nep-inv New Economics Papers
on Investment
Issue of 2025–01–13
24 papers chosen by
Daniela Cialfi, Università degli Studi di Teramo


  1. Menu Adjustment in Response to the Minimum Wage: A Return to the New Jersey-Pennsylvania Border By Papps, Kerry L.; Strain, Michael R.
  2. Minimum Wages in the 21st Century By Arindrajit Dube; Attila Lindner
  3. New answers to old questions: The effects of the minimum wage hike in Spain in 2019 By Christl, Michael; Cubells Enguídanos, Andrea; di Pietro, Filippo
  4. A 22 Percent Increase in the German Minimum Wage: Nothing Crazy! By Bossler, Mario; Chittka, Lars; Schank, Thorsten
  5. School Racial Segregation and Late-Life Cognition By Lin, Zhuoer; Wang, Yi; Gill, Thomas M.; Chen, Xi
  6. Inference after discretizing unobserved heterogeneity By Jad Beyhum; Martin Mugnier
  7. Investment screening and venture capital By Eichenauer, Vera; Köppl, Stefan; Köppl-Turyna, Monika
  8. The Employment and Windfall Effects of Short-Time Work: Evidence from Germany By Kagerl, Christian
  9. Measuring the Euro Area Output Gap By Matteo Barigozzi; Claudio Lissona; Matteo Luciani
  10. Measured Inflation and the New-Keynesian Model By Lawrence J. Christiano; Martin S. Eichenbaum; Benjamin K. Johannsen
  11. Firm Exit and Liquidity: Evidence from the Great Recession By Fernando Leibovici; David Wiczer
  12. A demanda por Multifamily no Brasil: fundamentos do crescimento By Isabelle Turri; Eliane Monetti
  13. Global burden of bacterial antimicrobial resistance 1990–2021: a systematic analysis with forecasts to 2050 By Naghavi, Mohsen; Vollset, Stein Emil; Ikuta, Kevin S; Swetschinski, Lucien R; Gray, Authia P; Wool, Eve E; Robles Aguilar, Gisela; Mestrovic, Tomislav; Smith, Georgia; Han, Chieh; Hsu, Rebecca L; Azzam, Ahmed Y.; Babaei, Mahsa; Babin, Francois-Xavier; Badar, Muhammad; Baig, Atif Amin; Bajcetic, Milica; Baker, Stephen; Bardhan, Mainak; Barqawi, Hiba Jawdat; Basharat, Zarrin; Chalek, Julian; Basiru, Afisu; Bastard, Mathieu; Basu, Saurav; Bayleyegn, Nebiyou Simegnew; Belete, Melaku Ashagrie; Bello, Olorunjuwon Omolaja; Beloukas, Apostolos; Berkley, James A; Bhagavathula, Akshaya Srikanth; Bhaskar, Sonu; Araki, Daniel T; Bhuyan, Soumitra S; Bielicki, Julia A; Briko, Nikolay Ivanovich; Brown, Colin Stewart; Browne, Annie J; Buonsenso, Danilo; Bustanji, Yasser; Carvalheiro, Cristina G; Castañeda-Orjuela, Carlos A; Cenderadewi, Muthia; Chung, Erin; Chadwick, Joshua; Chakraborty, Sandip; Chandika, Rama Mohan; Chandy, Sara; Chansamouth, Vilada; Chattu, Vijay Kumar; Chaudhary, Anis Ahmad; Ching, Patrick R; Chopra, Hitesh; Chowdhury, Fazle Rabbi; Raggi, Catalina; Chu, Dinh-Toi; Chutiyami, Muhammad; Cruz-Martins, Natalia; da Silva, Alanna Gomes; Dadras, Omid; Dai, Xiaochen; Darcho, Samuel D; Das, Saswati; De la Hoz, Fernando Pio; Dekker, Denise Myriam; Gershberg Hayoon, Anna; Dhama, Kuldeep; Diaz, Daniel; Dickson, Benjamin Felix Rothschild; Djorie, Serge Ghislain; Dodangeh, Milad; Dohare, Sushil; Dokova, Klara Georgieva; Doshi, Ojas Prakashbhai; Dowou, Robert Kokou; Dsouza, Haneil Larson; Davis Weaver, Nicole; Dunachie, Susanna J; Dziedzic, Arkadiusz Marian; Eckmanns, Tim; Ed-Dra, Abdelaziz; Eftekharimehrabad, Aziz; Ekundayo, Temitope Cyrus; El Sayed, Iman; Elhadi, Muhammed; El-Huneidi, Waseem; Elias, Christelle; Lindstedt, Paulina A; Ellis, Sally J; Elsheikh, Randa; Elsohaby, Ibrahim; Eltaha, Chadi; Eshrati, Babak; Eslami, Majid; Eyre, David William; Fadaka, Adewale Oluwaseun; Fagbamigbe, Adeniyi Francis; Fahim, Ayesha; Smith, Amanda E; Fakhri-Demeshghieh, Aliasghar; Fasina, Folorunso Oludayo; Fasina, Modupe Margaret; Fatehizadeh, Ali; Feasey, Nicholas A; Feizkhah, Alireza; Fekadu, Ginenus; Fischer, Florian; Fitriana, Ida; Forrest, Karen M; Altay, Umut; Fortuna Rodrigues, Celia; Fuller, John E; Gadanya, Muktar A; Gajdács, Márió; Gandhi, Aravind P; Garcia-Gallo, Esteban E; Garrett, Denise O; Gautam, Rupesh K; Gebregergis, Miglas Welay; Gebrehiwot, Mesfin; Bhattacharjee, Natalia V; Gebremeskel, Teferi Gebru; Geffers, Christine; Georgalis, Leonidas; Ghazy, Ramy Mohamed; Golechha, Mahaveer; Golinelli, Davide; Gordon, Melita; Gulati, Snigdha; Gupta, Rajat Das; Gupta, Sapna; Giannakis, Konstantinos; Gupta, Vijai Kumar; Habteyohannes, Awoke Derbie; Haller, Sebastian; Harapan, Harapan; Harrison, Michelle L; Hasaballah, Ahmed I; Hasan, Ikramul; Hasan, Rumina Syeda; Hasani, Hamidreza; Haselbeck, Andrea Haekyung; Fell, Frederick; Hasnain, Md Saquib; Hassan, Ikrama Ibrahim; Hassan, Shoaib; Hassan Zadeh Tabatabaei, Mahgol Sadat; Hayat, Khezar; He, Jiawei; Hegazi, Omar E; Heidari, Mohammad; Hezam, Kamal; Holla, Ramesh; McManigal, Barney; Holm, Marianne; Hopkins, Heidi; Hossain, Md Mahbub; Hosseinzadeh, Mehdi; Hostiuc, Sorin; Hussein, Nawfal R; Huy, Le Duc; Ibáñez-Prada, Elsa D; Ikiroma, Adalia; Ilic, Irena M; Ekapirat, Nattwut; Islam, Sheikh Mohammed Shariful; Ismail, Faisal; Ismail, Nahlah Elkudssiah; Iwu, Chidozie Declan; Iwu-Jaja, Chinwe Juliana; Jafarzadeh, Abdollah; Jaiteh, Fatoumatta; Jalilzadeh Yengejeh, Reza; Jamora, Roland Dominic G; Javidnia, Javad; Mendes, Jessica Andretta; Jawaid, Talha; Jenney, Adam W J; Jeon, Hyon Jin; Jokar, Mohammad; Jomehzadeh, Nabi; Joo, Tamas; Joseph, Nitin; Kamal, Zul; Kanmodi, Kehinde Kazeem; Kantar, Rami S; Runghien, Tilleye; Kapisi, James Apollo; Karaye, Ibraheem M; Khader, Yousef Saleh; Khajuria, Himanshu; Khalid, Nauman; Khamesipour, Faham; Khan, Ajmal; Khan, Mohammad Jobair; Khan, Muhammad Tariq; Khanal, Vishnu; Srimokla, Oraya; Khidri, Feriha Fatima; Khubchandani, Jagdish; Khusuwan, Suwimon; Kim, Min Seo; Kisa, Adnan; Korshunov, Vladimir Andreevich; Krapp, Fiorella; Krumkamp, Ralf; Kuddus, Mohammed; Kulimbet, Mukhtar; Abdelkader, Atef; Kumar, Dewesh; Kumaran, Emmanuelle A P; Kuttikkattu, Ambily; Kyu, Hmwe Hmwe; Landires, Iván; Lawal, Basira Kankia; Le, Thao Thi Thu; Lederer, Ingeborg Maria; Lee, Munjae; Lee, Seung Won; Abd-Elsalam, Sherief; Lepape, Alain; Lerango, Temesgen Leka; Ligade, Virendra S; Lim, Cherry; Lim, Stephen S; Limenh, Liknaw Workie; Liu, Chaojie; Liu, Xiaofeng; Liu, Xuefeng; Loftus, Michael J; Aboagye, Richard Gyan; M Amin, Hawraz Ibrahim; Maass, Kelsey Lynn; Maharaj, Sandeep B; Mahmoud, Mansour Adam; Maikanti-Charalampous, Panagiota; Makram, Omar M; Malhotra, Kashish; Malik, Ahmad Azam; Mandilara, Georgia D; Marks, Florian; Abolhassani, Hassan; Martinez-Guerra, Bernardo Alfonso; Martorell, Miquel; Masoumi-Asl, Hossein; Mathioudakis, Alexander G; May, Juergen; McHugh, Theresa A; Meiring, James; Meles, Hadush Negash; Melese, Addisu; Melese, Endalkachew Belayneh; Abualruz, Hasan; Minervini, Giuseppe; Mohamed, Nouh Saad; Mohammed, Shafiu; Mohan, Syam; Mokdad, Ali H; Monasta, Lorenzo; Moodi Ghalibaf, AmirAli; Moore, Catrin E; Moradi, Yousef; Mossialos, Elias; Abubakar, Usman; Mougin, Vincent; Mukoro, George Duke; Mulita, Francesk; Muller-Pebody, Berit; Murillo-Zamora, Efren; Musa, Sani; Musicha, Patrick; Musila, Lillian A; Muthupandian, Saravanan; Nagarajan, Ahamarshan Jayaraman; Abukhadijah, Hana J; Naghavi, Pirouz; Nainu, Firzan; Nair, Tapas Sadasivan; Najmuldeen, Hastyar Hama Rashid; Natto, Zuhair S; Nauman, Javaid; Nayak, Biswa Prakash; Nchanji, G Takop; Ndishimye, Pacifique; Negoi, Ionut; Aburuz, Salahdein; Negoi, Ruxandra Irina; Nejadghaderi, Seyed Aria; Nguyen, QuynhAnh P; Noman, Efaq Ali; Nwakanma, Davis C; O'Brien, Seamus; Ochoa, Theresa J; Odetokun, Ismail A; Ogundijo, Oluwaseun Adeolu; Ojo-Akosile, Tolulope R; Abu-Zaid, Ahmed; Okeke, Sylvester Reuben; Okonji, Osaretin Christabel; Olagunju, Andrew T; Olivas-Martinez, Antonio; Olorukooba, Abdulhakeem Abayomi; Olwoch, Peter; Onyedibe, Kenneth Ikenna; Ortiz-Brizuela, Edgar; Osuolale, Olayinka; Ounchanum, Pradthana; Achalapong, Sureerak; Oyeyemi, Oyetunde T; P A, Mahesh Padukudru; Paredes, Jose L; Parikh, Romil R; Patel, Jay; Patil, Shankargouda; Pawar, Shrikant; Peleg, Anton Y; Peprah, Prince; Perdigão, João; Addo, Isaac Yeboah; Perrone, Carlo; Petcu, Ionela-Roxana; Phommasone, Koukeo; Piracha, Zahra Zahid; Poddighe, Dimitri; Pollard, Andrew J; Poluru, Ramesh; Ponce-De-Leon, Alfredo; Puvvula, Jagadeesh; Qamar, Farah Naz; Adekanmbi, Victor; Qasim, Nameer Hashim; Rafai, Clotaire Donatien; Raghav, Pankaja; Rahbarnia, Leila; Rahim, Fakher; Rahimi-Movaghar, Vafa; Rahman, Mosiur; Rahman, Muhammad Aziz; Ramadan, Hazem; Ramasamy, Shakthi Kumaran; Adeyeoluwa, Temitayo Esther; Ramesh, Pushkal Sinduvadi; Ramteke, Pramod W; Rana, Rishabh Kumar; Rani, Usha; Rashidi, Mohammad-Mahdi; Rathish, Devarajan; Rattanavong, Sayaphet; Rawaf, Salman; Redwan, Elrashdy Moustafa Mohamed; Reyes, Luis Felipe; Adnani, Qorinah Estiningtyas Sakilah; Roberts, Tamalee; Robotham, Julie V; Rosenthal, Victor Daniel; Ross, Allen Guy; Roy, Nitai; Rudd, Kristina E; Sabet, Cameron John; Saddik, Basema Ahmad; Saeb, Mohammad Reza; Saeed, Umar; Adzigbli, Leticia Akua; Saeedi Moghaddam, Sahar; Saengchan, Weeravoot; Safaei, Mohsen; Saghazadeh, Amene; Saheb Sharif-Askari, Narjes; Sahebkar, Amirhossein; Sahoo, Soumya Swaroop; Sahu, Maitreyi; Saki, Morteza; Salam, Nasir; Afzal, Muhammad Sohail; Saleem, Zikria; Saleh, Mohamed A; Samodra, Yoseph Leonardo; Samy, Abdallah M; Saravanan, Aswini; Satpathy, Maheswar; Schumacher, Austin E; Sedighi, Mansour; Seekaew, Samroeng; Shafie, Mahan; Afzal, Saira; Shah, Pritik A; Shahid, Samiah; Shahwan, Moyad Jamal; Shakoor, Sadia; Shalev, Noga; Shamim, Muhammad Aaqib; Shamshirgaran, Mohammad Ali; Shamsi, Anas; Sharifan, Amin; Shastry, Rajesh P; Agodi, Antonella; Shetty, Mahabalesh; Shittu, Aminu; Shrestha, Sunil; Siddig, Emmanuel Edwar; Sideroglou, Theologia; Sifuentes-Osornio, Jose; Silva, Luís Manuel Lopes Rodrigues; Simões, Eric A F; Simpson, Andrew J H; Singh, Amit; Ahlstrom, Austin J; Singh, Surjit; Sinto, Robert; Soliman, Sameh S M; Soraneh, Soroush; Stoesser, Nicole; Stoeva, Temenuga Zhekova; Swain, Chandan Kumar; Szarpak, Lukasz; T Y, Sree Sudha; Tabatabai, Shima; Ahmad, Aqeel; Tabche, Celine; Taha, Zanan Mohammed-Ameen; Tan, Ker-Kan; Tasak, Nidanuch; Tat, Nathan Y; Thaiprakong, Areerat; Thangaraju, Pugazhenthan; Tigoi, Caroline Chepngeno; Tiwari, Krishna; Tovani-Palone, Marcos Roberto; Ahmad, Sajjad; Tran, Thang Huu; Tumurkhuu, Munkhtuya; Turner, Paul; Udoakang, Aniefiok John; Udoh, Arit; Ullah, Noor; Ullah, Saeed; Vaithinathan, Asokan Govindaraj; Valenti, Mario; Vos, Theo; Ahmad, Tauseef; Vu, Huong T L; Waheed, Yasir; Walker, Ann Sarah; Walson, Judd L; Wangrangsimakul, Tri; Weerakoon, Kosala Gayan; Wertheim, Heiman F L; Williams, Phoebe C M; Wolde, Asrat Arja; Wozniak, Teresa M; Ahmadi, Ali; Wu, Felicia; Wu, Zenghong; Yadav, Mukesh Kumar Kumar; Yaghoubi, Sajad; Yahaya, Zwanden Sule; Yarahmadi, Amir; Yezli, Saber; Yismaw, Yazachew Engida; Yon, Dong Keon; Yuan, Chun-Wei; Ahmed, Ayman; Yusuf, Hadiza; Zakham, Fathiah; Zamagni, Giulia; Zhang, Haijun; Zhang, Zhi-Jiang; Zielińska, Magdalena; Zumla, Alimuddin; Zyoud, Sa'ed H. H; Zyoud, Samer H; Hay, Simon I; Ahmed, Haroon; Stergachis, Andy; Sartorius, Benn; Cooper, Ben S; Dolecek, Christiane; Murray, Christopher J L; Ahmed, Ibrar; Ahmed, Mohammed; Ahmed, Saeed; Ahmed, Syed Anees; Akkaif, Mohammed Ahmed; Al Awaidy, Salah; Al Thaher, Yazan; Alalalmeh, Samer O; AlBataineh, Mohammad T; Aldhaleei, Wafa A; Al-Gheethi, Adel Ali Saeed; Alhaji, Nma Bida; Ali, Abid; Ali, Liaqat; Ali, Syed Shujait; Ali, Waad; Allel, Kasim; Al-Marwani, Sabah; Alrawashdeh, Ahmad; Altaf, Awais; Al-Tammemi, Alaa B.; Al-Tawfiq, Jaffar A; Alzoubi, Karem H; Al-Zyoud, Walid Adnan; Amos, Ben; Amuasi, John H; Ancuceanu, Robert; Andrews, Jason R; Anil, Abhishek; Anuoluwa, Iyadunni Adesola; Anvari, Saeid; Anyasodor, Anayochukwu Edward; Apostol, Geminn Louis Carace; Arabloo, Jalal; Arafat, Mosab; Aravkin, Aleksandr Y; Areda, Demelash; Aremu, Abdulfatai; Artamonov, Anton A; Ashley, Elizabeth A; Asika, Marvellous O; Athari, Seyyed Shamsadin; Atout, Maha Moh'd Wahbi; Awoke, Tewachew; Azadnajafabad, Sina; Azam, James Mba; Aziz, Shahkaar
  14. Flooding and Climate Shocks: Their Effect on Local Economies in the Lake Chad Basin By Rida Lyammouri; Boglarka Bozsogi
  15. Innovation Policies Under Economic Complexity By Christian Chacua; Shreyas Gadgin Matha; Matte Hartog; Ricardo Hausmann; Muhammed A. Yildirim
  16. The Impact of Socio-Economic Challenges and Technological Progress on Economic Inequality: An Estimation with the Perelman Model and Ricci Flow Methods By Davit Gondauri
  17. Market Basket Analysis Using Rule-Based Algorithms and Data Mining Techniques By Marina Kholod; Nikita Mokrenko
  18. Price and volatility transmission from international to domestic food and fertilizer markets in Central America By Hernandez, Manuel A.; Ceballos, Francisco; Berrospi, Maria Lucia; Perego, Viviana Maria Eugenia; Brown, Melissa; Lopez, Elena Mora
  19. Exchange rate narratives By Cormun, Vito; Ristolainen, Kim
  20. Carbon pricing and taxation: A review of approaches and development implications By Jodie Keane; Hazel Granger; Prachi Agarwal; Maximiliano Mendez-Parra
  21. Vergleichende Analyse der staatlichen Notfallbevorratung von Lebensmitteln: Strategien und Herausforderungen in Deutschland, der Schweiz und Finnland By Eberhardt, Katharina; Schwärzel, Amelie; Rosenberg, Sonja; Schultmann, Frank
  22. The Risks of Climate Change to the United States in the 21st Century By Congressional Budget Office
  23. The role of firms’ characteristics on banks’ interest rates By Jaime Leyva
  24. Perceived shocks and impulse responses By Raffaella Giacomini; Jason Lu; Katja Smetanina

  1. By: Papps, Kerry L. (University of Bradford); Strain, Michael R. (American Enterprise Institute for Public Policy Research)
    Abstract: This paper studies how output prices are affected by increases in the minimum wage. To the best of our knowledge, we provide the first examination of how the prices of an entire menu of items at a single business adjust in response to a minimum wage increase. Using data we gather form a fast-food chain, we find that a $1 minimum wage rise increased average prices by 7 cents, implying a pass-through elasticity of around 0.13. We also study how the price response across individual goods varies with the labor intensity in production of those goods. Consistent with a theoretical framework we describe, the prices of items that require more labor to produce increased by more due to the minimum wage increase. A $1 increase in the minimum wage raised the item price by an extra 0.3 cents for every additional preparation step. We also find that more price adjustment takes place at the store level than at the item level, and that it takes longer for prices to respond to a minimum wage increase than the existing literature suggests.
    Keywords: minimum wages, prices, restaurants, menus
    JEL: J23 J38 L11 L81
    Date: 2025–01
    URL: https://d.repec.org/n?u=RePEc:iza:izadps:dp17594
  2. By: Arindrajit Dube; Attila Lindner (UCL)
    Abstract: This chapter surveys the literature on the impact of minimum wages on low-wage labor markets. We describe and critically review the empirical methods in the new minimum wage literature, particularly those leveraging quasi-experimental variation. We provide a quantitative overview of the most recent evidence on the employment and wage effects of the policy, while also exploring emerging research on its impact on other margins, including amenities, other inputs (such as capital and high-skilled workers), firm entry and exit, output prices and demand, profits, and productivity. This approach allows us to present a comprehensive picture of how minimum wage policies affect firms, workers, and labor markets. We also review the evidence on the policy’s impact on wage inequality and income distribution. Finally, we discuss how these effects can vary depending on the economic context and the level of a country’s development.
    Keywords: minimum wages, labor demand, employment and wage effects, margins of adjustment, inequality
    Date: 2024–10
    URL: https://d.repec.org/n?u=RePEc:crm:wpaper:2425
  3. By: Christl, Michael; Cubells Enguídanos, Andrea; di Pietro, Filippo
    Abstract: Our paper examines the effects of the significant 2019 minimum wage hike in Spain on labour market outcomes, prices, and firm bankruptcies. We use the synthetic control method (SCM) to analyze the impact of the policy on the Spanish economy. We find no significant impact of the minimum wage increase on labour market outcomes for low-skilled individuals, suggesting no major job losses or increased unemployment among this group. However, we observe a significant increase in prices, especially for services and processed food, with treatment effects reaching up to 3 percentage points in 2021 relative to the synthetic control group. In addition, we observe a slight increase in firm bankruptcies in industry and construction during the COVID-19 pandemic. While our results suggest that the minimum wage increase did not lead to significant job losses among vulnerable groups, it did lead to higher prices in certain sectors, which could negatively affect consumers. This is consistent with recent research from Germany, which found minimal effects on labour market outcomes but significant effects on prices following the introduction of a minimum wage.
    Keywords: Minimum wage, Synthetic Control Method, labour market, prices, employment
    JEL: J20 J38 J48
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:zbw:glodps:1533
  4. By: Bossler, Mario (Institute for Employment Research (IAB), Nuremberg); Chittka, Lars (Destatis); Schank, Thorsten (University of Mainz)
    Abstract: We present the first empirical evidence on the 22 percent increase in the German minimum wage, implemented in 2022, raising it from € 9.82 to € 10.45 in July and to € 12 in October. Leveraging the German Earnings Survey, a large and novel data source comprising around 8 million employee-level observations reported by employers each month, we apply a difference-in-difference-in-differences approach to analyze the policy's impact on hourly wages, monthly earnings, employment, and working hours. Our findings reveal significant positive effects on wages, affirming the policy's intended benefits for low-wage workers. Interestingly, we identify a negative effect on working hours, mainly driven by minijobbers. The hours effect results in an implied labor demand elasticity in terms of the employment volume of −0.2 which only partially offsets the monthly wage gains. We neither observe a negative effect on the individual's employment retention nor the regional employment levels.
    Keywords: minimum wage, labor market effects, empirical evaluation, Germany
    JEL: J38 J31 J21
    Date: 2024–12
    URL: https://d.repec.org/n?u=RePEc:iza:izadps:dp17575
  5. By: Lin, Zhuoer; Wang, Yi; Gill, Thomas M.; Chen, Xi
    Abstract: Disparities in cognition persist between non-Hispanic Black (hereafter, Black) and non-Hispanic White (hereafter, White) older adults, and are possibly influenced by early educational differences stemming from structural racism. However, the relationship between school racial segregation and later-life cognition remains underexplored. We examined a nationally sample of older Americans from the Health and Retirement Study. Utilizing childhood residence data and cognitive assessment data (1995-2018) for Black and White participants aged 65 and older, Black-White dissimilarity index for public elementary schools measuring school segregation, multilevel analyses revealed a significant negative association between school segregation and later-life cognitive outcomes among Black participants, but not among White participants. Potential mediators across the life course, including educational attainment, explained 58-73% of the association, yet the associations remained large and significant among Black participants for all outcomes. Given the rising trend of school segregation in the US, educational policies aimed at reducing segregation are crucial to address health inequities. Clinicians can leverage patients' early-life educational circumstances to promote screening, prevention, and management of cognitive disorders.
    Keywords: early-life circumstances, school segregation, quality of education, racial disparity, cognition, dementia, health equity
    JEL: I14 I24 I10 J14 J15 H75
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:zbw:glodps:1527
  6. By: Jad Beyhum; Martin Mugnier
    Abstract: We consider a linear panel data model with nonseparable two-way unobserved heterogeneity corresponding to a linear version of the model studied in Bonhomme et al. (2022). We show that inference is possible in this setting using a straightforward two-step estimation procedure inspired by existing discretization approaches. In the first step, we construct a discrete approximation of the unobserved heterogeneity by (k-means) clustering observations separately across the individual (i) and time (t) dimensions. In the second step, we estimate a linear model with two-way group fixed effects specific to each cluster. Our approach shares similarities with methods from the double machine learning literature, as the underlying moment conditions exhibit the same type of bias-reducing properties. We provide a theoretical analysis of a cross-fitted version of our estimator, establishing its asymptotic normality at parametric rate under the condition max(N, T) = o(min(N, T)³. Simulation studies demonstrate that our methodology achieves excellent finite-sample performance, even when T is negligible with respect to N.
    Date: 2024–12–16
    URL: https://d.repec.org/n?u=RePEc:azt:cemmap:29/24
  7. By: Eichenauer, Vera; Köppl, Stefan; Köppl-Turyna, Monika
    Abstract: In this paper we analyze the effects of investment screening on cross-border venture capital investments in Europe between 2007 and 2022. The data we work with is originally based on PRISM data which has been extended by Eichenauer and Wang and which we combine with deal data from Preqin to assess investment activity. Our results point to unintended negative effects: while the number of actually blocked deals has remained very low, the associated uncertainty and an increase in transaction costs have led to a significant decline in cross-border deals. The effects are stronger in the case of financial (i.e. 'non-strategic') investors, for late-stage venture capital deals, and for deals with investors from non-OECD countries. Moreover, we observe changes in the size of deals and their structure. This has profound policy implications for the financing of innovation in Europe.
    Abstract: In dieser Arbeit untersuchen wir die Auswirkungen von Investitionsscreenings auf grenzüberschreitende Venture-Capital-Investitionen in Europa zwischen 2007 und 2022. Die zugrunde liegenden Daten basieren auf den PRISM-Daten, die von Eichenauer und Wang erweitert wurden, und wurden mit Deal-Daten von Preqin kombiniert, um die Investitionstätigkeit zu analysieren. Unsere Ergebnisse zeigen unbeabsichtigte negative Effekte: Obwohl die Zahl tatsächlich blockierter Deals sehr gering bleibt, hat die damit verbundene Unsicherheit sowie die Erhöhung der Transaktionskosten zu einem deutlichen Rückgang grenzüberschreitender Investitionen geführt. Besonders stark sind diese Effekte bei finanziellen (d.h. "nicht-strategischen") Investoren, bei späten Venture-Capital-Deals und bei Investoren aus Nicht-OECD-Ländern. Zudem beobachten wir Veränderungen in der Größe und Struktur der Deals. Diese Ergebnisse haben weitreichende politische Implikationen für die Finanzierung von Innovationen in Europa.
    Keywords: cross-border venture capital, investment screening, Europe, transaction costs
    JEL: F55 F21 G24 L14
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:zbw:ecoarp:308092
  8. By: Kagerl, Christian (Institute for Employment Research (IAB), Nuremberg, Germany)
    Abstract: "I study the ramifications of the German short-time work (STW) scheme using novel administrative data on STW and drawing on evidence from establishment surveys that are linked to the administrative data. I show that, besides financial reasons, firms value and use STW because it allows them to hoard labor in a tight labor market. During the pandemic, I document a strong negative selection into STW based on measures of firm quality and productivity, a pattern not observed during the financial crisis. This selection pattern is explained by the differing types of crises and their impact on establishments. Adjusting for selection, I then investigate the employment effects of STW in the pandemic and find 3-4% higher employment levels for firms utilizing STW. This relationship, however, vanishes quickly after firms exit STW, a result driven by outflows among STW firms being initially lower, but being higher after the end of STW. Partly due to eased access rules, I additionally find that the policy’s windfall effects, or deadweight losses, are large: While back-of-the-envelope calculations suggest that up to half a million jobs were saved by STW in 2020, millions of jobs were supported in total, indicating an insufficient degree of targeting." (Author's abstract, IAB-Doku) ((en))
    Keywords: Bundesrepublik Deutschland ; Pandemie ; IAB-Datensatz BeCovid ; IAB-Open-Access-Publikation ; Auswirkungen ; Beschäftigungseffekte ; Beschäftigungsentwicklung ; Determinanten ; Finanzkrise ; IAB-Betriebs-Historik-Panel ; IAB-Betriebspanel ; Kurzarbeit ; Kurzarbeitergeld ; Mitnahmeeffekte ; Arbeitskräftehortung ; Umsatzentwicklung ; Unternehmen ; Arbeitsplatzsicherheit ; Arbeitsproduktivität ; 2009-2022
    JEL: E24 J20 J65 J68
    Date: 2024–11–12
    URL: https://d.repec.org/n?u=RePEc:iab:iabdpa:202414
  9. By: Matteo Barigozzi; Claudio Lissona; Matteo Luciani
    Abstract: We measure the Euro Area (EA) output gap and potential output using a non-stationary dynamic factor model estimated on a large dataset of macroeconomic and financial variables. From 2012 to 2023, we estimate that the EA economy was tighter than the European Commission and the International Monetary Fund estimate, suggesting that the slow EA growth is the result of a potential output issue, not a business cycle issue. Moreover, we find that credit indicators are crucial for pinning down the output gap, as excluding them leads to estimating a lower output gap in periods of debt build-up and a higher gap in periods of deleveraging.
    Keywords: Non-stationary Approximate Dynamic Factor Model; Output gap; Potential output; Trend-Cycle Decomposition
    JEL: C55 C38 C32 E32 E37
    Date: 2024–12–20
    URL: https://d.repec.org/n?u=RePEc:fip:fedgfe:2024-99
  10. By: Lawrence J. Christiano; Martin S. Eichenbaum; Benjamin K. Johannsen
    Abstract: Researchers typically compare inflation in the new Keynesian (NK) model to published inflation measures constructed from indices like the CPI. Inflation in the standard NK model without price indexation is bounded above. The model analogue of fixed-weight inflation measures, like the CPI, is not. When inflation is in the range of values observed after 2021, there is a substantial difference between model-based and fixed-weight measures of inflation. This finding poses a challenge to using linear approximations to the NK model in environments with moderately high inflation and implies that analysts should construct data-consistent model analogues when assessing the NK model.
    Keywords: New keynesian model; Inflation
    Date: 2024–12–20
    URL: https://d.repec.org/n?u=RePEc:fip:fedgfe:2024-95
  11. By: Fernando Leibovici; David Wiczer
    Abstract: This paper studies the role of credit constraints in accounting for the dynamics of firm exit during the Great Recession. We present novel firm-level evidence on the role of credit constraints on exit behavior during the Great Recession. Firms in financial distress, with tighter access to credit, are more likely to default than firms with more access to credit. This difference widened substantially in the Great Recession while, in contrast, default rates did not vary much by size, age, or productivity. We identify conditions under which standard models of firms subject to financial frictions can be consistent with these facts.
    Keywords: firm exit; Great Recession; credit constraints; financial distress
    JEL: E32 G01
    Date: 2024–09–23
    URL: https://d.repec.org/n?u=RePEc:fip:fedawp:99194
  12. By: Isabelle Turri; Eliane Monetti
    Abstract: A presente pesquisa investiga o surgimento e a expansão do setor multifamily no mercado imobiliário brasileiro, um fenômeno impulsionado por mudanças socioeconômicas e pela crescente demanda por opções de moradia flexíveis e urbanas. O setor multifamily, caracterizado por empreendimentos imobiliários com múltiplas unidades residenciais, destinados à locação, gerenciados profissionalmente e de posse de apenas uma entidade, apresenta um potencial de crescimento no país. Enquanto nos Estados Unidos o setor multifamily está consolidado, no Brasil ainda há uma lacuna de conhecimento sobre os fatores que impulsionam a demanda por esse tipo de imóvel.O objetivo central deste estudo é identificar e analisar os fatores econômicos, demográficos, sociais e institucionais que influenciam a demanda por imóveis multifamily no Brasil, visando contribuir para o desenvolvimento de estratégias de investimento e políticas públicas mais eficazes para o setor. Para tanto, será realizada uma pesquisa qualitativa, com base em revisão bibliográfica e entrevistas com especialistas do setor no Brasil, Estados Unidos, Europa e Chile. Os resultados esperados incluem o desenvolvimento de panorama conceitual que identifique os determinantes da demanda por imóveis multifamily no Brasil, além de reconhecer oportunidades e desafios para o desenvolvimento do setor.
    Keywords: Demand; demanda; housing; locação residencial; Multifamily; Rent; Residencial para renda; Residential for rent
    JEL: R3
    Date: 2024–01–01
    URL: https://d.repec.org/n?u=RePEc:lre:wpaper:lares-2024-4dqm
  13. By: Naghavi, Mohsen; Vollset, Stein Emil; Ikuta, Kevin S; Swetschinski, Lucien R; Gray, Authia P; Wool, Eve E; Robles Aguilar, Gisela; Mestrovic, Tomislav; Smith, Georgia; Han, Chieh; Hsu, Rebecca L; Azzam, Ahmed Y.; Babaei, Mahsa; Babin, Francois-Xavier; Badar, Muhammad; Baig, Atif Amin; Bajcetic, Milica; Baker, Stephen; Bardhan, Mainak; Barqawi, Hiba Jawdat; Basharat, Zarrin; Chalek, Julian; Basiru, Afisu; Bastard, Mathieu; Basu, Saurav; Bayleyegn, Nebiyou Simegnew; Belete, Melaku Ashagrie; Bello, Olorunjuwon Omolaja; Beloukas, Apostolos; Berkley, James A; Bhagavathula, Akshaya Srikanth; Bhaskar, Sonu; Araki, Daniel T; Bhuyan, Soumitra S; Bielicki, Julia A; Briko, Nikolay Ivanovich; Brown, Colin Stewart; Browne, Annie J; Buonsenso, Danilo; Bustanji, Yasser; Carvalheiro, Cristina G; Castañeda-Orjuela, Carlos A; Cenderadewi, Muthia; Chung, Erin; Chadwick, Joshua; Chakraborty, Sandip; Chandika, Rama Mohan; Chandy, Sara; Chansamouth, Vilada; Chattu, Vijay Kumar; Chaudhary, Anis Ahmad; Ching, Patrick R; Chopra, Hitesh; Chowdhury, Fazle Rabbi; Raggi, Catalina; Chu, Dinh-Toi; Chutiyami, Muhammad; Cruz-Martins, Natalia; da Silva, Alanna Gomes; Dadras, Omid; Dai, Xiaochen; Darcho, Samuel D; Das, Saswati; De la Hoz, Fernando Pio; Dekker, Denise Myriam; Gershberg Hayoon, Anna; Dhama, Kuldeep; Diaz, Daniel; Dickson, Benjamin Felix Rothschild; Djorie, Serge Ghislain; Dodangeh, Milad; Dohare, Sushil; Dokova, Klara Georgieva; Doshi, Ojas Prakashbhai; Dowou, Robert Kokou; Dsouza, Haneil Larson; Davis Weaver, Nicole; Dunachie, Susanna J; Dziedzic, Arkadiusz Marian; Eckmanns, Tim; Ed-Dra, Abdelaziz; Eftekharimehrabad, Aziz; Ekundayo, Temitope Cyrus; El Sayed, Iman; Elhadi, Muhammed; El-Huneidi, Waseem; Elias, Christelle; Lindstedt, Paulina A; Ellis, Sally J; Elsheikh, Randa; Elsohaby, Ibrahim; Eltaha, Chadi; Eshrati, Babak; Eslami, Majid; Eyre, David William; Fadaka, Adewale Oluwaseun; Fagbamigbe, Adeniyi Francis; Fahim, Ayesha; Smith, Amanda E; Fakhri-Demeshghieh, Aliasghar; Fasina, Folorunso Oludayo; Fasina, Modupe Margaret; Fatehizadeh, Ali; Feasey, Nicholas A; Feizkhah, Alireza; Fekadu, Ginenus; Fischer, Florian; Fitriana, Ida; Forrest, Karen M; Altay, Umut; Fortuna Rodrigues, Celia; Fuller, John E; Gadanya, Muktar A; Gajdács, Márió; Gandhi, Aravind P; Garcia-Gallo, Esteban E; Garrett, Denise O; Gautam, Rupesh K; Gebregergis, Miglas Welay; Gebrehiwot, Mesfin; Bhattacharjee, Natalia V; Gebremeskel, Teferi Gebru; Geffers, Christine; Georgalis, Leonidas; Ghazy, Ramy Mohamed; Golechha, Mahaveer; Golinelli, Davide; Gordon, Melita; Gulati, Snigdha; Gupta, Rajat Das; Gupta, Sapna; Giannakis, Konstantinos; Gupta, Vijai Kumar; Habteyohannes, Awoke Derbie; Haller, Sebastian; Harapan, Harapan; Harrison, Michelle L; Hasaballah, Ahmed I; Hasan, Ikramul; Hasan, Rumina Syeda; Hasani, Hamidreza; Haselbeck, Andrea Haekyung; Fell, Frederick; Hasnain, Md Saquib; Hassan, Ikrama Ibrahim; Hassan, Shoaib; Hassan Zadeh Tabatabaei, Mahgol Sadat; Hayat, Khezar; He, Jiawei; Hegazi, Omar E; Heidari, Mohammad; Hezam, Kamal; Holla, Ramesh; McManigal, Barney; Holm, Marianne; Hopkins, Heidi; Hossain, Md Mahbub; Hosseinzadeh, Mehdi; Hostiuc, Sorin; Hussein, Nawfal R; Huy, Le Duc; Ibáñez-Prada, Elsa D; Ikiroma, Adalia; Ilic, Irena M; Ekapirat, Nattwut; Islam, Sheikh Mohammed Shariful; Ismail, Faisal; Ismail, Nahlah Elkudssiah; Iwu, Chidozie Declan; Iwu-Jaja, Chinwe Juliana; Jafarzadeh, Abdollah; Jaiteh, Fatoumatta; Jalilzadeh Yengejeh, Reza; Jamora, Roland Dominic G; Javidnia, Javad; Mendes, Jessica Andretta; Jawaid, Talha; Jenney, Adam W J; Jeon, Hyon Jin; Jokar, Mohammad; Jomehzadeh, Nabi; Joo, Tamas; Joseph, Nitin; Kamal, Zul; Kanmodi, Kehinde Kazeem; Kantar, Rami S; Runghien, Tilleye; Kapisi, James Apollo; Karaye, Ibraheem M; Khader, Yousef Saleh; Khajuria, Himanshu; Khalid, Nauman; Khamesipour, Faham; Khan, Ajmal; Khan, Mohammad Jobair; Khan, Muhammad Tariq; Khanal, Vishnu; Srimokla, Oraya; Khidri, Feriha Fatima; Khubchandani, Jagdish; Khusuwan, Suwimon; Kim, Min Seo; Kisa, Adnan; Korshunov, Vladimir Andreevich; Krapp, Fiorella; Krumkamp, Ralf; Kuddus, Mohammed; Kulimbet, Mukhtar; Abdelkader, Atef; Kumar, Dewesh; Kumaran, Emmanuelle A P; Kuttikkattu, Ambily; Kyu, Hmwe Hmwe; Landires, Iván; Lawal, Basira Kankia; Le, Thao Thi Thu; Lederer, Ingeborg Maria; Lee, Munjae; Lee, Seung Won; Abd-Elsalam, Sherief; Lepape, Alain; Lerango, Temesgen Leka; Ligade, Virendra S; Lim, Cherry; Lim, Stephen S; Limenh, Liknaw Workie; Liu, Chaojie; Liu, Xiaofeng; Liu, Xuefeng; Loftus, Michael J; Aboagye, Richard Gyan; M Amin, Hawraz Ibrahim; Maass, Kelsey Lynn; Maharaj, Sandeep B; Mahmoud, Mansour Adam; Maikanti-Charalampous, Panagiota; Makram, Omar M; Malhotra, Kashish; Malik, Ahmad Azam; Mandilara, Georgia D; Marks, Florian; Abolhassani, Hassan; Martinez-Guerra, Bernardo Alfonso; Martorell, Miquel; Masoumi-Asl, Hossein; Mathioudakis, Alexander G; May, Juergen; McHugh, Theresa A; Meiring, James; Meles, Hadush Negash; Melese, Addisu; Melese, Endalkachew Belayneh; Abualruz, Hasan; Minervini, Giuseppe; Mohamed, Nouh Saad; Mohammed, Shafiu; Mohan, Syam; Mokdad, Ali H; Monasta, Lorenzo; Moodi Ghalibaf, AmirAli; Moore, Catrin E; Moradi, Yousef; Mossialos, Elias; Abubakar, Usman; Mougin, Vincent; Mukoro, George Duke; Mulita, Francesk; Muller-Pebody, Berit; Murillo-Zamora, Efren; Musa, Sani; Musicha, Patrick; Musila, Lillian A; Muthupandian, Saravanan; Nagarajan, Ahamarshan Jayaraman; Abukhadijah, Hana J; Naghavi, Pirouz; Nainu, Firzan; Nair, Tapas Sadasivan; Najmuldeen, Hastyar Hama Rashid; Natto, Zuhair S; Nauman, Javaid; Nayak, Biswa Prakash; Nchanji, G Takop; Ndishimye, Pacifique; Negoi, Ionut; Aburuz, Salahdein; Negoi, Ruxandra Irina; Nejadghaderi, Seyed Aria; Nguyen, QuynhAnh P; Noman, Efaq Ali; Nwakanma, Davis C; O'Brien, Seamus; Ochoa, Theresa J; Odetokun, Ismail A; Ogundijo, Oluwaseun Adeolu; Ojo-Akosile, Tolulope R; Abu-Zaid, Ahmed; Okeke, Sylvester Reuben; Okonji, Osaretin Christabel; Olagunju, Andrew T; Olivas-Martinez, Antonio; Olorukooba, Abdulhakeem Abayomi; Olwoch, Peter; Onyedibe, Kenneth Ikenna; Ortiz-Brizuela, Edgar; Osuolale, Olayinka; Ounchanum, Pradthana; Achalapong, Sureerak; Oyeyemi, Oyetunde T; P A, Mahesh Padukudru; Paredes, Jose L; Parikh, Romil R; Patel, Jay; Patil, Shankargouda; Pawar, Shrikant; Peleg, Anton Y; Peprah, Prince; Perdigão, João; Addo, Isaac Yeboah; Perrone, Carlo; Petcu, Ionela-Roxana; Phommasone, Koukeo; Piracha, Zahra Zahid; Poddighe, Dimitri; Pollard, Andrew J; Poluru, Ramesh; Ponce-De-Leon, Alfredo; Puvvula, Jagadeesh; Qamar, Farah Naz; Adekanmbi, Victor; Qasim, Nameer Hashim; Rafai, Clotaire Donatien; Raghav, Pankaja; Rahbarnia, Leila; Rahim, Fakher; Rahimi-Movaghar, Vafa; Rahman, Mosiur; Rahman, Muhammad Aziz; Ramadan, Hazem; Ramasamy, Shakthi Kumaran; Adeyeoluwa, Temitayo Esther; Ramesh, Pushkal Sinduvadi; Ramteke, Pramod W; Rana, Rishabh Kumar; Rani, Usha; Rashidi, Mohammad-Mahdi; Rathish, Devarajan; Rattanavong, Sayaphet; Rawaf, Salman; Redwan, Elrashdy Moustafa Mohamed; Reyes, Luis Felipe; Adnani, Qorinah Estiningtyas Sakilah; Roberts, Tamalee; Robotham, Julie V; Rosenthal, Victor Daniel; Ross, Allen Guy; Roy, Nitai; Rudd, Kristina E; Sabet, Cameron John; Saddik, Basema Ahmad; Saeb, Mohammad Reza; Saeed, Umar; Adzigbli, Leticia Akua; Saeedi Moghaddam, Sahar; Saengchan, Weeravoot; Safaei, Mohsen; Saghazadeh, Amene; Saheb Sharif-Askari, Narjes; Sahebkar, Amirhossein; Sahoo, Soumya Swaroop; Sahu, Maitreyi; Saki, Morteza; Salam, Nasir; Afzal, Muhammad Sohail; Saleem, Zikria; Saleh, Mohamed A; Samodra, Yoseph Leonardo; Samy, Abdallah M; Saravanan, Aswini; Satpathy, Maheswar; Schumacher, Austin E; Sedighi, Mansour; Seekaew, Samroeng; Shafie, Mahan; Afzal, Saira; Shah, Pritik A; Shahid, Samiah; Shahwan, Moyad Jamal; Shakoor, Sadia; Shalev, Noga; Shamim, Muhammad Aaqib; Shamshirgaran, Mohammad Ali; Shamsi, Anas; Sharifan, Amin; Shastry, Rajesh P; Agodi, Antonella; Shetty, Mahabalesh; Shittu, Aminu; Shrestha, Sunil; Siddig, Emmanuel Edwar; Sideroglou, Theologia; Sifuentes-Osornio, Jose; Silva, Luís Manuel Lopes Rodrigues; Simões, Eric A F; Simpson, Andrew J H; Singh, Amit; Ahlstrom, Austin J; Singh, Surjit; Sinto, Robert; Soliman, Sameh S M; Soraneh, Soroush; Stoesser, Nicole; Stoeva, Temenuga Zhekova; Swain, Chandan Kumar; Szarpak, Lukasz; T Y, Sree Sudha; Tabatabai, Shima; Ahmad, Aqeel; Tabche, Celine; Taha, Zanan Mohammed-Ameen; Tan, Ker-Kan; Tasak, Nidanuch; Tat, Nathan Y; Thaiprakong, Areerat; Thangaraju, Pugazhenthan; Tigoi, Caroline Chepngeno; Tiwari, Krishna; Tovani-Palone, Marcos Roberto; Ahmad, Sajjad; Tran, Thang Huu; Tumurkhuu, Munkhtuya; Turner, Paul; Udoakang, Aniefiok John; Udoh, Arit; Ullah, Noor; Ullah, Saeed; Vaithinathan, Asokan Govindaraj; Valenti, Mario; Vos, Theo; Ahmad, Tauseef; Vu, Huong T L; Waheed, Yasir; Walker, Ann Sarah; Walson, Judd L; Wangrangsimakul, Tri; Weerakoon, Kosala Gayan; Wertheim, Heiman F L; Williams, Phoebe C M; Wolde, Asrat Arja; Wozniak, Teresa M; Ahmadi, Ali; Wu, Felicia; Wu, Zenghong; Yadav, Mukesh Kumar Kumar; Yaghoubi, Sajad; Yahaya, Zwanden Sule; Yarahmadi, Amir; Yezli, Saber; Yismaw, Yazachew Engida; Yon, Dong Keon; Yuan, Chun-Wei; Ahmed, Ayman; Yusuf, Hadiza; Zakham, Fathiah; Zamagni, Giulia; Zhang, Haijun; Zhang, Zhi-Jiang; Zielińska, Magdalena; Zumla, Alimuddin; Zyoud, Sa'ed H. H; Zyoud, Samer H; Hay, Simon I; Ahmed, Haroon; Stergachis, Andy; Sartorius, Benn; Cooper, Ben S; Dolecek, Christiane; Murray, Christopher J L; Ahmed, Ibrar; Ahmed, Mohammed; Ahmed, Saeed; Ahmed, Syed Anees; Akkaif, Mohammed Ahmed; Al Awaidy, Salah; Al Thaher, Yazan; Alalalmeh, Samer O; AlBataineh, Mohammad T; Aldhaleei, Wafa A; Al-Gheethi, Adel Ali Saeed; Alhaji, Nma Bida; Ali, Abid; Ali, Liaqat; Ali, Syed Shujait; Ali, Waad; Allel, Kasim; Al-Marwani, Sabah; Alrawashdeh, Ahmad; Altaf, Awais; Al-Tammemi, Alaa B.; Al-Tawfiq, Jaffar A; Alzoubi, Karem H; Al-Zyoud, Walid Adnan; Amos, Ben; Amuasi, John H; Ancuceanu, Robert; Andrews, Jason R; Anil, Abhishek; Anuoluwa, Iyadunni Adesola; Anvari, Saeid; Anyasodor, Anayochukwu Edward; Apostol, Geminn Louis Carace; Arabloo, Jalal; Arafat, Mosab; Aravkin, Aleksandr Y; Areda, Demelash; Aremu, Abdulfatai; Artamonov, Anton A; Ashley, Elizabeth A; Asika, Marvellous O; Athari, Seyyed Shamsadin; Atout, Maha Moh'd Wahbi; Awoke, Tewachew; Azadnajafabad, Sina; Azam, James Mba; Aziz, Shahkaar
    Abstract: Background: Antimicrobial (AMR) poses an important global health challenge in the 21st century. A previous study has quantified the global and regional burden of AMR for 2019, followed with additional publications that provided more detailed estimates for several WHO regions by country. To date, there have been no studies that produce comprehensive estimates of AMR burden across locations that encompass historical trends and future forecasts. Methods: We estimated all-age and age-specific deaths and disability-adjusted life-years (DALYs) attributable to and associated with bacterial AMR for 22 pathogens, 84 pathogen–drug combinations, and 11 infectious syndromes in 204 countries and territories from 1990 to 2021. We collected and used multiple cause of death data, hospital discharge data, microbiology data, literature studies, single drug resistance profiles, pharmaceutical sales, antibiotic use surveys, mortality surveillance, linkage data, outpatient and inpatient insurance claims data, and previously published data, covering 520 million individual records or isolates and 19 513 study-location-years. We used statistical modelling to produce estimates of AMR burden for all locations, including those with no data. Our approach leverages the estimation of five broad component quantities: the number of deaths involving sepsis; the proportion of infectious deaths attributable to a given infectious syndrome; the proportion of infectious syndrome deaths attributable to a given pathogen; the percentage of a given pathogen resistant to an antibiotic of interest; and the excess risk of death or duration of an infection associated with this resistance. Using these components, we estimated disease burden attributable to and associated with AMR, which we define based on two counterfactuals; respectively, an alternative scenario in which all drug-resistant infections are replaced by drug-susceptible infections, and an alternative scenario in which all drug-resistant infections were replaced by no infection. Additionally, we produced global and regional forecasts of AMR burden until 2050 for three scenarios: a reference scenario that is a probabilistic forecast of the most likely future; a Gram-negative drug scenario that assumes future drug development that targets Gram-negative pathogens; and a better care scenario that assumes future improvements in health-care quality and access to appropriate antimicrobials. We present final estimates aggregated to the global, super-regional, and regional level. Findings: In 2021, we estimated 4·71 million (95% UI 4·23–5·19) deaths were associated with bacterial AMR, including 1·14 million (1·00–1·28) deaths attributable to bacterial AMR. Trends in AMR mortality over the past 31 years varied substantially by age and location. From 1990 to 2021, deaths from AMR decreased by more than 50% among children younger than 5 years yet increased by over 80% for adults 70 years and older. AMR mortality decreased for children younger than 5 years in all super-regions, whereas AMR mortality in people 5 years and older increased in all super regions. For both deaths associated with and deaths attributable to AMR, meticillin-resistant Staphylococcus aureus increased the most globally (from 261000 associated deaths [95% UI 150000–372 000] and 57200 attributable deaths [34100–80 300] in 1990, to 550 000 associated deaths [500000–600000] and 130000 attributable deaths [113000–146 000] in 2021). Among Gram-negative bacteria, resistance to carbapenems increased more than any other antibiotic class, rising from 619000 associated deaths (405 000–834000) in 1990, to 1·03 million associated deaths (909000–1·16 million) in 2021, and from 127 000 attributable deaths (82 100–171000) in 1990, to 216 000 (168 000–264000) attributable deaths in 2021. There was a notable decrease in non-COVID-related infectious disease in 2020 and 2021. Our forecasts show that an estimated 1·91 million (1·56–2·26) deaths attributable to AMR and 8·22 million (6·85–9·65) deaths associated with AMR could occur globally in 2050. Super-regions with the highest all-age AMR mortality rate in 2050 are forecasted to be south Asia and Latin America and the Caribbean. Increases in deaths attributable to AMR will be largest among those 70 years and older (65·9% [61·2–69·8] of all-age deaths attributable to AMR in 2050). In stark contrast to the strong increase in number of deaths due to AMR of 69·6% (51·5–89·2) from 2022 to 2050, the number of DALYs showed a much smaller increase of 9·4% (–6·9 to 29·0) to 46·5 million (37·7 to 57·3) in 2050. Under the better care scenario, across all age groups, 92·0 million deaths (82·8–102·0) could be cumulatively averted between 2025 and 2050, through better care of severe infections and improved access to antibiotics, and under the Gram negative drug scenario, 11·1 million AMR deaths (9·08–13·2) could be averted through the development of a Gram negative drug pipeline to prevent AMR deaths. Interpretation: This study presents the first comprehensive assessment of the global burden of AMR from 1990 to 2021, with results forecasted until 2050. Evaluating changing trends in AMR mortality across time and location is necessary Lancet 2024; 404: 1199–226 Published Online September 16, 2024 https://doi.org/10.1016/ S0140-6736(24)01867-1 See Comment page 1172 *Collaborators listed at the end of the Article Correspondence to: Christopher J L Murray, Department of Health Metrics Sciences, Institute for Health Metrics and Evaluation, University of Washington School of Medicine, Seattle, WA 98195, USA cjlm@uw.edu Articles 1200 www.thelancet.com Vol 404 September 28, 2024 to understand how this important global health threat is developing and prepares us to make informed decisions regarding interventions. Our findings show the importance of infection prevention, as shown by the reduction of AMR deaths in those younger than 5 years. Simultaneously, our results underscore the concerning trend of AMR burden among those older than 70 years, alongside a rapidly ageing global community. The opposing trends in the burden of AMR deaths between younger and older individuals explains the moderate future increase in global number of DALYs versus number of deaths. Given the high variability of AMR burden by location and age, it is important that interventions combine infection prevention, vaccination, minimisation of inappropriate antibiotic use in farming and humans, and research into new antibiotics to mitigate the number of AMR deaths that are forecasted for 2050.
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:zbw:ifwkie:306603
  14. By: Rida Lyammouri; Boglarka Bozsogi
    Abstract: Communities around the Lake Chad Basin (LCB) rely on three major economic activities: farming, fishing, and livestock herding. The floods that began in August 2024 damaged and destroyed hundreds of thousands of hectares of farmland, killed thousands of livestock, and rendered fishing unsafe for fishermen. This climate shock caused families dependent on these activities to lose their primary sources of income. Worse still, these economic activities also serve as the main source of daily food consumption, putting communities at an even higher risk of food insecurity.
    Date: 2024–12
    URL: https://d.repec.org/n?u=RePEc:ocp:pbecon:pb_67-24
  15. By: Christian Chacua (Harvard's Growth Lab); Shreyas Gadgin Matha; Matte Hartog (Center for International Development at Harvard University); Ricardo Hausmann (Harvard's Growth Lab); Muhammed A. Yildirim (Center for International Development at Harvard University)
    Abstract: Recent geopolitical challenges have revived the implementation of industrial and innovation policies. Ongoing discussions focus on supporting cutting-edge industries and strategic technologies but hardly pay attention to their impact on economic growth. In light of this, we discuss the design of innovation policies to address current development challenges while considering the complex nature of productive activities. Our approach conceives economic development and technological progress as a process of accumulation and diversification of knowledge. This process is limited by the tacit nature of knowledge and by countries’ binding constraints to growth. Consequently, effective innovation policies should be place-based and multidimensional, leveraging countries’ existing capabilities and addressing countries’ current problems. This contrasts policies that lead to economic efficiencies, such as copying other countries’ solutions to problems that countries do not currently have.
    Keywords: innovation policy, industrial policy, economic complexity, knowhow
    JEL: O25 O30 O38 F60
    Date: 2024–09
    URL: https://d.repec.org/n?u=RePEc:glh:wpfacu:234
  16. By: Davit Gondauri
    Abstract: The article examines the impact of 16 key parameters of the Georgian economy on economic inequality, using the Perelman model and Ricci flow mathematical methods. The study aims to conduct a deep analysis of the impact of socio-economic challenges and technological progress on the dynamics of the Gini coefficient. The article examines the following parameters: income distribution, productivity (GDP per hour), unemployment rate, investment rate, inflation rate, migration (net negative), education level, social mobility, trade infrastructure, capital flows, innovative activities, access to healthcare, fiscal policy (budget deficit), international trade (turnover relative to GDP), social protection programs, and technological access. The results of the study confirm that technological innovations and social protection programs have a positive impact on reducing inequality. Productivity growth, improving the quality of education, and strengthening R&D investments increase the possibility of inclusive development. Sensitivity analysis shows that social mobility and infrastructure are important factors that affect economic stability. The accuracy of the model is confirmed by high R^2 values (80-90%) and the statistical reliability of the Z-statistic (
    Date: 2025–01
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2501.00800
  17. By: Marina Kholod; Nikita Mokrenko
    Abstract: The research identifies association rules that can inform marketing strategies and enhance operational efficiency. A structured methodology is applied to extract and interpret meaningful relationships within transactional data, emphasizing their implications for managerial decision-making. By demonstrating the potential of data mining to transform raw data into valuable business insights, this paper provides a framework for using analytical tools to improve customer engagement and competitive positioning.
    Date: 2024–12
    URL: https://d.repec.org/n?u=RePEc:arx:papers:2412.18699
  18. By: Hernandez, Manuel A.; Ceballos, Francisco; Berrospi, Maria Lucia; Perego, Viviana Maria Eugenia; Brown, Melissa; Lopez, Elena Mora
    Abstract: Following recent major global shocks that resulted in significant spikes in international food and fertilizer prices, this study analyses the degree of price and volatility transmission from international to selected domestic food and fertilizer markets across seven countries in Central America. We follow a multivariate GARCH approach using monthly data over the period 2000–2022. We find varying results by country and commodities and an overall low to moderate degree of price transmission in levels, but a stronger degree of volatility transmission. We similarly observe some changes in the degree of co-movement between international and domestic price variations over time—depending on the market and commodity under consideration—including after the COVID-19 pandemic and Russia’s invasion of Ukraine as well as after the 2007-2008 food price crisis. Back-of-the-envelope calculations of the effect of an increase in international prices of different food and fertilizers mimicking the peak inflation observed in 2022 reveal small yet non-negligible effects on consumer and producer welfare in Central American countries, which however do not match the magnitude of the food security crisis observed in the region.
    Keywords: shock; food prices; fertilizers; markets; price volatility; inflation; food security; welfare
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:fpr:ifprid:2299
  19. By: Cormun, Vito; Ristolainen, Kim
    Abstract: Leveraging Wall Street Journal news, recent developments in textual analysis, and generative AI, we estimate a narrative decomposition of the dollar exchange rate. Our findings shed light on the connection between economic fundamentals and the exchange rate, as well as on its absence. From the late 1970s onwards, we identify six distinct narratives that explain changes in the exchange rate, each largely non-overlapping. U.S. fiscal and monetary policies play a significant role in the early part of the sample, while financial market news becomes more dominant in the second half. Notably, news on technological change predicts the exchange rate throughout the entire sample period. Finally, using text-augmented regressions, we find evidence that media coverage explains the unstable relationship between exchange rates and macroeconomic indicators.
    Keywords: Exchange rates, big data, textual analysis, macroeconomic news, Wall Street Journal, narrative retrieval, scapegoat
    JEL: C3 C5 F3
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:zbw:bofrdp:306349
  20. By: Jodie Keane; Hazel Granger; Prachi Agarwal; Maximiliano Mendez-Parra
    Abstract: Nowadays, all policy makers must engage with direct and indirect carbon pricing issues. However, the implications of different types of tools and methods to price carbon and support decarbonization deserve further attention in view of their development implications. Two aspects—revenue recycling and complementary policies—are critical when it comes to ensuring that carbon pricing and taxation measures are supportive of broader sustainable structural economic transformation and help to avoid a 'green squeeze'.
    Keywords: Carbon pricing, Carbon tax, Revenue, Redistribution
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:unu:wpaper:wp-2024-85
  21. By: Eberhardt, Katharina; Schwärzel, Amelie; Rosenberg, Sonja; Schultmann, Frank
    Abstract: Eine effektive Krisenvorsorge, einschließlich der strategischen Bevorratung von Ressourcen, stellt einen entscheidenden Faktor dar, um im Falle unvorhergesehener Krisen schnell und effizient reagieren zu können. Daher werden in dieser Arbeit die nationalen Bevorratungspraktiken im Bereich Ernährung in Deutschland, der Schweiz und Finnland untersucht. Diese drei Länder sind für ihr proaktives Krisenmanagement und ihre hohen Bereitschaftsniveaus bekannt. Im Rahmen einer vergleichenden Inhaltsanalyse erfolgt eine detaillierte Untersuchung der von den jeweiligen Nationen angewandten Strategien, der Einbindung der Interessengruppen, der wirtschaftlichen Aspekte sowie der Herausforderungen ausgewählter Krisenfälle. Die Erkenntnisse werden durch eine umfassende Literaturrecherche sowie Interviews mit Experten der jeweiligen Länder gewonnen. Die Analyse offenbart signifikante Unterschiede in den Ansätzen und beleuchtet Vor- und Nachteile für politische Entscheidungsträger und Praktiker. Die Forschung unterstreicht die Bedeutung unterschiedlicher Strategien, die auf nationale Kontexte zugeschnitten sind, und bietet wertvolle Einblicke in Möglichkeiten zur Optimierung der Ernährungsnotfallvorsorge.
    Keywords: Krisenmanagement, Nationale Bevorratung, Lagerungsstrategien, Ernährungsnotfallvorsorge, Ländervergleich
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:zbw:kitiip:308035
  22. By: Congressional Budget Office
    Abstract: The accumulation of greenhouse gases in the atmosphere will affect temperatures, sea levels, and other aspects of the climate. For the United States, those physical changes will pose a wide range of risks to economic activity, real estate and financial markets, human health, biodiversity, immigration, and national security. Because both the physical effects of climate change and their economic consequences are highly uncertain, this report focuses, where possible, on the 5th and 95th percentiles of the distributions of potential outcomes.
    JEL: G18 G21 G22 G28 H81 O44 Q50 Q53 Q54 Q58
    Date: 2024–12–19
    URL: https://d.repec.org/n?u=RePEc:cbo:report:60845
  23. By: Jaime Leyva
    Abstract: This article investigates the importance of firms’ characteristics in determining loan pricing by banks, both in the cross-section and over time in Portugal. A particular emphasis is placed on three financial aspects of firms: indebtedness, liquidity, and profitability. On average, the interest rate charged on new loans tends to increase with the level of firm indebtedness and decrease as liquidity and profitability rise. For micro and small firms, banks are more reactive to their leverage and less reactive to their measures of liquidity and profitability compared to medium-sized firms. For big firms, banks’ loan pricing does not react to changes in their leverage or liquidity. however changes in their profitability have a stronger impact. Regarding firms’ age, it is observed that throughout a firm’s life cycle, banks’ loan pricing places greater emphasis on the level of debt for younger firms, shifting focus to profitability as firms mature. Additionally, the study demonstrates that the sensitivity of banks’ pricing to firms’ financial conditions changes over time and depends on the macroeconomic and financial environment. During periods of high uncertainty or tight financial conditions, banks tend to be stricter in pricing firm leverage, resulting in higher interest rates compared to more stable periods. Banks become more attentive to firms’ liquidity in times of tight financial conditions. Furthermore, during periods of lower economic growth, banks show increased sensitivity to firm profitability, whereas in environments of high interest rates, this sensitivity is reduced.
    JEL: E43 E44 G21 G32
    Date: 2024
    URL: https://d.repec.org/n?u=RePEc:ptu:wpaper:w202410
  24. By: Raffaella Giacomini; Jason Lu; Katja Smetanina
    Abstract: This paper develops a novel approach that leverages the information contained in expectations datasets to derive empirical measures of beliefs regarding economic shocks and their dynamic effects. Utilizing a panel of expectation revisions for a single variable across multiple horizons, we implement a time-varying factor model to nonparametrically estimate the latent shocks and their associated impulse responses at every point in time. The method is designed to accommodate small sample sizes and relies on weak assumptions, requiring no explicit modeling of expectations or assumptions about agents’ forecasting models, information sets, or rationality. Our empirical application to consensus inflation expectations identifies a single perceived shock that closely aligns with observed inflation surprises. The time-varying impulse responses indicate a significant decline in the perceived persistence of this shock, suggesting that inflation expectations have become more “anchored” over time.
    Date: 2024–11–25
    URL: https://d.repec.org/n?u=RePEc:azt:cemmap:21/24

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