitudes to different beef quality attributes.
    Keywords: Meat quality, search attributes, experience attributes, credence attributes, Agribusiness, Food Consumption/Nutrition/Food Safety,
    Date: 2016–05
  128. By: Michael Peters (Yale University); Fabian Eckert
    Abstract: The process of economic growth has many non-balanced features. Of particular importance are employment changes across sectors of production and population changes across space. This paper makes two contributions. First of all, we systematically document these patterns across many countries of the world using detailed micro data. Secondly, we explore wether a parsimoniously parametrized model of trade and geography featuring demand non-homotheticities can explain the comovement between workers moving out of agricultural production and across space.
    Date: 2016
  129. By: van Hoorn, Andr (Groningen University)
    Date: 2016
  130. By: Benhabib, Jess (New York University); Spiegel, Mark M. (Federal Reserve Bank of San Francisco)
    Abstract: Using data from the Michigan Survey, we find a strong relationship between expectations concerning national output growth and future state economic activity. This linkage suggests that sentiment influences aggregate demand. This relationship is robust to a battery of sensitivity tests. However, national sentiment is also positively related to past state economic activity. We therefore turn to instrumental variables, positing that agents in states with a higher share of congressmen from the political party of the sitting President will be more optimistic. This instrument is strong in the first stage, and confirms the relationship between sentiment and future state economic activity.
    JEL: E20 E32
    Date: 2016–05–03
  131. By: NAITO Takumi
    Abstract: To examine the effects of unilateral trade liberalization on growth and welfare of the liberalizing and partner countries through intraindustry reallocations, we formulate an asymmetric two-country Melitz model of trade and endogenous growth based on capital accumulation. We obtain two general results analytically. First, each country's mass of exported varieties, revenue share of exported varieties, and growth rate increase if and only if its domestic productivity cutoff increases. Second, compared with the old balanced growth path, a permanent fall in any import trade cost raises the growth rates of all countries for all periods, and welfare of all countries.
    Date: 2016–08
  132. By: Seidu, Ayuba; Onel, Gulcan
    Keywords: Consumer/Household Economics, Food Security and Poverty, Labor and Human Capital,
    Date: 2016–06–22
  133. By: van der Meer, Peter H.; Wielers, Rudi (Groningen University)
    Date: 2016
  134. By: Miles Kimball (University of Michigan); Christopher House (University of Michigan); Christoph Boehm (University of Michigan); Robert Barsky (Department of Economics)
    Abstract: We analyze monetary policy in a New Keynesian model with durable and non-durable goods, each with a separate degree of price rigidity. Durability has profound implications for the business cycle properties of the model and its response to interest rate interventions. Since utility depends on the service flow from the stock of durables, the flow demand for new durables is inherently sensitive to temporary changes in the relevant real interest rate. For a sufficiently long-lived “ideal†durable, we obtain an intriguing variant of the well-known “divine coincidence —in this case, the output gap depends only on inflation in the durable goods sector. We use numerical methods to verify the robustness of this analytical result for a broader class of model parameterizations. We then analyze the optimal Taylor rule for this economy. If the monetary authority places a high weight on stabilizing aggregate inflation then it is optimal to respond to sectoral inflation in direct proportion to the sectoral shares of economic activity. However, if the monetary authority wants to stabilize the aggregate output gap, it puts disproportionate weight on inflation in durable goods prices.
    Date: 2016
  135. By: Luis Garicano; Claire Lelarge; John Van Reenen
    Abstract: We show how size-contingent laws can be used to identify the equilibrium and welfare effects of labor regulation. Our framework incorporates such regulations into the Lucas (1978) model and applies it to France where many labor laws start to bind on firms with 50 or more employees. Using population date on firms between 1995 and 2007, we structurally estimate the key parameters of our model to construct counterfactual size, productivity and welfare distributions. We find that the cost of these regulations is equivalent to that of a 2.3% variable tax on labor. In our baseline case with French levels of partial real wage inflexibility welfare costs of the regulations are 3.4% of GDP (falling to 1.3% if real wages were perfectly flexible downwards). The main losers from the regulation are workers – and to a lesser extent, large firms – and the main winners are small firms.
    Keywords: firm size; productivity; labor regulation; power law
    JEL: J8 L11 L25 L51
    Date: 2016–06
  136. By: Soetevent, Adriaan R.; Bao, Te; Schippers, Anouk L. (Groningen University)
    Date: 2016
  137. By: Sergio Currarini; Carmen Marchiori; Alessandro Tavoni
    Abstract: Local interactions and network structures appear to be a prominent feature of many environmental problems. This paper discusses a wide range of issues and potential areas of application, including the role of relational networks in the pattern of adoption of green technologies, common pool resource problems characterized by a multiplicity of sources, the role of social networks in multi-level environmental governance, infrastructural networks in the access to and use of natural resources such as oil and natural gas, the use of networks to describe the internal structure of inter-country relations in international agreements, and the formation of bilateral “links” in the process of building up an environmental coalition. For each of these areas, we examine why and how network economics would be an effective conceptual and analytical tool, and discuss the main insights that we can foresee.
    Keywords: networks; environmental externalities; technological diffusion; gas pipelines; common-pool-resources; multi-level governance; coalitions
    JEL: N0
    Date: 2015–09
  138. By: J. Sebastián Amador-Torres (Banco de la República de Colombia)
    Abstract: In this paper output gaps that include financial cycle information are evaluated against models used in policy analysis by the Colombian central bank. Employing this dataset is no trivial matter, since policy related models are the only relevant yardstick, and emerging economies (such as Colombia) have been historically more vulnerable to financial imbalances. Unlike previous works, finance neutral gaps were evaluated in a monetary policy context exactly as it is routinely performed by a central bank. The distribution of output gap revisions is analyzed, and a metric to compare real time robustness across models is developed. This metric constitutes a novel way to summarize the distribution of real time uncertainty around output gaps, and policy makers should employ it to compare different methods. Also the real time policy performance of finance neutral gaps is studied, separating suggested ex-post from operational ex-ante usefulness. Results suggest finance neutral gaps are neither more robust in real time nor more operationally useful than the benchmark estimates. This implies that policy makers should consider uncertainty to the extent that it affects the estimations real time forecasting capabilities. Classification JEL: E44, E47, E52, E37, C53
    Keywords: Potential output, financial cycle, real-time data, monetary policy, emerging economy
    Date: 2016–09
  139. By: Cordoba, Juan Carlos; Liu, Xiying; Ripoll, Marla
    Date: 2016–02–01
  140. By: Londono, Juan M.
    Abstract: Bad contagion, the downside component of contagion in international stock markets, has negative implications for financial stability. I propose a measure for the occurrence and severity of global contagion that combines the factor-model approach in Bekaert et al. (2005) with the model-free or co-exceedance approach in Bae et al. (2003). Contagion is measured as the proportion of international stock markets that simultaneously experience unexpected returns beyond a certain threshold. I decompose contagion into its downside or bad component (the co-exceedance of low returns) and its upside or good component (the co-exceedance of high returns). I find that episodes of bad contagion are followed by a significant drop in country-level stock index prices and by a deterioration of financial stability indicators, especially for more open economies.
    Keywords: International stock markets ; Bad contagion ; Downside contagion ; Inter-connectedness ; International integration ; Financial stability ; SRISK
    JEL: G15 F36 F65
    Date: 2016–09
  141. By: Balbás, Alejandro; Okhrati, Ramin; Garrido, José
    Keywords: Actuarial and financial implications; Good deal size measurement; Compatibility between prices and risks; Risk measure
    JEL: G22 G13 G11
    Date: 2016–09–12
  142. By: Anna Alberini (University of Maryland,USA); Markus Bareit (ETH Zurich, Switzerland); Adan Martinez-Cruz (ETH Zurich, Switzerland); Massimo Filippini (ETH Zurich, Switzerland)
    Abstract: Many countries have adopted policies designed to reduce CO2 emissions from road vehicles. Taxes linked to the CO2 emissions rate or the fuel economy of a vehicle (which is inversely related to its CO2 emissions rate) are examples of such policies. These taxes are usually imposed on new vehicles, and previous evaluations have estimated the increases in the shares or sales of new and fuel-efficient vehicles associated with such taxes. In contrast, we ask whether taxes on new cars that penalize high emitters induce changes in the retirement of used and inefficient vehicles. We exploit natural experiment conditions in Switzerland to analyze the impact of two different “bonus”/“malus” schemes implemented at the cantonal level. In both schemes, the bonus rewards new efficient vehicles. The malus is retroactive in canton Obwalden, in the sense that it is charged on both new and existing high-emitting cars, but it is only applied prospectively to new cars in Geneva. We use a difference-in-difference design within a survival analysis setting. We find that a bonus/malus accelerates the retirement of existing high-emitting vehicles in Obwalden, shortening the expected lifetime of the three most popular make-models by 7 to 11 months. The effect is the opposite in Geneva, where we estimate that the expected lifetime of these three popular models is extended by 5 to 8 months. These findings have important implications about the desirability of bonus/malus schemes and on their design, as well as on old car scrappage programs.
    Keywords: Vehicle retirement, Emissions-based taxes, bonus/malus, difference-in-difference, survival analysis, Switzerland
    JEL: L62 Q4 Q5
    Date: 2016–09
  143. By: Elena Cottini; Paolo Ghinetti (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore)
    Abstract: We use register data for Denmark (IDA) merged with the Danish Work Environment Cohort Survey (1995-2000-2005) to estimate the effect of employment insecurity on health for a sample of Danish employees. We consider two health measures from the SF-36 Health Survey Instrument: a vitality scale for general wellbeing and a mental health scale. We use three dimensions of perceived employment insecurity: the fear of job loss (job tenure insecurity), of being transferred against will (job status insecurity) and of not finding another job if the current one is lost (employability insecurity). The nature of the dataset enables us to account for both individual and firm fixed. Results show that, overall, employment insecurity matters for both health measures. All the three insecurity dimensions increase psychological distress of workers, while general wellbeing is negatively affected mostly by employability prospects. We also exploit within country variability in employment protection rules by tenure and between blue and white collars to analyse differences in the health effect of our insecurity measures over these dimensions. We find substantial heterogeneity by tenure (attenuated effects by increasing tenure especially for job tenure insecurity) and occupation (white collars are worse off in their health gradient compared to blue collars).
    Keywords: job insecurity, employability, mental health, vitality, individual plus firm fixed effects.
    JEL: I12 J81 J65
    Date: 2016–07
  144. By: Yeh, Ching-Hua; Hartmann, Monika
    Abstract: Based on an online discrete choice experiment (DCE) this study investigates the relative importance of food label information (country of origin, production methods, chemical residue testing (CRT)) and price for Taiwanese consumers’ in their purchase of sweet peppers. Results show that respondents focus mostly on the COO labeling during their sweet-pepper shopping, followed by price. Information concerning CRT results and production methods are of less importance. Our findings also indicate that interaction between attributes matter and that preference for attribute levels differs depending on socioeconomic characteristics.
    Keywords: choice experiment, food safety information, production methods, country of origin, logit models, Agribusiness, Food Consumption/Nutrition/Food Safety, Production Economics,
    Date: 2016–05
  145. By: Yonatan Ben-Shalom
    Abstract: This is one of three policy action papers prepared in Year 3 of the Stay-at-Work/Return-to-Work Policy Collaborative, an initiative funded by the Office of Disability Employment Policy in the U.S. Department of Labor.
    Keywords: Stay at work, return to work, disability, injury, illness
    JEL: I J
  146. By: Liang Wang (Assistant Professor at the University of Hawaii Manoa; University of Hawaii at Manoa, Department of Economics, University of Hawaii Economic Research Organization)
    Abstract: This paper studies the welfare cost of ináation in a frictional monetary economy with endogenous consumer search. Equilibrium entails price dispersion, where sellers compete for buyers by posting prices. We identify three channels through which inflation affects welfare. The real balance channel is the source of welfare loss. Its interaction with the price posting channel generates a welfare cost larger than Lucas (2000). The search channel reduces the welfare cost by more than one half through general equilibrium effect. The aggregate effect of these three channels on welfare is non-monotonic. Additionally, the welfare cost of ináation áuctuations is negligible.
    Keywords: Consumer Search, Inflation, Price Dispersion, Welfare
    JEL: E31 E40 E50 D83
  147. By: Sylvain Chareyron; Patrick Domingues
    Date: 2015
  148. By: Mierau, Joachim; Mink, Mark (Groningen University)
    Date: 2016
  149. By: Pierre-Olivier Gourinchas; Hélène Rey
    Abstract: The current environment is characterized by low real rates and by policy rates close to or at their lower bound in all major financial areas. We analyze these unusual economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the process of external adjustment. First, we decompose the fluctuations in the world consumption wealth ratio over long period of times and show that they anticipate movements of the real rate of interest. Second, our estimates suggest that the world real rate of interest is likely to remain low or negative for an extended period of time. In this context, we argue that there is a renewed Triffin dilemma where safe asset providers face a trade-off in terms of external exposure and real appreciation of their currency. This tradeoff is particularly acute for smaller economies. This is the ‘curse of the regional safe asset provider.’ We discuss how this ‘curse’ is playing out for two prominent regional safe asset providers: core EMU and Switzerland.
    JEL: E2 E4 F4
    Date: 2016–09
  150. By: Hedtke, Reinhold
    Abstract: Sozioökonomische Bildung gehört zur Domäne Sozialwissenschaften. Ökonomische Phänomene und Probleme lassen sich nur mit Wissen aus allen Sozialwissenschaften sinnvoll analysieren. Am Exempel Ökonomisierung der Lebenswelten zeigt sich, dass vor allem die Soziologie ökonomische Aufklärung verspricht.
    Keywords: socio-economic education,economization
    JEL: A20
    Date: 2016
  151. By: International Monetary Fund.
    Abstract: Central African Economic and Monetary Community: Selected Issues
    Keywords: Fiscal policy;Public debt;Fiscal sustainability;Debt sustainability analysis;Reserves;Securities markets;Financial management;Selected Issues Papers;Central African Economic and Monetary Community;
    Date: 2016–09–08
  152. By: María A. Prats (Universidad de Murcia); Beatriz Sandoval (Universidad de Murcia)
    Abstract: A developed financial system is essential in a market economy. Similarly, economic growth is very important for institutions and economic policy. This paper studies the importance of the development of financial markets in general, and stock market in particular, from the review of existing literature in the area of the relationship between financial development and economic growth, and especially, the link between stock market and economic growth. Through an empirical analysis for six countries in Eastern Europe (Bulgaria, Slovakia, Hungary, Poland, Czech Republic and Romania), it is tried to show the link between the development of stock market and economic growth in these countries from 1995 to 2012 in order to deep in their transition processes, from communist to market economies, that began with the fall of the Berlin Wall in 1989. The results show evidence of Granger causality with economic growth variables and financial market variables.
    Keywords: Present value model; economic growth, stock market, financial markets, financial developmen
    JEL: F43 O16 G2
    Date: 2016–09
  153. By: Anelli, Massimo (Bocconi University)
    Abstract: I take advantage of a sharp discontinuity in the probability of admission to an elite university at the admission score threshold, to estimate causal returns to college education quality. I use a newly constructed dataset, which combines individual administrative records about high school, college admission, college attendance and tax returns. Students with score just above the admission threshold have 52% higher yearly income with respect to just-below-threshold students. This premium is equivalent to a jump from the 44th percentile to the 74th percentile of the income distribution. The richness of the data allows me to explore the counterfactual college career of not admitted students and the potential mechanisms underlying the estimated income premium. I find that students with a just-above-threshold score are less likely to be college dropouts, take six fewer months to graduate, choose different majors and are more likely to have income in the top quartile of the distribution. Cumulated over fifteen years, the time span of income data for my sample, the net premium of attending the elite university amounts to around $120,000.
    Keywords: education quality, returns to education, human capital
    JEL: I21 I22 I23 I28 J24 J31
    Date: 2016–09
  154. By: Allan Webster (Bournemouth University, Executive Business Centre)
    Abstract: This study empirically examines the relationship between innovation and foreign ownership for a large sample of firms in 29 transitional countries, taken from the 2013 BEEPS survey. The analysis is based on two different aspects of FDI theory – technology transfer and strategic asset seeking (with respect to R&D). It finds that firms who innovate with respect to new products, new processes and new management techniques have, on balance, more foreign ownership than those who do not. The evidence supports a view that strategic asset seeking is associated with inward FDI. It also supports the view that technology transfer is also an important feature of the relationship between innovation and FDI in transitional countries. Of the two effects the technology transfer effect is of more consequence than the strategic asset seeking effect.
    Keywords: FDI; innovation; transition; firm; technology transfer; strategic asset seeking
    JEL: F23 O30 P20
    Date: 2016–07
  155. By: Jonathan Yu-Meng Li
    Abstract: Worst-case risk measures refer to the calculation of the largest value for risk measures when only partial information of the underlying distribution is available. For the popular risk measures such as Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR), it is now known that their worst-case counterparts can be evaluated in closed form when only the first two moments are known for the underlying distribution. These results are remarkable since they not only simplify the use of worst-case risk measures but also provide great insight into the connection between the worst-case risk measures and existing risk measures. We show in this paper that somewhat surprisingly similar closed-form solutions also exist for the general class of law invariant coherent risk measures, which consists of spectral risk measures as special cases that are arguably the most important extensions of CVaR. We shed light on the one-to-one correspondence between a worst-case law invariant risk measure and a worst-case CVaR (and a worst-case VaR), which enables one to carry over the development of worst-case VaR in the context of portfolio optimization to the worst-case law invariant risk measures immediately.
    Date: 2016–09
  156. By: Boris Gershman
    Abstract: This paper reviews recent economics literature on culture, with an emphasis on its relation to the field of long-run growth and development. It examines the key issues debated in the new cultural economics: causal effects of culture on economic outcomes, the origins and social costs of culture, as well as cultural transmission, persistence, and change. Some of these topics are illustrated in application to the economic analysis of envy-related culture.
    Keywords: Culture, cultural persistence, cultural transmission, long-run development
    JEL: J15 O10 Z10 Z12 Z13
    Date: 2016
  157. By: Farmer, Roger (UCLA, Department of Economics); Zabczyk, Pawel (Bank of England)
    Abstract: This paper is about the effectiveness of qualitative easing, a form of unconventional monetary policy that changes the risk composition of the central bank balance sheet with the goal of stabilizing economic activity. We construct a general equilibrium model where agents have rational expectations and there is a complete set of financial securities, but where some agents are unable to participate in financial markets. We show that a change in the risk composition of the central bank’s balance sheet will change equilibrium asset prices and we prove that, in our model, a policy in which the central bank stabilizes non-fundamental fluctuations in the stock market is Pareto improving and self-financing.
    Keywords: Unconventional monetary policy; qualitative easing; central bank balance sheet; portfolio balance effects
    JEL: E02 G11 G21
    Date: 2016–09–02
  158. By: F. Barigozzi; C. A. Ma
    Abstract: We study subgame-perfect equilibria of the classical quality-price, multistage game of vertical product differentiation. Each firm can choose the levels of an arbitrary number of qualities. Consumers’ valuations are drawn from independent and general distributions. The unit cost of production is increasing and convex in qualities. We characterize equilibrium prices, and the equilibrium effects of qualities on the rival’s price in the general model. We present necessary and sufficient conditions for equilibrium differentiation in any of the qualities.
    JEL: D43 L13
    Date: 2016–09
  159. By: Marco Di Maggio; Amir Kermani
    Abstract: We assess the extent to which unemployment insurance (UI) serves as an automatic stabilizer to mitigate the economy's sensitivity to shocks. Using a local labor market design based on heterogeneity in local benefit generosity, we estimate that a one standard deviation increase in generosity attenuates the effect of adverse shocks on employment growth by 7% and on earnings growth by 6%. Consistent with a local demand channel, we find that consumption is less responsive to local labor demand shocks in counties with more generous benefits. Our analysis finds that the local fiscal multiplier of unemployment insurance expenditure is approximately 1.9.
    JEL: E24 E62 H53 J65
    Date: 2016–09
  160. By: Monica Billio (Università Ca' Foscari of Venice - Department of Economics); Lorenzo Frattarolo (Università Ca' Foscari of Venice - Department of Economics); Hayette Gatfaoui (IESEG - School of Management (LEM), CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Philippe De Peretti (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: In this paper, we analyze the dynamic relationships between ten stock exchanges of the euro zone using Granger causal networks. Using returns for which we allow the variance to follow a Markov-Switching GARCH or a Changing-Point GARCH, we first show that over different periods, the topology of the network is highly unstable. In particular, over very recent years, dynamic relationships vanish. Then, expanding on this idea, we analyze patterns of information transmission. Using rolling windows to analyze the topologies of the network in terms of clustering, we show that the nodes' state changes continually, and that the system exhibits a high degree of flickering in information transmission. During periods of flickering, the system also exhibits desynchronization in the information transmission process. These periods do precede tipping points or phase transitions on the market, especially before the global financial crisis, and can thus be used as early warnings of phase transitions. To our knowledge, this is the first time that flickering clusters are identified on financial markets, and that flickering is related to phase transitions.
    Keywords: Causal Network,Topology,Clustering,Flickering,Desynchronisation,Phase transitions
    Date: 2016–05
  161. By: Olivier Baly (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Frédéric Kletz (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Jean-Claude Sardas (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Bruna Alves de Rezende (Agence de Médecine Préventive)
    Abstract: Les travaux de recherche relatifs à l’articulation entre dynamiques professionnelles et institutionnelles dans le secteur de la santé ont peu étudié les cas d’appariement de logiques institutionnelles émergentes avec des groupes professionnels nouveaux. C’est donc ce type particulier d’articulation que nous proposons d’examiner à travers l’étude de deux groupes professionnels nés de l’avènement des logiques de santé publique et de gestion hospitalière en France : les médecins spécialistes de santé publique et les contrôleurs de gestion hospitaliers. Sur la base de deux enquêtes indépendantes menées par sondage auprès d’échantillons de ces populations, nous utilisons une grille d’analyse issue de la littérature sur les configurations et dynamiques professionnelles pour évaluer la capacité de ces groupes à contribuer au portage de ces logiques nouvelles à travers leur inscription dans les pratiques des organisations du système de santé français. Dans les deux cas, nous observons que seule une minorité du groupe a su trouvé une place stratégique dans ces organisations. Ce constat nous amène à souligner l’importance de tenir compte des configurations prises par les groupes professionnels nouveaux lors de la mise en œuvre des réformes institutionnelles qui les créent.
    Keywords: travail institutionnel,profession,santé publique,contrôle de gestion
    Date: 2016–07–21
  162. By: Fumihiko Arai (Bank of Japan); Yoshibumi Makabe (Bank of Japan); Yasunori Okawara (Bank of Japan); Teppei Nagano (Bank of Japan)
    Abstract: The cross-currency basis, which is the basis spread added mainly to the U.S. dollar London Interbank Offered Rate (USD LIBOR) when the USD is funded via foreign exchange (FX) swaps using the Japanese yen or the euro as a funding currency, has been widening globally since the beginning of 2014. This development is driven by (1) increased demands for U.S. dollars resulting from a divergence in the monetary policy between the U.S. and other advanced countries, (2) global banks' reduced appetite for market-making and arbitrage due to regulatory reforms, and (3) the decrease in the supply of U.S. dollars from foreign reserve managers/sovereign wealth funds against the background of declines in commodity prices and emerging currency depreciations.
    Date: 2016–09–09
  163. By: Sheen S. Levine; Edward J. Zajac
    Abstract: We seek to deepen understanding of the micro-foundations of institutionalization while contributing to a sociological theory of markets by investigating the puzzle of price bubbles in financial markets. We find that such markets, despite textbook conditions of high efficiency -- perfect information, atomistic agents, no uncertainty -- quickly develop patterns consistent with institutionalization processes.
    Date: 2016–08
  164. By: Pandey, Radhika (National Institute of Public Finance and Policy); Patnaik, Ila (National Institute of Public Finance and Policy); Shah, Ajay (National Institute of Public Finance and Policy)
    Abstract: This paper presents a chronology of Indian business cycle in the post-reform period. The period before reforms primarily saw monsoon cycles. We find three episodes of recession in the post-reform period: 1999Q4 to 2003Q1, 2007Q2 to 2009Q3, and 2011Q2 to 2012Q4. We find that the average duration of expansion is 12 quarters and the average duration of recession is 9 quarters. The diversity in duration of expansion is seen to be 0.34 while the diversity in duration of recession is 0.31. We find that the amplitude of recession is relatively more diverse at 0.45 while the diversity in amplitude of expansion is 0.38.
    Keywords: Business Cycle ; Growth Cycle ; Detrending ; Stabilisation
    JEL: E32 E66
    Date: 2016–09
  165. By: Craig Webb
    Date: 2016
  166. By: Paul Gompers; William Gornall; Steven N. Kaplan; Ilya A. Strebulaev
    Abstract: We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing; investment selection; valuation; deal structure; post-investment value-added; exits; internal firm organization; and relationships with limited partners. In selecting investments, VCs see the management team as more important than business related characteristics such as product or technology. They also attribute more of the likelihood of ultimate investment success or failure to the team than to the business. While deal sourcing, deal selection, and post-investment value-added all contribute to value creation, the VCs rate deal selection as the most important of the three. We also explore (and find) differences in practices across industry, stage, geography and past success. We compare our results to those for CFOs (Graham and Harvey 2001) and private equity investors (Gompers, Kaplan and Mukharlyamov forthcoming).
    JEL: G24 G3 L26
    Date: 2016–09
  167. By: van Hoorn, Andr (Groningen University)
    Date: 2016
  168. By: Lie, Helene; Rich, Karl M.
    Abstract: In Nicaragua, the production of dairy and beef is the most important source of household income for many smallholder producers. However, erratic volumes and quality of milk limit the participation of small- and medium-scale cattle farmers into higher-value dairy value chains. This research uses a system dynamics (SD) approach to analyze the Matiguás dairy value chain in Nicaragua. The paper presents the conceptual framework of the model and highlights the dynamic processes in the value chain, with a focus on improving feeding systems to achieve higher milk productivity and increased income for producers. The model was developed using a participatory group model building (GMB) technique to jointly conceptualize and validate the model with stakeholders.
    Keywords: System dynamics, value chain, group model building, dairy, Nicaragua., Agribusiness,
    Date: 2016–05
  169. By: Meixner, Oliver; Haas, Rainer
    Abstract: This study analyzes consumers’ information needs concerning quality seals in the food sector. A survey was conducted taking one of the most well-known quality labels for food products in Austria (the AMA Quality Seal). Apparently, there is a lack of consumer-oriented information. Up to now, the type of information con-sumers of AMA sealed products demand is more or less unknown. Therefore, the objectives of this study were (1) to identify consumers actual use of information and (2) their information needs about the AMA Quality Seal in order to provide needs-based consumer information.
    Keywords: quality seal, information needs, consumer survey, cluster analysis, Agribusiness, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Marketing,
    Date: 2016–05
  170. By: Diane Coyle
    Date: 2016
  171. By: Julien Bengui; Javier Bianchi; Louphou Coulibaly
    Abstract: In this paper, we study the optimal design of financial safety nets under limited private credit. We ask when it is optimal to restrict ex ante the set of investors that can receive public liquidity support ex post. When the government can commit, the optimal safety net covers all investors. Introducing a wedge between identical investors is inefficient. Without commitment, an optimally designed financial safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher ex ante welfare. Our result can rationalize the prevalent limited coverage of safety nets, such as the lender of last resort facilities.
    JEL: E58 E61 G28
    Date: 2016–09
  172. By: Leduc, Sylvain; Moran, Kevin; Vigfusson, Robert J.
    Abstract: We show that a model where investors learn about the persistence of oil-price movements accounts well for the fluctuations in oil-price futures since the late 1990s. Using a DSGE model, we then show that this learning process alters the impact of oil shocks, making it time-dependent and consistent with the muted impact oil-price changes had on macroeconomic outcomes during the early 2000s and again over the past two years. The Spring 2008 increase in oil prices had a larger impact because market participants considered that it was likely driven by permanent shocks.
    Keywords: Kalman filter ; Time-variation ; Inventories ; Conditional response
    JEL: E32 E37 Q43
    Date: 2016–09
  173. 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
  174. By: Craig A. Depken II; Peter A. Groothuis; Kurt W. Rotthoff
    Abstract: Many careers find within-family career following common including law, politics, business, agriculture, medicine, entertainment, and professional sports. As children enter the same career as their parents, there are potential benefits: physical-capital transfer, human-capital transfer, brandname- loyalty transfer, and/or nepotism. In Formula One (auto racing) career following is also common where many sons follow their father into racing and many brothers race at the same time. Using a panel describing the annual statistics for drivers from 1953-2011, we find that the brothers of Formula One drivers appear to benefit from human capital transfer and nepotism but that sons gain little from human capital transfer and do not enjoy nepotism. We do find, however, that only the best drivers have sons who follow them into racing suggesting that sons can extend the brand name-loyalty their famous fathers have created. Key Words: Motorsports, Nepotism, Human Capital, Brand Loyalty.
    JEL: L83 Z20
    Date: 2016
  175. By: Oepping, Hardy
    Abstract: This paper presents an approach to mapping a process model onto a Bayesian network resulting in a Bayesian Process Network, which will be applied to process risk analysis. Exemplified by the model of Event-driven Process Chains, it is demonstrated how a process model can be mapped onto an isomorphic Bayesian network, thus creating a Bayesian Process Network. Process events, functions, objects, and operators are mapped onto random variables, and the causal mechanisms between these are represented by appropriate conditional probabilities. Since process risks can be regarded as deviations of the process from its reference state, all process risks can be mapped onto risk states of the random variables. By example, we show how process risks can be specified, evaluated, and analysed by means of a Bayesian Process Network. The results reveal that the approach presented herein is a simple technique for enabling systemic process risk analysis because the Bayesian Process Network can be designed solely on the basis of an existing process model.
    Keywords: process models; process modelling; process chains; risk management; risk analysis; risk assessment; risk models; Bayesian networks; isomorphic mapping
    JEL: C11 L23 M10 M11
    Date: 2016–09–07
  176. By: Heery, Declan; O’Donoghue, Cathal; Ó Fathartaigh, Mícheál
    Abstract: In 2015, under its Food Wise 2025 strategy, the Irish government set itself the ambitious target of increasing Ireland’s income from agri‐food exports to €19 billion within ten years, an 85 per cent increase. This paper analyses the structure of the two main food systems in Ireland; the dairy and beef industries, to examine value chain efficiencies in production needed to achieve such a level of growth. This paper, lays bare a reality characterised by significant inefficiencies and suggests innovations to increase the competitiveness of the industries internationally. Moreover, the paper recognises that the ability of stakeholders to add value to primary products in the two main Irish food systems is key to the success of the Food Wise strategy. The methodology that the paper employs to analyse the dynamics of the Irish dairy and beef systems is the Global Value Chain (GVC) methodology championed and developed by the Center on Globalization, Governance & Competitiveness at Duke University. Through the disaggregation of the various segments that comprise the food systems, the GVC methodology allows for a multidimensional analysis, and for the identification of where rationalisation is required and where value may be added to primary products. The paper presents value chain maps for both the Irish dairy and beef systems to compare and contrast the structures, institutions, characteristics and effectiveness of the two value chains. The comparison illustrates cogently where rationalisation is needed and where value may be added. The paper finds that the Irish dairy system is more fragmented than the systems of other dairy‐producing countries and that at the farm and processing levels it still requires, despite much rationalisation since the 1980s, substantial consolidation may still be necessary. Regarding where value may be added to primary products, the paper finds that in the Irish dairy system there remains an over‐reliance on basic commodity sales and that innovation to open up entirely new markets, both in terms of products, such as in the area of sports nutrition, and geographically, such as middle‐eastern markets, with white cheese, is required. Regarding the Irish beef system it finds that while there is not as much scope for product diversification, innovation in branding and standardisation could produce a considerable dividend. Comparing value chain integration, the institutional structure built upon farmer owned cooperatives in the dairy sector allows for greater coordination and responsiveness to market opportunities. The beef value chain however is much less integrated, beset by cross‐value chain competition and low levels of trust, which has implications for future value generation and transformation across the chain.
    Keywords: Agribusiness,
    Date: 2016–05
  177. By: Grégoire Tallard; Peter Liapis; Graham Pilgrim
    Abstract: Reducing hunger and undernourishment is a global priority and the Sustainable Development Goals (SDGs) have the ambitious target of eradicating hunger entirely by 2030. Using the OECD-FAO Agricultural Outlook to 2024, this paper provides projections on the availability of calories at the national level, for the number of persons undernourished, and for the proportion of undernourishment (PoU) that are consistent with the market projections of the Outlook’s baseline. It also considers the impact on undernourishment of four alternative scenarios: faster income growth relative to the baseline in developing countries; stronger growth in agricultural productivity; a combination of a faster income growth with a stronger productivity growth; and finally a more equitable access to available food supplies. Under the baseline, the global PoU is projected to fall from 11% to 8% over ten years, with Latin America as a whole dipping under the 5% threshold at which the FAO considers hunger to be effectively eradicated. The PoU falls from 12% to 8% in Asia and the Pacific and from 23% to 19% in Sub-Saharan Africa. The global total of undernourished people declines from 788 million to 636 million. The number of undernourished individuals fall the most in Asia. Higher income growth or more productive agriculture removes more people from the ranks of the undernourished, but in most cases, more equitable access to food leads to the biggest reductions. The analysis confirms that it is not lack of available food that is the fundamental problem, but rather effective access to that food. Trade plays an increasing role in ensuring national food availability for many countries.
    Keywords: food security, development goals, hunger, Prevalence of undernourishment, sustainable development goals millennium, scenarios
    JEL: I31 O13 Q10 Q18
    Date: 2016–09–17
  178. By: Brandes, Elke; McNunn, Gabriel Sean; Schulte, Lisa A.; Bonner, Ian J.; Muth, D. J.; Babcock, Bruce A.; Sharma, Bhavna; Heaton, Emily A.
    Date: 2016–01–01
  179. By: Martin M. Andreasen (Aarhus University and CREATES); Tom Engsted (Aarhus University and CREATES); Stig V. Møller (Aarhus University and CREATES); Magnus Sander (Aarhus University and CREATES)
    Abstract: This paper provides new evidence on bond risk premia by conditioning the classic Campbell-Shiller regressions on the business cycle. In expansions, we find mostly positive intercepts and negative regression slopes, but the results are completely reversed in recessions with negative intercepts and positive regression slopes. We reproduce these coefficients in a term structure model with business cycle dependent loadings in the market price of risk. This model also predicts excess returns in the right direction during expansions and recessions, whereas the Gaussian affine term structure model predicts excess returns for medium- and long-term bonds with the wrong sign during recessions.
    Keywords: Bond return predictability, Business cycle variation in excess returns, Market price of risk, Zero-lower bound, Unspanned macroeconomic risk.
    JEL: E43 E44 G12
    Date: 2016–08–30
  180. By: Engwicht, Nina
    Abstract: While the role of illegal markets in contemporary inner-state wars has drawn considerable attention from both researchers and policy makers, very little is known about the fate of these "war economies" after the end of violent conflict. This paper aims to contribute to an understanding of the functioning of illegal markets under the condition of limited statehood by examining what has become of a notorious war economy: the illegal diamond market in Sierra Leone. Drawing on extensive field research, this analysis of the social order of the illegal diamond market in post-conflict Sierra Leone shows that while illegal activities are still widespread, the illegal diamond economy has largely been peacefully integrated into the social and economic order of the post-conflict society. In contrast to the violent and conflict-fueling war economy, the post-conflict illegal diamond economy is surprisingly benign. I argue that the illegal Sierra Leonean diamond market today can be understood as a moral economy of illegality, since economic action in this market is decisively shaped and regulated by widely held social norms about legitimate and illegitimate practices. It is highly interwoven with both the state and the legal markets, and has thus become part of the "peace economy."
    Abstract: Während die Rolle illegaler Märkte in zeitgenössischen innerstaatlichen Kriegen erhebliche Beachtung in der Politikforschung und -praxis erfahren hat, ist nur sehr wenig über das Schicksal dieser "Kriegsökonomien" nach dem Ende gewaltsamer Konflikte bekannt. Dieses Diskussionspapier will zu einem Verständnis der Funktionsweise illegaler Märkte unter der Bedingung schwacher Staatlichkeit beitragen. Dazu wird ein illegaler Markt untersucht, der als typische Kriegsökonomie Berühmtheit erlangte: der illegale Diamantenmarkt in Sierra Leone. Basierend auf umfangreicher Feldforschung zeigt diese Analyse der sozialen Ordnung des illegalen Diamantenmarktes in der sierra-leonischen Postkonfliktgesellschaft, dass illegales Handeln auf dem sierra-leonischen Diamantenmarkt zwar immer noch weit verbreitet ist, sich die illegale Diamantenökonomie jedoch weitgehend friedlich in die soziale und ökonomische Ordnung der Postkonfliktgesellschaft integriert hat. Im Gegensatz zur gewaltsamen und Gewalt verstetigenden Kriegsökonomie ist der illegale Diamantenmarkt in der Nachkriegsgesellschaft überwiegend gewaltfrei. Der illegale Diamantenmarkt im heutigen Sierra Leone kann als "moralische Ökonomie der Illegalität" verstanden werden, da ökonomisches Handeln auf diesem Markt entscheidend durch soziale Normen der Legitimität und Illegitimität geprägt und reguliert wird. Indem der illegale Markt eng mit dem legalen Markt und dem Staat verwoben ist, wird er zum Teil der "Friedensökonomie".
    Date: 2016
  181. By: Liping Gao; Hyeongwoo Kim
    Abstract: Using time series macroeconomic data, Chow (1985, 2010, 2011) reported indirect empirical evidence that implies the validity of the permanent income hypothesis in China. We revisit this issue by evaluating direct measures of the predictability of consumption growth in China during the post-economic reform regime (1978-2009). We also implement and report similar analysis for the postwar US data for comparison. Our in-sample analysis provides strong evidence against the PIH for both countries. Out-of-sample forecast exercises show that consumption changes are highly predictable, which sharply contrasts the implications of empirical findings by Chow (1985, 2010, 2011).
    Keywords: Permanent Income Hypothesis; Consumption; Out-of-Sample Forecast; Diebold-Mariano-West Statistic
    JEL: E21 E27
    Date: 2016–09
  182. By: à rpád à brahám; Eva Carceles-Poveda; Yan Liu; Ramon Marimon
    Date: 2016
  183. By: Swati Dhingra (London School of Economics)
    Abstract: Abstract. This paper investigates the distributional gains from changes in agricultural world prices in developing economies. Agricultural markets in developing countries are rarely perfectly competitive. The market structure is characterized by a large number of small farmers who typically sell their produce to one or few big companies with significant monopsony or oligopsony power. We provide a flexible theoretical framework that captures this market structure and allow us to investigate how international trade affects the incomes of small farmers, agribusiness and intermediaries in developing countries.
    Date: 2016
  184. By: Margaux MacDonald (Queen's University); Michal Popiel (Queen's University)
    Abstract: This paper investigates the effects of unconventional monetary policy in Canada. We use recently proposed methods to construct a shadow interest rate that captures monetary policy at the zero lower bound (ZLB) and estimate a small open economy Bayesian structural vector autoregressive (B-SVAR) model. Controlling for the US macroeconomic and monetary policy variables, we find that Canadian unconventional monetary policy increased Canadian output by 0.23% per month on average between April 2009 and June 2010. Our empirical framework also allows us to quantify the effects of US unconventional monetary policy, which raised US and Canadian output by 1.21% and 1.94% per month, respectively, on average over the 2008--2015 period.
    Keywords: small open economy, unconventional monetary policy, Bayesian structural VAR, zero lower bound, international monetary policy transmission
    JEL: E52 E58 F42
    Date: 2016–09
  185. By: Angel de la Fuente
    Abstract: En esta nota se introducen algunas mejoras metodológicas en el cálculo de la financiación efectiva de las comunidades autónomas de régimen común y se analizan sus efectos con datos de 2014.
    Date: 2016–09
  186. By: Jorge Armando Rodríguez; Javier Ávila Mahecha
    Abstract: En este artículo se estima el tamaño y la incidencia de la carga tributaria sobre los trabajadores y los propietarios de capital en Colombia durante el periodo 2000-2014. La carga tributaria se determina mediante tarifas efectivas agregadas, que relacionan el recaudo, en este caso del impuesto sobre la renta y el IVA, con la capacidad de pago de trabajadores y propietarios. Los resultados indican que durante casi todo el periodo de análisis los ingresos laborales soportaron una tarifa efectiva superior a la que recayó sobre los ingresos de capital, aunque la brecha ha tendido a cerrarse. Por lo general, el efecto redistributivo habría sido contraproducente para propósitos de equidad (en una ocasión, nimio). El ejercicio sugiere que para mejorar la distribución de la carga tributaria es más importante prestar atención a la capacidad gravable de los contribuyentes, antes que dar trato desigual a las fuentes factoriales de ingreso.
    Keywords: Tributación nacional, Ingresos factoriales, Impuesto sobre la renta, IVA, Incidencia impositiva, Tarifas efectivas, Cuentas nacionales
    JEL: D33 E62 H2 H22 K34 M41
    Date: 2016–09–06
  187. By: Anonymous; Tomic, Danilo; Subic, Jonel
    Keywords: Agribusiness, Agricultural and Food Policy, Community/Rural/Urban Development, International Development, Labor and Human Capital, Land Economics/Use, Productivity Analysis, Research and Development/Tech Change/Emerging Technologies, Resource /Energy Economics and Policy,
    Date: 2016
  188. By: Artz, Georgeanne M.; Jacobs, Keri; Boessen, Christian R.
    Date: 2016–01–01
  189. By: Juan Diaz; Nicolas Grau; Tatiana Reyes; Jorge Rivera
    Abstract: Using detailed administrative and individual data on schooling and crime records from Chile, we estimate the effect of grade retention between 4th and 8th grade on juvenile crime. We base our research on the rule which specifies that students who fail more than one subject must repeat the year. We present two empiri- cal strategies to address the strong evidence that the forcing variable is – locally – manipulated. First, we follow Barreca, Guldi, Lindo, and Waddell (2011) in implementing a donut-hole fuzzy regression discontinuity design (FRD). Second, we extend the approach developed by Keele, Titiunik, and Zubizarreta (2015) to implement a method that combines matching with FRD. These two methodolo- gies deliver similar results and neither show a statistically significant effect on a placebo test. According to our results, grade retention increases the probability of juvenile crime by 1.6 percentage point (pp), an increase of 33% (higher for males and low SES students). We also find that grade retention increases the probability of dropping out by 1.5pp. Regarding mechanisms, our findings suggest that the effect of grade retention on crime does not only manifest itself indirectly as a result of its effect on dropping out. Furthermore, the effect of grade retention on crime is worsened when students switch schools right after failing the grade.
    Date: 2016–09
  190. By: Guido Matias Cortes,; Manuel Alejandro Hidalgo
    Date: 2016
  191. By: Vittorio Pelligra (University of Cagliari); Tommaso Reggiani (LUMSA University); Daniel John Zizzo (Newcastle University Business School)
    Abstract: We consider the notions of static and dynamic reasonableness of requests in a trust game experiment. We vary systematically the experimental norm of what is expected from trustees to return to trustors, both in terms of level of each request and in terms of sequence of the requests. Static reasonableness matters in a self-biased way, in the sense that low requests justify returning less but high requests tend to be ignored. Dynamic reasonableness also matters, in the sense that, if requests keep increasing, trustees return less than if requests of different size are presented in random or decreasing order. Requests never systematically increase trustworthiness, but may decrease it.
    Keywords: trust; trustworthiness; norms; reasonableness; moral wiggle room; moral licensing
    JEL: C91 D01 D03 D63
    Date: 2016–09
  192. By: Agbahey, Johanes; Siddig, Khalid; Grethe, Harald
    Keywords: International Relations/Trade, Labor and Human Capital,
    Date: 2016–06–22
  193. By: Kodila-Tedika, Oasis; Asongu, Simplice; Cinyabuguma, Matthias
    Abstract: Using cross-country differences in the degree of isolation before the advent of technologies in sea and air transportation, we assess the relationship between geographic isolation and financial development across the globe. We find that pre-historic geographical isolation has been beneficial to development because it has contributed to contemporary cross-country differences in financial development. The relationship is robust to alternative samples, different estimation techniques, outliers and varying conditioning information sets.
    Keywords: Financial development; Isolation; Agglomeration; Globalization
    JEL: F15 G15 N7 O16 O50
    Date: 2016–03
  194. By: KITAO Sagiri
    Abstract: Japan is going through rapid and significant demographic aging. Fertility rates have been below replacement level for four decades, and life expectancy has increased by 30 years since the 1950s. The pension reform of 2004 is expected to reduce the replacement rate, but there is much uncertainty as to when and whether the adjustment will be complete. The normal retirement age of 65 will be the lowest among major developed countries. This paper simulates pension reform to reduce the replacement rate by 20% and raise the retirement age by three years gradually over a 30-year period. We consider three scenarios that differ in timing to initiate reform and let the consolidation start in 2020, 2030, and 2040, respectively. A delay would suppress economic activities, lowering output by up to 4% and raising the tax burden by more than eight percentage points of total consumption. Delaying reform also implies a major tradeoff across generations and deteriorates the welfare of future generations by up to 3% in consumption equivalence.
    Date: 2016–07
  195. By: Catalina Gómez Toro; Gabriel Jaime Suárez Obando; Juan Esteban Garzón Trujillo; Javier Alberto Gómez Gómez
    Abstract: El presente estudio tiene como objetivo encontrar y analizar los efectos causales de diversos factores socioeconómicos y demográficos en la satisfacción con la vida de los hogares de Medellín. Para ello, se estima un modelo logístico, categorizando en dos grupos las variables explicativas: los aspectos inherentes al ser y las características relacionadas al tener. Los principales resultados sugieren que estar soltero en relación con otro estado civil tiene un efecto negativo en el bienestar subjetivo, así como el hecho de ser afrodescendiente con respecto a otro grupo étnico. Por el lado del tener, cabe resaltar que mayores niveles de educación y estratos socioeconómicos más altos incrementan el bienestar subjetivo. Se concluye que tanto las características del ser como las del tener son fundamentales para explicar la satisfacción con la vida, y por tanto, para la toma de decisiones de política pública.
    Keywords: Satisfacción con la vida, Modelo logístico, Medellín
    JEL: I31 C25
    Date: 2016–08–22
  196. By: Povilas Lastauskas (Bank of Lithuania); Julius Stakenas (Bank of Lithuania)
    Abstract: This paper builds a theoretical model that introduces frictional unemployment in a multisectoral heterogeneous firms model. We allow for multi-worker firms and dynamic matching process. In doing so, we have a rich environment that combines product, labour, and international markets. The focus is on unemployment benefits and employment contingent subsidies. We establish a mechanism, which is different from the standard search and matching model. A change in labour market policies due to the feedback from labour market tightness to wages transforms the share of exporters and affects average productivity. Partial equilibrium effects are overturned for subsidies in general equilibrium due to sectoral arbitrage condition. We address the following questions in the quantitative exercise: How does trade along intensive and extensive margins evolve with changes in labour market policies? How do firms’ profitabilities and thus reallocations across exporters/non-exporters react to labour market institu-tions? What are the differences between a domestic and a trade-bloc wide shock? In addition to the theory contribution, we find that unemployment benefits bear differ-ent policy implications with regards to international coordination than employment subsidies.
    Keywords: labour market institutions, heterogeneous multi-worker firms, dynamic matching, openness
    JEL: E24 F12 F16
    Date: 2016–09–09
  197. By: Clifford, Robert (Federal Reserve Bank of Boston); Shoag, Daniel (Harvard University)
    Abstract: In the past decade, most states have banned or considered banning the use of credit checks in hiring decisions, a screening tool that is widely used by employers. Using new Equifax data on employer credit checks, the Federal Reserve Bank of New York Consumer Credit Panel/Equifax data, and the LEHD Origin-Destination Employment data, we show that these bans increased employment of residents in the lowest-credit score census tracts. The largest gains occurred in higher-paying jobs and in the government sector. At the same time, using a large database of job postings, we show that employers increased their demand for other signals of applicants’ job performance, like education and experience. On net, the changes induced by these bans generate relatively worse outcomes for those with mid-to-low credit scores, for those under 22 years of age, and for blacks, groups commonly thought to benefit from such legislation.
    JEL: J78 M50
    Date: 2016–03–01
  198. By: Burgess, Stephen (Bank of England); Burrows, Oliver (Bank of England); Godin, Antoine (Kingston University); Kinsella, Stephen (University of Limerick); Millard, Stephen (Bank of England)
    Abstract: We construct a new scenario analysis model for the United Kingdom using ONS data from 1987 to the present. The model links decisions about real variables to credit creation in the financial sector and decisions about asset allocation among investors for a wide array of financial assets. We develop, estimate, and calibrate the model from first principles as well as describing the stock-flow coherent database we construct to validate the model. We impose several scenarios on the model to test its usefulness as a medium term scenario analysis tool, including increases in banks’ capital ratios, sudden stops, changes in investment, increases in house prices and fiscal expansions.
    Keywords: Sectoral balances; flow of funds; macroeconomic modelling
    JEL: E21 E22 E25 E37
    Date: 2016–09–02
  199. By: Anton Badev (Federal Reserve Board)
    Abstract: We analyse the universe of large-value loans intermediated through Fedwire---the primary U.S. real-time, gross settlement service provided by the Federal Reserve System---for the period from 2007 to 2015. We document a series of fundamental changes in the topology of bilateral loan network and propose theoretical framework to study the evolution of concentration of large-value loan intermediaries which builds on the literature on homophily in social science.
    Date: 2016
  200. By: Paul Dolan; Georgios Kavetsos; Christian Krekel; Dimitris Mavridis; Robert Metcalfe; Claudia Senik; Stefan Szymanski; Nicolas R. Ziebarth
    Abstract: We show that hosting the Olympic Games in 2012 had a positive impact on the life satisfaction and happiness of Londoners during the Games, compared to residents of Paris and Berlin. Notwithstanding issues of causal inference, the magnitude of the effects is equivalent to moving from the bottom to the fourth income decile. But they do not last very long: the effects are gone within a year. These conclusions are based on a novel panel survey of 26,000 individuals who were interviewed during the summers of 2011, 2012, and 2013, i.e. before, during, and after the event. The results are robust to selection into the survey and to the number of medals won.
    Keywords: subjective wellbeing; life satisfaction; happiness; Olympic Games; natural experiment
    JEL: I30 I31 I38 L83
    Date: 2016–07
  201. By: Bertolini, Marina; D’Alpaos, Chiara; Moretto, Michele
    Abstract: In Italy and in many EU countries, the last decade was characterized by a large development of distributed generation power plants. Their presence determined new critical issues for the design and management of the overall energy system and the electric grid due to the presence of discontinuous production sources. It is commonly agreed that contingent problems that affect local grids (e.g. inefficiency, congestion rents, power outages, etc.) may be solved by the implementation of a “smarter” electric grid. The main feature of smarts grid is the great increase in production and consumption flexibility. Smart grids give producers and consumers, the opportunity to be active in the market and strategically decide their optimal production/consumption scheme. The paper provides a theoretical framework to model the prosumer’s decision to invest in a photovoltaic power plant, assuming it is integrated in a smart grid. To capture the value of managerial flexibility, a real option approach is implemented. We calibrate and test the model by using data from the Italian energy market.
    Keywords: Smart Grids, Renewable Energy Sources, Real Options, Prosumer, Resource /Energy Economics and Policy, Q42, C61, D81,
    Date: 2016–09–07
  202. By: World Health Organization
    Keywords: Medicine and Health Sciences, Social and Behavioral Sciences
    Date: 2016–08–01
  203. By: KADOYA Yoshihiko; Mostafa Saidur Rahim KHAN
    Abstract: This study examines whether financial literacy can reduce anxiety about life in old age. We hypothesize that financially literate people are better equipped to make saving decisions, plan for the future, and handle uncertainty, reducing their anxiety about life in old age. The study uses data from a nationwide survey in Japan and probit regression analysis to provide evidence that financial literacy can reduce anxiety about life in old age. The regression coefficients show that financial literacy has a significantly negative impact on the level of anxiety, a relationship that holds after controlling for age, gender, education, marital status, assets, expected social security coverage, house ownership, living with children, and exercise. The results are robust after using different methods to measure financial literacy, and have implications for policies related to aging and risk management. Since financial literacy helps people to reduce risks and uncertainties effectively, policymakers should consider emphasizing financial literacy education early in life to lower anxieties about life in old age.
    Date: 2016–07
  204. By: Bredtmann, Julia; Otten, Sebastian; Vonnahme, Christina
    Abstract: Die vorliegende Studie untersucht den Zusammenhang zwischen linguistischer Diversität in Schulklassen und dem Schulerfolg von Viertklässlern. Während sich bisherige Studien überwiegend mit dem Zusammenhang zwischen dem Anteil an Schülern mit Migrationshintergrund und dem Lernerfolg von Schülern beschäftigt haben, steht hier die Bedeutung der sprachlichen Heterogenität dieser Gruppe im Vordergrund. Die sprachliche Diversität innerhalb der Schulklasse wird durch ein Maß für die linguistische Zersplitterung (Fraktionalisierung) abgebildet, in das sowohl der Anteil der verschiedenen Muttersprachen in einer Klasse als auch die linguistische Distanz zwischen diesen Sprachen einfließt. Die empirische Analyse beruht auf Daten des Ländervergleichs, die das Institut zur Qualitätsentwicklung im Bildungswesen 2011 für mehr als 27 000 Schüler in 1 249 Grundschulen erhoben hat. Der schulische Erfolg wird hierbei anhand der Ergebnisse standardisierter Tests in den Kompetenzbereichen Deutsch und Mathematik gemessen. Rein deskriptiv weisen unsere Ergebnisse auf einen negativen Zusammenhang zwischen linguistischer Diversität und dem Bildungserfolg der Schüler hin. Sowohl Schüler mit deutscher Muttersprache als auch Schüler mit nichtdeutscher Muttersprache schneiden in Klassen mit einer hohen linguistischen Diversität in den Kompetenzbereichen Deutsch und Mathematik im Durchschnitt schlechter ab als Schüler in Klassen mit einer geringen Diversität. Die Ergebnisse der empirischen Analysen zeigen jedoch auch, dass gegeben eines bestimmten Anteils an nichtdeutschen Muttersprachlern in der Klasse die linguistische Diversität keinen bzw. zum Teil sogar einen positiven Einfluss auf den Bildungserfolg der Schüler hat. Insbesondere Schüler mit deutscher Muttersprache scheinen hinsichtlich ihrer Deutschfähigkeiten tendenziell von einer höheren linguistischen Diversität in der Schulklasse zu profitieren, während dieser Zusammenhang für Schüler mit nichtdeutscher Muttersprache oder für die Leistungen im Fach Mathematik nicht gefunden werden kann.
    Date: 2016
  205. By: Graham Beattie; Jean-William P. Laliberté; Philip Oreopoulos
    Abstract: We collect a comprehensive set of non-academic characteristics for a representative sample of incoming freshman to explore which measures best predict the wide variance in first-year college performance unaccounted for by past grades. We focus our attention on student outliers. Students whose first-year college average is far below expectations (divers) have a high propensity for procrastination – they self-report cramming for exams and wait longer before starting assignments. They are also considerably less conscientious than their peers. Divers are more likely to express superficial goals, hoping to 'get rich' quickly. In contrast, students who exceed expectations (thrivers) express more philanthropic goals, are purpose-driven, and are willing to study more hours per week to obtain the higher GPA they expect. A simple seven-variable average of these key non-academic variables does well in predicting college achievement relative to adding more variables or letting a machine-algorithm choose. Our results, descriptive in nature, warrant further research on the importance of non-linearities for the design and targeting of successful interventions in higher-education.
    JEL: I2 I23 J24
    Date: 2016–09
  206. By: Katarzyna Metelska-Szaniawska (Faculty of Economic Sciences, University of Warsaw)
    Abstract: In this paper we aim to contribute to the debate on constitutional rules and their economic effects by extending the focus to the de jure – de facto constitutional gap. Firstly, we provide evidence that the size of this gap matters as non-compliance lowers the effectiveness of the constitutional commitment mechanism. Secondly, we identify several explanans of this gap, in particular relating to the democratization process, political conflict, age and comprehensiveness of the constitution. We base the conclusions on an empirical study for the unique setting of the post-socialist countries of Europe and Asia, which all enacted new constitutional frameworks after 1989, and argue that the constitutions in these countries acted primarily as blueprints.
    Keywords: Constitutional Economics, constitutional compliance, post-socialist transition, economic reforms, sham constitutions
    JEL: H11 K19 P21 P26
    Date: 2016
  207. By: Boldyreva, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kuznetsova, S.D. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Levakin, Igor Vyacheslavovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Chepunov, O.I. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Chepus, A.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: Public authority is a complex multidimensional phenomenon that causes legal, political, and other sciences numerous discussions on a number of epistemological and methodological aspects of the study and its definition. In the difficult current economic conditions in the course of development of the Russian concept of a strong state capable of effectively fulfill both its internal and external functions, it is particularly relevant the problem of increasing the efficiency of public authorities. This requires the development of clear and expanded the constitutional-legal concept of the effectiveness of the mechanism of public authority, taking into account the relationships between all of its elements, and not just individual units, and a clear idea of ??its practical implementation in the specific criteria of its effectiveness.
    Keywords: ðublic authority, Russian Federation, economic growth
    Date: 2016–05–18
  208. By: Álvarez, Antonio; Garduño, Rafael; Núñez, Héctor
    Abstract: We estimate the technical efficiency of Mexican states using stochastic production frontier models. In particular, we study the effect of crime on efficiency. The empirical section uses panel data over the period 1988-2008. A distinctive feature of the paper is the use of socioeconomic and location data in order to control for the heterogeneity of the states. The main contribution of this paper is to test for the existence of a threshold effect of crime. We find that crime rate negatively affects the efficiency of the states and that its effect is only significant after a certain level.
    Keywords: Regional efficiency, stochastic frontier, Mexico, panel data, crime
    JEL: D24 O18 R11
    Date: 2016
  209. By: Zhu, Xiaohong
    Date: 2016–01–01
  210. By: Ramamoorthy, Dr. R. Ravikumar; A, Mr Jagan Gopu
    Abstract: The major problem for the failure of agricultural sector in India is believed to not taking the modern methods and innovations from the knowledge quarters to the agricultural field. Without the meeting of technology and ground level implementation, the benefits of modern technology and science cannot be optimal. Unsuitability of technology given the local agro-climatic conditions, unawareness of technology due to a communication gap, unwillingness to take unknown risks due to lack of trust, lack of knowledge, cultural barriers, lack of adequate credit of support for investment which is a prerequisite to the adoption of technology, to overcome these barriers, sound management of the technology dissemination need to be followed. The demonstration conducted by the Official of the project at Krishnagiri block, in Pennaiyar river sub basin, Alapatti tank in Krishnagiri district reveals that the initial demonstration implemented in the period of October 2008 to March 2009 with the 39 farmers and covered 26 hectare. The sustainability is very important aspect to measure the success or failure of the precision farming in the implemented area hence 134 farmers with 40 ha coverage showed that the real demonstration effects on farmers were adopted and sustained with precision farming through the year with various multi crops cultivated by the farmers because of higher yield, least inputs and more than that huge income from the farm. Followed by the last year Oct 2011 to Mar 2012 the total area of demonstration covered 110 ha and the impact also 110 ha with the overall demonstration which spread across the area with the total sustainability area is 448 ha.
    Keywords: Precision Farming, Modern Technology, Adoption of Technology, Sustainability.
    JEL: Q16
    Date: 2016–09–12
  211. By: Egorova, Maria A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This paper presents the first monographic study on antimonopoly regulation of transactions on economic concentration; It justified the original doctrine of the subjective market, on the basis of which there are basic principles and approaches to the legal assessment of transactions on economic concentration, their relationship with other transactions and activities that are relevant to antimonopoly regulation; The basic directions of improvement of antimonopoly legislation in this area.
    Keywords: regulation of transactions, economic concentration
    Date: 2016–05–18
  212. By: Jacek, Prokop; Adam, Karbowski
    Abstract: The objective of this paper is to investigate the impact of horizontal R&D cooperation on cartel formation in the product market. We analyze the case in which the R&D expenditures that precede the production process are aimed at the reduction of the unit manufacturing costs, and could create positive externalities for the potential competitors. We compare how the different degrees of R&D cooperation effect on firms’ incentives to create a cartel in the product market. Like the previous literature (Kaiser, 2002; Kamien et al., 1992), we analyze a two-stage game with two firms as players. In the first stage, firms simultaneously decide on R&D expenditures and, in the second stage, they meet in the final product market. It is assumed that without successful cartel formation in the industry, firms compete in the product market in Stackelberg fashion. The analysis was made for two variants: 1) linear functions of total costs of production and 2) quadratic functions of total costs of production. For both variants, the numerical analysis revealed that a closer cooperation at the R&D stage strengthens the incentives to create a cartel in the product market. As a consequence it should be supposed that the horizontal R&D cooperation brings the relatively high risk of industry cartelization. This fact raises serious antitrust issues. Industry cartelization translates thus into unbeneficial economic outcomes for customers on the given product market.
    Keywords: research and development, cooperation, cartels
    JEL: L24 O32
    Date: 2016–06
  213. By: Hedtke, Reinhold
    Abstract: Die Wirtschaftsdidaktik versteht ökonomische Bildung als einen wesentlichen Beitrag zur Verbraucherbildung“ (DeGöB). Dieses Bekenntnis ist weit weniger klar, als es klingt. Denn was jugendliche Verbraucherinnen und Verbraucher von ökonomischer Bildung erwarten können und was nicht, hängt davon ab, wie man ökonomische Bildung konzipiert. Der Mainstream der Wirtschaftsdidaktik versteht ökonomische Bildung als bevorzugt volkswirtschaftliche Bildung und als Bildung durch das Paradigma der Ökonomik; damit blendet er betriebswirtschaftliche Denkweisen weitestgehend aus. Welche Folgen hat dies für eine verbraucherorientierte Wirtschaftsdidaktik? Was kann Konsumentenbildung gewinnen, wenn sie sich auf die Methodologie der Betriebswirtschaftslehre stützt?
    Keywords: Konsumentenbildung,Wirtschaftsdidaktik,Ökonomische Bildung,Betriebswirtschaftslehre
    JEL: A20
    Date: 2016
  214. By: Fernandes, Aline R.; da Silva, Carlos Arthur B.
    Abstract: Agro‐industrialization promotion is a policy option to aggregate value to a primary product and increase revenues for small farmers. However, experience has shown the vulnerability of small‐scale agro‐industries (SSAI) when facing a competitive environment with technological, institutional and managerial bottlenecks. A system dynamics model was built to simulate the financial behavior of agrifood processing enterprises promoted by Brazilian SSAI development programs after the mid 1990’s. Ten years after the modeling exercise, an assessment of selected enterprises supported by distinct programs largely confirmed the simulation results. Modelling suggested conditions for long‐term SSAI sustainability were corroborated and the importance of the promotion programs was further evidenced.
    Keywords: system dynamics, food processing, agro industry, small and medium enterprises – SME, rural nonfarm, economy ‐ RNFE, Agribusiness, Community/Rural/Urban Development,
    Date: 2016–05
  215. By: Roberto Venturini
    Abstract: Firms are central to the functioning of the economy. Ever since Smith (1838) and Coase (1937), economists have gone a long way trying to understand why firms exist, how they are organized, and how they interact through the market.This thesis contributes to the study of how regulation and market incentives can affect firm decisions and their organization.
    Keywords: Competition, International Trade, R&D Management
    Date: 2016–08–22
  216. By: Adair Morse; Wei Wang; Serena Wu
    Abstract: Lawyers now serve as executives in 44% of corporations. Although endowed with gatekeeping responsibilities, executive lawyers face increasing pressure to use time on strategic efforts. In a lawyer fixed effects model, we quantify that lawyers are half as important as CEOs in explaining variances in compliance, monitoring, and business development. In a difference-in-differences model, we find that hiring lawyers into executive positions associates with 50% reduction in compliance breaches and 32% reduction in monitoring breaches. We then ask whether firms’ optimal contracting of lawyers into strategic activities implies less lawyer gatekeeping effort. Using a design comparing executive lawyers hired from law firms to lawyers poached from corporations, we find that lawyers hired with high compensation delta (indicative of the importance of strategic goals in compensation contracts) do less monitoring, preventing 25% fewer breaches than are typically mitigated by having an executive gatekeeper. Reassuringly, lawyers do not compromise compliance.
    JEL: G32 G34 J33 K22 M52
    Date: 2016–09
  217. By: Pambo, Kennedy Otieno; Mbeche, Robert M.; Okello, Julius J.; Kinyuru, John N.
    Abstract: Paper Prepared for Presentation at the Seventh European Conference on Sensory and Consumer Research, 11 - 14 September 2016 | Dijon, France
    Keywords: food choice, consumer behaviour, Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics,
    Date: 2016–09
  218. By: Blickle, Kristian; Brown, Martin
    Abstract: We study the impact of liquidity constraints on home ownership by comparing the tenure and housing choice of households who receive intra-family wealth transfers to those that do not. Our analysis is based on household-level panel data providing annual information on household characteristics, wealth transfers, tenure status as well as changes in the size and quality of housing. Our treatment effect estimates suggest that wealth transfers increase the propensity of households to transition to ownership by 15 to 20 percentage points. By contrast, wealth transfers do not increase the likelihood that existing homeowners “trade-up” to larger homes in better locations.
    Keywords: Liquidity Constraints, Tenure Choice, Wealth Transfers, Macroprudential Policy
    JEL: D14 D31 D91 G18
    Date: 2016–09
  219. By: Jens Hoelscher (Bournemouth University, Executive Business Centre); Peter Howard-Jones (Bournemouth University, Executive Business Centre); Allan Webster (Bournemouth University, Executive Business Centre)
    Abstract: This study considers the impact of finance (loans) on the performance and productive efficiency of a sample of 8037 SMEs from transitional countries. An extensive macro-economic literature supports the importance of finance to growth. For this to be truly convincing it is necessary to show that firm performance is strengthened by loans. There are very few firm level studies of the linking loans and firm performance. This study extends the firm level literature using the 2013 BEEPS survey .It uses three different methodologies, all incorporating firm heterogeneity. Firstly, we use propensity score matching to test whether loans result in enhanced performance and finds that loans did indeed improve performance. Secondly, we re-enforce these conclusions using inverse probability weighted regression adjustment (IPWRA) analysis. Finally we employ a stochastic frontier approach to (a) measure firm inefficiency and (b) to show that loans create a statistically significant reduction in this inefficiency.
    Keywords: SMEs; finance; transition; efficiency
    JEL: L25 G21 P27
    Date: 2016–07
  220. By: SEKINE Atsushi; TSURUGA Takayuki
    Abstract: Since the 2000s, large fluctuations in commodity prices have become a concern among policymakers regarding price stability. This paper investigates the effects of commodity price shocks on headline inflation with a monthly panel consisting of 144 countries. We show that the effects of commodity price shocks on inflation are transitory. While the effect on the level of consumer prices varies across countries, the transitory effects are fairly robust, suggesting a low risk of the so-called second-round effect on inflation. Employing the smooth transition autoregressive models that use past inflation as the transition variable, we also explore the possibility that the effect of commodity price shocks could be persistent, depending on inflation regimes. In this specification, commodity price shocks may not have transitory effects when a country's currency is pegged to the U.S. dollar. However, the effect remains transitory in countries with exchange rate flexibility. JEL Classification: E31, E37, Q43
    Keywords: Commodity prices, inflation, pass-through, local projections, smooth transition
    Date: 2016–07
  221. By: Erofeeva, Maria (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This paper presents the description and analysis of the reconfiguration of sociological theory in the context of the rotation to the material and research processes virtualization social institutions and practices. The subject of research is the epistemological reconfiguration of modern sociology, considered as what is happening in contemporary sociological theory of change in the ratio substantialist relyatsionistskih and research positions and practices in the justification and implementation of social cognition process, and its implications for the further development of sociological theory and practice.
    Keywords: actor-network theory, sociology, relationalism
    Date: 2016–06–16
  222. By: Mmbengwa, Victor; Nengovhela, Nkhanedzeni; Ngqangweni, Simphiwe; Spies, David; Baker, Derek; Burrow, Heather; Griffith, Garry
    Abstract: In this paper we look back on the first year of a three‐year project which aims to undertake the research necessary to develop a wider range of market outlets, products and value chains for beef produced by the small‐scale and emerging sector in South Africa. We discuss the difficulties encountered in designing and implementing the project, and we review progress towards achieving the economic, social and environmental outcomes that we are seeking.
    Keywords: Beef, value chain, small‐scale farmers, South Africa, project design, Agribusiness,
    Date: 2016–05
  223. By: J. Ignacio Garcia-Perez; Marisa Hidalgo-Hidalgo
    Abstract: This paper evaluates the effects of a remedial education programme implemented in Spain between 2005 and 2012 that o¤ered after-school classes for underperforming students from poor socioeconomic backgrounds. We use two different estimation strategies, re-weighting estimators and propensity score matching, and address the existence of selection bias. We find that this programme had a substantial positive e¤ect on children’s academic achievement: the probability of falling behind the general progress of the group declined by approximately 5% and mean reading scores increased by approximately 10% of one standard deviation. We also find that a larger exposure to the programme improves students’ scores: whereas students in schools that participated in the programme for at most two years do not experience any significant positive effect, those in schools that participated for at least three years did. The programme significantly reduced the probability of belonging to the bottom part of the distribution (by approximately 7.5%) and improved mean scores (by approximately 18% of one standard deviation). Finally, we find that the impact of the programme is much stronger for students in rural schools than for students in urban schools.
    Date: 2016–09
  224. By: Brice Corgnet (EMLYON Business School, Univ Lyon, GATE L-SE UMR 5824, F-69131 Ecully, France); Mark DeSantis (Argyros School of Business and Economics & Economic Science Institute, Chapman University, Orange, CA, 92866); David Porter (Argyros School of Business and Economics & Economic Science Institute, Chapman University, Orange, CA, 92866)
    Abstract: Using simulations and experiments, we pinpoint two main drivers of trader performance: cognitive reflection and theory of mind. Both dimensions facilitate traders’ learning about asset valuation. Cognitive reflection helps traders use market signals to update their beliefs whereas theory of mind offers traders crucial hints on the quality of those signals. We show these skills to be complementary because traders benefit from understanding the quality of market signals only if they are capable of processing them. Cognitive reflection relates to previous Behavioral Finance research as it is the best predictor of a trader’s ability to avoid commonly-observed behavioral biases.
    Keywords: Experimental asset markets, behavioral finance, cognitive reflection, theory of mind, financial education
    JEL: C92 G02
    Date: 2016
  225. By: Brice Corgnet (EMLYON Business School, Univ Lyon); Mark DeSantis (Argyros School of Business and Economics & Economic Science Institute, Chapman University,); David Porter (Argyros School of Business and Economics & Economic Science Institute, Chapman University,)
    Abstract: Using simulations and experiments, we pinpoint two main drivers of trader performance: cognitive reflection and theory of mind. Both dimensions facilitate traders’ learning about asset valuation. Cognitive reflection helps traders use market signals to update their beliefs whereas theory of mind offers traders crucial hints on the quality of those signals. We show these skills to be complementary because traders benefit from understanding the quality of market signals only if they are capable of processing them. Cognitive reflection relates to previous Behavioral Finance research as it is the best predictor of a trader’s ability to avoid commonly-observed behavioral biases.
    Keywords: Experimental asset markets, behavioral finance, cognitive reflection, theory of mind, financial education
    JEL: C92 G02
    Date: 2016
  226. By: Lee, Seungduck
    Abstract: This paper examines the effect of monetary policy on the liquidity premium, i.e., the market value of the liquidity services that financial assets provide. To guide the empirical analysis, I set up a monetary search model in which bonds provide liquidity services in addition to money. The theory predicts that money supply and the nominal interest rate are positively correlated with the liquidity premium, but the latter is negatively correlated with the bond supply. The empirical analysis over the period from 1946 and 2008 confirms the theoretical findings. This indicates that liquid bonds are substantive substitutes for money and the opportunity cost of holding money plays a key role in asset price determination. The model can rationalize the existence of negative nominal yields, when the nominal interest rate is low and liquid bond supply decreases.
    Keywords: asset price, money search model, liquidity, liquidity premium, money supply
    JEL: E31 E41 E51 E52 G12
    Date: 2016–08
  227. By: Lucas Herrenbrueck (Simon Fraser University)
    Abstract: How do central bank purchases of illiquid assets affect interest rates and the real economy? In order to answer this question, I construct a parsimonious and very flexible general equilibrium model of asset liquidity. In the model, households are heterogeneous in their asset portfolios and demand for liquidity, and asset trade is subject to frictions. I find that open market purchases of illiquid assets are fundamentally different from helicopter drops: asset purchases stimulate private demand for consumption goods at the expense of demand for assets and investment goods, while helicopter drops do the reverse. A temporary program of quantitative easing can therefore cause a "hangover" of elevated yields and depressed investment after it has ended. When assets are already scarce, further purchases can crowd out the private flow of funds and cause high real yields and disinflation, resembling a liquidity trap. In the long term, lowering the stock of government debt reduces the supply of liquidity but increases the capital-output ratio, with ambiguous consequences for output itself.
    Date: 2016
  228. By: Poppe, Krijn; Floor, Geerling‐Eiff; Trond, Selnes
    Abstract: Over the last 20 years several countries have made changes in their Agricultural Knowledge and Innovation Systems (AKIS): institutes for applied research have been put on output‐finance with reduced budgets or have been merged into larger structures (Finland, Italy), sometimes into universities (NL, Dk). Incentives to publish have been strengthened in universities. Private advise is now available all over Europe and competes with public extension. How will or should this develop in the future? The SCAR strategic working group AKIS did a foresight study and identified three scenario’s for AKIS: High Tech, Self‐ Organisation and Collapse. Recommendations are made to make AKIS more robust.
    Keywords: Scenarios, Resilient Institutions, Agricultural Research and Innovation, Agribusiness, Agricultural and Food Policy,
    Date: 2016–05
  229. By: John F. Helliwell; Aneta Bonikowska; Hugh Shiplett
    Abstract: Strong versions of the set point hypothesis argue that subjective well-being measures reflect each individual’s own personality and that deviations from that set point will tend to be short-lived, rendering them poor measures of the quality of life. International migration provides an excellent test of this hypothesis, since life circumstances and average subjective well-being differ greatly among countries. Life satisfaction scores for immigrants to Canada from up to 100 source countries are compared to those in the countries where they were born. With or without various adjustments for selection effects, the average levels and distributions of life satisfaction scores among immigrants mimic those of other Canadians rather than those in their source countries and regions. This supports other evidence that subjective life evaluations, especially when averaged across individuals, are primarily driven by life circumstances, and respond correspondingly when those circumstances change.
    JEL: F22 I31 J61
    Date: 2016–09
  230. By: Shagaida, Natalia (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper discusses the methods of state regulation of the involvement of rural land for the construction of the example of foreign and Russian experience. Tools used in the United States, Uzbekistan, analyzed from the perspective of the feasibility of the use of analogues in Russia. A review of the organization of work on controlled use of farmland for the purposes of housing construction in the Belgorod region. It analyzes the activities of the Federal Fund sodeyst-tions Housing (RHD) with the risk position of agriculture and to ensure the reduction of barriers to housing access.
    Keywords: state regulation, rural land, construction, Uzbekistan, Russia, USA
    Date: 2016–06–28
  231. By: Peschel, Anne Odile; Zielke, Stephan; Scholderer, Joachim
    Abstract: When deciding between product alternatives, consumers have to compare the observed prices to their internal reference price to determine whether the offer is a good deal or not. For product innovations, for which no reference price has been established, it is unclear against which standard the observed price is compared. Despite extensive research on the use of reference prices, little attention has been devoted to the formation of an internal reference price for an unfamiliar product category. We suggest two mechanisms of how reference prices are constructed and find support for these in two experiments. Reference prices for an unfamiliar product category can either be formed through repeated exposure to incidental price information or through transfer of price information from a familiar, similar product category to an unfamiliar product category. Crucial is however that the product price-value relationship is consistent; a condition often not accounted for in product innovation testing.
    Keywords: Behavioural pricing, internal reference price, product innovation, Agribusiness, Agricultural Finance, Demand and Price Analysis, International Development, International Relations/Trade,
    Date: 2016–05
  232. By: van Hoorn, Andr (Groningen University)
    Date: 2016
  233. By: Parantap Basu (Durham Business School); Sigit Sulistiyo Wibowo (Universitas Indonesia Depok)
    Abstract: This study investigates the formation of risk-sharing group in circumstances where households face barriers to insurance. We test alternative risk sharing models which include full risk sharing, borrowing-saving and private information about income and e↵orts. Using the Indonesia Family Life Survey (IFLS) dataset, this study provides evidence that the full risk-sharing hypothesis fails. There is some evidence that IFLS households smooth consumption using the credit market. No evidence is found in favor of risk sharing models with private information about e↵ort and productivity. We then explore the possibility of Indonesian households forming stable informal risk sharing groups to mitigate idiosyncratic consumption risks. We find strong evidence of such endogenous group formation among IFLS households as a vehicle of informal risk sharing.
    Keywords: credit access, risk sharing, endogenous group formation
    Date: 2015–02
  234. By: Virginie Svenningsen (CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Eva Boxenbaum (Copenhagen Business School - CBS - Copenhagen Business School [Copenhagen], CGS i3 - Centre de Gestion Scientifique i3 - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University - CNRS - Centre National de la Recherche Scientifique); Davide Ravasi (Cass Business School - City University London)
    Abstract: The present article examines how employees cope with an organizational setting that is institutionally complex. The empirical setting is a French energy corporation that simultaneously pursues a logic of science and a logic of market through multiple research partnerships with public and private actors engaged in the energy transition. We draw on the literature on institutional logics and hybrid organizations to examine how employees of this French energy corporation deal with this institutionally complex environment. Our findings point to three strategies that individuals use to cope with institutional complexity in their organizational setting: aggregating, selective coupling and compartmentalizing. Each individual uses only one strategy. The findings further suggest three psychological factors that seem to explain which of these strategies a given individual adopts for coping with institutional complexity: tolerance for ambiguity, preference for holism, and preference for reductionism. We integrate these findings into a two-dimensional model. These findings contribute to illuminating how individuals cope with institutional complexity in their organizational setting, an insight that can help shed light on why organizations respond somewhat differently to the same institutionally complex field.
    Keywords: energy transition., hybrid organizations,Institutional complexity, multiple institutional logics
    Date: 2016–07–07
  235. By: Randall Jackson (Regional Research Institute, West Virginia University); Amir B. Ferreira Neto (Regional Research Institute, West Virginia University); Elham Erfanian (Regional Research Institute, West Virginia University)
    Abstract: This paper estimates the economic and environmental impacts of introducing woody biomass processing (WBP) in a rural area in central Appalachia. WBP is among the most promising additions to energy generation portfolios for reducing import dependency and at the same time providing economic opportunity to stimulate regional economies, especially in rural regions where economic development options are often limited. We use an input-output framework to assess regional economic impacts of introducing WBP under three different pathways, fast pyrolysis, ethanol and coal/biomass to liquids. Based on an analysis of local biomass feedstock supply and using the results of life cycle assessments to parameterize the three production functions, we find that the proposed WBP will increase the regional output by $333.3 to $564.0 million dollars; it will increase income by $51.31 to $70.75 million dollars and employment by 850.7 to 1670 jobs in the region. Of these impacts, the direct portions are 63% to 77% of the total impact, depending on the chosen pathway. The results from the accompanying environmental assessment show that only the ethanol pathway has both economic and environmental benefits.
    Keywords: woody biomass processing, input output analysis, life cycle assessment, central Appalachia, rural economic development
    JEL: R58 R15 Q51
    Date: 2016–08
  236. By: de Avila Santos, João Heitor; de Barcellos, Marcia Dutra; Sauvée, Loïc
    Abstract: The way the firm uses its technological resources and competences, the ability to combine/recombine components, methods, processes and techniques to offer products and services plays a central role on the innovation process (AFUAH, 2002). As Indarti (2010) points out, the interactions are a key element in the process of gaining access to, acquire, and develop knowledge for the stimulation of a firm’s activities in the field of innovation. From the intra‐firm perspective, to innovate, Paruchuri (2010) argues that a firm that can improve the diffusion of knowledge internally will benefit from enhanced innovative activity. Aalbers (2015) reflecting on the governance of knowledge sharing inside organizations, suggest that knowledge may come to be difficult to transfer because of the boundaries dynamics. In light of these authors insights the aim of this paper is to present an overview of the research regarding Interactions, Innovation and Intra‐firm Coordination. For that, we performed a bibliometrics study within the Web of Science (WoS) and the Elsevier’s Scopus libraries. A final sample of 111 papers were built after several refinements. The results suggest a growing tendency of the publications on the subject. The most cited papers have a gap of almost twelve years in between it, which shows that the construction of knowledge, about the topics innovation interactions and intra‐firm coordination are still attached to what was published a long time ago, for the initiators of this research field, but the works of Dolfsma et al (2008) and Leendert et al (2015) shows us a new trend and that new researchers are using these brand new works as references to perform new studies.
    Keywords: Innovation, Interactions, Coordination, Intra‐firm, Bibliometrics, Agribusiness,
    Date: 2016–05
  237. By: Sugata Marjit
    Abstract: The recent Brexit episode is being interpreted in some quarters as an anti-globalisation backlash. Free trade does not promise gains for all without a proper compensating mechanism that allows winners to bribe the losers. Also standard prediction of trade theory does point towards increasing wage inequality for the relatively skill abundant developed world. Theoretical discussion on compensating mechanism that addresses inequality is rare in trade literature. In a simple HOS model we consider tax policies that keep the pre-trade degree of inequality unchanged between skilled and unskilled workers. We discuss the problem of existence of such an inequality-neutral tax rate that generates a positive increment in the after tax skilled wage. Such a mechanism is likely to exist and is independent of whether the tax is progressive or proportional.
    Keywords: Trade Model; Wage inequality; Compensation mechanism; Tax policy
    Date: 2016
  238. By: Bangsund, Dean A.; Shaik, Saleem; Saxowsky, David; Hodur, Nancy M.; Ndembe, Elvis
    Keywords: Community/Rural/Urban Development, Environmental Economics and Policy, Public Economics, Risk and Uncertainty,
    Date: 2016–09
  239. By: Rozite, Kristiana; Bezemer, Dirk J.; Jacobs, Jan P.A.M. (Groningen University)
    Date: 2016
  240. By: Alexis Anagnostopoulos; Eva Carceles-Poveda; Yair Tauman
    Date: 2016
  241. By: Joachim R. Groeger
    Abstract: In this paper I empirically investigate prediction markets for binary options. Advocates of prediction markets have suggested that asset prices are consistent estimators of the "true" probability of a state of the world being realized. I test whether the market reaches a "consensus." I find little evidence for convergence in beliefs. I then determine whether an econometrician using data beyond execution prices can leverage this data to estimate the consensus belief. I use an incomplete specification of equilibrium outcomes to derive bounds on beliefs from order submission decisions. Interval estimates of mean beliefs cannot exclude aggregate beliefs equal to 0.5.
    Date: 2016–09
  242. By: Reddy, Kotapati Srinivasa
    Abstract: The surge in Asian electronics business becomes a global platform for international vendors and customers. Conversely, Chinese and Korean firms have become the foremost manufacturing & fabrication nucleus for electronic supplies in the world. This is also a roaring example of success from Asian developing nations. This case presents the fortune of Asian rivals in the electronics business that made Philips and Panasonic to redesign and reform their global tactics for long-term sustainable occurrence in the emerging economies market. Further, it also discusses the reasons behind their current mode of business and post deal issues. This case describes a way to impart the managerial and leadership strategies from the regular business operations happening in and around the world. Exclusively, it focuses on designing inorganic choices such as self-off, joint venture, shuffle and merging strategies from theory to application.
    Keywords: Asian electronics market; sell-offs; joint ventures; TV business; multinational companies; layoffs
    JEL: G3 G34 M1 M16 M3
    Date: 2016
  243. By: Fernando Rios-Avila
    Abstract: This document presents a description of the quality of match of the statistical matches used in the LIMTCP estimates prepared for Ghana and Tanzania. For Ghana, the statistical match combines the Living Standards Survey Round 6 (GLSS6) with the Ghana Time Use Survey (GTUS) 2009, and for Tanzania it combines the Household Budget Survey (THBS) 2012 with the time-use data obtained from the Integrated Labor Survey Module (ILFS) 2006. In both cases, the alignment of the two datasets is examined, after which various aspects of the match quality are described. Despite the differences in the survey years, the quality of match is high and the synthetic dataset appropriate for the time poverty analysis.
    Keywords: Statistical Matching; Time Use; Household Production; Poverty; LIMTCP; Ghana; Tanzania
    JEL: C14 C40 D31 J22
    Date: 2016–09
  244. By: Johannes Abeler (University of Oxford, IZA and CESifo); Daniele Nosenzo (University of Nottingham, School of Economics); Collin Raymond (Amherst College)
    Abstract: We study information conditions under which individuals are willing to delegate their sanctioning power to a central authority. We design a public goods game in which players can move between institutional environments, and we vary the observability of others' contributions. We find that the relative popularity of centralized sanctioning crucially depends on the interaction between the observability of the cooperation of others and the absence of punishment targeted at cooperative individuals. While central institutions do not outperform decentralized sanctions under perfect information, large parts of the population are attracted by central institutions that rarely punish cooperative individuals in environments with limited observability.
    Keywords: centralized sanctions, cooperation, experiment, endogenous institutions
    Date: 2016
  245. By: Georgescu, George
    Abstract: Despite theoretical and methodological improvements by national accounts framework revisions, not without disputes and confrontations of views, the growing complexity of economic and social phenomena under globalization circumstances has led to increasing difficulties in the design, monitoring and implementation of specific policies depending on GDP indicator. The paper focuses on the analysis of the GDP relevance and limitations in its interpretation, including a retrospective view. Some inconsistencies as regards the metrics of GDP (illegal activities, unobserved economy, self-consumption in rural households, owner’s imputed rents) are highlighted. Because the GDP does not take into account the impact of important factors of progress (depletion of natural resources, environmental factors, urban concentration and rural depopulation etc.) and does not reflects neither the citizens wellbeing (starting from Easterlin Paradox), efforts to develop new statistical standards in order to complement/substitute GDP with other indicators and/or building composite indicators that integrates various aspects of quality of life have been made, but without meeting a general consensus at the global level. In the end of the paper other derived indicators (GNP, GNI, AIC) are discussed and some considerations regarding the time horizon of Romania’s real convergence with the EU, including the accession to Eurozone are added.
    Keywords: System of National Accounts; GDP limitations; International Comparison Program; wellbeing; Romania EU convergence
    JEL: B15 B41 C82 E01 N10 O11
    Date: 2016–09–10
  246. By: David Gaukrodger
    Abstract: Many governments have expressed concerns about the uncertainty linked to the perceived inconsistency of treaty interpretation in Investor-State dispute settlement (ISDS). An OECD-hosted intergovernmental investment roundtable has been considering a range of tools through which governments can take action to improve the interpretation of investment treaties and some participants suggested consideration of the potential role of State-to-State dispute settlement (SSDS) in this area. This paper responds to this interest. The first part sets forth a rough typology of possible SSDS claims under investment treaties. The second part outlines policy issues relating to a possible type of SSDS claim which would be most relevant to the question of interpretation, for so-called “pure” interpretation of an investment treaty. The analysis seeks to identify policy reasons why governments might wish to provide for or exclude the power to obtain pure interpretations of investment treaties from SSDS tribunals or to make it broad or narrow. The final section examines SSDS cases under investment treaties addressing claims for interpretation.
    Keywords: foreign investment, international investment, international investment law, international economic law, international arbitration, investment treaties, international investment agreements, investor-state dispute settlement, bilateral investment treaties
    JEL: F02 F13 F21 F23 F53 K23 K33 K4 K41
    Date: 2016–09–13
  247. By: Bjerre, Liv; Helbling, Marc; Römer, Friederike; Zobel, Malisa Zora
    Abstract: The Immigration Policies in Comparison (IMPIC) database includes data on migration policies for 33 OECD countries and the period 1980-2010. The dataset is presented in Helbling, Marc, Liv Bjerre, Friederike Römer and Malisa Zobel (2016) “Measuring Immigration Policies: The IMPIC-Database”, European Political Science (forthcoming). When using the data, please cite Helbling et al (2016) and, when appropriate, this discussion paper (Bjerre et al 2016). Please always include the version number in analyses using the dataset. This technical report provides additional information on the data collection (part 1), the codebook of the dataset (part 2), a glossary that defines the relevant terms and concepts that have been used (part 3) and the questionnaire that has been used to collect the data (part 4).
    Keywords: immigration,policy,measurement,aggregation
    Date: 2016
  248. By: Engelseth, Per; Hogset, Heidi
    Abstract: Supply chain management is adapted to the particularities of local foods production characterised by short chains and intensive horizontal and vertical networking in an integrated context. A case study of chain of local foods logistics to a common retailer in Norway empirically grounds what constitutes "supply chain management of local foods". Findings based on analysis applying contingency theory indicate that local foods chains not only are short in structure. They are differentiated grounded in a developed local reputation. They also resemble in structure as well as operations more service supply chains than modernistic supply chains due of heightened reciprocal interdependencies demanding quality networking. The exchange economy is therefore vital in managing local foods logistics.
    Keywords: Local foods logistics, Supply chain management, Contingency theory, Interdependencies, Exchange economy, Agribusiness,
    Date: 2016–05
  249. By: Christopher Jepsen; Lisa K. Jepsen
    Abstract: We use data from the 2000 decennial Census to compare differences in earnings, hours worked, and labor-force participation between members of different household types, including same-sex couples, different-sex couples, and roommates. Both same-sex and different-sex couples exhibit some degree of household specialization, whereas roommates show little or no degree of specialization. Of all household types, married couples exhibit by far the highest degree of specialization with respect to labor-market outcomes. With respect to differences in earnings and hours, gay male couples are more similar to married couples than lesbian or unmarried heterosexual couples are to married couples.
    Keywords: Same-sex couples; Wages; Household type; Labor market outcomes
    Date: 2014–12
  250. By: Peter A. Streufert (University of Western Ontario)
    Abstract: It would be useful to have a category of extensive-form games whose isomorphisms specify equivalences between games. Since working with entire games is too large a project for a single paper, I begin here with preforms, where a “preform” is a rooted tree together with choices and information sets. My first contribution is to introduce a compact preform specification called a “node-and-choice” preform. This specification’s compactness allows me to introduce tractable morphisms which map one node-and-choice preform to another. I incorporate these morphisms into a category called the “category of node-and-choice preforms”. Finally, I characterize the isomorphisms of this category.
    Date: 2016
  251. By: Ignacio Benito Amaro; Gustavo Ferro
    Abstract: Se establece una relación entre precios de vinos de alta gama y sus determinantes. Se responde a las preguntas ¿Qué explica el precio de los vinos de alta calidad? ¿Cómo influyen en el precio elementos que están (en buena parte, aproximadamente o escasamente) en manos de los productores? Para ello, se construye una base de datos de trece años de los 100 mejores vinos que anualmente selecciona la publicación Wine Spectator. Con ella se estima una regresión de precios hedónicos. Se identifican bodegas, orígenes y un país, cuyos vinos están “sobrevalorados” o “subvalorados” respecto a lo que el modelo indica. We determine a relationship between high quality wines and its drivers. We answer the questions: What variables explain high-quality wine prices? How do certain factors (highly, slightly or scarcely) under control of the suppliers, influence prices? To respond, we build a database with thirteen years of the best 100 wines annually ranked in Wine Spectator magazine. With the database we estimate a hedonic price regression. We also identify wineries, origins and a country whose wines are “overvalued” or “undervalued” with respect to model’s predictions.
    Keywords: wine, hedonic prices
    JEL: D12 C20 L66
    Date: 2016–09
  252. By: Alcázar, Lorena (Grupo de Análisis para el Desarrollo (GRADE)); Ocampo, Diego
    Abstract: La violencia contra la mujer es un gran problema que no solo tiene enormes consecuencias en las víctimas directas. Además, perturba todo el ámbito familiar, y atenta contra el desarrollo integral de los niños y las niñas. Utilizando datos de la Encuesta Demográfica y de Salud Familiar (ENDES), este estudio estima el efecto que tiene la violencia de género sobre la probabilidad de que los niños y las niñas repitan el año escolar. La violencia en el hogar genera un clima de tensión que impide el normal desarrollo cognitivo y de habilidades de los niños y las niñas. Al mismo tiempo, las madres víctimas de violencia tienen menos capacidad de brindar a sus hijos el cuidado y la atención que necesitan, lo cual contribuye a reducir el desarrollo de las habilidades de los niños y las niñas. Estos dos efectos suelen reflejarse en un desempeño escolar más pobre en comparación con el de sus pares que no sufren este problema. Por otra parte, el estudio no encuentra evidencia de que la violencia doméstica contra la madre tenga un efecto diferenciado entre las niñas y los niños.
    Keywords: Violencia domestica,Rendimiento escolar, Repetición, Niños, Domestic violence, Academic achievement, Grade repetition, Children, Peru
    JEL: I21
    Date: 2016
  253. By: Anthoff, David; Emmerling, Johannes
    Abstract: This paper presents a novel way to disentangle inequality aversion over time from inequality aversion between regions in the computation of the Social Cost of Carbon. Our approach nests a standard efficiency based Social Cost of Carbon estimate and an equity weighted Social Cost of Carbon estimate as special cases. We also present a methodology to incorporate more fine grained regional resolutions of income and damage distributions than typically found in integrated assessment models. Finally, we present quantitative estimates of the Social Cost of Carbon that use our disentangling of different types of inequality aversion. We use two integrated assessment models (FUND and RICE) for our numerical exercise to get more robust findings. Our results suggest that inequality considerations lead to a higher (lower) SCC values in high (low) income regions relative to an efficiency based approach, but that the effect is less strong than found in previous studies that use equity weighting. Our central estimate is that the Social Cost of Carbon increases roughly by a factor of 2.5 from a US perspective when our disentangled equity weighting approach is used.
    Keywords: Social Cost of Carbon, Inequality, Climate Change, Discounting, Equity Weighting, Integrated Assessment Model, Resource /Energy Economics and Policy, D63, H43, Q54,
    Date: 2016–08–30
  254. By: Anne-Isabelle Poullié (HAS - Haute Autorité de Santé [Saint-Denis La Plaine]); Magali Cognet (Amaris - Amaris - Amaris London); Aline Gauthier (Amaris - Amaris - Amaris London); Marine Clementz (Amaris - Amaris - Amaris London); Sylvain Druais (Amaris - Amaris - Amaris London); Hans-Martin Späth (UCBL - Université Claude Bernard Lyon 1); Lionel Perrier (Centre Léon Bérard [Lyon], GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - CNRS - Centre National de la Recherche Scientifique); Oliver Scemama (HAS - Haute Autorité de Santé [Saint-Denis La Plaine]); Catherine Rumeau Pichon (HAS - Haute Autorité de Santé [Saint-Denis La Plaine]); Jean-Luc Harousseau (HAS - Haute Autorité de Santé [Saint-Denis La Plaine])
    Abstract: Objectives: Untreated obstructive sleep apnea-hypopnea syndrome (OSAHS) is associated with excessive daytime sleepiness, increased risk of cardiovascular (CV) disease, and road traffic accidents (RTAs), which impact survival and health-related quality of life. This study, funded by the French National Authority for Health (HAS), aimed to assess the cost-effectiveness of different treatments (i.e., continuous positive airway pressure [CPAP], dental devices, lifestyle advice, and no treatment) in patients with mild-to-moderate OSAHS in France. Methods: A Markov model was developed to simulate the progression of two cohorts, stratified by CV risk, over a lifetime horizon. Daytime sleepiness and RTAs were taken into account for all patients while CV events were only considered for patients with high CV risk. Results: For patients with low CV risk, incremental cost-effectiveness ratio (ICER) of dental devices versus no treatment varied between 32,976 EUR (moderate OSAHS) and 45,579 EUR (mild OSAHS) per quality-adjusted life-year (QALY), and CPAP versus dental devices, above 256,000 EUR/QALY. For patients with high CV risk, CPAP was associated with a gain of 0.62 QALY compared with no treatment, resulting in an ICER of 10,128 EUR/QALY. Conclusion: The analysis suggests that it is efficient to treat all OSAHS patients with high CV risk with CPAP and that dental devices are more efficient than CPAP for mild-to-moderate OSAHS with low CV risk. However, out-of-pocket costs are currently much higher for dental devices than for CPAP (i.e., 3,326 EUR versus 2,430 EUR) as orthodontic treatment is mainly non-refundable in France.
    Keywords: Continuous positive airway pressure, Dental devices, Obstructive sleep apnea, Cost-effectiveness analysis
    Date: 2016
  255. By: Ozkan Eren; Naci Mocan
    Abstract: Employing the universe of juvenile court decisions in a U.S. state between 1996 and 2012, we analyze the effects of emotional shocks associated with unexpected outcomes of football games played by a prominent college team in the state. We investigate the behavior of judges, the conduct of whom should, by law, be free of personal biases and emotions. We find that unexpected losses increase disposition (sentence) lengths assigned by judges during the week following the game. Unexpected wins, or losses that were expected to be close contests ex-ante, have no impact. The effects of these emotional shocks are asymmetrically borne by black defendants. We present evidence that the results are not influenced by defendant or attorney behavior or by defendants’ economic background. Importantly, the results are driven by judges who have received their bachelor’s degrees from the university with which the football team is affiliated. Different falsification tests and a number of auxiliary analyses demonstrate the robustness of the findings. These results provide evidence for the impact of emotions in one domain on a behavior in a completely unrelated domain among a uniformly highly-educated group of individuals (judges), with decisions involving high stakes (sentence lengths). They also point to the existence of a subtle and previously-unnoticed capricious application of sentencing.
    JEL: D02 D03 J15 J71 K4 K41
    Date: 2016–09
  256. By: Junichi Fujimoto (National Graduate Institute for Policy Studies); Junsang Lee (Sungkyunkwan University)
    Abstract: This paper examines efficient risk sharing under limited commitment and search frictions. The model features a social planner and a continuum of risk-averse workers, where the planner is able to provide consumption only to workers matched with the planner and faces an aggregate resource constraint, while workers can walk away from the match in any period and search for a new match. The formation of new matches and the exogenous destruction of existing ones substantially expand the set of feasible stationary allocations, providing a role for the social welfare function. In the benchmark case of the Benthamite social welfare function, we find that the efficient stationary allocation exhibits novel consumption dynamics: Consumption begins at a relatively low level, converges toward a certain level when the participation constraint is slack, and jumps up when it binds. We then explore the role of limited commitment in generating such rich consumption dynamics.
    Date: 2016–09
  257. By: Dieterle, Steven; Bartalotti, Otávio C.; Brummet, Quentin O.
    Abstract: We reassess the literature using county border pair identification strategies to examine the effects of UI benefit duration on labor market conditions. We extend these previous approaches using a regression discontinuity-based approach that controls for changes in unobservables by distance to the border and accounts for measurement error induced by using county-level aggregates. Our new results provide no evidence of a large change in unemployment induced by differences in UI generosity across state boundaries, bringing the evidence from border-based identification strategies in line with estimates from other strands of the UI benefit duration literature.
    Date: 2016–04–21
  258. By: Briggeman, Brian; Jacobs, Keri; Kenkel, Phil; McKee, Greg
    Date: 2016–01–01
  259. By: Adolfo Meisel-Roca.
    Abstract: A comienzos del siglo XX la economía colombiana se encontraba afectada negativamente por las consecuencias de la Guerra de los Mil Días (1899-1902), la cual dejó la moneda completamente depreciada por una inflación que había llegado a más del 300% anual. A pesar de este panorama desolador, entre 1904 y 1922, Colombia logró estabilizar su economía y tener un sólido crecimiento exportador sobre la base del café. Esto le permitió al país, a comienzos de la década de 1920, llevar a cabo reformas económicas para atraer prestamos del exterior, mejorar la infraestructura de transporte y así ubicarse en los primeros lugares en crecimiento económico en América Latina. En este contexto se generaron las bases para la creación del Banco de la República en 1923. Este documento tiene como propósito describir los antecedentes políticos y económicos que forjaron la creación del banco central colombiano. Classification JEL: E31, E42, E58.
    Keywords: Banco de la República, inflación, tasa de cambio.
    Date: 2015–12
  260. By: Hans Gersbach (ETH Zurich, Switzerland); Volker Britz (ETH Zurich, Switzerland); Hans Haller (Virginia Polytechnic Institute)
    Abstract: We study the consequences and optimal design of bank deposit insurance in a general equilibrium model. The model involves two production sectors. One sector is financed by issuing bonds to risk-averse households. Firms in the other sector are monitored and financed by banks. Households fund banks through deposits and equity. Deposits are explicitly insured by a de- posit insurance fund. Any remaining shortfall is implicitly guaranteed by the government. The deposit insurance fund charges banks a premium per unit of deposits whereas the government finances any necessary bail-outs by lump-sum taxation of households. When the deposit insurance premium is actuarially fair or higher than actuarially fair, two types of equilibria emerge: One type of equilibria supports the socially optimal (Arrow-Debreu) allo- cation, and the other type does not. In the latter case, bank lending is too large relative to equity and the probability that the banking system collapses is positive. Next, we show that a judicious combination of deposit insurance and reinsurance eliminates all non-optimal equilibrium allocations.
    Keywords: Financial intermediation, deposit insurance, capital structure, general equilibrium, reinsurance
    JEL: D53 E44 G2
    Date: 2016–09
  261. By: Jorge Calero (University of Barcelona & IEB); Rosario Ivano Scandurra (University of Barcelona)
    Abstract: Research in the social sciences has focused extensively on the relationship between family background, educational attainment and social destination, on the one hand, and on the processes of skills creation and skills use, on the other. This paper brings these two branches of the literature together by examining the correlation between a range of social factors. The methodology we adopt provides a comprehensive approach to the study of the channels through which literacy skills are acquired, taking into account the interrelation of family background, educational attainment, and the use of skills at work and at home. We use the Programme of International Assessment of Adult Competences (PIAAC) dataset and apply a structural equation model (SEM). Our results show that family background and education play an important role in the configuration of adult skills and skill practices. Unequal family access to resources has a strong impact at later stages in life and strongly affects educational attainment and skills outcomes. Additionally, skills use has a positive and direct impact on adult skills.
    Keywords: Skills, education, family background, SEM, literacy, PIAAC
    JEL: I2 I24
    Date: 2016
  262. By: Nils Herger (Study Center Gerzensee, Switzerland.)
    Abstract: This paper examines several versions of the (covered and uncovered) interest parity condition that arguably held as regards the investment demand for bills of exchange during the classical gold standard (1880 - 1914). Contemporaneous guide books about the foreign exchanges report that close connections between the exchange and interest (or discount) rates arose mainly between London and the major financial centres on the European continent. As implied by the interest parity condition, and in particular when future exchange rate movements were covered via a suitable long-bill transaction, weekly data suggest indeed that between Paris, Amsterdam, Berlin and London, the return from discounting bills of exchange in the local money market was roughly equivalent to the (exchange rate adjusted) return from investing in foreign bills.
    Keywords: Covered interest parity condition; Exchange rates; Gold standard; Uncovered interest parity condition
    JEL: F31 N13 N23
    Date: 2016
  263. By: Lundberg, Jacob (Department of Economics); Waldenström, Daniel (Research Institute of Industrial Economics (IFN))
    Abstract: This paper presents new estimates of wealth inequality in Sweden during 2000–2012, linking wealth register data up to 2007 and individually capitalized wealth based on income and property tax registers for the period thereafter when a repeal of the wealth tax stopped the collection of individual wealth statistics. We find that wealth inequality increased after 2007 and that more unequal bank holdings and apartment ownership appear to be important drivers. We also evaluate the performance of the capitalization method by contrasting its estimates and their dispersion with observed stocks in register data up to 2007. The goodness-of-fit varies tremendously across assets and we conclude that although capitalized wealth estimates may well approximate overall inequality levels and trends, they are highly sensitive to assumptions and the quality of the underlying data sources.
    Keywords: Wealth distribution; Capitalization method; Investment income method; Gini co-efficient; Top wealth shares; Great Recession
    JEL: D31 H20 N32
    Date: 2016–08–31
  264. By: Ma, Zhixia
    Date: 2016–01–01
  265. By: ITO Koji; ZHU Lianming; YUKIMOTO Tadashi
    Abstract: Foreign production and sales of Japanese multinational firms are factors that may have impeded the recovery of Japanese exports experienced since 2010 after the world financial crisis. By applying the two-stage least squares method for the matched panel data of the Basic Survey of Japanese Business Structure and Activities, Survey of Overseas Business Activities, and Census of Manufacture and Economic Census for Business Activity from 2000 to 2012, this paper estimates two gravity equations for exports and foreign sales of Japanese manufacturing multinational firms simultaneously and analyzes what has caused Japanese exports to fall in the 2010s. The result of the estimation indicates exports are affected positively by foreign sales and negatively by foreign markets and exchange rates while foreign sales are affected positively by exports and foreign markets and negatively by exchange rates. The result implies that inactive foreign sales of multinational firms as well as appreciation of the Japanese yen and recovery of foreign markets have induced the stagnation of Japanese exports in the 2010s.
    Date: 2016–08
  266. By: Stepantsov, Pavel (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Yermakova, V.B. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The object of the study are: epistemic base of sociological theorizing. The first chapter is devoted to the reconstruction method of formation of the theory of reflection by the explication of the basic metaphors and its problematization. The second chapter is designated a basic metaphor for the present study (theoretical work as communication) and explores its possibilities. It also built the concept theorizing metonymic strategy opposed to the already existing and well-established metaphorical strategy. The third chapter contains illustrations of the architecture based on the dyad model Jacobson theoretical work. The main result is the theoretical conceptualization and description metonymic model of thinking in social theory based on the idea of ??the two poles (metaphorical and metonymic) theoretical work.
    Keywords: sociological theorizing, strategies
    Date: 2016–06–28
  267. By: Yuzhakov, Vladimir Nikolaevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Dobrolyubova, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Klochkova, E.N. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The analysis of state programs of the Russian Federation, on the basis of which prepared guidelines for the development of state programs of the Russian Federation, as well as guidelines for evaluating the effectiveness of state programs of the Russian Federation.
    Keywords: State Programs, Russia, Guidelines
    Date: 2016–05–18
  268. By: Froemel, M.; Gottlieb, C.
    Abstract: In this paper, we quantify the effects of the Earned Income Tax Credit (EITC) from a macroeconomic perspective. We use an incomplete markets model to analyze jointly the labor supply and saving responses to changes in tax credit generosity and their aggregate and distributional implications. In line with existing literature, our results show that the EITC is an effective policy instrument to raise labor force participation and provide insurance to working poor households. However, we show that the EITC also disincentivizes private savings for a large part of the population, except for the poorest transfer recipients. Furthermore, since unskilled labor supply reacts more strongly than skilled workers’ labor supply, wages for low skilled workers fall relative to high skilled workers. Whilst reducing post-tax earnings inequality, the EITC contributes to both a higher skill premium and wealth inequality. Finally, our welfare analysis suggests that EITC expansions are welfare improving for the majority of the population, both ex ante and when accounting for transitional dynamics.
    Date: 2016–09–05
  269. By: Magali Chaudey (Univ Lyon, UJM Saint-Etienne, GATE L-SE UMR 5824, F-42023 Saint- Etienne, France); Marion Dessertine (Univ Lyon, UJM Saint-Etienne, GATE L-SE UMR 5824, F-42023 Saint- Etienne, France)
    Abstract: Depuis leur mise en place en 2005, les pôles de compétitivité se présentent comme un instrument structurant de la politique industrielle française. A partir de la mise en oeuvre d’un modèle d’évaluation bien identifié dans la littérature, ce travail propose une estimation quantifiée de l’effet des pôles de compétitivité sur l’emploi des entreprises participant aux projets de R&D des pôles. Cette observation est menée à partir de la construction d’une base de données originale et la mobilisation d’une méthode d’évaluation en double différence. Cet article conclut à un effet positif et significatif des pôles de compétitivité français sur l’emploi.
    Keywords: Pôle de compétitivité, Emploi, R&D, Différences-de-différences
    JEL: C81 L52 O32
    Date: 2016
  270. By: Poppe, Krijn
    Abstract: In 2020 the Common Agricultural Policy of the European Union has to be renewed. This raises the question which policy would be optimal for the 3rd decade of the century, seen the changes in agriculture (decline in the number of farmers, effect of ict and other new technologies, concentration in the food chain etc.) and public issues that ask for solutions (climate change, sustainability, need for jobs and growth in rural development, food policy etc.) The history of the CAP has shown that policy changes are often incremental. Some argue that especially in 2020 changes will be small as the term of the policy is out of sync with the budget cycle (important decisions on the CAP are not taken without a decision on the EU’s financial framework) and as the CAP decision will be at the moment that the current commissioners hand over their mandate to their successors. However this should not prevent scholars from coming up with fresh ideas on how the policy could be made more effective and efficient for a resilient agriculture and food and nutrition security in a sustainable environment.
    Keywords: Agribusiness, Agricultural and Food Policy,
    Date: 2016–05
  271. By: David Wettstein (BGU); Ines Macho-Stadler (Universitat Autonoma de Barcelona and Barcelona GSE); David Perez-Castrillo (Universitat Autonoma de Barcelona and Barcelona GSE)
    Keywords: Externalities, Sharing the surplus, Average Approach
    JEL: D62 C71
    Date: 2016
  272. By: Francesco Bogliacino; Dario Guarascio
    Abstract: En este artículo, analizamos el proceso de integración monetaria europea, mostrando las determinantes estructurales y los elementos disfuncionales en las instituciones. En segunda instancia, mostramos como hay dos lecturas prevalentes que fallan al interpretar los acontecimientos. Por un lado, hay una interpretación ideológica que ve en el proceso de integración un proceso de convergencia con el cual no hay que interferir. Por otra parte, aparece una visión idealista según la cual el objetivo de integración prevalece sobre cualquier contradicción engendrada a nivel institucional. La combinación de estas dos visiones sirvió para justificar las intervenciones postcrisis (las políticas de austeridad) y la construcción institucional que siguió tras estas agravando la inestabilidad.
    Keywords: área monetaria óptima, balanza de pago, crisis financiera, austeridad, integración europea
    JEL: B52 F45 F53 O52
    Date: 2016–09–01
  273. By: International Monetary Fund.
    Abstract: On April 16, Ecuador was hit by a strong 7.8­magnitude earthquake which has created new fiscal and balance of payments needs. The earthquake compounds the existing difficulties facing Ecuador that include declining oil prices, U.S. dollar appreciation, low international reserves, and limited access to international financing, which have worsened the fiscal, economic, and financial outlook. The authorities’ policy response to the earthquake has been timely, but limited access to financing and a weak fiscal position constrain the ability to pursue a deeper emergency and reconstruction response. Real GDP is expected to contract significantly this year and the next.
    Date: 2016–09–09
  274. By: Laurens Cherchye; Bram De Rock; Thomas Demuynck
    Abstract: We study the testable implications of normal demand in a two-goods setting. For a finite dataset on prices and quantities, we present the revealed preference conditions for normality of one or both goods. Our characterization provides an intuitive extension of the well-known Weak Axiom of Revealed Preference, and is easy to use in practice. We illustrate the empirical relevance of our theoretical results through an application to the experimental dataset presented in Andreoni and Miller (2002).
    Date: 2016–09
  275. By: Hegyi, Adrienn; Kertész, Zsófia; Kuti, Tünde; Sebők, András
    Abstract: The aim of our research was to explore the consumers’ attitude towards healthy diet and food consumption and measure the acceptance of these types of products on the product portfolio developed in PATHWAY-27 projects. The benefit of the experiment was to have a better understanding on HTAS based questionnaire with using real prototypes of bioactive enriched foods with potential health claims. The results showed clearly, that unusual appearance and flavour have negative effect on the opinion of the product and the positive health effect also increases the acceptance of the products.
    Keywords: HTAS, functional foods, sensory test, bioactive enriched foods, Agribusiness, Food Consumption/Nutrition/Food Safety,
    Date: 2016–05
  276. By: Francis X. Diebold; Frank Schorfheide; Minchul Shin
    Abstract: Recent work has analyzed the forecasting performance of standard dynamic stochastic general equilibrium (DSGE) models, but little attention has been given to DSGE models that incorporate nonlinearities in exogenous driving processes. Against that background, we explore whether incorporating stochastic volatility improves DSGE forecasts (point, interval, and density). We examine real-time forecast accuracy for key macroeconomic variables including output growth, inflation, and the policy rate. We find that incorporating stochastic volatility in DSGE models of macroeconomic fundamentals markedly improves their density forecasts, just as incorporating stochastic volatility in models of financial asset returns improves their density forecasts.
    JEL: E17
    Date: 2016–09
  277. By: Cole, Stephen J. (Department of Economics Marquette University)
    Abstract: This paper examines the effectiveness of central bank forward guidance under inflation and price-level targeting monetary policies. The results show that the attenuation of the effects of forward guidance can be solved if a central bank switches from inflation targeting to price-level targeting. Output and inflation respond more favorably to forward guidance with price-level targeting than inflation targeting. A monetary policy rule that aggressively reacts to inflation and includes interest rate inertia narrows the performance gap between the two policy regimes. However, forward guidance with price-level targeting is still preferred to forward guidance with inflation targeting after performing multiple robustness checks.
    Keywords: Forward Guidance, In ation Targeting, Price-Level Targeting, Monetary Policy
    JEL: E30 E31 E50 E52 E58 E60
    Date: 2016–08
  278. By: Holtrop, Niels; Wieringa, Jakob; Gijsenberg, Maarten; Stern, P. (Groningen University)
    Date: 2016
  279. By: Hugh Rockoff
    Abstract: During World War II the United States rapidly transformed its economy to cope with a wide range of scarcities, such as shortfalls in the amounts of ocean shipping, aluminum, rubber, and other raw materials needed for the war effort. This paper explores the mobilization to see whether it provides lessons about how the economy could be transformed to meet scarcities produced by climate change or other environmental challenges. It concludes that the success of the United States in overcoming scarcities during World War II without a major deterioration in living standards provides a basis for optimism that environmental challenges can be met, but that the unique political consensus that prevailed during the war limits the practical usefulness of the wartime model.
    JEL: N42
    Date: 2016–09
  280. By: Kronick, Jeremy
    Abstract: ABSTRACT: This paper investigates the relationship in the Canadian housing market between loan-to-value (“LTV”) ratios and residential mortgage credit over the 1981-2012 time period. More specifically, I look to determine whether LTV ratio regulation provides a mechanism with which to slow down the potentially overheated Canadian housing market. Due to the endogeneity of many macroeconomic variables, I use a structural vector autoregression (“SVAR”) to investigate this question. Results indicate that three of the four major LTV regulation changes that occurred during this timeframe either had insignificant effects on mortgage credit, or caused it to move contrary to expectations. Only the 2008 tightening of LTV was weakly significant. Therefore, regulation changes to LTV ratios are unlikely to be successful in slowing down the overheated housing market in Canada, which may force central bankers to use broader monetary policy or other forms of macroprudential regulation.
    Keywords: Mortgage credit, macroprudential regulation, loan-to-value, monetary policy, Canada
    JEL: E52 G21 G28
    Date: 2015–04–30
  281. By: David Wettstein (BGU); Todd R. Kaplan (University of Haifa)
    Keywords: contests, innovation, all-pay auctions, mechanism design.
    JEL: C70 D44 L12 O32
    Date: 2016
  282. By: Alessandro Notarpietro (Banca d'Italia); Lisa Rodano (Banca d'Italia)
    Abstract: This paper presents the results of a counterfactual exercise that aims at quantifying the contribution to the evolution of bad debts made by the two recessions that have hit the Italian economy since 2008. The counterfactual simulations are performed using the Bank of Italy’s Quarterly Model (BIQM). A ‘no-crises scenario’ is built for the period 2008-2015. The counterfactual dynamics of the main macroeconomic and financial variables are used to feed a simple model, in which the new bad debt rate depends on macroeconomic conditions and borrowing costs. The analysis suggests that, in the absence of the two recessions – and of the economic policy decisions that were taken to combat their effects – non-financial corporations’ bad debts at the end of 2015 would have reached €52 billion, instead of €143 billion. The ratio of bad debts to the total amount of loans to non-financial corporations would have reached 5%, a value in line with the pre-crisis period.
    Keywords: business cycle, global financial crisis, sovereign debt crisis, banking, Italian economy
    JEL: E27 E37 E65 G21
    Date: 2016–09
  283. By: Bartalotti, Otávio C.; Calhoun, Gray; He, Yang
    Abstract: This paper develops a novel bootstrap procedure to obtain robust bias-corrected confidence intervals in regression discontinuity (RD) designs using the uniform kernel. The procedure uses a residual bootstrap from a second order local polynomial to estimate the bias of the local linear RD estimator; the bias is then subtracted from the original estimator. The bias-corrected estimator is then bootstrapped itself to generate valid confidence intervals. The confidence intervals generated by this procedure are valid under conditions similar to Calonico, Cattaneo and Titiunik's (2014, Econometrica) analytical correction---i.e. when the bias of the naive regression discontinuity estimator would otherwise prevent valid inference.This paper also provides simulation evidence that our method is as accurate as the analytical corrections and we demonstrate its use through a reanalysis of Ludwig and Miller's (2008) Head Start dataset.
    Date: 2016–05–01
  284. By: da Silva Júnior, Aziz Galvão; Zanasi, Cesare; de Souza Júnior, Wilson; Ajonas, João Vitor Gutierrez
    Abstract: Soybean is a major ingredient for animal feeding in the EU, which is highly dependent on its import. Brazil is the main exporter of soy meal to Europe contributing to nearly 30% of EU total import of meal. The last ten years saw an increased demand from the EU feed and food industry in using sustainable raw material. In this context, the European Feed Manufacturer Federation (FEFAC) is currently discussing a guideline for the characteristics that sustainable soy production should have. At the same time, China has increased its share of import of soy and has become the main importer of soy in the world. Competition between Europe and Chine for the supply of soy is increasing. Trade barriers, due to complex sustainability requirements from the EU, could affect its import from Brazil. The SOJAPLUS program is a key initiative concerning the sustainability of soy production in Brazil. It was set up by the Brazilian Vegetable Oil Industries Association (ABIOVE) and by the Soybean Farmers Association (APROSOJA-MT). Considering the potential of this initiative to support the supply to the European market of significant amounts of sustainable soy, the objective of this paper is to discuss the possible harmonization of the sustainability criteria defined by these important EU and Brazilian soy market players. The two set of criteria have been compared, adopting the ITC data base and comparison method; the results show that SOJAPLUS comprises all FEFAC principles and most of its criteria. The main difference, however, is related to the verification system, which in SOJAPLUS is a 1st party system (self-verification) while the FEFAC guidelines consider a 3rd party system (audits); a relevant issue, common to both the FEFAC and SOJAPLUS approach, is related to the inclusion of GMO soy in the sustainability guidelines. As the FEFAC guidelines are still in discussion, there is a very interesting opportunity to harmonize both systems aiming at increasing the sustainability of soybean supply from Brazil to Europe by tackling the difficult challenges of 3rd party certification and GMO soy inclusion. The latter being a major concern for EU consumers, policy makers, farmers’ associations and other stakeholders involved in the processing and consumption of soy.
    Keywords: Agribusiness, Crop Production/Industries,
    Date: 2016–05
  285. By: Jean-Yves Ottmann (DRM - Dauphine Recherches en Management - Université Paris IX - Paris Dauphine - CNRS - Centre National de la Recherche Scientifique, Laboratoire Missioneo - Missioneo Group); Cindy Felio (Médiation, Information, Communication, Art (Pessac, Gironde) - MICA - médiation, information, communication, art - Université Michel de Montaigne - Bordeaux 3 - Laboratoire Missioneo - , Laboratoire Missioneo - Missioneo Group)
    Abstract: Le travail indépendant semble de plus en plus convoité dans le monde du travail actuel, empreint de crise de l'emploi et de reconfiguration digitale des activités professionnelles (Eurofound, 2015 ; France Stratégie, 2016). Cette communication se propose de questionner le concept de QVT au regard des statuts d'emploi externes à l'entreprise, en particulier la situation des indépendants. À partir d'une revue de la littérature consacrée à l'articulation entre la QVT, les caractéristiques des travailleurs indépendants et la prise en charge de ce groupe professionnel par les politiques publiques, cet essai formule une problématisation des enjeux théoriques et managériaux qu'ouvre une telle perspective de recherche. Le fruit de ce travail initial met en évidence non seulement que la population des indépendants semble méconnue (de par l'hétérogénéité des statuts qu'elle recouvre et le manque de consensus quant à sa définition propre), voire oubliée des travaux relatifs à la QVT des catégories professionnelles, mais aussi que le droit social et du travail ne répond pas pertinemment à la situation de ces travailleurs autonomes. Une méthodologie de recherche envisagée, inscrite en sciences de gestion et clinique du travail, est ensuite proposée comme une réponse aux éléments problématisés. Pour mieux comprendre les contours de la figure du travailleur contemporain, flirtant entre non-salariat, flexibilité, autonomie et précarité, un programme de recherche (Laboratoire Missioneo) ambitionne d'analyser la population des indépendants, floue voire invisible dans la documentation sur les catégories professionnelles, en particulier sur les aspects de la QVT. Ainsi, cette communication a pour but d'ouvrir le débat avec la communauté scientifique de la Journée Brestoise de Recherche autour de ces axes émergents.
    Keywords: travail indépendant,QVT,société,Emploi atypique,Travail,GRH
    Date: 2016–06–07
  286. By: Paulo Santos; Christopher B. Barrett
    Abstract: This paper studies the causal mechanisms behind persistent poverty. Using original data on Boran pastoralists of southern Ethiopia, we find that heterogeneous and nonlinear wealth dynamics arise purely in adverse states of nature. In favorable states, expected herd grow is quasi-linear and universal. We further show that those with lower herding ability, as reflected in past herd growth data, converge to a unique equilibrium at a small herd size while those with higher ability exhibit multiple stable dynamic wealth equilibria.
    JEL: O1 O12 Q12
    Date: 2016–09
  287. By: Pietro de Matteis (Banca d'Italia); Filomena Pietrovito (Università degli Studi del Molise); Alberto Franco Pozzolo (Università degli Studi del Molise)
    Abstract: It is frequently argued that the geographical context in which firms operate can have a crucial impact on their propensity to internationalize. In this paper, we present the results of an empirical analysis that examines the determinants of export performance for a sample including more than 4,300 Italian manufacturing firms over the period 2000-2013, focusing on the role of provincial context, after controlling for firm-level characteristics. To this end, we first adopt a cluster analysis methodology to classify each Italian province in terms of context variables, such as: the distance to foreign markets, the level of human and social capital and the degree of efficiency of the public administration. Second, we estimate a set of binomial choice and linear models to assess the impact of the economic and social environment on the extensive and intensive margins of trade. The results, after confirming that firm-specific factors (size, experience, productivity, capital intensity, innovation, geographical agglomeration and, to some extent, credit constraints) affect both the intensive and the extensive margins of exports, show that context characteristics at the province level have an additional (statistically and economically) significant impact on the export performances of firms.
    Keywords: firm internationalization, local context, firm heterogeneity
    JEL: D22 F10 F14 F18
    Date: 2016–09
  288. By: Zharkov, Vasiliy Petrovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Malakhov, Vladimir Sergeevich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Simon, Mark Evgenievich (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Letnyakov, Denis Eduardovich (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This paper is devoted to the international political and economic aspects of global migration. Contemporary international migration seems as a natural effect of the free trade policy. Being under the influence of the macroeconomic foundations, international migration couldn’t be explained only in terms of economic reasons. The regulation of the global migration is the question of both economic and politics at the same time. Obstacles to the formation of an international regime on migration looks in a clash of international actors interests, security problems, human rights, collective identity, based values of democracy and nation-state, which actually do political issues. The research presents a critical review of the main approaches existing in modern theories of international relations and international political economy in their relation to international migration.
    Keywords: global migration, free trade police, macroeconomy
    Date: 2016–06–16
  289. By: Adolfo VÉLEZ MONTOYA; Olga Marina García Norato
    Abstract: La división político administrativa de Colombia, registra que el país cuenta con un 88,6%2 de municipios categoría sexta3, los cuales presentan condiciones propicias para implementar procesos de desarrollo económico local, entendido este como el liderazgo y protagonismo de los actores locales para la formulación de estrategias y toma de decisiones, haciendo posible la implementación de nuevos proyectos con iniciativas novedosas que potencien los recursos existentes para el aumento las capacidades productivas locales para promover su propio desarrollo y bienestar socioeconómico. Sin embargo, para lograr la implementación de estos procesos, se hace necesario la identificación de los principales determinantes sociales, económicos y políticos para hacer posible que las diversas metodologías o iniciativas para el desarrollo económico local tengan resultados más eficientes. Por lo anterior, este trabajo presenta una propuesta para motivar la construcción de una herramienta que apoye la identificación de los determinantes socioeconómicos e institucionales que inciden en la implementación de procesos de desarrollo económico local, a partir de las percepciones mismas de la comunidad sobre el estado del desarrollo local (índice de confianza). No se pretende imponer una metodología, pero si orientar la necesidad de crear instrumentos para tomar decisiones en la posible intervención, previendo el menor riesgo y la optimización de recursos que las comunidades e instituciones (agentes) deben incurrir.
    Keywords: desarrollo local, desarrollo económico local, dimensiones del desarrollo
    JEL: R00 R10 R11 O10 Y40
    Date: 2016–09–05
  290. By: Thilo R. Huning (Humboldt-Universität zu Berlin); Fabian Wahl (University of Hohenheim)
    Abstract: We provide a theoretical model linking limits to the observability of soil quality to state rulers’ ability to tax agricultural output, which leads to a higher political fragmentation. We introduce a spatial measure to quantify state planners’ observability in an agricultural society. The model is applied to spatial variation in the 1378 Holy Roman Empire, the area with the highest political fragmentation in European history. We find that differences in the observability of agricultural output explain the size and capacity of states as well as the emergence and longevity of city states. Grid cells with higher observability of agricultural output intersect with a significantly lower number of territories within them. Our results highlight the role of agriculture and geography, for size, political, and economic organization of states. This sheds light on early, though persistent, determinants of industrial development within Germany, and also within Central Europe.
    Keywords: Principal-agent problem, soil quality, urbanization, political fragmentation, Holy Roman Empire
    JEL: O42 D73 Q15 N93 D82
    Date: 2016–09
  291. By: Gary Gorton; Tyler Muir
    Abstract: In the face of the Lucas Critique, economic history can be used to evaluate policy. We use the experience of the U.S. National Banking Era to evaluate the most important bank regulation to emerge from the financial crisis, the Bank for International Settlement's liquidity coverage ratio (LCR) which requires that (net) short-term (uninsured) bank debt (e.g. repo) be backed one-for-one with U.S. Treasuries (or other high quality bonds). The rule is narrow banking. The experience of the U.S. National Banking Era, which also required that bank short-term debt be backed by Treasury debt one-for-one, suggests that the LCR is unlikely to reduce financial fragility and may increase it.
    JEL: E02 E51 G01 N1
    Date: 2016–09
  292. By: Jenifer Piesse (Bournemouth University and University of Stellenbosch); Dragana Radicic (University of Cambridge); Allan Webster (Bournemouth University, Executive Business Centre)
    Abstract: This empirical study examines the effect of EU accession on firm efficiency in a sample of 27 transitional countries using data from the 2005 and 2013 BEEPS surveys. Using stochastic frontier analysis and a separate propensity score matching approach it finds a statistically significant association between EU membership and firm performance in both cross-sections. Since EU membership involves more than the liberalisation required for the single market it also uses propensity score matching to find a statistically significant association between EU membership and the internationalisation of firms in transitional countries. Finally it uses inverse probability weighted regression adjustment (IPWRA) to test the proposition that stronger firm performance in transitional countries was associated with firms with higher levels of internationalisation (exports and foreign ownership). Our results support the view that EU membership enhanced firm efficiency in new members from transitional economies and that internationalisation was an important mechanism in that process.
    Keywords: firm efficiency; productivity; European Union; transition
    JEL: F14 F15 D22 I25
    Date: 2016–08
  293. By: Gordon Hanson; Craig McIntosh
    Abstract: How will worldwide changes in population affect pressures for international migration in the future? We contrast the past three decades, during which population pressures contributed to substantial labor flows from neighboring countries into the United States and Europe, with the coming three decades, which will see sharp reductions in labor-supply growth in Latin America but not in Africa or much of the Middle East. Using a gravity-style empirical model, we examine the contribution of changes in relative labor-supply to bilateral migration in the 2000s and then apply this model to project future bilateral flows based on long-run UN forecasts of working-age populations in sending and receiving countries. Because the Americas are entering an era of uniformly low population growth, labor flows across the Rio Grande are projected to slow markedly. Europe, in contrast, will face substantial demographically driven migration pressures from across the Mediterranean for decades to come. Although these projected inflows would triple the first-generation immigrant stocks of larger European countries, they would still absorb only a small fraction of the 800-million-person increase in the working-age population of Sub-Saharan Africa that is projected to occur over the coming 40 years.
    JEL: F22 J61
    Date: 2016–09
  294. By: Lina Cardona-Sosa (Banco de la República de Colombia); Carlos Medina (Banco de la República de Colombia)
    Abstract: This paper studies the effects of an in utero program on birth outcomes addressed to vulnerable pregnant women. We use information from the Buen Comienzo program, an initiative run by the local government of Medellin, the second largest city of Colombia. In order to identify the effects we obtain matching estimates using data from program participants and the census of birth statistics. We find that the program increased the birth weight of participant children by 0.09 and 0.23 standard deviations for boys and girls, respectively, and reduced the prevalence of low birth weight by 2.6 and 4.6 ppts for boys and girls, respectively. In terms of size, the program reduces the incidence of being short by 3 and 4 ppts, for boys and girls, respectively. The program also significantly reduced preterm births between 3 and 8 ppts. We also provide evidence of the existence of heterogeneous effects depending on a mother’s exposure to the program and her frequency of attendance. Finally, an estimate of the cost-benefit ratio of the program suggests that its benefits could be 2 to 6 times its costs, respectively for boys and girls born from participant mothers with early exposure to the program. *** Este documento examina los efectos de una estrategia dirigida a madres gestantes en condiciones de vulnerabilidad sobre los indicadores de sus hijos al nacer. Para lo anterior se usa información administrativa del programa Buen Comienzo, una iniciativa lanzada por el gobierno local de Medellín, la segunda ciudad más grande de Colombia. Con el fin de identificar el efecto, se obtienen estimadores de emparejamiento o matching usando datos de madres participantes del programa así como del censo de estadísticas vitales. Se encuentra que el programa aumentó el peso al nacer de hijos de madres participantes en 0.09 y 0.23 desviaciones estándar para niños y niñas respectivamente, reduciendo la incidencia de bajo peso al nacer en 2.6 y 4.6 pp respectivamente. En cuanto a la talla al nacer, el programa Buen Comienzo habría reducido la probabilidad de tener baja talla en 3 y 4 pp para niños y niñas en cada caso. En términos de nacimientos prematuros, los resultados muestran una reducción en su probabilidad de entre 3 y 8 pp. Finalmente, se encuentra evidencia de efectos diferenciales del programa dependiendo del tiempo de exposición y frecuencia de asistencia a la estrategia. En términos de costo-beneficio nuestros estimados sugieren que los beneficios del programa podrían estar entre 2 y 6 veces sus costos en el caso de niños y niñas nacidos de madres participantes con exposición temprana al programa. Classification JEL: I38, J13, J18
    Keywords: Early childhood programs, program evaluation, selection on observables *** peso al nacer, atención a la primera infancia, evaluación de programas, selección basada en observables, matching.
    Date: 2016–08
  295. By: Denis Dupré (STEEP - Sustainability transition, environment, economy and local policy - Inria Grenoble - Rhône-Alpes - Inria - Institut National de Recherche en Informatique et en Automatique - INPG - Institut National Polytechnique de Grenoble - LJK - Laboratoire Jean Kuntzmann - UPMF - Université Pierre Mendès France - Grenoble 2 - UJF - Université Joseph Fourier - Grenoble 1 - Institut Polytechnique de Grenoble - Grenoble Institute of Technology - CNRS - Centre National de la Recherche Scientifique, INRIA Grenoble Rhône-Alpes - Information Scientifique et Technique (IST) - Inria Grenoble Rhône-Alpes - Inria - Institut National de Recherche en Informatique et en Automatique, UGA - Université Grenoble Alpes)
    Abstract: Nous proposons de préciser le concept de monnaie comme un dialogue pour construire un monde commun. Un concept est un élément pour la conception ou le jugement : une notion dont la signification est ferme et ancrée et à des conséquences intellectuelles d’entendement du monde. C’est en suivant la piste du renversement praxéologique de la philosophie du langage que nous fabriquerons un concept de monnaie. Alors, un vrai dialogue peut apparaitre entre les membres d’une communauté humaine sur les usages de la monnaie en vue de finalités collectives. Avec la monnaie, le caractère politique concerne tout autant le discours sur la monnaie que la transaction matérielle et l’échange qu’elle permet. La monnaie est elle-même une forme de langage. Dans les deux cas, il s’agit de bâtir ensemble un monde partagé. Puisqu’il il y a une analogie entre langage et monnaie dans sa fonction principale mais aussi dans la dualité de ses modes d’usage, nous allons faire appel à la philosophie du langage qui a redéfini le concept de dialogue et dont nous nous inspirerons pour définir notre concept de monnaie. L’analyse du dialogue a été bouleversée par le renversement praxéologique de la philosophie du langage qui a constitué une révolution dans l’analyse des dialogues. Pour la monnaie, une réflexion analogue conduirait à intégrer dans la question monétaire, sa performativité, le fait qu’elle n’est pas un outil neutre de l’échange et qu’il faut analyser au travers des échanges, ce que les acteurs cherchent à construire en utilisant la monnaie. Dans notre approche praxéologique d’un concept de monnaie, nous dirons qu’un concept doit au moins : • expliciter une définition qui permet dès lors de partager avec d’autres des représentations et de pouvoir sans précision partager un même « de quoi l’on parle ». •définir une typologie des caractéristiques de cet objet dans différents environnements dans lequel il peut être observé. • préciser le modèle de représentation du monde, dans notre cas l’économie soutenable, qui met en jeu différents concepts. Si l’on parle la même langue, c’est que l’on a un monde commun à partager, à défendre et toujours à construire. Le dialogue permet de préciser sur quoi l’on n’est pas d’accord, les différences de monde que l’on veut construire. Ainsi, la monnaie et le dialogue sur la monnaie permettent de construire un monde. Les différences et conflits peuvent être exprimés. Un collectif, un « nous », peut alors, en s’appuyant sur le concept partagé de monnaie, tracer les règles que cette communauté édictera. C‘est alors seulement que la monnaie peut être au service des projets d’autonomie.
    Keywords: Monnaie 37,Concept 20,praxeologie
    Date: 2016–07–04
  296. By: Yonatan Ben-Shalom
    Abstract: States can take a number of steps to help workers keep their jobs and to garner the support of private-sector organizations and services in this effort. Policymakers, program directors, and other stakeholders should consider the merits of each step within the context of their state.
    Keywords: disability, employment, return-to-work, early intervention
    JEL: I J
  297. By: Jean-Paul Chavas
    Abstract: This paper investigates the nonlinear dynamic response to shocks, relying on a threshold quantile autoregression (TQAR) model as a flexible representation of stochastic dynamics. The TQAR model can identify zones of stability/instability and characterize resilience and traps. Resilience means high odds of escaping from undesirable zones of instability toward zones that are more desirable and stable. Traps mean low odds of escaping from zones that are both undesirable and stable. The approach is illustrated in an application to the dynamics of productivity applied to historical data on wheat yield in Kansas over the period 1885-2012. The dynamics of this agroecosystem and its response to shocks are of interest as Kansas agriculture faced major droughts, including the catastrophic Dust Bowl of the 1930’s. The analysis identifies a zone of instability in the presence of successive adverse shocks. It also finds evidence of resilience. We associate the resilience with induced innovations in management and policy in response to adverse shocks.
    JEL: O13 O3 Q1
    Date: 2016–09
  298. By: Zhuravleva, T.L. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: In this study we use a panel micro data set from the Russian Longitudinal Monitoring Survey to investigate the reasons for the existence of the stable private sector wage “premium” in the Russian labor market for the period 1994-2014. We do not find support for significantly higher job security and flexibility in the public sector but we do establish that differences in fringe benefits could explain at least 50% of the wage gap. Furthermore, we find that households with workers in the public sector receive lower earnings but enjoy the same level of consumption expenditures. Differences in assets and precautionary motives of workers cannot reconcile these discrepancies. Unexplained differences are referred to unreported income in the public sector, or bribes.
    Keywords: public sector, inter-sector wage gap, RLMS School of Economics, Russia
    Date: 2016–05–30
  299. By: Tan, Yong
    Abstract: This paper extends the model of Antras et al.(2014) to disentangle the link between demand shocks and firm-level offshoring decisions. The model predicts that a positive demand shock increases the firm-level purchases of imported intermediates in both the extensive and intensive margins. Using a difference-in-difference approach, we examine the response of Chinese exporters to a quota removal on textile and clothing products, which is equivalent to a positive demand shock. The findings indicate that firms import more varieties and higher volumes of intermediates after the quota removal. The results are robust to different regression designs.
    Keywords: Intermediates Offshoring, Textile and Clothing, Demand Shock, Quota Removal
    JEL: F10 F14 L11
    Date: 2016–01
  300. By: Jean-Christophe Poutineau (CREM - Centre de Recherche en Economie et Management - UR1 - Université de Rennes 1 - Université de Caen Basse-Normandie - CNRS - Centre National de la Recherche Scientifique); Gauthier Vermandel (PSL - PSL Research University, LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine)
    Abstract: In an estimated DSGE model of the European Monetary Union that accounts for financial differences between core and peripheral countries, we find that country-adjusted macroprudential measures lead to significant welfare gains with respect to a uniform macroprudential policy rule that reacts to union wide financial developments. However, peripheral countries are the winners from the implementation of macroprudential measures while core countries incur welfare losses, thus questioning the interest of adopting coordinated macroprudential measures with peripheral countries.
    Keywords: Bayesian Estimation,DSGE Two-Country Model,Macroprudential policy,Euro Area,Financial Accelerator
    Date: 2016–05–12
  301. By: Daniela Di Cagno (LUISS, Rome); Werner Gürth (LUISS, Rome; Max Planck Institute for Research on Collective Goods, Bonn; Frankfurt Business School); Noemi Pace (Ca’ Foscari University of Venice, Department of Economics; LUISS, Rome); Francesca Marzo (LUISS, Rome)
    Abstract: A risky choice experiment is based on one-dimensional choice variables and risk neutrality induced via binary lottery incentives. Each participant confronts many parameter constellations with varying optimal payoffs. We assess (sub)optimality, as well as (non)optimal satisficing, partly by eliciting aspirations in addition to choices. Treatments differ in the probability that a binary random event, which are payoff- but not optimal choice–relevant, is experimentally induced and whether participants choose portfolios directly or via satisficing, i.e., by forming aspirations and checking for satisficing before making their choice. By incentivizing aspiration formation, we can test satisficing, and in cases of satisficing, determine whether it is optimal.
    Keywords: (un)Bounded Rationality, Satisficing, Risk, Uncertainty, Experiments
    JEL: D03 D81 C91
    Date: 2016
  302. By: Lionel De Boisdeffre (CATT - UPPA - Université de Pau et des Pays de l'Adour, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: In the classical approach to asymmetric information, agents are all endowed with a price model à la Radner (Econometrica 47: 655-678, 1979). That is, they are assumed to know exactly how equilibrium prices are determined and would only infer information from markets with reference to that price model. Radner (1979) showed that, under asymmetric information, equilibrium only existed generically in this setting. We now drop that so-called "rational expectation" assumption and study the existence of financial equilibrium when assets are numeraire. We show the existence of equilibrium is, then, characterized by the no-arbitrage condition on financial markets, as in De Boisdeffre (Econ Theory 31: 255-269, 2007), where assets are nominal. This result extends Geanakoplos-Polemarchakis' (Essays in Honor of K.J. Arrow, Starr & Starrett ed., Cambridge UP Vol. 3, 65-96, 1986) to the case of asymmetric information. Contrasting with Radner's, it shows that asymmetric and asymmetric information economies can be treated as two applications of a same model, where they share similar properties.
    Abstract: Dans l'approche classique de l'asymétrie informationnelle, tous les agents ont un modèle de prix à la Radner (Econometrica 47: 655-678, 1979). C'est-à-dire qu'ils sont supposés savoir comment les prix se forment sur les marchés et actualiser leur information à l'aide de ce modèle de prix. Radner (1979) montre, qu'en asymétrie informationnelle, l'existence n'est que générique dans ce modèle. Nous abandonnons maintenant cette hypothèse, dite "d'anticipations rationnelles", et étudions l'existence de l'équilibre financier lorsque les actifs sont numéraires. Nous montrons que l'existence de l'équilibre est alors caractérisée par la condition de non-arbitrage sur le marché financier, comme pour De Boisdeffre (Econ Theory 31: 255-269, 2007), avec des actifs nominaux. Ce résultat généralise celui de Geanakoplos-Polemarchakis (Essays in Honor of K.J. Arrow, Starr & Starrett ed., Cambridge UP Vol. 3, 65-96, 1986) au cas de l'asymétrie informationnelle. Différent de celui de Radner, il montre que les économies en symétrie et asymétrie d'information peuvent être traitées par un même modèle, avec des propriétés similaires.
    Keywords: general equilibrium,asymmetric information,équilibre général,asymétrie d'information,arbitrage,existence
    Date: 2016–03
  303. By: Ivan Gonzalez; Budy P Resosudarmo
    Abstract: The lack of empirical consensus about the interrelation between growth in different economic sectors and income inequality leads to unclear targeting in policy-making. This paper provides evidence of a causal relationship between economic growth in the manufacturing, agriculture and services sectors and income inequality, measured by an income equality variable, using panel data for Indonesian districts and cities over the period 2000 to 2010. The results from between-effects and instrumental variables regression estimates show a positive impact of both manufacturing and services shares of GDP on income inequality. The share of agriculture in GDP, however, shows a negative impact on with income inequality, implying that growth in agriculture has been more inclusive compared to growth in manufacturing or services. The causal effects are robust to the incorporation of education, employment, government spending, credit or quality of government covariates.
    Keywords: economic growth, income inequality, sectoral analysis, development economics
    JEL: O11 O14 O15 O47 I32
    Date: 2016
  304. By: Sebők, András; Hegyi, Adrienn; Kertész, Zsófia; Bordoni, Alessandra
    Abstract: During the development of products with health claims the collaboration and interaction of several disciplines and independent partners is necessary such as the production, quality, marketing, legal functions of the company, the external providers of the knowledge on the constituent having the claimed physiological effect, the clinics carrying out the human intervention studies, statisticians, laboratories providing testing services, etc. This results in a higher dependency from each other and less flexibility compared to the development of a conventional product where mostly in‐company functions work together. Therefore systematic coordination of the multiple interactions, careful design of the product and its development process is particularly important.
    Keywords: health claim, coordinated interactions, multiple stakeholders, new product development, Agribusiness, Health Economics and Policy,
    Date: 2016–05
  305. By: Borjas, George J. (Harvard University); Monras, Joan (CEMFI, Madrid)
    Abstract: The continuing inflow of hundreds of thousands of refugees into many European countries has ignited much political controversy and raised questions that require a fuller understanding of the determinants and consequences of refugee supply shocks. This paper revisits four historical refugee shocks to document their labor market impact. Specifically, we examine: The influx of Marielitos into Miami in 1980; the influx of French repatriates and Algerian nationals into France at the end of the Algerian Independence War in 1962; the influx of Jewish émigrés into Israel after the collapse of the Soviet Union in the early 1990s; and the exodus of refugees from the former Yugoslavia during the long series of Balkan wars between 1991 and 2001. We use a common empirical approach, derived from factor demand theory, and publicly available data to measure the impact of these shocks. Despite the differences in the political forces that motivated the various flows, and in economic conditions across receiving countries, the evidence reveals a common thread that confirms key insights of the canonical model of a competitive labor market: Exogenous supply shocks adversely affect the labor market opportunities of competing natives in the receiving countries, and often have a favorable impact on complementary workers. In short, refugee flows can have large distributional consequences.
    Keywords: immigration, refugee supply shocks
    JEL: J15 J61 J2
    Date: 2016–09
  306. By: Leledakis, George N.; Pyrgiotakis, Emmanouil G.
    Abstract: The Dodd-Frank Act has produced a new wave of bank M&As. This consolidation trend is mainly driven by mergers of small banks, since small banks feel the need to merge in order to absorb the compliance costs of the new regulation. We document that the $10 billion asset-size threshold has become the ceiling of the optimal scale for bank combinations, given that banks below this $10 billion mark avoid several regulatory hurdles imposed by the Dodd-Frank Act. Results for these “less than $10 billion mergers” suggest significant value creation for both firms’ shareholders: Bidders experience large anticipated wealth gains during the passage of the legislation since the market had ex-ante identified these bids. Consequently, at the deal announcement date, bidders experience insignificant returns, targets experience large abnormal returns and the combined abnormal returns are statistically positive. Finally, bidders experience positive abnormal returns at the deal completion date. On the contrary, results for larger bank mergers indicate a redistribution of wealth from the bidder to the target firm.
    Keywords: Dodd-Frank regulation; shareholder wealth; market anticipation; event study;
    JEL: G14 G21 G28 G34
    Date: 2016–08–23
  307. By: Mbaye, Linguère M. (African Development Bank Group, and IZA); Zimmermann, Klaus F. (UNU-MERIT, Maastricht University, and Harvard University)
    Abstract: This paper reviews the effect of natural disasters on human mobility or migration. Although there is an increase of natural disasters and migration recently and more patterns to observe, the relationship remains complex. While some authors find that disasters increase migration, others show that they have only a marginal or no effect or are even negative. Human mobility appears to be an insurance mechanism against environmental shocks and there are different transmission channels which can explain the relationship between natural disasters and migration. Moreover, migrants' remittances help to decrease households' vulnerability to shocks but also dampen their adverse effects. The paper provides a discussion of policy implications and potential future research avenues.
    Keywords: natural disasters, forced migration, remittances, Insurance, droughts, earthquakes, floods
    JEL: J61 O15 Q54 Q56
    Date: 2016–08–19
  308. By: Стукач, Виктор
    Abstract: Рассмотрено взаимодействие научно-педагогических работников, аспирантов, студентов в составе научной школы социально-экономического профиля. Целевая ориентация коллектива на решении проблем развития региона обеспечивает синергетический эффект, создает новые знания, обучает на практике, обеспечивает передачу новых знания для исследований. Выполнена оценка результативности с применением наукометрических показателей, проведен анализ публикаций по индексу научного цитирования.
    Keywords: научная школа, инфраструктура, сельскохозяйственное образование
    JEL: A2 A22 O3 O32 O4
    Date: 2016–09
  309. By: Emmanuele Bobbio (Banca d'Italia)
    Abstract: Italy's growth performance has been lacklustre in the last two decades. The economy has a low R&D intensity; firms are smaller and less likely to grow or exit than firms in other advanced countries; the shadow economy is large. I show how these features arise simultaneously in a Schumpeterian growth model with heterogeneous firms where the tax auditing probability increases with firm size. Tax evasion confers a cost advantage over competitors. In equilibrium, small firms invest less in innovation because growing entails a (shadow) cost of fiscal regularization. Unfair competition forces other firms to lower the mark-up they charge for their new products, reducing the incentive to innovate. Market selection is hampered, further lowering the aggregate growth rate along the extensive margin. I calibrate the model on Italian firm-level data for the period 1995-2006 and find that enforcing taxes would have increased the long-run growth rate from 0.9% to 1.1%. The market share of high type firms would have been 6 percentage points higher and average firm size 20% higher. Also, I find that lowering the tax burden can have a significant impact on growth when the shadow economy is large, while the effect is negligible when taxes are enforced.
    Keywords: growth, innovation, selection, firm dynamics, tax evasion, size dependent policies
    JEL: O30 O43 H26
    Date: 2016–09
  310. By: Samuel Gamtessa (University of Regina); Adugna Olani (Queen's University)
    Abstract: An increase in energy-cost can induce energy efficiency improvement - a reduction in energy-output ratio. There are well-established theoretical conjectures of how this can take place. As the relative energy-cost increases, it induces firms to reallocate and selectively utilize the most energy-efficient vintages. In the long-run firms could also achieve energy efficiency through investments in energy-efficient capital. This study uses the Canadian KLEMS panel data set to investigate these relationships. We employ panel vector auto regressions as well as co-integration and error correction techniques to test whether the conjectures hold in the data. Our findings support the theoretical conjectures. The channels we empirically identify suggest that the effect of increased energy-cost can be an increase in energy efficiency: by decreasing energy-capital ratio and increasing output-capital ratio. The latter effect is observed only in the long-run through induced investments in new capital.
    Keywords: Energy intensities, Capital productivity, Energy price, Panel data
    JEL: Q41 Q43 Q48 C33
    Date: 2016–09
  311. By: Aithal, Sreeramana; V. T., Shailashree; P. M., Suresh Kumar
    Abstract: Higher education institutions ought to be centres of learning as well as knowledge creation. Ne w knowledge is generated through research activities carried out by its faculty. There are various parameters for ranking an institution such as curriculum standards, student placement record, admission demand, high profile faculty, investment and infrastructure facilities, alumni accomplishments etc. Going by this, the prime objective of a higher education institution is often forgotten. ABC model recently developed by Aithal P.S & Suresh Kumar P.M., focus on measuring annual research performance of higher educational institutions. According to this model, an organization can calculate its annual research performance using its annual research output by taking into account the following factors such as the number of articles published in refereed journals, the number of books published, and the number of chapters in edited book or number of business cases published in Journals. Studying the implications of a system or model considering all determinants in key areas and analysing the key issues to identify the effective factors and its critical constituent element is the task of ABCD analysis model. In this paper, we have attempted to apply ABCD analysing technique on ABC model of annual research productivity of higher educational institutions.
    Keywords: ABC model of annual research productivity, ABCD analysis of a model, Research in higher educational institutions.
    JEL: I2 O3
    Date: 2016–08–26
  312. This Letter examines the use of private placements as an alternative source of wholesale funding for Irish resident credit institutions over the decade up to end-2014. Private placements are a sub-set of total bond issuance and not all Irish-resident banks used these instruments. These debt securities (or bonds) are arranged privately between an issuer and an investor. There is a well-developed international market for the provision of wholesale funding to the banking system through private placements and this topic is addressed in the international literature. The objective of this research is to estimate, insofar as possible, the role played by private placements in the wholesale funding of the banking system in Ireland before the onset of the Financial Crisis and to outline how this has changed over the past decade. In order to do so, we have collected primary data from Irish-resident banks on an annual basis covering a 10-year period. Data was collected by means of a survey which enabled us to identify that cohort of banks that availed of this funding source. The results presented here suggest that approximately €121 billion of these bonds were outstanding by 2007 with both Irish domestic market and IFSC banks actively participating in this wholesale funding channel. The importance of these instruments as a source of wholesale funding has since declined significantly and had fallen to €29 billion by 2014. This was particularly the case for the Irish domestic market banks. Finally, we have used the emerging statistics on holdings of securities (SHS) to provide greater insight into who held the remaining bonds by 2014.
    By: Coates, Dermot (Central Bank of Ireland); Dooley, Jennifer (Central Bank of Ireland)
    Date: 2016–08
  313. By: Grant Hillier (CeMMAP and University of Southampton); Federico Martellosio (University of Surrey)
    Abstract: The paper studies spatial autoregressive models with group interaction structure, focussing on estimation and inference for the spatial autoregressive parameter \lambda. The quasi-maximum likelihood estimator for \lambda usually cannot be written in closed form, but using an exact result obtained earlier by the authors for its distribution function, we are able to provide a complete analysis of the properties of the estimator, and exact inference that can be based on it, in models that are balanced. This is presented rst for the so-called pure model, with no regression component, but is also extended to some special cases of the more general model. We then study the much more dicult case of unbalanced models, giving analogues of some, but by no means all, of the results obtained for the balanced case earlier. In both balanced and unbalanced models, results obtained for the pure model generalize immediately to the model with group-specific regression components.
    Date: 2016–05
  314. By: Andreas Nicklisch (University of Hamburg and German Research Foundation); Kristoffel Grechenig (Max Planck Institute for Research on Collective Goods, Bonn); Christian Thoeni (Univesity of Lausanne)
    Abstract: We study information conditions under which individuals are willing to delegate their sanctioning power to a central authority. We design a public goods game in which players can move between institutional environments, and we vary the observability of others' contributions. We find that the relative popularity of centralized sanctioning crucially depends on the interaction between the observability of the cooperation of others and the absence of punishment targeted at cooperative individuals. While central institutions do not outperform decentralized sanctions under perfect information, large parts of the population are attracted by central institutions that rarely punish cooperative individuals in environments with limited observability.
    Keywords: centralized sanctions, cooperation, experiment, endogenous institutions
    Date: 2016–12
  315. By: KAYABA, Yutaka
    Abstract: Relying on e-learning data, I report here on an empirical investigation of daily homework progress to assess procrastination among high school students, whose behavior is susceptible to present-bias. The homework entails a non-binding goal for the students. The main findings were as follows: First, the goal encouraged a considerable number of students to study more to achieve it. Second, high achievers procrastinated until close to the deadline, particularly females for Math homework. Finally, a considerable subset of high achievers worked hard at the last minute to meet a non-binding deadline. These findings imply that a non-binding goal strongly motivates such students' self-control in goal achievement; however, the process is one of procrastination, and the deadline prevents further procrastination despite being non-binding.
    Keywords: Procrastination, non-binding goal, deadline
    JEL: D03 D91 I21
    Date: 2016–09
  316. By: Carlo Vercellone (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Souvent revendiquée par la gauche radicale, la « défense des services publics » dépasse rarement le niveau d’une lutte défensive. Pour Carlo Vercellone [3], les institutions du welfare sont pourtant au coeur d’une contradiction qui oppose la logique rentière du capitalisme cognitif à la dynamique de l’économie fondée sur la connaissance et la satisfaction des besoins sociaux. Ces institutions présentent à ce titre un potentiel de transformation sociale globale dont le revenu social garanti, inconditionnel et indépendant de l’emploi, pourrait représenter un moment clé.
    Keywords: welfare-state, commun, capitalisme cognitif, économie fondée sur la connaissance
    Date: 2016–05–23
  317. By: Jesse Rothstein; Till von Wachter
    Abstract: Large-scale social experiments were pioneered in labor economics, and are the basis for much of what we know about topics ranging from the effect of job training to incentives for job search to labor supply responses to taxation. Random assignment has provided a powerful solution to selection problems that bedevil non-experimental research. Nevertheless, many important questions about these topics require going beyond random assignment. This applies to questions pertaining to both internal and external validity, and includes effects on endogenously observed outcomes, such as wages and hours; spillover effects; site effects; heterogeneity in treatment effects; multiple and hidden treatments; and the mechanisms producing treatment effects. In this Chapter, we review the value and limitations of randomized social experiments in the labor market, with an emphasis on these design issues and approaches to addressing them. These approaches expand the range of questions that can be answered using experiments by combining experimental variation with econometric or theoretical assumptions. We also discuss efforts to build the means of answering these types of questions into the ex ante design of experiments. Our discussion yields an overview of the expanding toolkit available to experimental researchers.
    JEL: H53 I38 J22 J24 J31 J65
    Date: 2016–09
  318. By: Xia Liu
    Abstract: This thesis comprises three chapters with the patent litigation as a central theme. The first chapter develops a methodology to compare the quality of patent litigation systems in six major economies: United States, United Kingdom, Germany, Japan, Korea, China. Quality is defined as whether it provides a fair and just legal environment for nullifying weak patents and adjudicating infringement actions. Ultimately, this study presents heterogeneity in the quality of the sample systems. Litigation systems with rigorous and predictable adjudication have a low risk of opportunistic and anti-competitive filings.In the second paper (Chapter 2), I explore the relationship between technology ownership frag- mentation and the opposition filing in European Patent Office (EPO). I develop a two-stages game, in which opposition can be used for an ex ante negotiation (e.g. licensing). The framework presents that high litigation risk happens under two kinds of conditions: when the ownership to external technologies is highly concentrated, profit dissipation is over the licensing revenue for the potential licensee; when the ownership to external technologies is widely fragmented, transaction cost is high for the entrance. That is, the opposition, replacing the licensing, will be frequently used. To empirically test this hypothesis, we use a data set that covers patent opposition cases during the period 1985-2005, and construct application-based “fragmentation index”. Finally, regression results confirm that opposition likelihood displays an U-shape re- lationship with the number of potential technology suppliers. Besides, the effect of ownership patterns is stronger in discrete product industries. This analysis controls for differences in filing, granted rate and other technological observed characteristics. Results are robust to alternative estimation strategies that account for over-dispersion in the patent counts data and industry heterogeneity.The third paper proposes that system designs influence the incidence of patent litigation risk. I construct three one-to-one matching data sets by total 2748 European patents, which includes 916 patents without any challenge, 916 patents having been challenged in the opposition at the European Patent Office (EPO), and 916 having been challenged in Germany Federal Patent Court (BPatG). the EPO and the BPatG follow different procedures to reexamine, amend or revoke a granted decision. To explore different filing patterns in two litigation systems, I provide a much more rigorous definition to describe patent quality: Novelty, Unique, Impact, which has been operationalized and utilized in the technological radicalness literature. By comparing litigated cases to control groups, I find a high degree of significance between opposition risk and ex ante-identifiable factors - Novelty, while a high degree of significance between invalidation trials and ex post indicator of technological radicalness - Impact. Moreover, I also confirm that the filing in the opposition is less constrained with firm’s patent portfolios and technological conditions.
    Keywords: patent; litigation; innovation policy; operationalization; microeconomics
    Date: 2016–09–05
  319. By: Kyle Herkenhoff (University of Minnesota)
    Abstract: How does consumer credit access impact employment prospects, earnings, and entrepreneurship? We answer this question by merging individual employment records from the Census Bureau with individual TransUnion credit reports, and exploiting the discrete increase in individual credit following exogenous bankruptcy flag removal. We find that flows into self-employment increase, flows out of self-employment increase, flows into formal employment increase. Earnings levels and growth rates rise for individuals who make the transition into formal employment. There are two competing economic forces underlying these results: (i) credit constraints loosen after exogenous bankruptcy flag removal allowing households to start self-employed businesses (ii) households who were self-employed because credit checks precluded them from finding formal sector jobs subsequently return to the formal sector after bankruptcy flag removal.
    Date: 2016
  320. By: Cecilia Bellora; Sébastien Jean
    Abstract: This Policy Brief assesses the possible economic impacts for the European Union of granting market economy status (MES) to China in antidumping investigations. The issue is important: China ranks first among the countries targeted by European antidumping, and sanctions cover tariff lines worth 8.7% of EU imports from China, based on pre-investigation imports (0.5% for MES partners). We find that China’s exports face a larger number of antidumping investigations than those from MES partners, even accounting for China’s trade specificities. These investigations also have a higher chance of being won by the plaintiff. Furthermore, when a sanction is decided, its trade-restrictive impact is higher against China. In addition, we show that antidumping measures lead not only to an increase in the prices of targeted Chinese products but also in those of Chinese untargeted products similar to those directly targeted. This chilling effect materializes in 4 to 14% prices increases for untargeted exports belonging to the same sector as those targeted. It does not affect MES partners. Antidumping cases against non-MES partners other than China are not numerous enough to isolate the impact of the MES per se. We thus assess the impact of granting MES to China assuming that all China’s specificities in EU antidumping procedures would disappear as a result. Under this assumption, disregarding the chilling effect, changing China’s status would boost its exports to the EU by 3.9% to 5.3% in volume (€13bn to €18bn). Factoring in the removal of the present chilling effect, the impact might reach 7.4% to 21% in volume (€25bn to €72bn). Domestic output losses would be small in relative terms (up to 0.06% disregarding the chilling effect, up to 0.32% taking it into account), but significant in absolute terms (respectively, €3.9bn and €23bn); 90% of these impacts reflect the decline in the number of investigations, as opposed to the level of duty in case of sanction. Accordingly, dropping the so-called lesser duty rule would not alter significantly these impacts.
    Keywords: Antidumping;Market Economy Status;Chilling effect ;China
    JEL: F13 F14
    Date: 2016–09
  321. By: Cécile Couharde; Carl Grekou
    Abstract: This paper re-examines empirically the relationship between exchange rate regimes and currency misalignments in emerging and developing countries. Using alternative de facto exchange rate regime classifications over the period 1980-2012, it finds strong evidence that performance of exchange rate regimes is conditional on the de facto classification. In particular, this paper shows that the effect of monetary arrangements on currency misalignments depends critically on the ability of these classification schemes to capture adequately dysfunctional monetary regimes.
    Keywords: Currency misalignments; Exchange rate regimes; Emerging and developing countries.
    JEL: C23 F31 F33
    Date: 2016
  322. By: Michael Luca
    Abstract: Online marketplaces have proliferated over the past decade, creating new markets where none existed. By reducing transaction costs, online marketplaces facilitate transactions that otherwise would not have occurred and enable easier entry of small sellers. One central challenge faced by designers of online marketplaces is how to build enough trust to facilitate transactions between strangers. This paper provides an economist’s toolkit for designing online marketplaces, focusing on trust and reputation mechanisms.
    JEL: D47 D8 J15
    Date: 2016–09
  323. By: Richard Caplan; Anke Hoeffler
    Abstract: This paper is concerned with explaining why peace endures in countries that have experienced a civil armed conflict. We use a mixed methods approach by evaluating six case studies (Burundi, East Timor, El Salvador, Liberia, Nepal, Sierra Leone) and survival analysis which allows us to consider 205 peace episodes since 1990. We find that it is difficult to explain why peace endures using statistical analysis but there is some indication that conflict termination is important in post-conflict stabilization: negotiated settlements are more likely to break down than military victories. We also consider the impact of UN peacekeeping operations on the duration of peace but find little evidence of their contribution. However, in situations where UN peacekeeping operations are deployed in support of negotiated settlements they do seem to contribute to peace stabilization.
    Keywords: civil war; peace duration; survival analysis; peacekeeping operation
    Date: 2016
  324. By: Rosa, F.; Weaver; Vasciaveo
    Abstract: The EU dairy industry is facing an unprecedented change since the removal of milk quotas has exposes the sector to the world competition with strongly organized multinational traders. The basic question of this paper is if the milk quota expiration will have any impact on market equilibria and decisions of agents operating at various market levels. This paper has been preceded by two other papers discussing various issues about dairy market in Italy: market asymmetries and consequences for price transmission and presence of oligopoly competition and consequences for price setting. The present analysis uses the time series analysis of weekly dairy prices to test the market behavior before and after quota regime. Volatility was tested with simple CV, SD indexes and more complexes Arch-Garch models including the breaks and changes in market regime correlated to policy adjustments. Results suggest a moderate change in volatility; our explanation is the Italian dairy sector was for long time protected from world market competition and a consistent amount of raw milk processed for cheese production was managed by the coop organization that transferred to the dairy farms the margins realized at other market levels. The future scenario is more pessimistic in absence of any protection: some structural changes needed to face the world competition could have been postponed in this protected market with the OCM. The expected growth of milk supply after quota will determine a decline in the raw milk price becoming closer to the marginal costs of the most efficient dairy farms in the world. This will cause the exit of a great number of dairy farms, the restructuring of the dairy industry and more concentration at retail level.
    Keywords: Agribusiness, Demand and Price Analysis,
    Date: 2016–05
  325. By: Rufyikiri, Gervais
    Abstract: Depuis son accession au pouvoir après les élections de 2005, le CNDD-FDD a été constamment critiqué pour la mauvaise gouvernance du Burundi tandis que le comportement de ses dirigeants faisait penser à une continuité des pratiques du maquis. Cette étude contribue à comprendre le lien entre l’incapacité de ce parti converti d’un mouvement rebelle à réussir le processus de transition démocratique et certains éléments clés de son histoire qui ont joué contre une véritable transformation de mouvement rebelle en parti politique. Des rivalités avec des formations politiques préexistantes, la discontinuité du leadership à la tête du mouvement, le repli identitaire et l’exclusion fondée sur l’origine politique des membres, la marginalisation des intellectuels et le conditionnement des combattants à commettre des actes de cruauté ont été les principaux facteurs historiques qui ont marqué l’évolution du mouvement CNDD-FDD et façonné ainsi sa nature actuelle. Il existe plusieurs preuves qui montrent que les dirigeants du CNDD-FDD ont conservé leurs pratiques du maquis et qui permettent de conclure que la transformation du CNDD-FDD de mouvement rebelle en parti politique a complètement échoué.
    Keywords: Burundi; politics
    Date: 2016–08
  326. By: Atsumasa Kondo (Faculty of Economics, Shiga University)
    Abstract: This paper investigates the interconnection between certain fiscal policies in achieving a sustainable level of public debt. The fiscal policies that are investigated relate to the consumption tax rate, the income tax rate, and to public spending. The paper focuses on the critical level of public debt-to-GDP ratio, for which if the ratio exceeds this level at time 0, then it diverges to + ‡ as time passes. The paper theoretically examines how the critical level depends on the fiscal policies, and reveals some merits of consumption taxation. As the consumption tax rate increases, so income taxation and cutting public spending become more effective in sustaining public debt.
    Keywords: sustainability of public debt, fiscal policies, consumption tax, income tax, public spending, balanced growth path
    JEL: E62 H6
    Date: 2016–09
  327. By: Wu, Haoyang
    Abstract: The revelation principle is a fundamental theorem in many economics fields such as game theory, mechanism design and auction theory etc. In this paper, I construct an example to show that a social choice function which can be implemented in Bayesian Nash equilibrium by an indirect mechanism cannot be implemented by a direct mechanism. The key point is that agents pay cost in the indirect mechanism, but pay nothing in the direct mechanism. As a result, the revelation principle does not hold at all.
    Keywords: Revelation principle; Game theory; Mechanism design; Auction theory
    JEL: D70 D82
    Date: 2016–09–11
  328. By: Cörvers, Frank (ROA / Human capital in the region); Mommers, Ardi (ROA / Human capital in the region)
    Abstract: Het onderzoek combineert kwalitatieve inzichten uit interviews met sleutelfiguren met kwantitatieve inzichten uit een enquête onder lesgevend personeel in Caribisch Nederland. De enquête is ontwikkeld op basis van de opgedane kennis uit de literatuurstudie en de diverse interviews en behandelt de pull- en pushfactoren, de tevredenheid en de toekomstverwachtingen van het lesgevende personeel in Caribisch Nederland. Alle onderwijsinstellingen in het po, vo en mbo in Caribisch Nederland hebben hun medewerking verleend aan het onderzoek. De respons door het lesgevend personeel is met 43 procent hoog en geeft daarmee een sterke fundering voor de bevindingen.
    Date: 2016