|
on Islamic Finance |
| By: | Sarah Y Tong; Yao Li; Tuan Yuen Kong (East Asian Institute, National University of Singapore, Singapore) |
| Abstract: | This paper explores modules and articles on cooperation concerning the digital economy that are applicable for Association of Southeast Asian Nations (ASEAN) countries under certain circumstances. It investigates the progress of and obstacles to ASEAN’s digital connectivity, as well as features of existing Digital Economic Agreements and digital economy-related articles in other agreements. We propose the use of a differentiated strategy and steps to promote integration for ASEAN countries covered in this research. This research was conducted as a part of the project ‘ERIA Research on COVID-19’ at the Economic Research Institute for ASEAN and East Asia (ERIA). |
| Keywords: | Digital Economic Agreement; Digital Connectivity; ASEAN |
| JEL: | F15 F23 |
| Date: | 2021–07–26 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2021-24&r= |
| By: | Jennifer Chan (Borneo Tourism Research Centre, Faculty of Business, Economics and Accountancy, Universiti Malaysia Sabah) |
| Abstract: | This research aims to explore the potential of domestic tourism as a means to revitalise the tourism industry from the perspectives of local residents and tourism players. A quantitative online survey focused on domestic travel behaviour, motivation, places of interest, travel preferences, and willingness to travel within Malaysia; it was answered by 219 Malaysians. Interview data were collected using structured, open-ended interview questions through emails to eight respondents from tourism associations, five from the hotel sector, and two from the travel and tour sector. Data collection was carried out from 10 January to 15 February 2021. The findings reveal that domestic tourism has the potential to revive the tourism industry. A high percentage of respondents indicated the desire to travel domestically and being motivated by attractive tour packages at discounted prices. COVID-19 has impacted tourist behaviour and attitudes towards travelling, and people prefer to travel domestically rather than overseas. Furthermore, tourism players acknowledged the potential to revive the tourism industry and business via domestic tourism. Despite this, declarations of health, safety issues, flight availability, travel restrictions, and quarantine durations are key barriers to stimulating domestic tourism and rebuilding the tourism industry. This research was conducted as a part of the project ‘ERIA Research on COVID-19’ at the Economic Research Institute for ASEAN and East Asia (ERIA). |
| Keywords: | Domestic tourism; COVID-19 pandemic; Revitalise tourism industry |
| JEL: | L89 |
| Date: | 2021–07–27 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2021-25&r= |
| By: | Daniela Del Boca (University of Turin and Collegio Carlo Alberto); Noemi Oggero; Paola Profeta; Maria Cristina Rossi |
| Abstract: | The COVID-19 pandemic has had a dramatic impact on families’ lives, with parents all over the world struggling to meet the increased demands of housework, childcare and home-schooling. Much of the additional burden has been shouldered by women, particularly in countries with a traditionally uneven division of household labor. Yet the dramatic increase in remote work from home since the pandemic also has the potential to increase paternal involvement in family life and thus to redress persistent domestic gender role inequalities. This effect depends on the working arrangements of each partner, whether working remotely, working at their usual workplace or ceasing work altogether. We examine the role of working arrangements during the pandemic on the traditional division of household labor in Italy using survey data from interviews with a representative sample of working women conducted during the two waves of COVID-19 (April and November 2020). Our data show that the gender gap in household care related activities was widest during the first wave of the pandemic, and although it was less pronounced during the second wave, it was still higher than pre-COVID-19. The time spent by women on housework, childcare, and assisting their children with distance learning did not depend on their partners’ working arrangements. Conversely, men spent fewer hours helping with the housework and distance learning when their partners were at home. It is interesting, however, that although men who worked remotely or not at all did devote more time to domestic chores and child care, the increased time they spent at home did not seem to lead to a reallocation of couples’ roles in housework and child care. Finally, we find that working arrangements are linked to women’s feelings of uncertainty, with heterogeneous effects by level of education. |
| Keywords: | COVID-19, work arrangements, housework, childcare, distance learning |
| JEL: | J13 J16 J21 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2021-043&r= |
| By: | M. Hashem Pesaran (University of Southern California, USA; Trinity College, Cambridge, UK); Yimeng Xie (Xiamen University, China) |
| Abstract: | In a recent paper Juodis and Reese (2021) (JR) show that the application of the CD test proposed by Pesaran (2004) to residuals from panels with latent factors results in over-rejection and propose a randomized test statistic to correct for over-rejection, and add a screening component to achieve power. This paper considers the same problem but from a different perspective and shows that the standard CD test remains valid if the latent factors are weak, and proposes a simple bias-corrected CD test, labelled CD*, which is shown to be asymptotically normal, irrespective of whether the latent factors are weak or strong. This result is shown to hold for pure latent factor models as well as for panel regressions with latent factors. Small sample properties of the CD* test are investigated by Monte Carlo experiments and are shown to have the correct size and satisfactory power for both Gaussian and non-Gaussian errors. In contrast, it is found that JR's test tends to over-reject in the case of panels with non-Gaussian errors, and have low power against spatial network alternatives. The use of the CD* test is illustrated with two empirical applications from the literature. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00408&r= |
| By: | Lili Yan Ing (Economic Research Institute for ASEAN and East Asia (ERIA)); Junianto James Losari (UMBRA - Strategic Legal Solutions) |
| Abstract: | The European Union (EU) and China have recently reached an agreement: the EU–China Comprehensive Agreement on Investment (CAI). As one of the most recent investment agreements concluded by the EU, the paper aims to assess specific concessions made in the agreement, and provides lessons learnt for Indonesia on the ongoing negotiations of the Indonesia–EU free trade agreement, the Comprehensive Economic Partnership Agreement (IEU CEPA). The paper will present an overview of the main areas covered under the CAI, assess the potential impacts of the CAI on EU investment into Indonesia, and set out lessons that can be learnt from the CAI. |
| Keywords: | Investment agreement, FTA, China, European Union, Indonesia |
| JEL: | F F15 F21 F23 |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2021-29&r= |
| By: | Philippe Bich (Centre d'Economie de la Sorbonne, Paris School of Economics); Julien Fixary (Centre d'Economie de la Sorbonne, Université Paris 1 Panthéon-Sorbonne) |
| Abstract: | We determine the topological structure of the graph of pairwise stable weighted networks. As an application, we obtain that for large classes of polynomial payoff functions, there exists generically and odd number of pairwise stable networks. This improves the results in Bich and Morhaim ([5] or in Herings and Zhan ([14]), and can be applied to many existing models, as for example to the public good provision model of Bramoullé and Kranton ([8]), the information transmission model of Calvó-Armengol ([9]), the two-way flow model of Bala and Goyal ([2]), or Zenou-Ballester's key-player model ([3]) |
| Keywords: | Weighted Networks; Pairwise Stable Networks Correspondence; Generic Oddness |
| JEL: | C72 D85 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21016&r= |
| By: | Liu, Weijun; Florkowski, Wojciech J. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Agribusiness, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312748&r= |
| By: | Zhong, Jia; Khanna, Madhu |
| Keywords: | Institutional and Behavioral Economics, Resource/Energy Economics and Policy, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312797&r= |
| By: | Zilberman, David; Bansal, Sangeeta |
| Keywords: | Food Consumption/Nutrition/Food Safety, Health Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312873&r= |
| By: | Harun Tanrivermis; Ilhan Yildirim; Erol Demír |
| Abstract: | Financial leasing, which is widely used in medium-term financing of investments in many countries, provides great advantages in meeting the increasing demands of the working capital of organizations. Financial leasing, which is a unique transaction that consists of the combination of three different transactions such as medium-term investment loan, lease, instalment sales, and which have a different quality, is a financing method that is very close to medium-term loan adopted in Turkey. Financial leasing, whose legal infrastructure was first established and backed by the Financial Leasing Law No. 3226 of 1985, was put into its application within the scope of the financial leasing, factoring, and financing companies under Law No. 6361 in 2012. To meet the housing demands, within the scope of Law No. 5582 on the Housing Finance System, consumers are provided with the opportunity to provide long-term funds through financial leasing. In addition, apart from being a means of financing in real estate projects by participation banks and financial leasing companies, it is also used as a sales method in housing finance as a real estate acquisition method. The real estate sector in Turkey greatly contributes to the economy as a hub of employment and stimulates the growth of several sectors, so the consideration of financing of real estate is essential. In the period of 2010-2020 in Turkey, the share of financial leasing transactions in total building investments were decreased by 1% at the end of 2020. The share of financial leasing transaction volume in total fixed investments was around 2% at the end of 2020. In the period examined, the share of construction, real estate brokerage, leasing and operating activities and consumer housing finance in the gross transaction volume of financial leasing was around 20-30% in the period before 2018 but fell below 20% in 2019 and 2020. In the field of financial leasing, especially the sell and lease method, it attracts attention as an Islamic financing model in the financing of commercial real estate investments and housing acquisition. In this study, analysis of the applications of the financial leasing in the real estate sector in Turkey was analysed in aspects of legal, economic, and technical, and the identification of problems, the solution was put forward. Through various data published by financial leasing companies and participation banks and application examples, the conditions of success in the real estate sector were examined by taking into account the development process according to the periods, although it provides various advantages, the main reasons for the lack of widespread and weak development of financial leasing transactions in Turkey were determined. Literature review and regulatory analysis were conducted in the study and the current implementation of the financial leasing method in the real estate sector and its impact on the development of the real estate sector were examined. Based upon the results of the interviews and surveys conducted with the managers and experts of financial leasing companies and the beneficiaries of this vehicle, economic analysis of the use of financial leasing in real estate development and real estate investments, basic application problems and opportunities for the development of financing of financial leasing and real estate investments were evaluated. It is noteworthy that financial leasing companies and participation banks have an important role in the current practice and the employment of real estate development and real estate investments and financing experts in both enterprises is mandatory to increase the success of the implementation of the model. |
| Keywords: | commercial real estate; Financial leasing; residential investment; sell and leaseback |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_172&r= |
| By: | Dripto Bakshi; Indraneel Dasgupta |
| Abstract: | We examine how cross-community cost or benefit spillovers, arising from the consumption of group-specific public goods, affect both inter-group conflicts over the appropriation of such goods and decentralized private provision for their production. Our model integrates production versus appropriation choices, vis-Ã -vis group-specific public goods, with their decentralized voluntary supply, against a backdrop of such cross-community consumption spillovers. Our flexible and general formulation of consumption spillovers incorporates earlier specifications as alternative special cases. We show that stronger negative (or weaker positive) consumption spillovers across communities may reduce inter-group conflict and increase aggregate income (and consumption) in society under certain conditions. Thus, stronger negative consumption spillovers may have socially beneficial consequences. We also identify conditions under which their impact will be both conflict-augmenting and income-compressing. Our general theoretical analysis offers a conceptual structure within which to organize investigation of feedback loops linking ethnic conflict and natural resource degradation in developing country contexts. |
| Keywords: | Production versus appropriation, Rent-seeking; Public good contest; Public bad; Natural resource conflict |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:not:notcre:21/05&r= |
| By: | Hamilton, Stephen F.; Lowrey, John; Richards, Timothy J. |
| Keywords: | Marketing, Agribusiness, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312679&r= |
| By: | Zapata, Samuel D.; García, José María |
| Keywords: | Risk and Uncertainty, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312672&r= |
| By: | Yim, Hyejin; Katare, Bhagyashree |
| Keywords: | Food Consumption/Nutrition/Food Safety, Health Economics and Policy, Consumer/Household Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312808&r= |
| By: | Marc Fleurbaey (Paris School of Economics); Stéphane Zuber (Centre d'Economie de la Sorbonne, Paris School of Economics) |
| Abstract: | How to evaluate and compare social prospects when there may be a risk on i) the actual allocation people will receive; ii) the existence of these future people; and iii) their preferences? This paper investigate this question that may arise when considering policies that endogenously affect future people, for instance climate policy. We show that there is no social ordering that meets minimal requirements of fairness, social rationality, and respect for people's ex ante preferences. We explore three ways to avoid this impossibility. First, if we drop the ex ante Pareto requirement, we can obtain fair ex post criteria that take an (arbitrary) expected utility of an equally-distributed equivalent level of well-being. Second, if the social ordering is not an expected utility, we can obtain fair ex ante criteria that assess uncertain individual prospects with a certainty-equivalent measure of well-being. Third, if we accept that interpersonal comparisons rely on VNM utility functions even in absence of risk, we can construct expected utility social orderings that satisfy of some version of Pareto ex ante |
| Keywords: | Fairness; social risk; intergenerational equity |
| JEL: | D63 D81 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21018&r= |
| By: | Sandoval M, Luis A.; Zapata, Samuel D.; Lemus, Juan Gerardo |
| Keywords: | Marketing, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312660&r= |
| By: | Ojha, Renu; Khanal, Aditya R. |
| Keywords: | Agricultural Finance, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312692&r= |
| By: | Matsushima, Hiroshi; Khanna, Madhu |
| Keywords: | Environmental Economics and Policy, Institutional and Behavioral Economics, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312770&r= |
| By: | Evans, Alecia; Sesmero, Juan Pablo |
| Keywords: | Research Methods/Statistical Methods, Institutional and Behavioral Economics, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312866&r= |
| By: | Van Asselt, Joanna; Useche, Maria P. |
| Keywords: | International Development, Food Consumption/Nutrition/Food Safety, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312756&r= |
| By: | Bird, Samuel; Verma, Sneha |
| Keywords: | International Development, Labor and Human Capital, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312717&r= |
| By: | Gardner, George; Johnston, Robert J. |
| Keywords: | Risk and Uncertainty, Environmental Economics and Policy, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312657&r= |
| By: | Maria Laura Di Tommaso; Dalit Contini; Dalila De Rosa; Francesca Ferrara; Daniela Piazzalunga; Ornella Robutti |
| Abstract: | We implement a teaching methodology aimed at improving primary school children’s mathematical skills. The methodology, grounded in active and cooperative learning, focuses on peer interaction, sharing of ideas, learning from mistakes, and problem solving. We evaluate the causal effect of the intervention on the gender gap in mathematics in Italy with a randomized controlled trial. The treatment significantly improves girls’ math performance (0.14 s.d.), with no impact on boys, and reduces the math gender gap by more than 40%. The effect is stronger for girls with high pre-test scores. |
| Keywords: | Gender gap, Mathematics, School achievement, Primary school, Active learning, Teaching methodologies, Randomized controlled trial |
| JEL: | I21 I24 J16 C93 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwprg:2021/11&r= |
| By: | Robinson, Chadelle R.H.; Wade, Brittany A. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Institutional and Behavioral Economics, Agricultural Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312630&r= |
| By: | Chen, Luoye; Khanna, Madhu |
| Keywords: | Agricultural and Food Policy, Environmental Economics and Policy, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312845&r= |
| By: | Liu, Bingcai; Sohngen, Brent; Baker, Justin S. |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312846&r= |
| By: | Ha, Sang Su; Min, Doohong; Dahlke, Garland |
| Keywords: | Marketing, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312869&r= |
| By: | Apriesnig, Jenny L.; Thompson, Jada |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312727&r= |
| By: | Kovacs, Kent; Rider, Shelby |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Research Methods/Econometrics/Stats |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312626&r= |
| By: | Davis, George C.; Gupta, Anubhab |
| Keywords: | Marketing, Food Consumption/Nutrition/Food Safety, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312740&r= |
| By: | Brenneis, Karina; Wollni, Meike |
| Keywords: | Resource/Energy Economics and Policy, International Development, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312691&r= |
| By: | Kohnert, Dirk |
| Abstract: | The combined impact of Brexit and the COVID-19 pandemic on British foreign- and trade relations to Israel and its Arab neighbours constitute a particularly sensitive case. A destabilization of these countries could impact seriously stability and security, not just of the Middle-East region, but on the whole world. So far, the preliminary effects are ambivalent. Whereas Britons entertained reasoned hope for a ‘Corona miracle’ and a marvellous economic recovery in 2021, the prospects for Israel, the occupied Palestinian territories, Lebanon, Jordan and Egypt were less rosy. Presumably, Brexit is likely to harm the United Kingdom in the medium and long run. The post-Brexit impact on Israel and its Arab neighbours will be negative as well, but probably only be felt in the medium and long term also. However, the direct and indirect negative effects of the global COVID-19 crisis will by far outdo the Brexit impact. |
| Keywords: | Brexit, COVID-19-pandemic, Corona, economic growth, Israel, Palestine, Lebanon, Jordan, Egypt, United Kingdom, international trade, free trade area, customs union, Anglosphere, |
| JEL: | F13 F15 F22 F52 F68 I14 N1 N40 O24 O5 Z13 |
| Date: | 2021–08–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109153&r= |
| By: | Jeoffrey Dehez (UR ETBX - Environnement, territoires et infrastructures - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sandrine Lyser (UR ETBX - Environnement, territoires et infrastructures - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03326506&r= |
| By: | Jia, Yanan; Hennessy, David A.; Feng, Hongli |
| Keywords: | Productivity Analysis, Production Economics, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312916&r= |
| By: | Cameron-Harp, Micah V.; Hendricks, Nathan P. |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312825&r= |
| By: | Wang, Yangchuan; Isengildina Massa, Olga; Stewart, Shamar |
| Keywords: | Agribusiness, Marketing, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312758&r= |
| By: | Smetana, Kerri; Melstrom, Richard; Malone, Trey |
| Keywords: | Food Consumption/Nutrition/Food Safety, Agribusiness, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312890&r= |
| By: | Spalding, Ashley; Kiesel, Kristin |
| Keywords: | Agricultural and Food Policy, Marketing, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312924&r= |
| By: | Ajanaku, Bolarinwa A.; Collins, Alan R. |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312623&r= |
| By: | Muriuki, James M.; Hudson, Michael D. |
| Keywords: | Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312670&r= |
| By: | Zhang, Wei; Wen, Yuanyuan |
| Keywords: | Environmental Economics and Policy, Labor and Human Capital, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312892&r= |
| By: | Liu, Jing; Wang, Zhan |
| Keywords: | Environmental Economics and Policy, Agricultural and Food Policy, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312787&r= |
| By: | Penn, Jerrod; Hu, Wuyang; Vassalos, Michael |
| Keywords: | Research Methods/Statistical Methods, Marketing, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312858&r= |
| By: | Dong, Qi |
| Keywords: | Agricultural Finance, Research Methods/Statistical Methods, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312627&r= |
| By: | Bakhtavoryan, Rafael; Hovhannisyan, Vardges |
| Keywords: | Resource/Energy Economics and Policy, Agricultural and Food Policy, Consumer/Household Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312650&r= |
| By: | Chen, Qihui; Pei, Chunchen |
| Keywords: | Food Consumption/Nutrition/Food Safety, Health Economics and Policy, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312744&r= |
| By: | Priestley, Samuel L.; Mjelde, James; Price, Edwin C. |
| Keywords: | International Development, International Development, International Relations/Trade |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312885&r= |
| By: | Zilberman, David; Ahsanuzzaman, Ahsanuzzaman |
| Keywords: | Productivity Analysis, International Development, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312899&r= |
| By: | Junko Koeda; Yosuke Kimura |
| Abstract: | This study constructs a dataset of Japanese government bonds' maturity structure for the fiscal years 1965?2020. Using the maturity structure data at the end of each fiscal year for the past three decades, this study structurally estimates a canonical preferred-habitat term structure model extracting the bond supply factor. The results provide a debt maturity equation in the fiscal-year cycle and demonstrate that two yield factors (bond supply factor and short-term interest rate) can account for annual-frequency variations in Japanese bond yields. The supply factor also explains the continued decline in the long-term interest rate for the past two decades. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:tcr:wpaper:e163&r= |
| By: | Dobrowolska Perry, Agnieszka I.; Brown, D Scott |
| Keywords: | Food Consumption/Nutrition/Food Safety, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312814&r= |
| By: | Poursina, Davood; Brorsen, Wade |
| Keywords: | Production Economics, Research Methods/Statistical Methods, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312653&r= |
| By: | Anica, Sharaban T.; Elbakidze, Levan |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312881&r= |
| By: | Soh, Moonwon; Wade, Tara |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312840&r= |
| By: | Mulangu, Francis M.; Dadzie, Nicholas |
| Keywords: | International Development, Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312649&r= |
| By: | Hayes, Taylor E.; Robinson, Chadelle R.H. |
| Keywords: | Community/Rural/Urban Development, Agribusiness, Teaching/Communication/Extension/Profession |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312831&r= |
| By: | Badruddoza, Syed; Amin, Modhurima D. |
| Keywords: | Health Economics and Policy, Teaching/Communication/Extension/Profession, Labor and Human Capital |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312647&r= |
| By: | Sandstrom, Kaitlynn M.A.; Lupi, Frank |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312913&r= |
| By: | Arnold, Chelsea; Taylor, Mykel R. |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312753&r= |
| By: | Fatema, Naureen; Kibriya, Shahriar |
| Keywords: | Institutional and Behavioral Economics, Agricultural and Food Policy, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312719&r= |
| By: | Pablo A. Celhay; Bruce D. Meyer; Nikolas Mittag |
| Abstract: | We document the extent, nature, and consequences of survey errors in cash welfare and SNAP receipt in three major U.S. household surveys. We find high rates of misreporting, particularly failure to report receipt. The surveys inaccurately capture patterns of multiple program participation, even though there is little evidence of program confusion. Error rates are higher among imputed observations, which account for a large share of false positive errors. Many household characteristics have significant effects on both false positives and false negative errors. Error rates sharply differ by race, ethnicity, income and other household characteristics. The errors greatly affect models of program receipt and estimated effects of income and race are noticeably biased. We examine error due to item non-response and imputation, as well as whether imputation improves estimates. Item non-respondents have higher receipt rates than the population conditional on covariates. The assumptions for consistent estimates in multivariate models fail both when excluding item non-respondents and when using the imputed values. In binary choice models of program receipt, linked data estimates favor excluding item non-respondents rather than using imputed values. Biases are well predicted by the error patterns we document, helping researchers make informed decisions on whether to use imputed values. |
| JEL: | C81 D31 I32 I38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29184&r= |
| By: | Liang, Chyi-Lyi; Tarpeh, Grace |
| Keywords: | Marketing, Production Economics, Consumer/Household Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312739&r= |
| By: | Choi, Yejun; Lambert, Dayton M. |
| Keywords: | International Relations/Trade, Marketing, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312807&r= |
| By: | Tregeagle, Daniel; Plakias, Zoë |
| Keywords: | Agricultural and Food Policy, Marketing, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312714&r= |
| By: | ShalekBriski, Abby; Devuyst, Eric A.; Brorsen, Wade |
| Keywords: | Risk and Uncertainty, Research Methods/Statistical Methods, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312857&r= |
| By: | Lama-Mendoza, Ashley D.; Lillywhite, Jay M. |
| Keywords: | Teaching/Communication/Extension/Profession, Community/Rural/Urban Development, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312830&r= |
| By: | Reid, Roberta; Featherstone, Allen M.; Herbel, Kevin |
| Keywords: | Agricultural and Food Policy, Agricultural Finance, Labor and Human Capital |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312812&r= |
| By: | Ji, Yongjie; Miao, Ruiqing |
| Keywords: | Agricultural and Food Policy, Production Economics, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312795&r= |
| By: | Aglasan, Serkan; Rejesus, Roderick M. |
| Keywords: | Production Economics, Risk and Uncertainty, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312769&r= |
| By: | Black, Michael A.; Woodward, Richard T. |
| Keywords: | Resource/Energy Economics and Policy, Research Methods/Statistical Methods, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312922&r= |
| By: | O'Brien, Daniel M.; Tejeda, Hernan A.; Llewelyn, Richard V. |
| Keywords: | Risk and Uncertainty, Marketing, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312723&r= |
| By: | Kim, Donghoon; Lopez, Rigoberto A.; Steinbach, Sandro |
| Keywords: | Marketing, Agribusiness, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312708&r= |
| By: | Zhang, Jingfang; Li, Wenying; Dorfman, Jeffrey H. |
| Keywords: | Agribusiness, Research Methods/Statistical Methods, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312832&r= |
| By: | Blanchflower, David G.; Graham, Carol L. |
| Abstract: | A number of studies - including our own - find a mid-life dip in well-being. Yet several papers in the psychology literature claim that the evidence of a U-shape is "overblown" and if there is such a thing that any such decline is "trivial". Others have claimed that the evidence of a U-shape "is not as robust and generalizable as is often assumed," or simply "wrong." We identify 424 studies, mostly published in peer reviewed journals that find U-shapes that these researchers apparently were unaware of. We use data for Europe from the Eurobarometer Surveys (EB), 1980-2019; the Gallup World Poll (GWP), 2005-2019 and the UK's Annual Population Survey, 2016-2019 and the Census Bureau's Household Pulse Survey of August 2021, to examine U-shapes in age in well-being. We find remarkably strong and consistent evidence across countries of statistically significant and non-trivial U-shapes in age with and without socio-economic controls. We show that studies cited by psychologists claiming there are no U-shapes are in error; we reexamine their data and find differently. The effects of the mid-life dip we find are comparable to major life events such as losing a spouse or becoming unemployed. This decline is comparable to half of the unprecedented fall in well-being observed in the UK in 2020 and 2021, during the Covid19 pandemic and lockdown, which is hardly "inconsequential" as claimed. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:923&r= |
| By: | Kedar, Vishnu Shankarrao; Neharkar, Pratibha |
| Keywords: | Marketing, Agribusiness, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312772&r= |
| By: | Wang, Ying; Woodward, Richard T.; Liu, Jingyue |
| Keywords: | Environmental Economics and Policy, Research Methods/Statistical Methods, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312705&r= |
| By: | Park, Hyungho; McCarl, Bruce A. |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312820&r= |
| By: | Santillan, Pamela S.; Sandoval M, Luis A. |
| Keywords: | Marketing, Food Consumption/Nutrition/Food Safety, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312661&r= |
| By: | Akhundjanov, Sherzod B.; Jakus, Paul M. |
| Keywords: | Community/Rural/Urban Development, Institutional and Behavioral Economics, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312804&r= |
| By: | Haqiqi, Iman; Bahalou Horeh, Marziyeh |
| Keywords: | Production Economics, Health Economics and Policy, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312776&r= |
| By: | Kuethe, Todd H.; Bora, Siddhartha S.; Katchova, Ani |
| Keywords: | Agricultural Finance, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312646&r= |
| By: | Bizimana, Jean Claude; Musumba, Mark |
| Keywords: | Risk and Uncertainty, Agricultural and Food Policy, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312850&r= |
| By: | Liepmann, Hannah.; Pignatti, Clemente. |
| Abstract: | We analyze for the first time the welfare effects of unemployment benefits (UBs) in a context of high infor- mality, exploiting matched administrative and survey data with individual-level information on UB receipt, formal and informal employment, wages and consumption. Using a difference-in- differences approach, we find that dismissal from a formal job causes a large drop in consumption, which is between three to six times larger than estimates for developed economies. This is generated by a permanent shift of UB re- cipients towards informal employment, where they earn substantially lower wages. We then exploit a kink in benefits and show that more generous UBs delay program exit through a substitution of formal with informal employment. However, the disincentive effects are small and short-lived. Because of the high insurance value and the low efficiency costs, welfare effects from increasing UBs are positive for a range of values of the coefficient of relative risk aversion. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995141693302676&r= |
| By: | Mostafavi-Dehzooei, Mohammad H.; Heshmatpour, Masoumeh |
| Keywords: | Community/Rural/Urban Development, Consumer/Household Economics, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312819&r= |
| By: | Ma, Wanglin; Zheng, Hongyun |
| Keywords: | Production Economics, Agricultural Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312632&r= |
| By: | International Monetary Fund |
| Abstract: | Among EU countries, Romania suffered a relatively shallow recession in the COVID-19 crisis, aided by macroeconomic easing. A strong recovery is projected in 2021. The new government is committed to balance continued pandemic-related support with the start of a medium-term fiscal consolidation trajectory that corrects pre-pandemic excesses, while implementing a range of structural reforms. These efforts, as well as the medium-term recovery, should be bolstered by large Next Generation EU grants. |
| Keywords: | expert fund assistance; General government balance sheet; government effectiveness; monetary policy response; headline inflation; COVID-19; Fiscal stance; Fiscal consolidation; Global |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/190&r= |
| By: | Gulati, Kajal; Hobbs, Andrew |
| Keywords: | International Development, Environmental Economics and Policy, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312779&r= |
| By: | Gupta, Tanu; Negi, Digvijay S. |
| Keywords: | Labor and Human Capital, International Development, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312636&r= |
| By: | Young, Alicia M.; Riley, John M. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Research Methods/Statistical Methods, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312826&r= |
| By: | Jarociński, Marek |
| Abstract: | Fed's monetary policy announcements convey a mix of news about different kinds of conventional and unconventional policies and about the economy. Financial market responses to these announcements are very leptokurtic: often tiny, but sometimes large. I estimate the underlying structural shocks exploiting this feature of the data. I find standard monetary policy, Odyssean forward guidance, large scale asset purchases and Delphic forward guidance, and estimate their effects. JEL Classification: E52, E58, E44 |
| Keywords: | Asset purchases, Excess kurtosis, Forward guidance, High-frequency identification, Non-Gaussianity |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20212585&r= |
| By: | Xing, Mengying; Mao, Rui |
| Keywords: | International Development, International Relations/Trade, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312790&r= |
| By: | Pereira, Rafael H. M.; Boisjoly, Geneviève |
| Abstract: | Introduction chapter to the book Pereira & G. Boisjoly (Editors), Social Issues in Transport Planning (Advances in Transport Policy and Planning Vol. 8). Elsevier. 2021 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:pn2qd&r= |
| By: | Christopher Findlay (Australian National University, Australia); Hein Roelfsema (Utrecht University, the Netherlands); Niall Van De Wouw (CLIVE Data Services, the Netherlands) |
| Abstract: | This paper focuses on air cargo market development, with special attention to the connections between countries in Asia, the European Union, and the United States. Before the coronavirus disease (COVID-19) crisis, we show that participation in global value chains played a crucial role in how countries in Asia increased their exposure to the European Union market, which was hit hardest by the COVID-19 crisis. Analysing the effects of the crisis in 2020- using a fuzzy set complexity approach and recent high-frequency data on air cargo transport - we show that such demand effects, together with domestic contraction conditions, explain a large share of variation in air cargo dynamics across countries in Asia. However, we also show that implementing best practices in pandemic control positively impacts air cargo recovery for countries that cannot rely on export market rebounds. After reviewing the convergence in air cargo business models since 2010, the paper continues to assess recovery options. The main conclusion is that business models will converge on long haul point-to-point models that combine passengers and cargo, moving away from the current hub and spoke system. |
| Keywords: | Air cargo, ASEAN, COVID-19 |
| JEL: | F15 F53 R41 |
| Date: | 2021–07–23 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2021-23&r= |
| By: | Khadka, Savin; Munisamy, Gopinath |
| Keywords: | International Development, International Development, International Relations/Trade |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312908&r= |
| By: | Ogieriakhi, Macson; Woodward, Richard T. |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312816&r= |
| By: | Ghorbani, Khashayar; Atallah, Shadi S. |
| Keywords: | Environmental Economics and Policy, Agricultural and Food Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312827&r= |
| By: | Gulati, Kajal; Lybbert, Travis J. |
| Keywords: | International Development, Labor and Human Capital, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312778&r= |
| By: | Ben Shepherd (Developing Trade Consultants, USA) |
| Abstract: | The concept of effective rate of protection expresses protection on a sector’s final output relative to protection affecting its inputs. As such, it is well adapted to analysing the effects of trade policy from a supply chain standpoint. This paper makes two contributions to the literature on effective rates of protection. First, it draws on the literature on trade in value added to highlight an alternative to the traditional measure that better accounts for supply chain trade by considering both direct and indirect input use. Second, it includes data on ad valorem equivalents of non-tariff measures, which are increasingly important as trade policy instruments. In an analysis covering 17 aggregate goods sectors, I find that average tariff only effective rates of protection in ASEAN averaged 6.9% and ranged from zero to 23.4% in 2018. By contrast, effective rates including non-tariff measures averaged 14.0% and ranged from –6.2% to 44.0%. While patterns of escalation and even effective taxation differ substantially across sectors, most countries practice a tariff and NTM trade policy that is broadly neutral between input and output sectors, but which causes low to moderate isolation from world markets. Given the complexity of tariffs and NTMs from a supply chain perspective, there would likely be reductions in economic waste accompanying substantial simplification. |
| Keywords: | International trade policy; non-tariff measures; trade in value added; effective rate of protection; Southeast Asia |
| JEL: | F13 F14 O24 |
| Date: | 2021–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2021-27&r= |
| By: | Oyetunde-Usman, Zainab; Shee, Apurba |
| Keywords: | Institutional and Behavioral Economics, Research Methods/Statistical Methods, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312821&r= |
| By: | Jacob, Jannet Farida; Chakraborty, Lekha S |
| Abstract: | We explore the efficacy of ‘child budgeting’ in public financial management (PFM) to deal with the COVID-19 pandemic in the context of Indian State of Karnataka. We argue that this should be an essential component of government fiscal stimulus responses. The ex-post analysis of public finance for children (PF4C) reveals that in 2020-21 PF4C constitutes15 per cent of total net expenditure, which is 1.68 per cent of GSDP. Of this, 80 per cent is spent on education. The State, despite having allocated 15 per cent of its total net expenditure on child specific programmes, the fiscal marksmanship ratio and the PEFA score for PF4C indicates that there is significant deviation between budget allocation and actual spending. . Growing digital divide and the fragile anthropometric status of children are matters of concern in the State. Karnataka though is a fiscally prudent State, with all its fiscal parameters well within the stipulated limits of “fiscal rules”, has resorted to episodic expenditure compression in social sector which in turn has consequences for PF4C. Given the impact of the COVID-19 pandemic on education, health and income, it is imperative for the State to look beyond the fiscal stimulus packages and strengthen the long term PFM tool like child budgeting. |
| Keywords: | Public Financial Management, Child Budgeting, State Expenditure, Karnataka |
| JEL: | E62 H30 H70 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109520&r= |
| By: | He, Yurou; Tauer, Loren W. |
| Keywords: | Agricultural Finance, Production Economics, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312865&r= |
| By: | Anup Malani; Sabareesh Ramachandran |
| Abstract: | Official statistics on deaths in India during the COVID pandemic are either incomplete or are reported with a delay. To overcome this shortcoming, we estimate excess deaths in India using the household roster from a large panel data set, the Consumer Pyramids Household Survey, which reports attrition from death. We address the problem that the exact timing of death is not reported in two ways, via a moving average and differencing monthly deaths. We estimate roughly 4.5 million (95% CI: 2.8M to 6.2M) excess deaths over 16 months during the pandemic in India. While we cannot demonstrate causality between COVID and excess deaths, the pattern of excess deaths is consistent with COVID-associated mortality. Excess deaths peaked roughly during the two COVID waves in India; the age structure of excess deaths is right skewed relative to baseline, consistent with COVID infection fatality rates; and excess deaths are positively correlated with reported infections. Finally, we find that the incidence of excess deaths was disproportionately among the highest tercile of income-earners and was negatively associated with district-level mobility. |
| JEL: | C80 I10 I14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29192&r= |
| By: | Das, Abhipsita; Kinnucan, Henry W. |
| Keywords: | Marketing, Research Methods/Statistical Methods, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312868&r= |
| By: | Van Asselt, Joanna; Useche, Maria P.; Morgan, Stephen N. |
| Keywords: | International Development, International Development, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312743&r= |
| By: | Mohajan, Haradhan |
| Abstract: | At present all nations are thinking about the circular economy (CE) in production, circulation, and consumption due to environment pollution and resource scarcity. But implementation of CE policy is yet in its infancy. The CE in the form of waste management policy that is achieved in selected developed countries of the world. China is a developing country in the East Asia. The economy of China has grown with an average 10% per annum during the last 30 years that contributes important impacts on the world economy. At the last quarter of the 20th century and beginning of the first quarter of the 21st century China becomes the largest energy user in the world, as the country rapidly becomes the largest exporter in the world. To produce essential commodities according to the global demand the country mainly depends on coal and fossil fuel to create electricity, consequently it emits maximum CO2. Recently, China has faced various harmful odd situations, such as environmental degradation, human health and social problems due to huge population, and source scarcity for the huge production, rapid continuous unplanned urbanization, and growing economy. Thinking for future sustainable economy and human welfare of the country, China is attracted by the CE. The country has taken various attempts to implement CE at the three levels at a time, namely micro, meso and macro levels. |
| Keywords: | 3R Principle, China, Circular Economy, Economic Sustainability, Environmental Problems |
| JEL: | D62 I3 I31 O1 |
| Date: | 2021–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109281&r= |
| By: | Poghosyan, Armine; Isengildina Massa, Olga; Stewart, Shamar |
| Keywords: | Agricultural Finance, Marketing, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312904&r= |
| By: | Beverly, Mariah; Neill, Clinton L. |
| Keywords: | Community/Rural/Urban Development, Food Consumption/Nutrition/Food Safety, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312675&r= |
| By: | Haqiqi, Iman; Aqababaei, Monireh |
| Keywords: | Productivity Analysis, Resource/Energy Economics and Policy, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312777&r= |
| By: | Chung, Dae Hee; Suh, Dong Hee |
| Keywords: | International Development, Agricultural and Food Policy, International Relations/Trade |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312648&r= |
| By: | Laurens Cherchye; Pierre-André Chiappori; Bram De Rock; Charlotte Ringdal; Frederic Vermeulen |
| Abstract: | To understand the household decision-making process regarding food expenditures for children in poor households in Nairobi, we conduct an experiment with 424 married couples. In the experiment, the spouses (individually and jointly) allocated money between themselves and nutritious meals for one of their children. First, we find strong empirical support for individual rationality and cooperative behavior. Second, our results suggest that women do not have stronger preferences for children’s meals than men. Third, the spouses’ respective bargaining positions derived from consumption patterns strongly correlate with more traditional indicators. Finally, we document significant heterogeneity both between individuals and intra-household decision processes. |
| Keywords: | collective model, intra-household allocation, experiment, Kenya, children |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:ete:ceswps:679644&r= |
| By: | International Monetary Fund |
| Abstract: | The pandemic has caused an unprecedented disruption to economic and social activity, which has been met with swift, strong, and well-coordinated policy responses. These support measures have helped preserve jobs and provide liquidity to companies and income support to vulnerable groups, thereby averting a deeper recession. After contracting by 3.6 percent in 2020, real GDP is projected to grow by 3.6 percent in 2021 and 5.2 percent in 2022, as stimulus and the EU-financed investment works through and vaccinations help control the spread of the virus. However, uncertainty around the outlook is unusually large, given the evolution of the epidemiological situation and the slow start of the vaccination program. |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/194&r= |
| By: | Pauline Affeldt; Elena Argentesi; Lapo Filistrucchi |
| Abstract: | We empirically investigate the relevance of multi-homing in two-sided markets. First, we build a micro-founded structural econometric model that encompasses demand for differentiated products and allows for multi-homing on both sides of the market. We then use an original dataset on the Italian daily newspaper market that includes information on double-homing by readers to estimate readers’ and advertisers’ demand. The results show that an econometric model that does not allow for multihoming is likely to produce biased estimates of demand on both sides of the market. In particular, on the reader side, accounting for multi-homing helps to recognize complementarity between products; on the advertising side, it allows to measure to what extent advertising demand depends on the shares of exclusive and overlapping readers. |
| Keywords: | Two-sided markets, platforms, multi-homing, media, advertising |
| JEL: | C51 D43 C13 L82 M37 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1965&r= |
| By: | Hill, Alexandra E.; Sexton, Richard J. |
| Keywords: | Marketing, Agribusiness, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312771&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | The article proposes an explicit modelization of households behavior by describing the possible relationship between the inter-temporal substitution rate and the opportunity cost of time which could afford the missing link between consumers' choices and macro variables in an Austrian trade cycle tradition. The changes of the value of time during expansions and recessions involve direct and indirect changes of households' demand and saving which create shadow prices. The variations of shadow costs are related to the competitivity of markets restoring equilibria by means of associated changes in monetary prices. |
| Keywords: | Inter-temporal substitution rate,originary interest,psychological interest rate,psychological time,opportunity cost of time,austrian trade cycle |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03325379&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | The article proposes an explicit modelization of households behavior by describing the possible relationship between the inter-temporal substitution rate and the opportunity cost of time which could afford the missing link between consumers' choices and macro variables in an Austrian trade cycle tradition. The changes of the value of time during expansions and recessions involve direct and indirect changes of households' demand and saving which create shadow prices. The variations of shadow costs are related to the competitivity of markets restoring equilibria by means of associated changes in monetary prices. |
| Keywords: | Inter-temporal substitution rate,originary interest,psychological interest rate,psychological time,opportunity cost of time,austrian trade cycle |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03325379&r= |
| By: | English, Leah A.; Popp, Jennie S. |
| Keywords: | Research Methods/Statistical Methods, Agricultural and Food Policy, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312622&r= |
| By: | Janzen, Joseph; Swearingen, Bryn; Yu, Jisang |
| Keywords: | Marketing, Agricultural Finance, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312762&r= |
| By: | Jane Kelsey (University of Auckland, New Zealand) |
| Abstract: | As the digital economy expands in scale, scope, and form it poses major challenges for public revenue and tax policy and administration in Asia and other parts of the global South. When attempts led by developed countries at the OECD-led Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to agree on new norms for taxing digital giants like Facebook, Google, and Amazon stalled, individual countries, including a number of developing countries in Asia, began developing their own responses, notably the adoption of digital services taxes. High-level compromises have recently been announced at the OECD, but the details are yet to come and are not expected to address the needs of developing countries to effectively tax the activities of digital giants operating from offshore. As countries seek effective and workable means to tax the digitalised economy, existing and proposed international rules on digital trade in free trade agreements, and plurilateral moves to develop electronic commerce rules in the World Trade Organization, may fetter their ability to do so. To date, very little attention has been paid in trade negotiations to the consequences of these developments for countries’ tax regimes. Nor have the adequacy, effectiveness, and workability of the tax exceptions in trade and investment agreements been properly re-assessed. Many governments are only becoming aware that trade rules may constrains their ability to regulate the (poorly understood and fast moving) digital domain after they have signed up to them. A series of investigations by the US government under Section 301 of the US Trade Act 1974 into digital services taxes, including those adopted by India and proposed by Indonesia, provides a real-world basis on which to assess how binding and enforceable digital trade rules might be used to challenge digital tax measures at the unilateral, bilateral, and multilateral levels. In highlighting these risks, the paper aims to provide a framework for the tax and trade divisions of governments in ASEAN and East Asia to reflect together on the potential for proposed digital trade rules to impact negatively on their public revenue. |
| Keywords: | electronic commerce, digital trade, digital services tax, CPTPP, RCEP, BEPS |
| JEL: | F13 F14 O24 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2021-28&r= |
| By: | Cornish, Brian; Miao, Ruiqing |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312863&r= |
| By: | Martin Browning; Laurens Cherchye; Thomas Demuynck; Bram De Rock; Frederic Vermeulen |
| Abstract: | We present a methodology for the structural empirical analysis of household consumption and time use behaviour under marital stability. Our approach is of the revealed preference type and non-parametric, meaning that it does not require a prior functional specification of individual utilities. Without making use of the transferable utility assumption, but still allowing for monetary transfers, our method can identify individuals' unobserved match qualities and quantify them in money metric terms. We can include both preference factors, affecting individuals' preferences over private and public goods, and match quality factors, driving differences in unobserved match quality. We demonstrate the practical usefulness of our methodology through an application to the Belgian MEqIn data. Our results reveal intuitive patterns of unobserved match quality that allow us to rationalize both the observed matches and the within-household allocations of time and money. |
| Keywords: | household consumption, marital stability, unobserved match quality, revealed preference analysis, intrahousehold allocation |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:ete:ceswps:679647&r= |
| By: | Zhang, Xumin; House, Lisa A. |
| Keywords: | Institutional and Behavioral Economics, Consumer/Household Economics, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312651&r= |
| By: | Morrissette, Kendra J.; Lusk, Jayson L. |
| Keywords: | Marketing, Food Consumption/Nutrition/Food Safety, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312792&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | L'examen critique du cours de Pierre Bourdieu sur les fondements sociaux de l'action économique et sa comparaison à la méthodologie suivie par Simon Langlois dans ses analyses des choix de consommation des ménages, engendrent une discussion des méthodologies de test des hypothèses et des conclusions des analyses théoriques dans les diverses sciences sociales et l'exposé succinct de nouveaux modèles qui élargissent la théorie économique des choix individuels, répondant ainsi partiellement aux critiques de Bourdieu. |
| Keywords: | don,marché,rationalité,test,Consommation almentaire |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03325100&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | L'examen critique du cours de Pierre Bourdieu sur les fondements sociaux de l'action économique et sa comparaison à la méthodologie suivie par Simon Langlois dans ses analyses des choix de consommation des ménages, engendrent une discussion des méthodologies de test des hypothèses et des conclusions des analyses théoriques dans les diverses sciences sociales et l'exposé succinct de nouveaux modèles qui élargissent la théorie économique des choix individuels, répondant ainsi partiellement aux critiques de Bourdieu. |
| Keywords: | don,marché,rationalité,test,Consommation almentaire |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03325100&r= |
| By: | International Monetary Fund |
| Abstract: | Following two emergency Rapid Credit Facility disbursements in June 2020 and March 2021 to assist in addressing the impact of the COVID-19 pandemic, the Sierra Leonean authorities are committed to resuming the program supported by the Extended Credit Facility arrangement. The program is an important policy anchor for the authorities, and its main objectives—revenue mobilization, safeguarding financial stability, and addressing external vulnerabilities—remain valid. While an economic recovery is underway, driven by the mining sector, risks to the outlook are considerable and, the risk of debt distress is high but remains sustainable. This is predicated on the authorities’ ambitious fiscal adjustment and continued reliance on concessional financing and grants. External vulnerabilities are expected to persist over the medium term. |
| Keywords: | financing assurances review; ECF disbursement; Sierra Leonean authorities; financing pressure; Extended Credit Facility arrangement; financing situation; priority expenditure; Arrears; Credit; Budget planning and preparation; Global |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/183&r= |
| By: | Boeing, Geoff (Northeastern University); Besbris, Max; Wachsmuth, David; Wegmann, Jake |
| Abstract: | This article interprets emerging scholarship on rental housing platforms—particularly the most well-known and used short- and long-term rental housing platforms—and considers how the technological processes connecting both short-term and long-term rentals to the platform economy are transforming cities. It discusses potential policy approaches to more equitably distribute benefits and mitigate harms. We argue that information technology is not value-neutral. While rental housing platforms may empower data analysts and certain market participants, the same cannot be said for all users or society at large. First, user-generated online data frequently reproduce the systematic biases found in traditional sources of housing information. Evidence is growing that the information broadcasting potential of rental housing platforms may increase rather than mitigate sociospatial inequality. Second, technology platforms curate and shape information according to their creators' own financial and political interests. The question of which data—and people—are hidden or marginalized on these platforms is just as important as the question of which data are available. Finally, important differences in benefits and drawbacks exist between short-term and long-term rental housing platforms, but are underexplored in the literature: this article unpacks these differences and proposes policy recommendations. |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:8jrfe&r= |
| By: | Britwum, Kofi; Demont, Matty |
| Keywords: | Research Methods/Statistical Methods, Agribusiness, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312673&r= |
| By: | Małgorzata Walerych |
| Abstract: | The 2004 EU enlargement has triggered large and rapid migration movements from the new to the old member states. The scale of this outflow was unprecedented in the CEE history and its structure was also different from previous emigration waves as it was more heavily biased towards young and educated people. I exploit this post-accession emigration wave to study the aggregate and redistributive effects of emigration. Using a two-country general equilibrium model with heterogeneous agents and endogenous migration choice calibrated to Polish data, I show that emigration lowers output per capita and improves the international investment position of the source country. Changes in population structure resulting from population outflows affect the wage distribution between high-skilled and low-skilled workers, thereby increasing economic inequalities. Moreover, I find that lifting labour mobility barriers is beneficial not only for people who move abroad, but also for skilled never-migrants. |
| Keywords: | migration, sending country, heterogenous agents, EU accession |
| JEL: | F22 J61 D31 D58 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:sgh:kaewps:2021066&r= |
| By: | Kadam, Aditi; McCullough, Ellen |
| Keywords: | International Development, Labor and Human Capital, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312789&r= |
| By: | Sivropoulos-Valero, Anna Valero |
| Abstract: | The empirical management literature has found that the education of both managers and the workforce more generally appears to be an important driver of better management practices. This article sets out how such relationships might be conceptualized, and suggests that in a complementarities framework, modern management practices can be thought of as a type of skill-biased technology. It then summarizes the literature that has explored the relationships between human capital and surveyed management practices in manufacturing firms and other sectors, highlighting the handful of papers that have found a positive correlation between management practices and measures of local skills supply. It concludes with a discussion of the policy implications that stem from what we know so far, together with avenues for future research that could shed more light on the causal mechanisms at play. |
| Keywords: | ES/S001735/1; OUP deal |
| JEL: | I23 J24 L20 L60 M20 |
| Date: | 2021–06–29 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110473&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | The inverse dependency of the estimated variances over the sample size throws a fundamental question on the validity of the usual statistical methodology, since any hypothesis on the value of a coefficient can be tested negatively by increasing the size of the data-set. I suppose that large data-sets are characterized by a concentration of information on homogenous sub-populations, a spatial autocorrelation of the error terms and the covariates may bias the estimation of variances. Using the corrections of variances under spatial autocorrelation, we obtain variances comparable to an estimation on sub-samples (named efficient sub-samples) the sizes of which are sufficient to contain the information which gives rise to similar estimates to those obtained on the whole population. Moreover, the estimation on efficient data-sets does not necessitate the specification of the spatial autocorrelations which are supposed to bias the estimated variances. |
| Keywords: | dataset,estimated variance,spatial autocorrelation,grouped observations |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03325118&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | The inverse dependency of the estimated variances over the sample size throws a fundamental question on the validity of the usual statistical methodology, since any hypothesis on the value of a coefficient can be tested negatively by increasing the size of the data-set. I suppose that large data-sets are characterized by a concentration of information on homogenous sub-populations, a spatial autocorrelation of the error terms and the covariates may bias the estimation of variances. Using the corrections of variances under spatial autocorrelation, we obtain variances comparable to an estimation on sub-samples (named efficient sub-samples) the sizes of which are sufficient to contain the information which gives rise to similar estimates to those obtained on the whole population. Moreover, the estimation on efficient data-sets does not necessitate the specification of the spatial autocorrelations which are supposed to bias the estimated variances. |
| Keywords: | dataset,estimated variance,spatial autocorrelation,grouped observations |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03325118&r= |
| By: | International Monetary Fund |
| Abstract: | The Gabonese economy was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic. Decisive confinement measures have helped save lives, but the pandemic and the fall in oil prices have severely hit the economy, increasing unemployment and poverty. With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened, with a sharp increase in public debt. Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020. Growth is expected to resume in 2021 but the pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term. |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/189&r= |
| By: | Grigsby-Calage, Chuck; Mullally, Conner C.; Volpe, Richard J. |
| Keywords: | Marketing, Community/Rural/Urban Development, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312902&r= |
| By: | Choi, Jaerim; Lim, Sunghun |
| Keywords: | International Relations/Trade, Agricultural Policy, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312621&r= |
| By: | Dobrowolska Perry, Agnieszka I.; Brown, D Scott |
| Keywords: | Agricultural and Food Policy, Marketing, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312813&r= |
| By: | Mona Baraké (EU Tax - EU Tax Observatory); Neef Theresa (EU Tax - EU Tax Observatory); Paul-Emmanuel Chouc (EU Tax - EU Tax Observatory); Gabriel Zucman (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EU Tax - EU Tax Observatory) |
| Abstract: | In July 2021, 132 countries agreed to a minimum tax rate of at least 15% on their multinationals' profits. However, the joint statement includes a provision that could substantially reduce the effectiveness of this policy. Specifically, the proposed agreement allows multinationals to reduce profits subject to the minimum tax by an amount equal to 5% of the value of their assets and payroll in each country. This carve-out would allow companies to escape taxation as long as they have sufficient operations (assets and employees) in tax havens. In this note, we model how this carve-out would affect the revenues of a global minimum tax. We also discuss the economic issues raised by this type of exemption. We find that a carve-out would reduce tax revenues by 15% to 30% in the European Union relative to a minimum tax without carve-out (depending on the rate of the carve-out and the rate of the minimum tax). Moreover, this policy would exacerbate tax competition by giving firms incentives to move real activity to tax havens. More precisely, in the European Union, a 5% carve-out would reduce revenues of a 25% minimum tax by 21% from €168 billion to €132 billion; it would reduce revenues of a 15% minimum tax by 15% from €48 billion to about €41 billion. A 7.5% carve-out (which is envisioned during the first 5 years of the international agreement) would reduce revenues by 31% for a 25% minimum tax, and by 23% for a 15% minimum tax. Our analysis is based on the data sources and methodology used in the inaugural report of the EU Tax Observatory, "Collecting the Tax deficit of Multinational Companies: Simulations for the European Union" (Baraké et al., 2021). To estimate the cost of substance-based carve-outs, we additionally draw on the OECD's country-by-country data for the value of tangible assets and the number employees, and on data published by the International Labour Organization on monthly earnings. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03323087&r= |
| By: | Lambert, Lixia H.; Hagerman, Amy D. |
| Keywords: | Agricultural and Food Policy, Institutional and Behavioral Economics, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312891&r= |
| By: | Toshihiro Okubo (Faculty of Economics Keio University) |
| Abstract: | The coronavirus disease (COVID-19) pandemic plunged many sectors of the economy into contraction, particularly the travel, hotel accommodation, and eating/drinking industries. In Japan, some demand-inducing policies targeting such industries were implemented, known as the Go To Travel and Go To Eat campaigns. Using a unique individual-level survey, we investigate what factors make people respond to these campaign policies. We find that certain socioeconomics factors as well as noneconomic factors matter. In particular, risk attitudes, time preferences, and personal traits (e.g., extraversion) as measured by the Big 5 categories crucially affect whether people traveled or dined out in response to these campaigns despite the spread of COVID-19. |
| Keywords: | Covid-19, demand inducing policies, Go-To campaign, risk, Big 5, Japan |
| JEL: | H12 H20 H84 |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:keo:dpaper:2021-016&r= |
| By: | Pauline Castaing (CERDI - Centre d'Etudes et de Recherche en Droit de l'Immatériel - UP1 - Université Paris 1 Panthéon-Sorbonne - Université Paris-Saclay); Antoine Leblois (CEE-M - Centre d'Economie de l'Environnement - Montpellier - UMR 5211 - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Date: | 2021–06–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03270461&r= |
| By: | GARZON DELVAUX Pedro; RIESGO ALVAREZ Laura; GOMEZ Y PALOMA Sergio (European Commission - JRC) |
| Abstract: | Africa is currently only producing about 10% of global agricultural output while estimated to possess 25% of the world’s arable land. That said, the estimated additional available agricultural land is probably lower than what is generally assumed given the trend in rising rural population density, which, in places is comparable to Asian levels. Moreover, most soils are fragile with low nutrients and organic matter concentration.A "great balancing act" is needed between the increasing and diversifying food and nutrition security (FNS) needs and the resources available. More generically, reaching FNS faces both conventional (demographics) and emerging challenges (climate change). The debate on the sustainability of agriculture requires translation into specific approached and practices. The report gathers a conventional literature review of existing publications (Peer-reviewed journals, major reports and relevant project documents). The material consulted was mostly in English with references to French documents particularly for West and Central African experiences. The key databases consulted were Scopus and Google Scholar.The challenges faced by Africa’s agriculture are very diverse considering a sustainable approach in responding to the regions’ FNS needs. As such, there is no single solution (‘silver bullet’) allowing the sector to sustainably increase its contribution to food supply. Ultimately, opting for a coherent set of approaches or more targeted agricultural practices depends on the great diversity of local contexts (environmental, institutional, seasonal, etc.) as well as characteristics and motivation of individual farmers and their communities. Collective action in the uptake of key practices has been recorded as having produced more sustainable benefits. When looking at each newly adapted practice as innovations it is essential to look towards more coherent, and more importantly, effective sustainable production systems. For FNS intervention to be sustainable, intervention would benefit from adopting a landscape framework so that the various objectives of sustainability can be coherently negotiated alongside pure FNS objectives. Considering land sharing could be particularly relevant for areas with potential agriculture frontier (e.g. Sahel countries, RDC) but also to those were forest "encroachment" is the only remaining frontier given the rising population density. Management approaches that could improve soils emerge as a prerequisite to conventional intensification. As it is the case for input-based intensification of agriculture, the results from the different management-based approaches are not universal and absolute responses cannot be derived from the cases reviewed (including the meta-analyses). Careful targeting and local adaptation remain fundamental ingredients for both improved performance and the long-term adoption of any of the principles and associated practices. A general challenge for adoption is that of timing. Any new practice or approach promoted is expected to provide at least a perceivable improvement in the objectives of farmers in the short-term, when they are generally most sensitive to. |
| Keywords: | sustainable agricultural practices |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc121035&r= |
| By: | Schneider, Kate R. |
| Keywords: | Food Consumption/Nutrition/Food Safety, International Development, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312917&r= |
| By: | Pavel Chakraborty (Department of Economics, Management School, Lancaster University); Rahul Singh (Economics and Social Sciences Area, Indian Institute of Management, Bangalore) |
| Abstract: | We study the effects of technical barriers to trade (TBTs) imposed by destination markets on prices, marginal costs, and markups of Indian manufacturing exporters. Using detailed firm-product-level data on prices and production from PROWESS, we first identify the underlying component of prices (i.e. marginal costs and markups), and use those as our outcomes of interest in the second stage. We find that (i) introduction of TBTs by importing countries increases marginal costs by 5% and prices by 4%, (ii) there is considerable heterogeneity based on exporters’ initial productivity, (iii) productive exporters (those belonging to the lower deciles) experienced an increase in marginal costs and decrease in markups compared to low productivity exporters, and (iv) overall effects are driven by private firms (both domestic and foreign) belonging to intermediate input industries. |
| Keywords: | technical barriers to trade, prices, marginal costs, markups, exporters |
| JEL: | F1 F14 F16 |
| Date: | 2021–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:era:wpaper:dp-2021-26&r= |
| By: | Kim, Kevin N.; Katchova, Ani |
| Keywords: | Agricultural Finance, Agribusiness, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312749&r= |
| By: | Bulut, Harun; Hennessy, David A. |
| Keywords: | Agricultural and Food Policy, Risk and Uncertainty, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312738&r= |
| By: | Eric Kamwa (LC2S - Laboratoire caribéen de sciences sociales - UA - Université des Antilles - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03322709&r= |
| By: | Paolo Delle Site; André de Palma; Samarth Ghoslya (CY Cergy Paris Université, THEMA) |
| Abstract: | Peer-to-peer ridesharing, where drivers are also travellers, can alleviate congestion and emissions that plague cities by increasing vehicle occupancy. We propose a socially optimal ridesharing scheme, where a social planner matches passengers and drivers in a way that minimizes travel costs (travel time and fuel) plus environmental costs. The contribution helps in computing the socially optimal ridesharing schemes for networks of any topology within a static framework of route choice with exogenously fixed travel times. A linear programming problem is formulated to compute the optimal matchings. Existence, integrality and uniqueness properties are investigated. The social planner receives a payment from passengers and rewards drivers for the higher costs they bear. Passengers and drivers never incur a loss because travelling alone remains always an option, but matchings may need to be subsidised. The socially optimal matching solution without environmental costs is proved to satisfy the stability property according to which no pair of passenger and driver prefers each other to any of the current partners. In the Sioux Falls network, when 20% of individuals are willing to rideshare, with 80% of passengers travelling by car and 20% by public transport, 17.37% optimally do so, resulting in a 7.05% decrease in CO2 emissions on the all-travel-alone scenario. |
| Keywords: | environment, matching stability, optimization, ridesharing, socially optimal matching |
| JEL: | C78 R40 R48 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ema:worpap:2021-17&r= |
| By: | Anderson, Andrew E.; Schroeder, Ted C.; Hefley, Trevor |
| Keywords: | Marketing, Agricultural Finance, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312906&r= |
| By: | Kalra, Aarushi |
| Abstract: | How does ethnic violence and subsequent segregation shape children's lives? Using exogenous variation in communal violence due to a Hindu nationalist campaign tour across India, I show that violence displaces Muslims to segregated neighbourhoods. Surprisingly, I find that post-event, Muslim primary education levels are higher in cities that were more susceptible to violence. For cohorts enrolling after the riots, the probability of attaining primary education decreases by 2.3% every 100 kilometres away from the campaign route. I exploit differences in the planned and actual route to show that this is due to greater spatial cohesion within communities threatened by violence. |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:rzjct&r= |
| By: | Lin, Jessie; Gupta, Anubhab |
| Keywords: | International Development, Food Consumption/Nutrition/Food Safety, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312736&r= |
| By: | Tschötschel, Robin (University of Amsterdam) |
| Abstract: | Perceptions of climate politics often align with individual political leaning and associated media consumption patterns, pointing to a need for a fine-grained understanding of how the media integrate climate change with political identities. This study presents an in-depth qualitative analysis of political identity portrayals from 229 articles published in six German and US news outlets during May-July 2019. The results show that the outlets consumed by left- and right-leaning audiences emphasise oppositional identity portrayals, portraying features that are likely to trigger a negative response towards political identities typically op-posed by their recipients. The outlets with a more balanced or centrist audience offer a wider array of identity portrayals and emphasise policy questions over fundamental beliefs. Observed patterns differ considerably between Germany and the US, reflecting political and media system differences. The results add to understanding how the media contribute to political polarisation and consensus-building regarding climate change. |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:r5zdc&r= |
| By: | Melchior Clerc (Banque de France - Banque de France - Banque de France); Luc Jacolin (Banque de France - Banque de France - Banque de France); Thibault Lemaire (Banque de France - Banque de France - Banque de France, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Nathan Viltard (Banque de France - Banque de France - Banque de France) |
| Abstract: | À première vue, l'Afrique apparait moins touchée par la pandémie de la Covid-19 que les pays émergents ou avancés du fait d'une moindre prévalence épidémique. Ce constat actuellement largement diffusé doit être significativement nuancé, du fait d'une deuxième vague épidémique début 2021, de fortes incertitudes pesant sur les statistiques de santé, et le maintien de risques sanitaires élevés compte tenu de la faiblesse des systèmes de santé. |
| Keywords: | Covid-19 |
| Date: | 2021–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03324533&r= |
| By: | Melchior Clerc (Banque de France - Banque de France - Banque de France); Luc Jacolin (Banque de France - Banque de France - Banque de France); Thibault Lemaire (Banque de France - Banque de France - Banque de France, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Nathan Viltard (Banque de France - Banque de France - Banque de France) |
| Abstract: | À première vue, l'Afrique apparait moins touchée par la pandémie de la Covid-19 que les pays émergents ou avancés du fait d'une moindre prévalence épidémique. Ce constat actuellement largement diffusé doit être significativement nuancé, du fait d'une deuxième vague épidémique début 2021, de fortes incertitudes pesant sur les statistiques de santé, et le maintien de risques sanitaires élevés compte tenu de la faiblesse des systèmes de santé. |
| Keywords: | Covid-19 |
| Date: | 2021–07–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:hal-03324533&r= |
| By: | Sara Özogul |
| Abstract: | Investments into built environments have become a major economic driver, and throughout Europe, regions compete to attract (international) investment capital. Over decades, regional economic analysts have explored and theorized processes of change to adequately plan for regional development. Changes connected to financialized property markets, however, challenge some of the most fundamental assumptions and principles of regional economic analysis: when the built environment is considered as a tradable investment asset, and liquid capital only temporarily fixes in land and property as a by-product, prominent spatial models and theories that centre for example around the role of industry clusters and the locational choices of firms for regional economies, become largely uninstructive. This paper calls for new avenues in regional economic analysis that incorporate financialized property markets and the spatial cognition of investment actors. I argue for a combination of territorial evidence, commercial property investment transaction data, and in-depth insights into the spatial cognition of property market actors in regional investment decisions. The paper begins by reviewing dominant approaches in regional economic analysis. I evaluate the extent to which commonly used indicators capture and reflect financialised property market dynamics and subsequently develop an adapted framework for regional economic analysis. The framework particularly emphasises the need to move beyond widespread assumptions on the rational economic behaviour of property investors by including their perceptions, emotions and intersubjectivities influencing investment locations. The twofold analysis follows a mixed-method approach. First, I conduct a fine-grained analysis of regional economic indicators and their link to residential property investment patterns in continental Western Europe on the basis of detailed territorial evidence from the European Spatial Planning Observation Network. Then, I cross-analyse the territorial evidence with commercial property investment data. By mapping datasets conjointly, I can identify major (mis)matches in regional trends between territorial indicators, transactions volumes and investor profiles. Lastly, I zoom into the Amsterdam Metropolitan Region to unravel context-dependent cognitive structures of investment actors through in-depth interviews with residential property investors to explain these (mis)matches. I end the paper by reviewing the framework and stressing the importance of including territorial data in real estate studies, conducting novel regional analysis valuable for real estate and regional studies scholars and practitioners alike. |
| Keywords: | Cognition; Investment; Property; territorial data |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_59&r= |
| By: | Agarwal, Manmohan (RIS); Betai, Neha (Indian Institute of Management) |
| Abstract: | Since the second world war, it was observed that trade between two countries could not be explained entirely by the classical and neoclassical models of trade that emphasised inter-industry trade. It was found that trade between countries was increasingly dominated by intra-industry trade (IIT), where countries exchanged products that fell in the same category. In this paper, we try to determine the extent of IIT between India and its top fifteen trading patterns. Unlike other papers, we do not simply calculate aggregate IIT for all merchandise trade. Instead, we focus on manufactured products and divide them into ten categories based on their technological content. Our analysis reveals that while India's IIT has increased in recent years, it is not the dominant form of trade between India and its most important partners. When we look at the factors that determine IIT, we find that India's comparative advantage and trade agreements play a positive and significant role in increasing IIT. Lastly, an analysis of the category Medium Technology Manufactures - Process reveals that this sector has potential for higher IIT and gains from it if India can enhance its efficiency and increase its size. |
| Keywords: | Intra-industry trade ; Technological content ; Trade Partners |
| JEL: | F12 F14 F15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/348&r= |
| By: | Jakub Rybacki; Dobromił Serwa |
| Abstract: | This research analyzes factors affecting scientific success of central bankers. We combine data from the RePEc and EDIRC databases, which contain information about economic publications of authors from 182 central banks. We construct a dataset containing information about 3312 authors and almost 80 thousand scientific papers published between 1965 and 2020. Results from Poisson regressions of citation impact measure called h-index, on a number of research features suggest that economists from the US Federal Reserve Banks, international financial institutions, and some eurozone central banks are cited more frequently than economists with similar characteristics from central banks located in emerging markets. Researchers from some big emerging economies like Russia or Indonesia are cited particularly infrequently by the scientific community. Beyond these outcomes, we identify a significant positive relationship between research networking and publication success. Moreover, economists cooperating with highly cited scientists also obtain a high number of citations even after controlling for the size of their research networks. |
| Keywords: | RePEc, Scientific Success, h-index, Big data. |
| JEL: | E58 D02 I23 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:sgh:kaewps:2021065&r= |
| By: | Morgan, Stephen N.; Farris, Jarrad G. |
| Keywords: | Institutional and Behavioral Economics, International Development, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312707&r= |
| By: | Maxime Phillot; Samuel Reynard |
| Abstract: | We quantify the effects of monetary policy shocks on the yield curve through their impact on Treasury liquidity premia. When the Fed raises interest rates, the spread between less-liquid assets and Treasuries of the same maturity and risk increases, as the liquidity value of holding Treasuries increases when the aggregate volume of banks’ customer deposits decreases. The longer the maturity is, the smaller - but still significant - the increase in the liquidity premium is, as longer-term Treasuries are less liquid. Due to this change in liquidity premia, the spread between a 10-year Treasury bond and a 3-month T-bill yield increases by approximately 5 basis points for a one-percentage-point increase in the policy rate, i.e., the Treasury yield curve steepens, ceteris paribus. |
| Keywords: | Treasury liquidity premia, monetary policy, yield curve, deposit channel |
| JEL: | E52 E43 E41 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2021-14&r= |
| By: | Kilders, Valerie; Caputo, Vincenzina |
| Keywords: | Research Methods/Statistical Methods, Research Methods/Statistical Methods, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312693&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | The opportunity cost of time is estimated using a model based on domestic production (depending on monetary and time expenditures) and direct utility (depending on produced commodities). These factors of domestic production are measured by the matching of a Family Budget survey with a Time Use survey. The new model is estimated on Canadian, French, Polish, US and Burkina-Faso statistics. It allows the economic value of human life to be estimated, based on the integration of the marginal value of each instant during an individual's life cycle. This value is shown to give a different pattern across countries compared to their per capita GDP. Finally, the opportunity cost of time is shown to vary between commodities according to the possibility of substituting money and time in domestic production. It also increases between countries relatively to the average wage rate, according to the degree of liberalization of the labor markets. |
| Keywords: | opportunity cost of time,value of human life,elasticity of substitution |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03325332&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | The opportunity cost of time is estimated using a model based on domestic production (depending on monetary and time expenditures) and direct utility (depending on produced commodities). These factors of domestic production are measured by the matching of a Family Budget survey with a Time Use survey. The new model is estimated on Canadian, French, Polish, US and Burkina-Faso statistics. It allows the economic value of human life to be estimated, based on the integration of the marginal value of each instant during an individual's life cycle. This value is shown to give a different pattern across countries compared to their per capita GDP. Finally, the opportunity cost of time is shown to vary between commodities according to the possibility of substituting money and time in domestic production. It also increases between countries relatively to the average wage rate, according to the degree of liberalization of the labor markets. |
| Keywords: | opportunity cost of time,value of human life,elasticity of substitution |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03325332&r= |
| By: | Geis-Thöne, Wido |
| Abstract: | Der erste Lockdown im Frühjahr 2020 hat sich negativ auf die Arbeitsmarktintegration der Flüchtlinge in Deutschland ausgewirkt. Zwischen März 2020 und Mai 2020 ist die Zahl der sozialversicherungspflichtig Beschäftigten aus den acht Asylherkunftsländern Afghanistan, Eritrea, Irak, Iran, Nigeria, Pakistan, Somalia und Syrien um 12.000 oder 3,4 Prozent gesunken. Besonders betroffen waren dabei die An- und Ungelernten im Helferbereich. In den folgenden Monaten hat sich die Lage jedoch wieder deutlich entspannt und auch während des zweiten Lockdowns nicht erneut gravierend verschlechtert. So lag die Beschäftigtenzahl im März 2021 um 36.000 oder 9,8 Prozent höher als ein Jahr zuvor. Gleichzeitig ist auch der Anteil erwerbsfähigen Leistungsberechtigten im Arbeitslosengeld II-Bezug an der Bevölkerung aus den acht Asylherkunftsländern zwischen Februar 2020 und Februar 2021 von 52,5 Prozent auf 50,2 Prozent gesunken. Dies war nicht zu erwarten, da ein großer Teil der sozialversicherungspflichtig Beschäftigten aus den Asylherkunftsländern in den von der Pandemie besonders betroffenen Bereichen der Arbeitnehmerüberlassung und des Gastgewerbes tätig war und ist. Jedoch konnten die Beschäftigungsverluste hier durch Zuwächse in anderen Branchen wie insbesondere Verkehr und Lagerei, Gesundheits- und Sozialwesen und Handel überkompensiert werden. Ein deutlich anderes Bild zeichnet die Zahl der Arbeitslosen aus den Asylherkunftsländern, die im März 2021 um 20,3 Prozent oder 45.000 über dem Vorjahreswert lag. Dies erklärt sich vorwiegend damit, dass während der Pandemie viele Qualifizierungsmaßnahmen ausgesetzt wurden. Nehmen nicht erwerbstätige Bezieher von Arbeitslosengeld II an diesen teil, werden sie nicht als arbeitslos gewertet. Auch wenn sich die Arbeitsmarktlage damit an sich nicht verschlechtert hat, ist dies für den weiteren Verlauf der Integration sehr ungünstig, da so für den Einstieg in den Arbeitsmarkt wichtige Qualifikationen nicht erworben werden. Dabei war der Anteil der sozialversicherungspflichtig Beschäftigten an den 15- bis 64-jährigen Personen aus den acht Asylherkunftsländern mit 31,8 Prozent im März 2021 im Vergleich zu 46,6 Prozent bei allen Ausländern und 63,1 Prozent bei den Inländern noch sehr niedrig. Vor diesem Hintergrund ist auch weiterhin ein forciertes integrationspolitisches Handeln notwendig, um die Integration der Geflüchteten in den deutschen Arbeitsmarkt auf längere Sicht zu einem erfolgreichen Abschluss zu bringen. |
| JEL: | F22 J15 J20 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkrep:312021&r= |
| By: | Benjamin Rontard (Autonomous University of San Luis Potosí); Catherine Leining (Motu Economic and Public Policy Research) |
| Abstract: | The provision of industrial free allocation can be one of the most technically challenging and politically fraught elements of designing an emissions trading system (ETS). In the New Zealand Emissions Trading Scheme (NZ ETS), the primary rationales for industrial free allocation have been to mitigate the risk of emissions leakage to other jurisdictions and avoid economic regrets from losing domestic production that would be viable if other jurisdictions adopted more ambitious climate change policies. Since 2010, emissions-intensive and trade-exposed (EITE) industrial producers have received free allocation on an output basis at two levels of assistance (90 per cent and 60 per cent) without an absolute limit. In 2020, major reform legislation introduced default phase-out pathways over 2021–2050 for industrial free allocation, with the potential for future activity-specific adjustment. The government has signalled it will consider broader changes post-2021 to avoid overallocation while still mitigating the risk of emissions leakage overseas. To help inform future policy making on these issues, this paper examines conceptual design issues for free allocation in an ETS, describes the regime for industrial free allocation in the NZ ETS, and provides comparative analysis with three other systems. It then identifies a range of options for further reform: changing the eligibility criteria, changing the calculation methodology, substituting alternative measures, or accepting and managing emissions leakage. Further research will be needed to evaluate the merits of these options. More fundamentally, the government should consider whether the public and private benefits of maintaining and improving industrial free allocation are worth the cost and complexity in the evolving international and domestic contexts. Ultimately, any future provision of industrial free allocation should be used to assist – and not block – the transition to an economy that rewards low-emission innovation. |
| Keywords: | Emissions trading, free allocation, industry, climate change mitigation |
| JEL: | Q54 Q58 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:21_13&r= |
| By: | Boris Babic (Unknown); Daniel L. Chen (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Theodoros Evgeniou (Unknown); Anne-Laure Fayard (Unknown) |
| Abstract: | In a 2018 Workforce Institute survey of 3,000 managers across eight industrialized nations, the majority of respondents described artificial intelligence as a valuable productivity tool. But respondents to that survey also expressed fears that AI would take their jobs. They are not alone. The Guardian recently reported that in the UK "more than 6 million workers fear being replaced by machines AI's advantages can be cast in a dark light: Why would humans be needed when machines can do a better job? To allay such fears, employers must set AI up to succeed rather than to fail. The authors draw on their own and others' research and consulting on AI and information systems implementation, along with organizational studies of innovation and work practices, to present a four-phase approach to implementing AI. It allows organizations to cultivate people's trust—a key condition for adoption—and to work toward a distributed cognitive system in which humans and artificial intelligence both continually improve |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03276433&r= |
| By: | Neumayer, Eric |
| Abstract: | The province of Aceh in Indonesia provides a promising case for studying the economic legacy effects of conflict given sub-national district-level data on violence and gross domestic product. We demonstrate specific negative economic legacy effects of armed conflict despite a general peace dividend: whilst all districts in Aceh grow faster after conflict ends in 2005 than during the conflict, the districts that suffered relatively more from violence during the war grow relatively more slowly during peacetime than districts that experienced relatively little violence. These negative legacy effects are relatively short-lived, however, and are no longer statistically significant from 2009 onwards. |
| Keywords: | Aceh; armed conflict; economic growth; Indonesia; natural disaster; peace divident; Sage deal |
| JEL: | O40 O47 Q54 |
| Date: | 2021–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:108236&r= |
| By: | Mathias Huebener; Gert G. Wagner |
| Abstract: | Offizielle Daten des Digitalen Impfquoten-Monitoring (DIM) des RKI erlauben es nicht, anhand von sozio-demografischen und sozio-ökonomischen Merkmalen Personengruppen mit einer vergleichsweise geringen Impfquote zu identifizieren und dadurch eine gezielte Ansprache für eine Impfung zu initiieren. Diese Studie untersucht anhand von Daten der COMPASS-Befragung den Zusammenhang zwischen dem Impfstatus und sozio-demografischen und sozio-ökonomischen Merkmalen. Weiterhin werden Unterschiede in den Gründen der Nichtimpfung nach diesen Merkmalen untersucht. Im Juli 2021 ist die Impfquote von Männern höher ist als die von Frauen, und nimmt signifikant mit dem Alter, dem Bildungsabschluss und dem Haushaltseinkommen zu. Demnach liegt das größte verbleibende Impfpotential bei jüngeren Personen mit niedrigerem Bildungsabschluss und niedrigerem Haushaltseinkommen. |
| Keywords: | Covid-19, Impfungen, Immunisierung, sozio-ökonomischer Status, sozio-demographische Merkmale |
| JEL: | I10 I14 I18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1968&r= |
| By: | Marc Blatter; Andreas Fuster |
| Abstract: | This paper analyzes efficiency and profitability in the Swiss banking sector over the period 1997-2019. We find strong evidence for scale economies: for most banks in the sample, efficiency and profitability increase with bank size. Using an instrumental variables strategy for a subset of geographically restrained banks, we find that the effect of size on efficiency and profitability is likely causal. Scale economies have been more pronounced since 2010 than in the years prior to the global financial crisis. There is little evidence for scale economies for the largest (systemically important) banks; their relatively lower efficiency and lower profitability appear driven by certain aspects of their business model. Our results further indicate that good capitalization and high efficiency and profitability are compatible. |
| Keywords: | Bank efficiency, profitability, economies of scale, financial regulation |
| JEL: | G21 G28 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2021-15&r= |
| By: | Stéphane Girard (LJK - Laboratoire Jean Kuntzmann - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, STATIFY - Modèles statistiques bayésiens et des valeurs extrêmes pour données structurées et de grande dimension - Inria Grenoble - Rhône-Alpes - Inria - Institut National de Recherche en Informatique et en Automatique - LJK - Laboratoire Jean Kuntzmann - Inria - Institut National de Recherche en Informatique et en Automatique - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Gilles Claude Stupfler (CREST - Centre de Recherche en Economie et Statistique [Bruz] - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz]); Antoine Usseglio-Carleve (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Expectiles define a least squares analogue of quantiles. They have been the focus of a substantial quantity of research in the context of actuarial and financial risk assessment over the last decade. The behaviour and estimation of unconditional extreme expectiles using independent and identically distributed heavy-tailed observations has been investigated in a recent series of papers. We build here a general theory for the estimation of extreme conditional expectiles in heteroscedastic regression models with heavy-tailed noise; our approach is supported by general results of independent interest on,residual-based extreme value estimators in heavy-tailed regression models, and is intended to cope with covariates having a large but fixed dimension. We demonstrate how our results can be applied to a wide class of important examples, among which linear models, single-index models as well as ARMA and GARCH time series models. Our estimators are showcased on a numerical simulation study and on real sets of actuarial and financial data. |
| Keywords: | Tail empirical process of residuals,Single-indes model,Residual-based estimators,Regression models,Heteroscedasticity,Heavy-tailed distribution,Extreme value analysis,Expectiles |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03306230&r= |
| By: | Yujia He (Assistant Professor, Patterson School of Diplomacy and International Commerce , University of Kentucky Technology.Author-Email: yujia.he@uky.edu); Angela Tritto (Adjunct Professor, Division of Public Policy, Hong Kong University of Science and Technology Technology.Author-Email: tritto@ust.hk) |
| Abstract: | The pandemic has compounded urban megaprojects' exposure to political risk The pandemic also exposed the dire shortage of hard and soft infrastructure in modern cities Governments should therefore weigh building smart city from scratch vis-a-vis improving existing urban dwellings The case of Forest City shows that built-from-scratch smart city projects targeting wealthy foreigners need to adjust and cater to the needs of the local communities to contribute to a sustainable post-pandemic future. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hku:briefs:202156&r= |
| By: | Verena Rock; Sarah Schlesinger; Philipp J. Liebold; Nadine Brehm |
| Abstract: | PropTechs are external drivers of digitalisation in the real estate industry. Offering mostly innovative digital solutions, they are moving into the market with high speed, but struggeling with challenges or even market entry barriers. There is a lack of systematic approaches to transparency in key market characteristics and figures of the growing German proptech sector, meanwhile being classified as a subsector of the real estate industry. The majority of available surveys and studies on digital transformation and digitalisation analyses or emphasises the view of the traditional real estate sector. PropTechs' perspectives and their challenges are under-represented. This paper aims at closing this gap. Using two proptech surveys from 2020 (explorative, interview-based) and 2021 (descriptive, questionnaire-based with 185 proptech respondents), the authors classify proptechs by their degree of maturity. Applying factor analysis, they identify major challenges for these proptech clusters throughout their sales cycle, when faced with the real estate industry as customer. Further, the paper will elaborate on drivers and models of horizontal and vertical cooperations between proptechs and real estate companies. Finally, the authors reflect on recommendations for a sustainable digital transformation of the German real estate industry, integration both proptechs and real estate companies in a common ecosystem. |
| Keywords: | Digital Transformation; Digitalisation; market entry barriers; proptech |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_166&r= |
| By: | Jovanovic, Nina; Ricker-Gilbert, Jacob |
| Keywords: | International Development, Productivity Analysis, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312760&r= |
| By: | Tolhurst, Tor N.; Gammans, Matthew |
| Keywords: | Research Methods/Statistical Methods, Productivity Analysis, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312887&r= |
| By: | Elise Petit; Bruno Van Pottelsberghe; Lluís Gimeno Fabra |
| Abstract: | This paper evaluates whether and to what extent patent offices can substitute for each other. Based on an original dataset comprising 7.200 PCT patents filed simultaneously in Japan, the USA and Europe, the empirical analysis confirms that the degree of substitution is significant. Patent offices search up to 37% less technology classes, generate up to 33% less citations, and send up to 43% less communications when a PCT application was previously processed by another office. They also rely more on international citations and provide more information in the early stage of the examination process. Further substitution may still be leveraged, as around 55% of technology classes searched and up to 70% of backward citations are duplicates -voluntarily or not - of prior examination work. |
| Keywords: | Patent systems, TRIPs, national bias, examination, international comparison |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/330841&r= |
| By: | Grailey, K. E.; Murray, E.; Reader, T.; Brett, S. J. |
| Abstract: | Introduction: Psychological safety is the shared belief that the team is safe for interpersonal risk taking. Its presence improves innovation and error prevention. This evidence synthesis had 3 objectives: explore the current literature regarding psychological safety, identify methods used in its assessment and investigate for evidence of consequences of a psychologically safe environment. Methods: We searched multiple trial registries through December 2018. All studies addressing psychological safety within healthcare workers were included and reviewed for methodological limitations. A thematic analysis approach explored the presence of psychological safety. Content analysis was utilised to evaluate potential consequences. Results: We included 62 papers from 19 countries. The thematic analysis demonstrated high and low levels of psychological safety both at the individual level in study participants and across the studies themselves. There was heterogeneity in responses across all studies, limiting generalisable conclusions about the overall presence of psychological safety. A wide range of methods were used. Twenty-five used qualitative methodology, predominantly semi-structured interviews. Thirty quantitative or mixed method studies used surveys. Ten studies inferred that low psychological safety negatively impacted patient safety. Nine demonstrated a significant relationship between psychological safety and team outcomes. The thematic analysis allowed the development of concepts beyond the content of the original studies. This analytical process provided a wealth of information regarding facilitators and barriers to psychological safety and the development of a model demonstrating the influence of situational context. Discussion: This evidence synthesis highlights that whilst there is a positive and demonstrable presence of psychological safety within healthcare workers worldwide, there is room for improvement. The variability in methods used demonstrates scope to harmonise this. We draw attention to potential consequences of both high and low psychological safety. We provide novel information about the influence of situational context on an individual’s psychological safety and offer more detail about the facilitators and barriers to psychological safety than seen in previous reviews. There is a risk of participation bias - centres involved in safety research may be more aligned to these ideals. The data in this synthesis are useful for institutions looking to improve psychological safety by providing a framework from which modifiable factors can be identified. |
| Keywords: | healthcare workers; psychological safety; qualitative research |
| JEL: | R14 J01 |
| Date: | 2021–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111806&r= |
| By: | André de Palma; Lucas Javaudin; Patrick Stokkink; Léandre Tarpin-Pitre (CY Cergy Paris Université, THEMA) |
| Abstract: | In ridesharing, commuters with similar itineraries share a vehicle for their trip. Despite its clear benefits in terms of reduced congestion, ridesharing is not yet widely accepted. We propose a specific ridesharing variant, where drivers are completely in exible. This variant can form a competitive alternative against private transportation, due to the limited e orts that need to be made by drivers. However, due to this in exibility, matching of drivers and riders can be substantially more complicated, compared to the situation where drivers can deviate. In this work, we identify the e ect of such a ridesharing scheme on the congestion in a real network of the ^Ile-de-France area for the morning commute. We use a dynamic mesoscopic trac simulator, Metropo- lis, which computes departure-time choices and route choices for each commuter. The matching is solved heuristically outside the simulation framework, before departures occur. We show that even with in exible drivers, ridesharing can alleviate congestion. By slightly increasing exibility, the performance of the ridesharing scheme can be further improved. Furthermore, we show that ridesharing can lead to fuel savings, CO2 emission reductions and travel time savings on a network level, even with a low participation rate. |
| Keywords: | Ridesharing, Carpooling, Matching, Dynamic Congestion |
| JEL: | R41 R48 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ema:worpap:2021-16&r= |
| By: | Yang, Jinyang; Davis, George C. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Consumer/Household Economics, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312844&r= |
| By: | Solikin M. Juhro (Bank Indonesia); Reza Anglingkusumo (Bank Indonesia) |
| Abstract: | This paper empirical shows that unconventional monetary policy (UMP) in the US after the global financial crisis (GFC) affects capital inflows to SEACEN economies. For open middle income SEACEN economies, such as Indonesia, capital flows volatility induced by the UMP in the US adds to the complexity of managing monetary policy trilemma (MPT). A recent hypothesis states that in post GFC, it is possible for monetary authority in an open emerging market economy to retain monetary policy sovereignty (MPS) if and only if capital flows is managed, directly or indirectly, regardless the degree of exchange rate flexibility. This paper contends that for the case of Indonesia, MPS remains feasible even without a direct capital control. This supports the argument that MPS depends more on the strength of the policy framework to address domestic policy objectives. We argue that the implementation of central bank policy mix by Bank Indonesia provides such strength. |
| Keywords: | capital inflows, unconventional monetary policy, monetary policy trilemma |
| JEL: | E22 F32 F36 F41 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:idn:wpaper:wp052020&r= |
| By: | Adjemian, Michael K.; Le, Han; Robe, Michel A. |
| Keywords: | Risk and Uncertainty, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312872&r= |
| By: | Shahbaz, Muhammad; Sinha, Avik; Raghutla, Chandrashekar; Vo, Xuan Vinh |
| Abstract: | This paper contributes to literature by divulging the nature of scale and technique effects on renewable energy consumption, considering foreign direct investment (FDI) and financial development as considerable factors of renewable energy demand. The data for 39 countries over the period of 2000-2019 is used for empirical analysis. In doing so, second generation methodological approaches are applied to decompose scale and technique effects. The empirical results show the presence of cointegration between the model parameters, in the presence of cross-sectional dependence and structural breaks. Further, financial development is positively linked with renewable energy consumption. Foreign direct investment and renewable energy demand are positively linked. Composition effect has negative effect on renewable energy consumption. Economic growth and fossil fuel consumption have positive impact on renewable energy consumption. Long run estimation results indicate that renewable energy-FDI and renewable energy-financial development associations are U-shaped. It indicates that the scale effects exerted by FDI and financial development are overridden by technique and composition effects, and hence, the demand for renewable energy and consequential renewable energy consumption rises with the progression of economic growth. Based on this, policy suggestions are provided for these nations to ascertain sustainable development through bringing forth transformations in the energy policies. |
| Keywords: | Scale and Technique Effects, Financial Development, Foreign Direct Investment, Renewable Energy Consumption |
| JEL: | Q4 |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109125&r= |
| By: | Keiro Hattori (Ryukoku University) |
| Abstract: | Japan's population peaked in 2008; the country has been losing inhabitants since then, with geographical disparities in terms of degree of demographic shrinking and territorial devitalisation. Metropolitan areas like Tokyo are still demographically growing whereas many small and mid-sized cities have been losing their population, but this is under-investigated in literature on shrinking cities and urban dynamics, especially in English. This paper attempts to clarify the types of indicators that correlate with social population change in "non-metropolitan urban Japan": we have tried to identify potential correlations between social migratory population change (measured by net migration) and some social and economic indicators in small and mid-sized cities (population under 50,000). From 2010 to 2019, we picked 30 municipalities that have regis-tered the biggest demographic gains thanks to social migratory increase (in-migration), and 30 others that have suffered the biggest population losses out of social migratory decrease (out-migration), so as to see if there is any statistical difference between these groups with regards to certain economic or social indicators |
| Abstract: | La population japonaise a atteint son maximum historique en 2008 et ne cesse de décroître depuis. Cependant, il existe des inégalités géographiques dans l'ampleur de cette décroissance. Les aires métropolitaines telles que Tokyo continuent de croître démographiquement, tandis que de nombreuses villes petites et moyennes ont perdu de la population ; mais cela fait l'objet de très peu de publications, notamment en langue anglaise. Cette communication propose de tester différents facteurs explicatifs grâce à un ensemble d'indicateurs économiques et sociaux. À cette fin, l'auteur a cherché à identifier des corrélations entre le changement démographique et des indicateurs économiques et sociaux dans l'ensemble de ces villes (moins de 50 000 habitants). Il a ensuite sélectionné, sur 2010-2018, les 30 municipalités qui ont gagné le plus d'habitants et les 30 qui en ont perdu le plus, afin de vérifier s'il existe une différence statistique significative entre ces groupes sur la base de plusieurs indicateurs socio-économiques |
| Keywords: | Shrinking small and mid-sized municipalities,Social migratory population increase,T-Test,Japanese shrinking and aging phenomena,municipalités petites et moyennes en décroissance,croissance démographique par soldes migratoires,T-test,phénomènes de décroissance et de vieillissement au Japon |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03115183&r= |
| By: | Henrik Egbert (Anhalt University of Applied Sciences, Bernburg, Germany) |
| Abstract: | Certain religious entrepreneurial minded communities are highly successful. It is tempting to assume that the underlying social mechanism of business success can be used as a blueprint for the development of larger social entities. Recently, Javaid, Shamsi and Hyder (2020) have argued that inefficiencies of markets and bureaucracies may be avoided if religious entrepreneurial communities are considered an alternative for membersÕ business investment, capital- and expertise-support to businesses, and the redistribution of wealth in favor of economically vulnerable community members. Consequently, the title of their paper is ÒReligious entrepreneurial communities as a solution for socioeconomic injusticeÓ. I address this problematic position by an extended comment and point out inefficiencies induced by such an approach. I apply the concepts of networks and clubs to tackle problems of religious entrepreneurial communities as sub-groups of larger social entities. Individual beliefs, individual preferences, and norms of cooperative behavior can occur among members of any community, with or without common religious beliefs. Consequently, a shift from the areligious, market-oriented form of economic organization towards specific sets of religious beliefs will not, by itself, endanger business success. These issues require considerable attention before a transfer of behavioral pattern prevalent in small communities can be applied to larger groups. I emphasize the danger of generalizations from small case study results of specific entrepreneurial communities to larger social entities, such as societies. |
| Keywords: | entrepreneurial communities, socioeconomic justice, community-based entrepreneurship, entrepreneurship-based policy, clubs, networks |
| JEL: | D71 D85 P42 Z12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:sko:wpaper:bep-2021-07&r= |
| By: | Chakraborty, Pinaki (National Institute of Public Finance and Policy) |
| Abstract: | The objective of this paper is to understand the core recommendations of the Fifteenth Finance Commission in the context of COVID-19 pandemic. Given the macroeconomic uncertainties and rising fiscal needs, the commission focused on fiscal stability, equity and enhancement of fiscal space through higher borrowing with a fiscal exit plan for both Union and States. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/351&r= |
| By: | Steuer, Sebastian; Tröger, Tobias |
| Abstract: | We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal climate targets. We categorize the transparency obligations stipulated in green finance regulation as either compelling the standardized disclosure of raw data, or providing quality labels that signal desirable green characteristics of investment products based on a uniform methodology. Both categories of transparency requirements canbe imposed at activity, issuer, and portfolio level. Finance theory and empirical evidence suggest that investors may prefer "green" over "dirty" assets for both financial and non-financial reasons and may thus demand higher returns from environmentally-harmful investment opportunities. However, the market discipline that this negative cost of capital effect exerts on "dirty" issuers is potentially attenuated by countervailing investor interests and does not automatically lead to socially optimal outcomes. Mandatory disclosure obligations and their (public) enforcement can play an important role in green finance strategies. They prevent an underproduction of the standardized high-quality information that investors need in order to allocate capital according to their preferences. However, the rationale behind regulatory intervention is not equally strong for all categories and all levels of "green" disclosure obligations. Corporate governance problems and other agency conflicts in intermediated investment chains do not represent a categorical impediment for green finance strategies. However, the many forces that may prevent markets from achieving socially optimal equilibria render disclosure-centered green finance legislation a second best to more direct forms of regulatory intervention like global carbon taxation and emissions trading schemes. Inherently transnational market-based green finance concepts can play a supporting role in sustainable transition, which is particularly important as long as first-best solutions remain politically unavailable. |
| Keywords: | green finance,sustainable finance,ESG,mandatory disclosure,taxonomies,benchmarks,labels,asset pricing,market discipline,climate change,climate risk |
| JEL: | D4 D6 G1 G3 G4 K2 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:safewp:320&r= |
| By: | Toshihiro Okubo (Faculty of Economics Keio University) |
| Abstract: | In the spread of coronavirus disease (COVID-19), people have been requested to work from home with information and communication technology (ICT) tools, i.e. telework. This paper investigates which factors (infection of COVID-19, individual characteristics, task characteristics, working environments, and COVID-19 countermeasure policies) are associated with telework use in Japan. Using the unique panel survey on telework, we construct occupational indices for teleworkability and the risk exposure to infection. Our estimation finds that although telework use remains low in Japan, educated, high ICTskilled, younger, and female workers who engage in less teamwork and less routine tasks tend to use telework. Working environments such as the richness of IT communication tools, digitalized offices, flexible-hour working systems, and companywide reform for teleworking can all promote telework use. |
| Keywords: | telework, Covid-19, teleworkability, tasks, working environments |
| JEL: | J50 |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:keo:dpaper:2021-015&r= |
| By: | Klein, Ursula |
| Abstract: | Book Review of “ Scientific History: Experiments in History and Politics from the Bolshevik Revolution to the End of the Cold War” by Elena Aronova |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:bcp85&r= |
| By: | Martin, Elliot; Yassine, Ziad; Cohen, Adam; Shaheen, Susan |
| Abstract: | This report evaluates the Valley Metro Mobility Platform project, part of the Federal Transit Administration (FTA) Mobility on Demand (MOD) Sandbox program. Valley Metro currently provides a Valley Metro Ridekick mobile application for its users that features trip planning for light rail and buses. The Mobility Platform project aimed to develop new trip planning features and an integrated payment system for public and private transportation in an updated pilot app called Pass2Go, but integration with private transportation was not achieved and the app was discontinued, eventually to be replaced by another app. The evaluation of the project explored its effect on user travel and planning times, accessibility, and connectivity to different modes of transportation. Overall, the results showed that the Pass2Go app was an enhancement over the existing Ridekick app. The evaluation supported hypotheses that wait and planning times were reduced, planning methods were improved, and that the platform enhanced accessibility and connectivity to different transportation options. Also, the project provided a platform for other public transportation agencies to exchange travel information and produced lessons learned. Most hypotheses within this evaluation were supported and, overall, the project was found to perform very well. |
| Keywords: | Engineering, Mobility on Demand, MOD, sandbox, shared mobility, Mobility as a Service, MaaS, independent evaluation, mobility platform, Valley Metro, transit |
| Date: | 2020–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt62x1m97p&r= |
| By: | Elise Petit; Bruno Van Pottelsberghe; Lluís Gimeno Fabra |
| Abstract: | This paper evaluates whether and to what extent patent offices can substitute for each other. Based on an original dataset comprising 7.200 PCT patents filed simultaneously in Japan, the USA and Europe, the empirical analysis confirms that the degree of substitution is significant. Patent offices search up to 37% less technology classes, generate up to 33% less citations, and send up to 43% less communications when a PCT application was previously processed by another office. They also rely more on international citations and provide more information in the early stage of the examination process. Further substitution may still be leveraged, as around 55% of technology classes searched and up to 70% of backward citations are duplicates -voluntarily or not - of prior examination work. |
| Keywords: | Patent systems, TRIPs, national bias, examination, international comparison |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ict:wpaper:2013/330845&r= |
| By: | Marouzi, Soroush |
| Abstract: | This paper is an attempt to historicize Frank Plumpton Ramsey’s Apostle talks delivered from 1923 to 1925 within the social and political context of the time. In his talks, Ramsey discusses socialism, psychoanalysis, and feminism. Ramsey’s views on these three intellectual movements were inter-connected, and they all contributed to his take on the then policy debates on the role of women in economy. Drawing on some archival materials, biographical facts, and the historiographical literature on the early inter-war politics of motherhood, I show that Ramsey held a positive view of the feminist campaign for family endowment. He demanded government financial support for motherhood in recognition of the economic significance of women’s domestic works and as what could bring economic independence to them. In addition, he found such economic scheme compatible with the kind of maternalism endorsed by Freudian psychoanalysis – his favorite theory of psychology. |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:yx3dp&r= |
| By: | Schilirò, Daniele; Young, Warren |
| Abstract: | This paper analyzes the Econometric Society European Meetings (ESEMs) over the period 1931-39, highlighting the research programs produced by the meetings to show the influence that these meetings had on economics in that period and thereafter. The examination of the European Meetings in the 1930s highlights the range of topics discussed in these meetings, connections with ideas of the past economists such as Cournot, Pareto, and Walras among others, and the interest in relevant social and economic issues that characterized the decade. Also, the paper points to the emphasis placed on the quantitative approach to economic analysis taken by the European members of the Econometric Society, and their efforts to establish new lines of research accordingly. |
| Keywords: | Econometric Society; European meetings 1931-1939; quantitative approach; new lines of research |
| JEL: | B20 B23 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109270&r= |
| By: | Ruiz-Tagle, Cristobal; Schueftan, Alejandra |
| Abstract: | Air pollution from wood burning is a serious problem in the developing world. In the cities of south-central Chile, households experience extremely high ambient air pollution levels due to massive combustion of wood as fuel for residential heating. To address this problem, in recent years new residential wood stoves—equipped with improved combustion technologies that are designed to be less-polluting—have replaced high-polluting ones. However, users’ behaviour in operating these improved stoves is a key factor that drives actual emissions. When users ‘choke the damper’ to extend the burning time of their wood fuel, it constrains the air flow in the wood stoves and creates a highly polluting combustion process. To address this issue, a behavioural intervention was designed to provide users with real-time feedback on their wood stoves’ air pollution emissions with the goal of ‘nudging’ them to use their stoves in a less polluting way. The intervention consists of an information sign that aligns with the wood stove’s damper lever and informs users about pollution emission levels according to the chosen setting of the wood stove’s damper. The information sign is complemented by the visit of a field assistant that explains the sign and provides an informational flyer (fridge magnet). To assess the effectiveness of this behavioural intervention a randomized controlled trial was conducted with selected households in the city of Valdivia, Chile. Results from this intervention show that households that were provided with the information sign reduced the frequency with which they used the most polluting settings of their stoves, inducing a behavioural change that results in a 10.8% reduction in residential pollution emissions. |
| Keywords: | air pollution; behavioural intervention; environment and development; field experiment; wood stoves; Springer deal |
| JEL: | C93 D90 O13 Q53 Q56 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111527&r= |
| By: | Christl, Michael; De Poli, Silvia; Kucsera, Dénes; Lorenz, Hanno |
| Abstract: | This paper analyzes the impact of the COVID-19 crisis on household income in Austria, using detailed administrative labor market data, in combination with micro-simulation techniques, that enable specific labor market transitions to be modeled. We find that discretionary fiscal policy measures in Austria are key to counteracting the inequality- and poverty-enhancing effect of COVID-19. Additionally, we find that females tend to experience a greater loss in terms of market income. The Austrian tax-benefit system, however, reduces this gender differences. Disposable income has dropped by around 1% for both males and females. By comparison, males profit mainly from short-time work scheme, while females profit especially from other discretionary policy measures, such as the one-off payment for children. |
| Keywords: | COVID-19,EUROMOD,micro-simulation,STW,automatic stabilizers |
| JEL: | D31 E24 H24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:917&r= |
| By: | Lahiani, Amine; Mefteh-Wali, Salma; Shahbaz, Muhammad; Vo, Xuan Vinh |
| Abstract: | In order to achieve the goal of carbon neutrality, as defined in the Paris climate agreement, the United States, the second-largest greenhouse gas emitter, must intensify its use of zero-carbon sources such as renewable energy. In this paper, we use the nonlinear autoregressive distributed lags (NARDL) model to investigate the influence of financial development on renewable energy consumption in the U.S. from 1975Q1 to 2019Q4. More precisely, three measures of financial development are considered: the overall financial development, bank-based financial development, and stock-based financial development indices. The model is augmented to control for the effects of real oil prices, real GDP, and trade openness. The empirical results show evidence of a long-run asymmetric effect of overall and stock-based financial development measures. Positive and negative changes in financial development measures dictate renewable energy consumption. In the short run, only negative changes of overall and stock-based financial development measures significantly impact renewable energy consumption. The latter impact is contemporaneously positive and negative at the one-lagged period. Renewable energy consumption does not react to a short-run change in bank-based financial development. Our empirical findings possess important policy implications. |
| Keywords: | Financial Development, Renewable Energy Consumption, USA |
| JEL: | Q4 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109446&r= |
| By: | Niño-Zarazúa, Miguel; Santillán Hernández, Alma |
| Abstract: | In this paper, we present evidence that indicates that democratization has had a positive and significant effect on the current expansion of social transfers in low- and middle income countries. Overall, we find that electoral democracies seem to have favoured the expansion of conditional cash transfer (CCTs) programmes and social pensions, whereas autocracies and infant electoral democracies seem to have favoured pure cash transfers and public works, which are, on average, smaller in scale and more prone to political clientelism. Our findings also show that consumption taxes, and natural resource rents in particular, have contributed to the expansion of social transfers over the past two decades, although at the cost of delaying tax reforms that are necessary to guarantee the survival of welfare benefits. The current tax structure has also exposed net resource-exporting countries to the vagaries of commodity markets and reduced the fiscal space that these countries enjoyed just a decade ago. The policy implications of our findings are threefold: first, a strong technical approach to the formulation of social transfers is clearly desirable to maximize the poverty-reducing and welfare-enhancing effects of these programmes. However, a narrow focus on technical considerations can miss out wider implications of certain policy choices, especially in contexts characterized by electoral autocratic regimes. Second, state capabilities matter for an effective distribution of welfare benefits. However, without strong institutional settings and effective checks and balances, pro-poor redistribution can be subject to the capture of opportunistic clientelistic regimes. Third, any effort to expand social protection systems without parallel reforms to tax systems risks the long-term sustainability of transfer programmes. However, attempts to introduce more progressive forms of taxation would be destinated to fail without a good understanding of the strength and upfront position of elites. |
| Keywords: | social protection, political economy, democratization, developing countries |
| JEL: | I30 I38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109213&r= |
| By: | Sarah Ottavi (EPSYLON - Dynamique des capacités humaines et des conduites de santé - UPVM - Université Paul-Valéry - Montpellier 3); Sébastien Roussel (CEE-M - Centre d'Economie de l'Environnement - Montpellier - UMR 5211 - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Arielle Syssau (EPSYLON - Dynamique des capacités humaines et des conduites de santé - UPVM - Université Paul-Valéry - Montpellier 3) |
| Abstract: | In this paper,the authors provide a data report that describes an original dataset named French Affective Images of Climate Change (FAICC) database. The main objective is to provide tools for CC assessment. Images are rated by a sample of non-experts according to three variables: relevance to CC, arousal, and emotional valence. The database provides for each image an identification number, the mean rating and standard deviation of ratings for relevance, arousal and valence, respectively. |
| Keywords: | climate change,emotion,French version,image database,valence,arousal,relevance ratings |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03325423&r= |
| By: | Arup Barua (South-Eastern Finland University of Applied Sciences, Finland); Alexandra Ioanid (University Politehnica of Bucharest, Romania) |
| Abstract: | The Resource-based View (RBV) and Industrial Organization (IO) theory have successfully clarified the competitive advantage for a single firm based on resources and market aspects but less so for knowing the competitive advantage for dual entities or companies. Therefore, this article attempts to investigate how a competitive advantage emerges in post-M&A. It illustrates that both theories together should contemplate the "synergistic competitive advantage" as a measurement of M&A performance, which explains the competitive advantage by the acquisition synergies, e.g., joint sales, expertise, revenue, and cost. The modern thought will widen the joint appeal of RBV and IO theory considering the SCP model because the synergy (i.e., a combined effect of two entities) should be a competitive, and competitive advantage should be synergistic for acquisition success. Future researchers are entreated to test the synergistic competitive advantage in post-M&A, evading the traditional competitive advantage. Decisively the implications and directions of future research would be illuminated. |
| Keywords: | RBV (Resource-based View), IO (Industrial Organization), SCP (Structure, Conduct, Performance), SCA (Synergistic Competitive Advantage), M&As (Mergers and Acquisitions) |
| JEL: | G34 M16 O19 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:sko:wpaper:bep-2021-06&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | Using a generalization of the Becker's time allocation model to estimate the shadow price of time, the article proposes to evaluate the component of home production which could be substituted by market goods and services. An enlarged households' total expenditure including the production of the informal sector and the value of domestic production and the corresponding enlarged GDP are compared to their monetary counterparts in five developed and underdeveloped countries. Domestic production substituable to market goods corresponds to 23 to 41% of the GDP in Canada, France, Poland and the US, but much less in Burkina Faso because of much lower opportunity cost of time and elasticities of substitution. Finally, the enlarged GDP including the informal sector is larger by 40% than the official GDP in the three developed countries, 34% in Poland and by 54% in Burkina Faso. |
| Keywords: | Domestic production,Time allocation,GDP,Opportunity cost of time |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03325362&r= |
| By: | Partha Pratim Dube (Garalgacha Surabala Vidyamandir, West Bengal, India, 712708) |
| Abstract: | This paper considers the prospects for constructing a model of TFP of investment, technological progress and growth of the technological share in TFP that determines the nature of economic growth. Two models are considered: a model emphasising investment, technological progress and its impact on TFP and a model emphasising a relation of investment, TFP and growth of technological share in TFP through the experience process. The claims in mode 1 and model 2 presented here differ from those in most standard economic literature: the relation between investment and TFP is considered, the relation between technological efficiency and technological progress is established and their effect on TFP is shown. A quotient between technological progress and investment is constructed that hampers the growth of technological progress. This gives a caution to the financial institutions about the enhancement of the quotient. |
| Keywords: | Total Factor Productivity; Investment; Technological Progress; India; Technological Efficiency; Growth |
| JEL: | B22 D22 D24 O32 O43 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:sko:wpaper:bep-2021-05&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | Using a generalization of the Becker's time allocation model to estimate the shadow price of time, the article proposes to evaluate the component of home production which could be substituted by market goods and services. An enlarged households' total expenditure including the production of the informal sector and the value of domestic production and the corresponding enlarged GDP are compared to their monetary counterparts in five developed and underdeveloped countries. Domestic production substituable to market goods corresponds to 23 to 41% of the GDP in Canada, France, Poland and the US, but much less in Burkina Faso because of much lower opportunity cost of time and elasticities of substitution. Finally, the enlarged GDP including the informal sector is larger by 40% than the official GDP in the three developed countries, 34% in Poland and by 54% in Burkina Faso. |
| Keywords: | Domestic production,Time allocation,GDP,Opportunity cost of time |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03325362&r= |
| By: | Michael M. Batty; Ella Deeken; Alice Henriques Volz |
| Abstract: | A wide range of economic activity has been severely disrupted by the COVID-19 pandemic, while others have been remarkably resilient throughout the restrictions placed on our physical interactions. The unique pattern of income losses, spending reductions and substitutions, and government relief raise many questions about how different groups fared economically over the last year. |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-30-2&r= |
| By: | Busch, Pascal; Cappelletti, Giuseppe; Marincas, Vlad; Meller, Barbara; Wildmann, Nadya |
| Abstract: | The Basel Committee on Banking Supervision (BCBS) framework used to identify global systemically important banks (G-SIBs) is based on banks’ balance sheet information, leaving information derived from market data untapped. Among the most widely used market-based systemic risk measures, Adrian and Brunnermeier’s (2016) Delta-Conditional Value at Risk (ΔCoVaR) best captures the system-wide loss-given-default (sLGD) and conditional impact concepts underlying the BCBS GSIB methodology. In this paper we investigate, using a global sample of the largest banks, whether a score based on ΔCoVaR could be useful for ranking G-SIBs or for calibrating an alternative G-SIB indicator weighting scheme. In our first analysis we find that the ΔCoVaR score is positively correlated with all five of the systemic importance categories of the BCBS framework. However, considerable information/noise with regard to the ΔCoVaR score remains unexplained. Before more is known about this residual, a score based on ΔCoVaR is difficult to interpret and is inappropriate for identifying G-SIBs in a policy context. Besides, we find that a ranking based on ΔCoVaR is subject to substantial variability over time and across empirical specifications. In our second analysis we use ΔCoVaR to place the current static weighting scheme for G-SIB indicators on an empirical footing. To do this we regress ΔCoVaR on factors derived from the G-SIB indicators. This approach allows us to focus on the part of ΔCoVaR which can be explained by balance sheet information which alleviates the identified issues of interpretability and variability. The derived weights are highest for the cross-jurisdictional activity (43%) and size (27%) categories. We conclude that ΔCoVaR is not suitable for use as an alternative G-SIB score but could be useful for policymakers to pursue an empirically grounded weighting scheme for the existing G-SIB indicators. JEL Classification: G20, G21, G28 |
| Keywords: | bank regulation, global systemically important banks, systemic risk measures |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbops:2021260&r= |
| By: | Marlen Gabriele Arnold (Chemnitz University of Technology, Faculty of Economics and Business Administration, Corporate Environmental Management and Sustainability); Alina Vogel |
| Abstract: | The global COVID-19 pandemic does not only focus on health and social issues, but the topic of digitalization as well. Universities have to (re)act very fast and demonstrate their adaptability: Within shortest time, the university life was reduced to a minimum. Simultaneously, the courses were transferred into digital formats. The following questions were surveyed by this questionnaire at the Chemnitz University of Technology between mid-July and the end of September 2020: How was this transformation done, by which advantages and disadvantages were they accompanied, how sustainable are these processes and how the future of higher education can look like. The survey addressed both university staff and students. Approximately 370 complete responses were analysed qualitatively and with the help of descriptive statistics. The results show a high degree of diversity in terms of behaviours and responses to pandemic digital teaching and learning. Digital teaching and working as well as learning from home offer multiple benefits and at the same time challenges - as does learning and working at the university campus. On the one hand, working and learning from home is perceived as enriching and overwhelming on the other - and this does not only differ from person to person, but also simultaneously within an individual. The flexibility associated with digital teaching is appreciated - at the same time, digital teaching is linked with a great deal of self-organization and few social contacts, which is perceived by some students as excessive demands. There are striking gaps in knowledge and action when it comes to linking sustainability and digitization. The results also reveal aspects for the further development of digital teaching. |
| Keywords: | Digitization, Teaching, Sustainability, Pandemic, Survey |
| JEL: | I M Q |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tch:wpaper:cep048&r= |
| By: | Drydakis, Nick |
| Abstract: | In Greece, given the precarious nature of the sex work industry, sex workers health and wellbeing is of concern. However, relevant research remains limited. This study examined whether sex workers' self-reported physical and mental health deteriorated across time points during the economic recession in Athens, Greece. The study focused on 13 areas where off-street and street-based sex work occured. Cross-sectional data was collected from the same areas in 2009 (i.e. before the economic recession began) and in 2013 and 2019 (i.e. at time points during the recession). Self-reported physical and mental health decreased in 2013 and in 2019 compared to 2009. A positive association was found between the country's gross domestic product and sex workers' self-reported physical and mental health. The opposite was found for annual aggregate unemployment. The determinants of better self-reported physical and mental health were sex workers' economic condition, Greek nationality, off-street sex work, and registered sex work status. The opposite was found for more years' involvement in sex work and drug consumption. Findings indicate the need for more inclusive health strategies, especially during periods of economic downturn when sex workers' physical/mental health is likely to decline. This is the first study to investigate the association between economic recession and sex workers' self-reported physical and mental health. |
| Keywords: | sex work,physical health,mental health,economic recession,drug consumption |
| JEL: | J81 G01 I10 I12 I18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:924&r= |
| By: | Ayesh, Abubakr; Nakasone, Eduardo |
| Keywords: | Labor and Human Capital, International Development, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312663&r= |
| By: | Damle, Devendra (National Institute of Public Finance and Policy); Gulati, Karan (National Institute of Public Finance and Policy) |
| Abstract: | There are three common conjectures regarding land and property related litigation in India. First, it forms a large proportion of the caseload of Indian courts. Second, the quality of property records is to blame for the large volume and length of the litigation. Third, the caseload is compounded due to the complexity created by the multitude of laws that govern land and property. Additionally, the government is thought to be the largest litigant. This paper presents a novel data-set of case-level data from the Delhi High Court to test these conjectures. It answers important questions regarding the volume and typologies of such disputes, and the typologies of litigants. At the Delhi High Court, land and property disputes constitute 17% of the litigation. In these cases, the largest proportion of litigation is between private parties. The Union government is the petitioner (or appellant) in 2% of such litigation but is the respondent in more than 18% of cases. Tenancy and land acquisition matters are the most common types of litigation. Lastly, approximately 14% of property litigation originates from and is related to property records. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/349&r= |
| By: | Yves Cinotti (ESPE Toulouse - École supérieure du professorat et de l'éducation - Toulouse Midi-Pyrénées - UT2J - Université Toulouse - Jean Jaurès) |
| Abstract: | Since 1918, the hotel industry has undergone many upheavals: the sector has become industrialised, and many hotel jobs have disappeared due to changes in customer expectations and the use of information technology. This study shows how, from the end of the Great War until 2018, the teaching of hotel techniques, practiced by the employees of the reception, the lobby and the floors of a hotel, has adapted. The teaching of hospitality was very "technological", with the practical work of reception and room maintenance taking the form of training periods in hotels or in the hotel application school. But since 1980, this teaching addressed the commercial dimension of the professions and the quality approach. |
| Abstract: | L'hôtellerie a connu depuis 1918 de nombreux bouleversements : le secteur s'est industrialisé, de nombreux métiers hôteliers ont disparu du fait de l'évolution des attentes de la clientèle et du recours à l'outil informatique. Cette étude montre comment, à partir de la fin de la Grande Guerre et jusqu'en 2018, l'enseignement des techniques hôtelières, pratiquées par les employés de la réception, du hall et des étages d'un hôtel, s'est adapté. L'enseignement de l'hébergement fut très « technologique », les travaux pratiques de réception et d'entretien des chambres prenant la forme de périodes de formation en entreprise ou dans l'hôtel d'application de l'école hôtelière. Mais depuis 1980, cet enseignement a pris en compte la dimension commerciale des métiers et les démarches qualité. |
| Keywords: | hospitality techniques,accommodation,hotel history,hospitality teaching,techniques hôtelières,hébergement,histoire de l'hôtellerie,Enseignement hôtelier |
| Date: | 2021–03–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03323754&r= |
| By: | Andersson, Fredrik W. (Statistics Sweden and Örebro University); Jordahl, Henrik (Örebro University); Kärnä, Anders (Research Institute of Industrial Economics (IFN)) |
| Abstract: | Organizations, both non-profit and for-profit, needs to allocate labor for both production as well as internal administration. If this allocation is skewed towards internal administration, organizations, and especially non-profit organizations, might develop sclerosis over time with too much labor allocated to internal administration compared to production. Using detailed registry data on all individuals working at Swedish universities and colleges, we document a rapid increase in the number of qualified administrators, both in the number of employees and in total wages paid for these. This increase is not present in less qualified administration, and is mainly driven by an increase by a few professions such as communication and human resources. The increase does not lead to a significant reduction, or increase, in the time that researchers and teachers spend on administration. This in turn suggests that Swedish higher education over-allocates resources to high-skilled administration. |
| Keywords: | Organization theory; Sclerosis; Productivity Growth; Bureaucracy; Higher education |
| JEL: | L25 P16 |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:iuiwop:1399&r= |
| By: | Hu, Yingyao (Johns Hopkins University, Department of Economics) |
| Abstract: | This paper presents a novel self-report approach to identify a general causal model with an unobserved covariate, which can be unobserved heterogeneity or an unobserved choice variable. It shows that a carefully designed noninvasive survey procedure can provide enough information to identify the complete causal model through the joint distribution of the observables and the unobservable. The global nonparametric point identification results provide sufficient conditions under which the joint distribution of four observables, two in a causal model and two from surveys, uniquely determines the joint distribution of the unobservable in the causal model and the four observables. The identification of such a joint distribution including the unobserved covariate implies that the complete causal model is identified. |
| Keywords: | Causal model, Measurement error model, Nonparametric identification |
| JEL: | C01 C14 |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:jhu:papers:64330&r= |
| By: | Victor Gay (IAST - Institute for Advanced Study in Toulouse , TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | This article describes a comprehensive geographic information system of Third-Republic France: the TRF-GIS. It provides annual nomenclatures and shapefiles of administrative constituencies of metropolitan France from 1870 to 1940, encompassing general administrative constituencies (départements, arrondissements, cantons) as well as the most significant special administrative constituencies: military, judicial and penitentiary, electoral, academic, labor inspection, and ecclesiastical constituencies. It further proposes annual nomenclatures at the contemporaneous commune level that map each municipality into its corresponding administrative framework along with its population count. The 901 nomenclatures, 830 shapefiles, and complete reproduction material along with primary sources of the TRF-GIS database are available at https://dataverse.harvard.edu/dataverse/ TRF-GIS. |
| Keywords: | Third Republic,France,Toponymy,GIS,HGIS,Administrative boundaries,Nomenclature,SIG,SIGH,Limites administratives,Toponymie,Troisième République |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02951461&r= |
| By: | Luca Fontanelli (Université Côte d'Azur; GREDEG CNRS); Mattia Guerini (University of Brescia; GREDEG, CNRS, Université Côte d’Azur, France; bInstitute of Economics, Scuola Superiore Sant’Anna, Italy); Mauro Napoletano (Université Côte d'Azur; GREDEG CNRS; OFCE Sciences-Po; SKEMA Business School) |
| Abstract: | We build a simple dynamic model to study the effects of technological learning, market selection and international competition in the determination of export ows and market shares. The model features two countries populated by firms with heterogeneous productivity levels and sales. Market selection in each country is driven by a finite pairwise Pólya urn process. We show that market selection leads either to a national or to an international monopoly in presence of a static distribution of firm productivity levels. We then incorporate firm learning and entry-exit in the model and we show that the market structure does not converge to a monopoly. In addition, we show that the extended model is able to jointly reproduce a wide ensemble of stylized facts concerning intra-industry trade, industry and firm dynamics. |
| Keywords: | International trade, industrial dynamics, firm dynamics, market selection, Pólya urn |
| JEL: | C15 F1 L1 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2021-33&r= |
| By: | Dean Spears (University of Texas at Austin - USA, Indian Statistical Institute Delhi Centre - India, IZA - Germany, IFFS - Sweden); Stéphane Zuber (Centre d'Economie de la Sorbonne, Paris School of Economics) |
| Abstract: | Utilitarianism is the most prominent family of social welfare functions. We present three new axiomatic characterizations of utilitarian (that is, additively separable) social welfare functions in a setting where there is risk over both population size and the welfares of individuals. First, we show that, given uncontroversial basic axioms, Blackorby et al.'s (1998) Expected Critical-Level Generalized Utilitarianism (ECLGU) is equivalent to a new axiom holding that it is better to allocate higher utility-conditional-on-existence to possible people who have a higher probability of existence. The other two novel characterizations extend classic axiomatizations of utilitarianism from settings with either social risk or variable-population, considered alone. By considering both social risk and variable population together, we clarify the fundamental normative considerations underlying utilitarian policy evaluation |
| Keywords: | Social risk; population ethics; utilitarianism; expected critical-level generalized utilitarianism; prioritarianism |
| JEL: | D63 D81 J10 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21017&r= |
| By: | Sunghun Lim |
| Abstract: | Since the mid-1900s, agricultural global value chains (AGVCs) have grown rapidly and transformed the nature of agri-food production around the world. Little is known, however, about how participation in AGVCs changes the structure of participating economies. Using a constructed panel dataset from 155 countries for the period 1991-2015, I find that, in response to high AGVC participation, both GDP and employment shares in the agricultural and services sectors increase, and that both factors decrease in the manufacturing sector. Counter to conventional wisdom about structural transformation, I uncover evidence that modern agrarian economies are leapfrogging the manufacturing sector to directly develop their agriculture and services sectors through their participation in AGVCs. |
| JEL: | F14 F63 O13 Q17 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29194&r= |
| By: | Suarez, Javier |
| Keywords: | growth-at-risk, macroprudential policy, policy stance, quantile regressions |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:srk:srkops:20210&r= |
| By: | Lambert, Thomas |
| Abstract: | Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in England and the UK. This paper uses Zhun Xu’s Baran Ratio concept to try to develop general trends to demonstrate and to reinforce other historical accounts of these times that a productive and sufficient level of public and private investment out of accumulated capital income, taxation, and rents does not have a real impact on economic per capita growth until around the 1600s in Britain. This would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment more consistently becomes more than one hundred percent of the level of economic surplus and takes in government spending. The types of investment, threshold amounts of investment out of profits and rents along with government spending seem to matter when it comes to a growth path raising GDP per capita and national income per capita to higher levels. Although much of this knowledge perhaps is embodied in current historical accounts, the Baran Ratio nicely summarizes and illustrates the importance of levels of investment to economic growth. |
| Keywords: | Baran Ratio, Baran multiplier, capitalism, feudalism, Keynesian multiplier |
| JEL: | B51 E11 E12 N13 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109546&r= |
| By: | David Bartram |
| Abstract: | A recent contribution to research on age and well-being (Blanchflower 2021) found that the impact of age on happiness is "u-shaped" virtually everywhere: happiness declines towards middle age and subsequently rises, in almost all countries. This paper evaluates that finding for European countries, considering whether it is robust to alternative methodological approaches. The analysis here excludes control variables that are affected by age (noting that those variable are not themselves antecedents of age) and uses data from the entire adult age range (rather than using data only from respondents younger than 70). I also explore the relationship via models that do not impose a quadratic functional form. The paper shows that these alternate approaches do not lead us to perceive a u-shape "everywhere": u-shapes are evident for some countries, but for others the pattern is quite different. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13671&r= |
| By: | Nizam, Ahmed Mehedi |
| Abstract: | With the rapid proliferation of mobile telephony and the establishment of an IT-enabled payment and settlement system, Bangladesh, nowadays, is experiencing a meteoric rise in the usage of mobile financial services (MFS). As more and more people are opting to use this service, a huge number of mobile accounts are opened every day and a substantial amount of money is deposited, withdrawn and transferred frequently through the mobile network. This ever-increasing amount of mobile money flowing through the network may have a sizeable impact on the overall money supply of the country. Thus far, no systematic study has been conducted to quantify the impact of the mobile money on the conventional money supply of Bangladesh. In this study, we attempt to quantify the contribution of mobile money on the money supply which is an important quantity-based anchor of monetary policy in Bangladesh. Apart from quantifying the impact of digital (mobile) money on the money supply, we also qualitatively discuss its implication on another price-based nominal anchor of monetary policy in Bangladesh, i.e., interest rate. Moreover, in recent times, the government of Bangladesh has capped market interest rate with an intent to boost up business activities and in doing so, it (the government) has irrevocably broken the money market equilibrium which may result into dead-weight loss according to economic theory. Here, we qualitatively argue that financial inclusion through MFS has the potential to substantially reduce market interest rate without any manual intervention by significantly adding to the money supply which is supposed to be resulted into a reduced interest rate as an eventual consequence. |
| Keywords: | Mobile financial services; Bangladesh; financial inclusion; money supply; money multiplier; monetary policy |
| JEL: | E51 E52 G21 G28 O11 O33 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109552&r= |
| By: | Houda El Ferachi (UIT - Université Ibn Tofaïl); Hicham Bouchartat (UIC - Université Internationale de Casablanca) |
| Abstract: | This research aims to establish the link between the country of origin (made in) and the consumer buying behavior, through the exploration of pasta consumption in Morocco. The main objectives of this study are to determine the preferences of the Moroccan consumers (current and potential) regarding pasta products that are made in Morocco as opposed to the imported ones; to gage their perception of the Moroccan brands; and to identify the key purchasing factors of the "made in Morocco" pasta. Our methodological choice focused on the quantitative method known as a sample survey. The study was carried out on 105 individuals; 15 cities were represented with, however, dominance of the Rabat-Salé region, and a rich diversity in terms of family situations, ages, and socio-professional categories. The questionnaire was administered face to face in part and online for the remainder. It appears that Moroccans consume pasta of Moroccan origin more than pasta of foreign origin. This preference is not explained by ethnocentrism as one would expect and would not necessarily reflect the behavior of an engaged, economically responsible, or culturally attached citizen. It is explained by intrinsic determinants such as price, quality, and availability of Moroccan pasta. For these same reasons, the perception of Moroccan pasta is rather positive. This perception is upheld by the reputation of the Moroccan brands, in particular the brands Tria and Dari (2021). The results we have achieved are generally satisfactory, but slightly offend the findings of previous studies on the subject. |
| Abstract: | Cette recherche vise à établir le lien entre le pays d'origine (made in) et le comportement d'achat du consommateur, à travers l'exploration de la consommation de pâtes au Maroc. Les principaux objectifs de cette étude sont de déterminer les préférences des consommateurs marocains (actuels et potentiels) concernant les produits de pâtes qui sont fabriqués au Maroc par opposition aux produits importés ; mesurer la perception des marques marocaines ; et d'identifier les facteurs clés d'achat des pâtes « made in Morocco ». Notre choix méthodologique a porté sur la méthode quantitative dit enquête par sondage. L'étude a été réalisée auprès de 105 individus ; 15 villes ont été représentées avec toutefois une domination de la région Rabat-Salé, et une riche diversité en termes de situations familiales, d'âges, et de catégories socioprofessionnelles. Le questionnaire a été administré en face à face en partie et en ligne pour le reste. Il apparaît que les Marocains consomment plus de pâtes d'origine marocaine que de pâtes d'origine étrangère. Cette préférence ne s'explique pas par l'ethnocentrisme comme on pourrait s'y attendre et ne refléterait pas nécessairement le comportement d'un citoyen engagé, économiquement responsable ou culturellement attaché. Elle s'explique par des déterminants intrinsèques tels que le prix, la qualité et la disponibilité des pâtes marocaines. Pour ces mêmes raisons, la perception des pâtes marocaines est plutôt positive. Cette perception est confortée par la notoriété des marques marocaines, notamment les marques Tria et Dari (2021). Les résultats auxquels nous avons abouti sont satisfaisants dans l'ensemble, mais heurtent légèrement les trouvailles d'études précédentes sur le sujet. |
| Keywords: | Country of origin,Perception,Key Decision Factors,Made in Morocco,Pays d'origine,Facteurs de Décision Clés,Made in Maroc |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03324195&r= |
| By: | Judit Temesvary; Andrew Wei |
| Abstract: | We study how U.S. banks' exposure to the economic fallout due to governments' response to Covid-19 in foreign countries has affected their credit provision to borrowers in the United States. We combine a rarely accessed dataset on U.S. banks' cross-border exposure to borrowers in foreign countries with the most detailed regulatory ("credit registry") data that is available on their U.S.-based lending. We compare the change in the U.S. lending of banks that are more vs. less exposed to the pandemic abroad, during and after the onset of Covid-19 in 2020. We document strong spillover effects: U.S. banks with higher foreign exposures in badly "Covid-19-hit" regions cut their lending in the United States substantially more. This effect is particularly strong for longer-maturity loans and term loans and is robust to controlling for firms’ pandemic exposure. |
| Keywords: | Cross-border exposure; Bank lending; Bank capital; Bank balance sheet liquidity |
| JEL: | F34 F65 G15 G21 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-56&r= |
| By: | De Grauwe, Paul |
| Abstract: | Inflation is on the rise again in the industrialised world. This has led to fears of a sustained surge in inflation. This article argues that while such fears may make sense in the US, they do not in the eurozone, where the monetary-fiscal policy mix has been much less expansionary than in the US. The fear expressed by some that the monetary overhang from the large injections of liquidity through quantitative easing might lead to inflation in the eurozone does not stand up to scrutiny either. The conclusion offers some observations on the monetary operating procedures in the ECB. It argues that in the future, when interest rates rise again, the ECB risks transferring all (and even more) of its profits to the banking system. This article proposes a way to avoid this unacceptable outcome. |
| JEL: | N0 F3 G3 |
| Date: | 2021–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111810&r= |
| By: | Martin, Elliot; Nichols, Aqshems; Cohen, Adam; Shaheen, Susan |
| Abstract: | This report documents the results of an independent evaluation of the Vermont Agency of Transportation’s (VTrans) OpenTripPlanner (OTP), called Go! Vermont, part of the Federal Transit Administration (FTA) Mobility on Demand (MOD) Sandbox Demonstration program. The project intended to serve as an alternative to other trip planners by including flexible transit options such as route deviation, dial-a-ride, and other demand-responsive alternatives and to analyze web traffic data to determine the level of user activity attracted by Go! Vermont since its launch. The evaluation compared the trip itineraries of Google Maps and the OTP and explored the inclusion of flexible transit options. Eight hypotheses were evaluated, and expert (stakeholder/project partner) interviews highlighted VTrans partnerships with employment services and vocational rehabilitation to leverage the trip planner for improving access to jobs, training, and healthcare for carless and carlite house-holds. Interviewees noted how the trip planner improved how telephone dispatchers and case workers provided transportation information. |
| Keywords: | Engineering, Mobility on Demand, MOD, sandbox, shared mobility, independent evaluation, transit trip planner, Open Trip Planner, VTrans, demand-responsive transit |
| Date: | 2021–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt34w88314&r= |
| By: | Jeehoon Han; Bruce D. Meyer; James X. Sullivan |
| Abstract: | We investigate how material well-being has changed over time for single mother headed families—the primary group affected by welfare reform and other policy changes of the 1990s. We focus on consumption as well as other indicators including components of consumption, measures of housing quality, and health insurance coverage. The results provide strong evidence that the material circumstances of single mothers improved in the decades following welfare reform. The consumption of the most disadvantaged single mother headed families—those with low consumption or low education—rose noticeably over time and at a faster rate than for those in comparison groups. |
| JEL: | D12 D31 I31 I32 I38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29188&r= |
| By: | International Monetary Fund |
| Abstract: | A remote technical assistance (TA) mission was conducted by IMF’s Regional Technical Assistance Center for Southern Africa (AFS)1 during April 12–16, 2021 to assist Statistics Botswana (SB) in improving the quality of the national accounts statistics. Reliable national accounts are essential for informed economic policymaking by the authorities. It also provides the private sector, foreign investors, rating agencies, donors and the public in general with important inputs in their decision-making, while informing economic analysis and IMF surveillance. The System of National Accounts, 2008 (2008 SNA) recommends that the national accounts be rebased every five years. Rebasing requires comprehensive surveys and ideally, supply and use tables (SUTs) to support coherent checking of data. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/185&r= |
| By: | Nathan Delacrétaz; Bruno Lanz; Amir Delju; Etienne Piguet |
| Abstract: | Rural regions are more exposed to rainfall shocks, notably through agriculture, and understanding how local population adapt to changes in the climate is an important policy challenge. In this paper we exploit longitudinal data for Turkish provinces from 2008 to 2018 together with precipitation records over more than 30 years to study how shocks to 12-month standard precipitation index (SPI) affect out-migration across rural, transitional and urban regions, and we document how these impacts are channeled through local income, agricultural GDP, and conflicts. Based on fixed effect regressions controlling for unobserved heterogeneity across provinces and over time, we find evidence that negative SPI shocks are associated with higher out-migration in rural provinces. We also show that the relationship is fully mediated by per capita GDP, whereas agricultural GDP and conflicts do not play a role. |
| Keywords: | out-migration; climate change; rainfall; urbanization; per capita income; agriculture; conflicts |
| JEL: | F22 O15 R23 Q54 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:21-06&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | Economic agents decide often under different price conditions (named endogenous prices), and moreover these individual price systems may depend on their previous choices. Such a situation appears for instance for consumers' choices under constraints which imply virtual costs or when non-monetary resources add to the monetary budget constraint. In case where no market exist which regulates these prices and make them converge toward a common price for all agents, observed differences appear between the social distribution of consumer expenditures and their change over time which are modelized here using Riemannian geometry. Observations in a cross-sectional survey are supposed to constitute a Riemannian surface (where each point is associated with a particular price system). Social differences are measured along the geodesics of the Riemannian surface, while changes over time correspond to movements along their tangent spaces (characterized by constant endogenous prices). The Riemannian curvature of the consumption space is thus estimated comparing the derivatives over the surface (corresponding to cross-section differences) to those of the tangent plane (corresponding to the time changes). The Riemannian curvature being shown to be non-null for the Polish consumers surveyed in a four years Polish panel, implies that usual econometric methods based on a unique metric over the (cross-sectional) consumption space are inadequate to estimate geodesics (corresponding to optimal choices) on the Riemannian surface. The curvature of the survey can be linked to changes in latent endogenous prices over the Riemannian surface, which are for instance full prices in a domestic production framework. Finally, the Riemannian structure is used to study the path dependency of consumers' choices. |
| Keywords: | spatial autocorrelation,Riemannian geometry,curvature,virtual price,full price,path dependency |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03325414&r= |
| By: | François Gardes (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCO - Université Catholique de l'Ouest) |
| Abstract: | Economic agents decide often under different price conditions (named endogenous prices), and moreover these individual price systems may depend on their previous choices. Such a situation appears for instance for consumers' choices under constraints which imply virtual costs or when non-monetary resources add to the monetary budget constraint. In case where no market exist which regulates these prices and make them converge toward a common price for all agents, observed differences appear between the social distribution of consumer expenditures and their change over time which are modelized here using Riemannian geometry. Observations in a cross-sectional survey are supposed to constitute a Riemannian surface (where each point is associated with a particular price system). Social differences are measured along the geodesics of the Riemannian surface, while changes over time correspond to movements along their tangent spaces (characterized by constant endogenous prices). The Riemannian curvature of the consumption space is thus estimated comparing the derivatives over the surface (corresponding to cross-section differences) to those of the tangent plane (corresponding to the time changes). The Riemannian curvature being shown to be non-null for the Polish consumers surveyed in a four years Polish panel, implies that usual econometric methods based on a unique metric over the (cross-sectional) consumption space are inadequate to estimate geodesics (corresponding to optimal choices) on the Riemannian surface. The curvature of the survey can be linked to changes in latent endogenous prices over the Riemannian surface, which are for instance full prices in a domestic production framework. Finally, the Riemannian structure is used to study the path dependency of consumers' choices. |
| Keywords: | spatial autocorrelation,Riemannian geometry,curvature,virtual price,full price,path dependency |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03325414&r= |
| By: | Azizjon Alimov (IESEG School of Management, UMR 9221 - LEM - Lille Economie Management, F-59000 Lille, France) |
| Abstract: | This paper examines how variation in the supply of government debt affects corporate acquisition activity. Using data from 50 countries from 1991 to 2017, the paper finds that government debt issuance is strongly negatively associated with acquisition activity at the firm and aggregate levels. In response to increases in government borrowing, firms appear to make better quality deals. Importantly, these effects are stronger for cash-financed deals and for more creditworthy firms whose debt is closer substitute for government bonds. Collectively, these findings suggest that rising government debt leads to “real crowding out” by affecting firm ability to make large investments. |
| Keywords: | government debt, mergers and acquisitions |
| JEL: | E62 G34 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ies:wpaper:f202104&r= |
| By: | Barajas, Jesus |
| Abstract: | This study asks whether deficiencies in transportation are associated with disproportionate policing in Chicago using the case of cycling. I examine how the number of bicycle citations issued per street segment are influenced by the availability of bicycle facilities and street characteristics, controlling for crash incidence, police presence, and neighborhood characteristics. Tickets were issued 8 times more often per capita in majority Black tracts and 3 times more often in majority Latino tracts compared to majority white tracts. More tickets were issued on major streets, but up to 85% fewer were issued when those streets had bike facilities, which were less prevalent in Black and Latino neighborhoods. Tickets were not associated with bicycle injury-crashes and inversely associated with vehicle injury-crashes. Infrastructure inequities compound the effects of racially-biased policing in the context of transportation safety strategies. Remedies include the removal of traffic enforcement from safe systems strategies and equitable investment in cycling. |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:wszgv&r= |
| By: | Kristen Velyvis; Anthony D'Agostino |
| Abstract: | Millennium Challenge Corporation contracted Mathematica to conduct an independent evaluation of the Environmental and Natural Resource Management (ENRM) project. This presentation summarizes our interim findings from case studies of five of the grants based on data collected through the close of the compact, and for research questions on ENRM implementation, outcomes, and sustainability. |
| Keywords: | Malawi, hydroelectricity, natural resources, electricity, agriculture, MCC |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:20772226acf34c0d900be882ec2d7ec4&r= |
| By: | Antonio Bodini (University of Parma); Sara Chiussi (University of Parma); Michele Donati (University of Parma); Valentin Bellassen (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Áron Török (Corvinus University of Budapest); Liesbeth Dries (WUR - Wageningen University and Research Centre); Dubravka Ćorić (Faculty of Economics [Zagreb] - University of Zagreb); Lisa Gauvrit (Ecozept - Partenaires INRAE); Efthimia Tsakiridou (Aristotle University of Thessaloniki); Edward Majewski (SGGW - Warsaw University of Life Sciences); Bojan Ristic (Faculty of Economics, University of Belgrade, Belgrade, Serbia); Zaklina Stojanovic (Faculty of Economics, University of Belgrade, Belgrade, Serbia); Jose Maria Gil Roig (CREDA - Centre for Agro-Food Economy & Development, UPC-IRTA, Castelldefels, Spain - UPC - Université polytechnique de Catalogne); Apichaya Lilavanichakul (KU - Kasetsart University); Nguyễn Quỳnh An (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Filippo Arfini (University of Parma) |
| Abstract: | Abstract Water Footprint (WF, henceforth) is an indicator of water consumption and has taken ground to assess the impact of agricultural production processes over freshwater. The focus of this study was contrasting non-conventional, certified products with identical products obtained through conventional production schemes (REF, henceforth) using WF as a measure of their pressure on water resources. The aim was to the show whether products that are certified as Food Quality Schemes (FQS, henceforth) could also incorporate the lower impact on water among their quality features. To perform this comparison, we analysed 23 products selected among Organic, PDO and PGI as FQS, and their conventional counterparts. By restricting the domain of analysis to the on-farm phase of the production chain, we obtained that that no significant differences emerged between the FQS and REF products. However, if the impact is measured per unit area rather than per unit product, FQS showed a significant reduction in water demand. |
| Keywords: | agricultural production,crop water requirement,evapotranspiration,irrigation,yield,water footprint |
| Date: | 2021–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03267194&r= |
| By: | Power, Michael |
| Abstract: | This experimental essay constructs a conversation between systems thinking and financial reporting. First, general ideas of system and ecology are introduced and used to inform a review of three overlapping clusters of accounting research. Each of these clusters assumes and emphasises different system characteristics. Second, these characteristics are blended within the model of the financial reporting system as a risk cycle. Third, critical challenges in modelling the financial reporting system are considered, with a focus on the position of a financial reporting regulator. Finally, in a thought experiment, the perspective of a hypothetical non-executive director on the board of a regulator with system-wide responsibilities is adopted. The essay proposes some questions that such a director would expect a model of the financial reporting system would help to answer. In addressing the motivating question, ‘The financial reporting system – what is it?’, the essay focuses on the intellectual and methodological challenges of systems thinking in the financial reporting field. Borrowing from ecology, it is argued that any model of the financial reporting system must: be as simple as possible without being too simple; be dynamic and focused on relationships rather than static entities; and embrace risk and uncertainty to avoid ‘illusions of control’. |
| Keywords: | ecology; financial reporting; risk regulation; risk cycle; systems theory; systems thinking; Taylor & Francis deal |
| JEL: | M40 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:110220&r= |
| By: | Jeoffrey Dehez (UR ETBX - Environnement, territoires et infrastructures - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sandrine Lyser (UR ETBX - Environnement, territoires et infrastructures - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Avec le retour des beaux jours et la levée des mesures sanitaires liées à la gestion de l'épidémie de la Covid-19, nous devrions être nombreux à retrouver le chemin des plages et du littoral, qui restent parmi les destinations de loisirs préférées des Français. D'autant que la plupart des études scientifiques s'accordent à dire que les risques de contamination à l'extérieur sont nettement moindres que dans les espaces fermés où nous évoluons au quotidien. Ces signaux positifs ne doivent toutefois pas nous conduire à totalement abaisser notre garde car, derrière ces aspirations bien légitimes, un autre sujet de santé publique se pose : la noyade. Selon l'Organisation mondiale de la santé, il s'agit de la troisième cause de mortalité accidentelle sur la planète. En France, la noyade est responsable d'un millier de décès par an, dont 40 % en milieu maritime. Se baigner dans un lac, une rivière, ou dans les vagues de l'océan est en effet très différent de la pratique de la natation en piscine. Dans ces milieux naturels, nous nous exposons, souvent sans le savoir, à des risques propres à leur nature même. Parmi ces dangers figurent les courants d'arrachement, trop souvent sous-estimés par les nageurs. |
| Keywords: | Baïne |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03326503&r= |
| By: | Michele Donati (University of Parma); Adam Wilkinson (Impment); Mario Veneziani (University of Parma); Federico Antonioli (University of Parma); Filippo Arfini (University of Parma); Antonio Bodini (University of Parma); Virginie Amilien (Akershus University College); Peter Csillag (Corvinus University of Budapest - Corvinus University of Budapest); Hugo Ferrer-Pérez (CREDA - Centre for Agro-Food Economy & Development, UPC-IRTA, Castelldefels, Spain - UPC - Université polytechnique de Catalogne); Alexandros Gkatsikos (Aristotle University of Thessaloniki); Lisa Gauvrit (Ecozept - Partenaires INRAE); Chema Gil (CREDA - Centre for Agro-Food Economy & Development, UPC-IRTA, Castelldefels, Spain - UPC - Université polytechnique de Catalogne); Việt Hoàng (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Kamilla Knutsen Steinnes (OsloMet - Oslo Metropolitan University); Apichaya Lilavanichakul (KU - Kasetsart University); Konstadinos Mattas (Aristotle University of Thessaloniki); Orachos Napasintuwong (KU - Kasetsart University); An Nguyễn (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Mai Nguyen (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Ioannis Papadopoulos (Aristotle University of Thessaloniki); Bojan Ristic (Faculty of Economics, University of Belgrade, Belgrade, Serbia); Zaklina Stojanovic (Faculty of Economics, University of Belgrade, Belgrade, Serbia); Marina Tomić Maksan (Faculty of Economics [Zagreb] - University of Zagreb); Áron Török (Corvinus University of Budapest); Efthimia Tsakiridou (Aristotle University of Thessaloniki); Valentin Bellassen (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Abstract We study the effect of a set of food quality scheme (FQS) products within the local economy using a local multiplier approach based on LM3 methodology. To evaluate the effective contribution within the local area, we compare each FQS product with its equivalent standard/conventional counterpart. Local multiplier allows us to track the financial flows converging within the local area at the different levels of the supply chain so that we can measure the FQS product role in local economic activation. Overall, the FQS products exhibit a higher positive contribution to the local economy than the standard references. However, there is significant heterogeneity in the impact according to the product categories. In the case of vegetal products, the local economic advantage due to FQS is 7% higher than the reference products, but the statistical tests reject the null hypothesis that the medians are significantly different from zero. On the contrary, animal products exhibit a larger contribution of FQS than the standard counterparts (+24%). The PGI products (+25%) produce the major effect, while PDO products show a median difference lower (+6%). The organic and non-organic products seem to be substantially equivalent in terms of contribution to the local economy, due to the similarity in the downstream processing phase. |
| Keywords: | Local multiplier,Food quality scheme,Economic spill-over,Local areas,Rural development |
| Date: | 2021–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03267437&r= |
| By: | Welter, Caroline; Cypriano, Luiz; Centurião, Daniel |
| Abstract: | This study sought to identify and analyze the evolution of Local Productive Arrangements (LPAs) in the sectors of extractive and manufacturing industry in the state of Paran´a, from 2006 to 2016. In the methodology, the normalized Concentration Index (nCI) and the Exploratory Spatial Data Analysis (ESDA), which consisted of the application of two statistical tests, the Global Moran’s I and the Local Moran’s I. With this methodological procedure it was possible to identify 57 industrial LPAs in the state of Paran´a in 23 economic sectors, with its greatest incidence in the Metropolitan Region of Curitiba and North Central. We conclude that there is a consolidation process with positive evolution of LPAs in the analyzed period, where the regions of Londrina and Curitiba and its surroundings stand out, as well as the activities of food and beverage production; textiles and clothing; wood and furniture; and the production of machinery, equipment, rubber, and plastics. |
| Keywords: | Productive Agglomerations, Exploratory Analysis of Spatial Data, Productive Specialization. |
| JEL: | R12 |
| Date: | 2021–08–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109222&r= |
| By: | Palma Filep-Mosberger (Magyar Nemzeti Bank (Central Bank of Hungary)); Attila Lindner (University College London, MTA KTI); Judit Rariga (Magyar Nemzeti Bank (Central Bank of Hungary)) |
| Abstract: | In this paper, we study firm-bank relationship formation. Combining domestic inter-firm network data from value-added tax declarations and credit registry for Hungary, we estimate the spillover effects in bank choice, identifying from variation on the bank level. Having at least one peer in the network who has an existing loan with a bank increases the probability that the firm will borrow a new loan from the same bank. We provide suggestive evidence that the estimated spillover effect is due to firm-to-firm information transmission about banks. According to our results, firms can learn about banking practices from their peers but they also point to financial stability concerns in the event of shocks to domestic supply chains. |
| Keywords: | bank choice, firm network, spillover effects. |
| JEL: | G30 L14 D22 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:wpaper:2021/1&r= |
| By: | Andrés F. Castro Torres (Max Planck Institute for Demographic Research, Rostock, Germany); Diego Alburez-Gutierrez (Max Planck Institute for Demographic Research, Rostock, Germany) |
| Keywords: | World |
| JEL: | J1 Z0 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:dem:wpaper:wp-2021-014&r= |
| By: | Bruno Jetin (CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - USPC - Université Sorbonne Paris Cité - UP13 - Université Paris 13, IAS - Institute of Asian Studies, Universiti Brunei Darussalam) |
| Abstract: | This book chapter analyses the Belt and Road Initiative in Southeast Asia and Europe. It shows the attractiveness of the Chinese initiative for the host countries but also the political and economic challenges it involves: the sudden massive presence of Chinese companies, the new financial dependence on Chinese loans that will have to be paid back, and the political ties it establishes with China's diplomacy. This may destabilise both ASEAN and the EU, which are ill-prepared to defend a common attitude vis-à-vis China. Confronted with the creation of the "Cooperation between China and Central and Eastern European Countries" (China-CEE, China-CEEC) initiated in 2012, the EU struggled to maintain its unity like ASEAN before in the South China Sea conflict. The EU policy in Southeast Asia and towards ASEAN lacks ambition and means and is a poor alternative to China's BRI. We conclude that the EU must change its policy towards ASEAN and propose more than new free trade agreements |
| Abstract: | La stratégie chinoise des "nouvelles routes de la soie" (NRS) L'initiative des nouvelles routes de la soie 1 a été annoncée en septembre 2013 par le Président Xi Jinping au Kazakhstan, pour ce qui concerne les routes terrestres, et en octobre en Indonésie pour ce qui concerne les routes maritimes. Lors de son 19 ème congrès en 2017, le Parti communiste chinois l'a incluse dans sa charte constitutive en même temps que la « pensée » de Xi Jinping, pour en souligner l'importance pour la diplomatie chinoise pour ce 21 ème siècle. C'est un projet très ambitieux visant à renforcer les infrastructures de transport, d'énergie et de communication entre la Chine et 65 pays d'Asie, d'Afrique et d'Europe. Cette stratégie de long terme vise plusieurs objectifs. Premièrement, maintenir la prospérité de l'économie chinoise qui est entrée dans une phase durable de croissance plus modérée et dont les avantages compétitifs se modifient. L'avantage du faible coût salarial s'est érodé et pour garantir leurs débouchés extérieurs, les entreprises chinoises produisent de plus en plus à l'étranger. Deuxièmement, la Chine cherche à garantir la sécurité de ses importations, notamment en énergie et en matières premières, qui dépendent de manière excessive du détroit de Malacca, situé au coeur de l'Asie du sud-est. Troisièmement, la Chine poursuit des objectifs diplomatiques et géostratégiques. Comme d'autres grandes puissances par le passé, elle veut d'abord assurer sa prédominance dans sa région d'origine, l'Asie, à commencer par la mer de Chine du sud. Cela fait de l'Asie du sud-est, et de sa représentation politique, l'ASEAN, un enjeu déterminant. Cette volonté d'hégémonie implique que la Chine soit une puissance militaire de premier plan ce qui suppose des capacités de transport terrestre, maritime et aérien. En réalisant des investissements massifs dans les infrastructures, la Chine peut espérer atteindre l'ensemble de ces objectifs. La zone géographique concernée regroupe 75% du Produit Intérieur Brut du monde, 70% de la population mondiale et 75% des réserves connues en énergie 2 . |
| Keywords: | ASEAN,EU,Belt and Road Initiative,EU diplomatic policy,China diplomatic policy in Europe |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03321124&r= |
| By: | Mahmood, Haider; Tanveer, Muhamamd; Ahmad, Abdul-Rahim; Furqan, Maham |
| Abstract: | The rule of law and control of corruption would play an effective role in managing CO2 emissions in Pakistan. The present research has explored this issue in Pakistan controlling economic growth during 1996-2019. Further, the unit root and cointegration tests are used. We found the long and short-run relationships in the model. Economic growth has a positive effect on CO2 emissions. The rule of law could not impact in the long run and negatively impacts in the short run. Hence, improving law and order conditions would reduce CO2 emissions in the short run, and further improvements in the rule of law could have pleasant long-run environmental effects. The control of corruption has a positive impact on CO2 emissions in the long run. However, the short-run effects of control of corruption with first and second lags are found negative. |
| Keywords: | The rule of law, control of corruption, economic growth, CO2 emissions |
| JEL: | E2 E21 O43 |
| Date: | 2021–08–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109250&r= |
| By: | Elmar Zozmann; Mirjam Helena Eerma; Dylan Manning; Gro Lill {\O}kland; Citlali Rodriguez del Angel; Paul E. Seifert; Johanna Winkler; Alfredo Zamora Blaumann; Leonard G\"oke; Mario Kendziorski; Christian von Hirschhausen |
| Abstract: | The paper provides energy system-wide estimates of the effects sufficiency measures in different sectors can have on energy supply and system costs. In distinction to energy efficiency, we define sufficiency as behavioral changes to reduce useful energy without significantly reducing utility, for example by adjusting thermostats. By reducing demand, sufficiency measures are a potentially decisive but seldomly considered factor to support the transformation towards a decarbonized energy system. Therefore, this paper addresses the following question: What is the potential of sufficiency measures and what is their impacts on the supply side of a 100% renewable energy system? For this purpose, an extensive literature review is conducted to obtain estimates for the effects of different sufficiency measures on final energy demand in Germany. Afterwards, the impact of these measures on the supply side and system costs is quantified using a bottom-up planning model of a renewable energy system. Results indicate that final energy could be reduced by up to 20.5% and as a result cost reduction between 11.3% to 25.6% are conceivable. The greatest potential for sufficiency measures was identified in the heating sector. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00453&r= |
| By: | Okko Outinen (Marine Research Centre, Finnish Environment Institute, Latokartanonkaari 11, 00790, Helsinki, Finland); Sarah Bailey (Great Lakes Laboratory for Fisheries and Aquatic Sciences, Fisheries and Oceans Canada, Burlington, ON, Canada); Katja Broeg (Bundesamt für Seeschifffahrt und Hydrographie, Bernhard-Nocht-Straße 78, 20359, Hamburg, Germany); Joël Chasse; Stacey Clarke; Rémi Daigle; Stephan Gollasch; Jenni Kakkonen; Maiju Lehtiniemi; Monika Normant-Saremba; Dawson Ogilvie; Frederique Viard (UMR ISEM - Institut des Sciences de l'Evolution de Montpellier - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EPHE - École pratique des hautes études - PSL - Université Paris sciences et lettres - UM - Université de Montpellier - Institut de recherche pour le développement [IRD] : UR226 - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The International Convention for the Control and Management of Ships' Ballast Water and Sediments (BWM Convention) aims to mitigate the introduction risk of harmful aquatic organisms and pathogens (HAOP) via ships' ballast water and sediments. The BWM Convention has set regulations for ships to utilise exceptions and exemptions from ballast water management under specific circumstances. This study evaluated local and regional case studies to provide clarity for situations, where ships could be excepted or exempted from ballast water management without risking recipient locations to new introductions of HAOP. Ships may be excepted from ballast water management if all ballasting operations are conducted in the same location (Regulation A-3.5 of the BWM Convention). The same location case study determined whether the entire Vuosaari harbour (Helsinki, Finland) should be considered as the same location based on salinity and composition of HAOP between the two harbour terminals. The Vuosaari harbour case study revealed mismatching occurrences of HAOP between the harbour terminals, supporting the recommendation that exceptions based on the same location concept should be limited to the smallest feasible areas within a harbour. The other case studies evaluated whether ballast water exemptions could be granted for ships using two existing risk assessment (RA) methods (Joint Harmonised Procedure [JHP] and Same Risk Area [SRA]), consistent with Regulation A-4 of the BWM Convention. The JHP method compares salinity and presence of target species (TS) between donor and recipient ports to indicate the introduction risk (high or low) attributed to transferring unmanaged ballast water. The SRA method uses a biophysical model to determine whether HAOP could naturally disperse between ports, regardless of their transportation in ballast water. The results of the JHP case study for the Baltic Sea and North-East Atlantic Ocean determined that over 97 % of shipping routes within these regions resulted in a high-risk indication. The one route assessed in the Gulf of Maine, North America also resulted in a high-risk outcome. The SRA assessment resulted in an overall weak connectivity between all ports assessed within the Gulf of the St. Lawrence, indicating that a SRA-based exemption would not be appropriate for the entire study area. In summary, exceptions and exemptions should not be considered as common alternatives for ballast water management. The availability of recent and detailed species occurrence data was considered the most important factor to conduct a successful and reliable RA. SRA models should include biological factors that influence larval dispersal and recruitment potential (e.g., pelagic larval duration, settlement period) to provide a more realistic estimation of natural dispersal. |
| Date: | 2021–05–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03321948&r= |
| By: | Robert Clark; Jean-François Houde; Jakub Kastl |
| Abstract: | This chapter discusses recent developments in the literature involving applications of industrial organization methods to finance. We structure our discussion around a simple model of a financial intermediary that concentrates its attention either on (i) the retail market and hence engages in a traditional maturity transformation business by accepting funds that can be used to invest in risky projects (loans), or (ii) the investment business, financing its operations on the “wholesale” market and making markets or investing in higher return riskier projects. Our discussion is centered around the analysis of market structure and competition in each of these markets, focusing in turn on (i) primary and secondary markets for government and corporate debt, (ii) interbank loans, (iii) markets for retail funding, and (iv) credit markets, including mortgages. |
| JEL: | G2 L1 L51 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29183&r= |
| By: | Stojcic, Nebojsa |
| Abstract: | The aim of this paper is to explore the impact of Covid-19 pandemic on changes in export competitiveness of firms from Croatian manufacturing industry. The analysis is based on the data about firm behaviour in period following first wave of Covid-19 pandemic. The data was collected by World Bank during August and September 2020 and publicly released in early October 2020. The results of investigation reveal that probability of decreasing export revenues falls among firms that solved their liquidity problems through equity financing, deferred payments to workers and suppliers and with the support of public grants. Statistically significant evidence of the tax exemptions, wage subsidies and commercial banks’ loans was not found. Companies with higher level of robustness to external shocks have lower probability of decreasing export revenues. The impact of introduction or implementation of online sales on export revenues is negative. Results of investigation may serve for formulation of economic policies in similar future cases. |
| Keywords: | Covid-19; manufacturing; Croatia; export |
| JEL: | F10 H84 I12 I15 L60 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109135&r= |
| By: | Rajapakshe, PSK; Gamage, SKN; Prasanna, RPIR; Jayasundara, JMSB; Ekanayake, EMS; Upulwehera, JMHM; Wijerathna, WAID; Abeyrathne, GAKNJ |
| Abstract: | The aim of this working paper is to explore the relationship between social capital and the performance of SMEs and articulate the ways of using the social capital as an instrument to address the performance of the SMEs in context of Covid-19 pandemic. Further, this review identifies the unexplored areas related to concepts ‒ social capital, SME performance, and Covid‒19 pandemic which will pave the way for further research in area focused. . The review and discussion on existing state of knowledge disclosed the key areas which create link between social capital and SME performance. First, the investigation of the impact of externalities on SMEs performance, especially the impact of COVID-19 pandemic, and how the social capital could assists to minimize the effect were divulged. Then, the way of allocating social capital to intensify the success of SMEs in the internationalization process was revealed. Accordingly, with the growing significance of the banking institutions during the pandemic period, investigating the banking relationship as an external social capital with the SMEs performance was recognized as one of the critical areas in the pandemic situation. Lastly, during the era of treating customers like the kings of the market, interaction among innovation, marketing capabilities, and social capital to facilitate the competitive performance of SMEs have been substantially addressed. Findings suggested that investigating the dynamic environmental changes of SMEs and social capital influence are vital to stimulate the sustainable competitive advantage of SME sector in the intensified economic competition. |
| Keywords: | Internationalization, Innovations, SMEs, Social capital, Sustainable competitive advantage |
| JEL: | L00 |
| Date: | 2020–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109530&r= |
| By: | Michael Keane (School of Economics); Timothy Neal (UNSW School of Economics) |
| Abstract: | There is a long standing controversy over the magnitude of the Frisch labor supply elasticity. Macro economists using DSGE models often calibrate it to be large, while numerous micro data studies estimate it is near zero. A large literature has emerged that attempts to reconcile the micro and macro results. We o ff er a new and simple explanation: Most micro studies estimate the Frisch using a 2SLS regression of hours changes on income changes. But the available instruments are typically "weak." In that case, it is an inherent property of 2SLS that estimates of the Frisch will (spuriously) appear more precise when they are more shifted in the direction of the OLS bias, which is negative. As a result, Frisch elasticities near zero will (spuriously) appear to be precisely estimated, while large estimates will appear to be very imprecise. This will naturally bias micro data studies toward concluding the Frisch is small. We show how the use of a weak instrument robust hypothesis test, the Anderson-Rubin test, leads us to conclude the Frisch elasticity is large and signiï¬ cant in the NLSY97 data. In contrast, a conventional 2SLS t-test would lead us to conclude it is not signiï¬ cantly greater then zero. |
| Keywords: | Frisch elasticity, labor supply, weak instruments, 2SLS, Anderson-Rubin test |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:swe:wpaper:2021-07&r= |
| By: | Hector Moreno (Paris School of Economics) |
| Abstract: | This paper examines the influence of parental and grandparental education in the transmission of human capital. A natural experimental set-up, from a regional conflict that occurred in 1926 is exploited to instrument years of schooling of the grandparents' generation whereas local labour market indicators at adolescence serve as an instrument for the education of the parents' generation. Using a nationally representative Mexican survey that gathers detailed information on three generations, the paper shows that accounting for endogeneity reveals significantly more inter-generational mobility rather than ignoring it. The paper also documents greater persistence of family background in the older pair of parent-child links, i.e. grandparent-parent, than in the younger pair, i.e. parent-grandchildren. Results show that the direct influence of parental education on the grandchildren's education is so dominant that the impact of grand-parental education fades away once accounting for parental education. |
| Keywords: | multigenerational, mobility, education, Mexico |
| JEL: | I21 I24 J62 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2021-588&r= |
| By: | Carlos Gradín; Annalena Oppel |
| Abstract: | We revisit trends in within-country income inequality using a newly integrated dataset that covers at least 70 per cent of the global population since 1980. We investigate absolute and relative inequality trends across the past four decades, combining the use of Lorenz curves with a set of inequality measures to gain insights on countries without Lorenz dominance. |
| Keywords: | Income inequality, Database, WIID |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-139&r= |
| By: | Michael J. Roberts; Sisi Zhang; Eleanor Yuan; James Jones; Matthias Fripp |
| Abstract: | Growth of intermittent renewable energy and climate change make it increasingly difficult to manage electricity demand variability. Transmission and centralized storage technologies can help, but are costly. An alternative to centralized storage is to make better use of shiftable demand, but it is unclear how much shiftable demand exists. A significant share of electricity demand is used for cooling and heating, and low-cost technologies exists to shift these loads. With sufficient insulation, energy used for air conditioning and space heating can be stored in ice or hot water from hours to days. In this study, we combine regional hourly demand with fine-grained weather data across the United States to estimate temperature-sensitive demand, and how much demand variability can be reduced by shifting temperature-sensitive loads within each day, with and without improved transmission. We find that approximately three quarters of within-day demand variability can be eliminated by shifting only half of temperature-sensitive demand. The variability-reducing benefits of employing available shiftable demand complement those gained from improved interregional transmission, and greatly mitigate the challenge of serving higher peaks under climate change. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00643&r= |
| By: | Khan, Haider; Szymanski-Burgos, Adam |
| Abstract: | COVID-19 impacts have exacerbated socioeconomic inequalities and the threat of hunger and absolute poverty for vulnerable populations globally. China, as the most important Southern engine of growth, is a complex case. In taking countervailing measures for economic recovery and public health protection, the Chinese case is interesting for several reasons. First, from a public health perspective, what was distinctive about the Chinese policy and what have been the consequences so far? Second, what economic policy measures have led to a V-shaped recovery? Finally, what is the further prognosis for the Chinese Economy for the next few years? Our analysis highlights the salience of considering development and the economic and social shocks of pandemics from a Socially Embedded Intersectional Approach (SEICA) perspective. Using an economy-wide modelling methodology, we are able to draw conclusions that may be relevant for the case of other economies in various stages of development, particularly those with sharply uneven development patterns and large rural populations. |
| Keywords: | Input-output; China; Development; Covid-19; Socially Embedded Intersectional Approach |
| JEL: | A10 O2 P0 R15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109021&r= |
| By: | Katafuchi, Yuya |
| Abstract: | This study analyzes how the behavioral changes associated with novel coronavirus disease (COVID-19) have affected residential land prices. Under previous pandemics (e.g., Spanish flu and SARS), avoidance of real estate transactions accompanied by going-out behavior and contraction of the real economy have caused a decrease in residential land prices. On the other hand, under the COVID-19 pandemic, it has been reported that residential land prices were stable or increasing due to behavioral changes such as the promotion of work-from-home (WFH). In order to confirm this phenomenon, this study first constructs a yearly panel dataset of Japan with the average published land price at the prefectural level as the dependent variable and treatment variables based on policy interventions for COVID-19, or WFH implementation. Second, this study uses the dataset to examine the relationship between land prices and changes in these conditions before and after the pandemic using the difference-in-difference method. The results of the above empirical analysis suggest that residential land prices were higher in prefectures where policy interventions related to COVID-19 were more robust than in other prefectures and where WFH was promoted more. This result supports the upward trend in residential land prices during the COVID-19 pandemic in the prefectures where policy interventions on COVID-19, including requests for WFH, are more implemented and where WFH is more prevalent. |
| Keywords: | COVID-19, Land price, Work-from-home, Telework |
| JEL: | I12 I15 I18 R21 R30 |
| Date: | 2021–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109310&r= |
| By: | International Monetary Fund |
| Abstract: | Selected Issues |
| Keywords: | governance reform; output response; infrastructure response to governance; governance gap; governance Subindices; Infrastructure; Private investment; Public investment spending; Fiscal multipliers; Capital accumulation; Global |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/191&r= |
| By: | KERAMIDAS Kimon (European Commission - JRC); FOSSE Florian (European Commission - JRC); DIAZ VAZQUEZ Ana (European Commission - JRC); SCHADE Burkhard (European Commission - JRC); TCHUNG-MING Stephane (European Commission - JRC); WEITZEL Matthias (European Commission - JRC); VANDYCK Toon (European Commission - JRC); WOJTOWICZ Krzysztof (European Commission - JRC) |
| Abstract: | This edition of the Global Energy and Climate Outlook (GECO 2020) puts its focus on analysing the impact of the Covid-19 outbreak on the transport sector as a whole. The transport sector has suffered the greatest slump in mobility demand of the history during the lockdown period, while the oil price has plummeted. This report explores the impacts of transport activity trends that may persist in the future from the structural changes induced by the Covid-19 pandemic, as well as of policy initiatives that may be adopted as enabling measures for low-carbon transport. While greenhouse gas emissions in this “New Normal” differ significantly compared to previous projections, the emissions gap towards a 2°C pathway is closed only by some 29%, thereby stressing the need of more ambitious collective action to maintaining global temperature change to well below 2°C. |
| Keywords: | Global Energy system, Climate Change, Transport sector, Covid-19, Green House Gas emissions, post-Covid-19 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc123203&r= |
| By: | Serena Merrino |
| Abstract: | Wage inequality under inflation-targeting in South Africa |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:rbz:wpaper:11018&r= |
| By: | Scott Régifère Mouandat (Université Omar Bongo [Libreville, Gabon]) |
| Abstract: | Objective: The purpose of this paper is to verify the non-linearity between external debt and economic growth in Gabon. Method: Taking the period 2000-2019, our analysis is based on the Threshold Autoregressive (TAR) model of Hansen (1999). Results: The results show that the debt denominated in US dollars and that denominated in Euros stimulate economic growth in this country when they are respectively lower than the threshold of 52.31% and 34.76% of the GDP and become recessive on the activity beyond these thresholds. Originality/Relevance: The paper analyzes the non-linearity between external debt and economic growth in Gabon by distinguishing specifically between debt denominated in US dollars and in Euros. It then looks at the currency composition of such debt in the context of a small economy open to the outside world. Contribution: The results of the paper show that the government would benefit from favoring US dollar denominated debt as it gives more leeway in the debt strategy. |
| Abstract: | Objectif : L'objet de l'article est de vérifier la non linéarité entre la dette extérieure et la croissance économique au Gabon. Méthode : En prenant la période 2000-2019, notre analyse, s'est appuyée sur le modèle à changement de régime à transition brutale (Threshold Autoregressive, TAR) de Hansen (1999). Résultats : Les résultats montrent que la dette libellée en dollar US et celle libellée en euro stimulent la croissance économique dans ce pays lorsqu'ils sont respectivement inférieurs au seuil de 52,31% et 34,76% du PIB et deviennent récessifs sur l'activité au-delà de ces seuils. Originalité/pertinence : L'article analyse la non-linéarité entre la dette extérieure et la croissance économique au Gabon en distinguant spécifiquement la dette libellée en dollar US et en Euro. Il s'est alors intéressé à la composition en devise d'une telle dette dans le cadre d'une petite économie ouverte sur l'extérieure. Contribution : Les résultats de l'article montrent que le gouvernement gagnerait à privilégier la dette libellée en dollar américain car elle donne plus de marge de manoeuvre dans la stratégie d'endettement. |
| Keywords: | Optimal public debt,foreign currency debt,TAR,exchange rate,public debt management.,Dette optimale,Dette en monnaie étrangère,taux de change,gestion de la dette publique. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03326826&r= |
| By: | Tortia, Ermanno C. |
| Abstract: | This paper discusses the possibility of strong employment protection regimes (EPRs) in worker cooperatives (WCs), a unique organizational form in which employees coincide with members who hold control rights. Worker control is reported by several theoretical and empirical contributions to stabilize employment better than other proprietary forms. We leverage key theoretical insights from evolutionary theory and systems to discuss the possibility (benefits and critical elements) of constraining the dismissal of WC members to further strengthen employment stabilization and enforce member rights. Strong EPRs would be functional to meeting workers' needs for a decent life and job security. While stricter constraints on layoffs can cause short-term inefficiencies (e.g. preventing the dismissal of shirking workers), they also perform an insurance function against unemployment, favor the accumulation and conservation of firm specific human, relational and social capital and improve the equity of distributive patterns. It is also hypothesized that performance would increase in the medium to long run. Voluntary resignation, not involuntary dismissal would be the dominant mechanism allowing for the allocation of work to the most productive occupations. |
| Keywords: | Worker cooperatives; membership rights; dismissal; minimum wage; rules and routines; systems theory |
| JEL: | J31 J54 L2 L21 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109214&r= |
| By: | Pierre-Guillaume Méon; Khalid Sekkat |
| Abstract: | We study the impact of democratic transitions on institutional outcomes. Using an event study method and a sample of 135 countries over the period 1984-2016, we observe that democratic transitions improve institutional outcomes. The effect appears within 3 years after the transition year. The results are robust to alternative definitions of transitions, alternative codings of pre- A nd post-transition years, and changing the set of control variables. We also find that both full and partial democratizations improve institutional outcomes. Transitions out of military regimes or communist autocracies do not. The effect of democratization depends on GDP per capita, education, and the regularity of the transition. Finally, the evidence suggests that the effect is particularly clear on the corruption, law and order, and military in politics dimensions of the index. |
| Keywords: | Democratic transitions; democratization; governance; institutions; political risk |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/328681&r= |
| By: | Rice, Gregory; Wirjanto, Tony; Zhao, Yuqian |
| Abstract: | Crude oil intra-day return curves collected from the commodity futures market often appear to be serially uncorrelated and long-range dependent. Existing functional GARCH models, while able to accommodate short range conditional heteroscedasticity, are not designed to capture long-range dependence. We propose and study a new functional GARCH-X model for this purpose, where the covariate X is chosen to be weakly stationary and long-range dependent. Functional analogs of autocorrelation coefficients of squared processes for this model are derived, and compared to those estimated from crude oil return curves. The results show that the FGARCH-X model provides a significant correction to existing functional volatility models in terms of an in-sample fitting, while its out-of-sample performances do not appear to be more superior than those of the existing functional GARCH models. |
| Keywords: | Crude oil intra-day return curves, volatility modeling and forecasting, functional GARCH-X model, long-range dependence, basis selection |
| JEL: | C13 C32 C58 G10 G17 |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109231&r= |
| By: | Dragan Filipovich; Miguel Niño-Zarazúa; Alma Santillán Hernández |
| Abstract: | Voter coercion is a recurrent threat to pro-poor redistribution in young democracies. In this study we focus on Mexico's paradigmatic Progresa-Oportunidades-Prospera (POP) programme. We investigate whether local mayors exploited POP to coerce voters, and if so, what effect these actions had on the municipal incumbent's vote. |
| Keywords: | Voting, Clientelism, Conditional cash transfers, Rural poverty, Mexico |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-141&r= |
| By: | Liang Lu; Ruby Nguyen; Md Mamunur Rahman; Jason Winfree |
| Abstract: | The food supply chain has experienced major disruptions from both demand and supply sides during the Covid-19 pandemic. While some consequences such as food waste are directly caused by the disruption due to supply chain inefficiency, others are indirectly caused by a change in consumer’s preferences. As a result, evaluating food supply chain resilience is a difficult task. With an attempt to understand impacts of demand on the food supply chain, we developed an agent-based model based on the case of Idaho’s potato supply chain. Results showed that not only the magnitude but also the timing of the demand shock will have different impacts on various stakeholders of the supply chain. Our contribution to the literature is two-fold. First, the model helps explain why food waste and shortages may occur with dramatic shifts in consumer demand. Second, this paper provides a new angle on evaluating the various mitigation strategies and policy responses to disruptions beyond Covid-19. |
| JEL: | L1 Q11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29166&r= |
| By: | Margaret Bock; Alexander Cardazzi; Brad R. Humphreys |
| Abstract: | Road maintenance constitutes a significant component of public transportation spending at all levels of government. Formulation of efficient transportation infrastructure policy requires information about factors affecting road and traffic conditions. We generate the first causal evidence that decreasing pavement quality impacts vehicle crash rates and decreases average speed. Results from Instrumental Variable models using spatially and temporally disaggregated data from Federal-Aid Highway System (FAHS) roads in California show statistically and economically significant increases in vehicle crash rates and decreases in average vehicle speed caused by road damage. These impacts imply significant increases in social costs attributable to road damage. |
| JEL: | R41 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29176&r= |
| By: | Marissa Plouin; Willem Adema; Pauline Fron; Paul-Marie Roth |
| Abstract: | This paper discusses housing challenges facing people with disabilities in OECD and EU countries, and policy supports to make housing more affordable, accessible and adapted to their needs. It focuses on the adult population with disabilities living outside institutions, drawing on data from the European Union Survey of Income and Living Conditions (EU-SILC), household surveys, national population census and disability surveys, and country responses to the 2021 OECD Questionnaire on Affordable and Social Housing. The paper summarises housing outcomes; discusses policy supports to ensure that people with disabilities can be safely, affordably and independently housed; and outlines actions for policy makers. |
| Keywords: | Accessibility, Disability, Housing Affordability, Public investment |
| JEL: | I38 H53 R21 R31 |
| Date: | 2021–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:oec:elsaab:261-en&r= |
| By: | Jeffrey A. Frankel; Randy Kotti |
| Abstract: | Vaccination rates have a statistically significant downward effect on the Covid-19 death rate across US counties, as of August 12, 2021. Controlling for poverty rates, age, and temperature lowers the magnitude of the estimate a little. Using the Biden-Trump vote in the 2020 election as an instrument for vaccination rates raises the magnitude of the estimate. Presumably it corrects for a positive effect of observed local Covid deaths on the decision to get vaccinated. Overall, the estimated beneficial effect holds up and has risen over time. |
| JEL: | I1 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29186&r= |
| By: | Pandey, Siddhi Gyan (Jindal School of Liberal Arts and Humanities, O.P. Jindal Global University) |
| Abstract: | Situations that require individuals to mutually cooperate are often analysed as coordination games. This paper proposes a model of cooperative network formation where the network is formed through the process of the coordination game being played between multiple agents. Additionally, network effects are modelled in by the fact that the benefit to any agent from a mutually cooperative link is enhanced, over a base value, by a factor of her trustworthiness or reputation as observed by her partner in that link. Within this framework, evolution of cooperative networks is analysed in the presence of altruistic agents, through repeated interaction between myopically best responding agents in a finite population. Properties of networks that sustain as Nash equilibrium are also analysed. |
| Keywords: | coordination game ; network formation ; game theory ; social networks |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/346&r= |
| By: | R. Anton Braun (Federal Reserve Bank of Atlanta (E-mail: r.anton.braun@gmail.com)); Daisuke Ikeda (Director and Senior Economist, Institute for Monetary and Economic Studies, Bank of Japan (E-mail: daisuke.ikeda@boj.or.jp)) |
| Abstract: | A tighter monetary policy is generally associated with higher real interest rates on deposits and loans, weaker performance of equities and real estate, and slower growth in employment and wages. How does a household's exposure to monetary policy vary with its age? The size and composition of both household income and asset portfolios exhibit large variation over the lifecycle in Japanese data. We formulate an overlapping generations model that reproduces these observations and use it to analyze how household responses to monetary policy shocks vary over the lifecycle. Both the signs and the magnitudes of the responses of a household's net worth, disposable income and consumption depend on its age. |
| Keywords: | Monetary policy, Lifecycle, Portfolio choice, Nominal government debt |
| JEL: | E52 E62 G51 D15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ime:imedps:21-e-09&r= |
| By: | Cheng, Haitao |
| Abstract: | In this study, we develop a two-country model to examine whether border carbon adjustments (BCAs) are more effective than emission tax alone in preventing carbon leakage and decreasing global emissions with endogenous assembly locations. Specifically, we explore three policy regimes: i) emission taxes alone (no BCAs), ii) emission taxes and carbon-content tariffs (partial BCAs), and iii) emission taxes, carbon-content tariffs, and tax rebates on exports (full BCAs). We find that the effectiveness of BCAs depends on whether BCAs induce assembly relocation. If assembly relocation does not occur, BCAs prevent carbon leakage and decrease global emissions. However, if BCAs induce assembly relocation, carbon leakage may occur with partial BCAs, and global emissions may be higher with full BCAs. |
| Keywords: | Abatement Investments, Border Carbon Adjustments, Carbon Leakage, Endogenous Assembly Locations, International Oligopoly |
| JEL: | F18 H23 Q54 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hiasdp:hias-e-110&r= |
| By: | RICOME Aymeric (European Commission - JRC); ELOUHICHI Kamel; GOMEZ Y PALOMA Sergio (European Commission - JRC) |
| Abstract: | Ce rapport présente les résultats d’une évaluation ex-ante de plusieurs scénarios de ciblage des ménages agricoles pour le programme de subvention des engrais actuellement en place au Sénégal. Cette étude a été réalisée à l’aide du modèle de ménage agricole FSSIM-Dev calibré sur un échantillon de 2 278 ménages agricole issus de l’enquête ESPS-2. Les effets sur les assolements, l’utilisation de l’engrais, le revenu des ménages mais aussi sur le budget de l’Etat sont présentés et discutés. |
| Keywords: | Agriculture - Evaluation ex-ante - Sénégal |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc120454&r= |
| By: | International Monetary Fund |
| Abstract: | With a demonstrated resilience to the crisis and the recovery gaining strength, macroeconomic policies should aim at preserving stability and complementing structural reforms that address long-standing challenges. A medium-term plan to rebuild buffers, support potential growth, and target pockets of vulnerability would help address pre-existing disparities and poverty. Sustained productivity growth, supported by the implementation of politically difficult but needed structural reforms, is the only way to support high wage growth and convergence with Western Europe. Failure to do so could jeopardize Lithuania’s hard-earned competitiveness gains. |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/192&r= |
| By: | Snehalkumar (Neil); S. Gaikwad; Shankar Iyer; Dalton Lunga; Yu-Ru Lin |
| Abstract: | Humanitarian challenges, including natural disasters, food insecurity, climate change, racial and gender violence, environmental crises, the COVID-19 coronavirus pandemic, human rights violations, and forced displacements, disproportionately impact vulnerable communities worldwide. According to UN OCHA, 235 million people will require humanitarian assistance in 20211 . Despite these growing perils, there remains a notable paucity of data science research to scientifically inform equitable public policy decisions for improving the livelihood of at-risk populations. Scattered data science efforts exist to address these challenges, but they remain isolated from practice and prone to algorithmic harms concerning lack of privacy, fairness, interpretability, accountability, transparency, and ethics. Biases in data-driven methods carry the risk of amplifying inequalities in high-stakes policy decisions that impact the livelihood of millions of people. Consequently, proclaimed benefits of data-driven innovations remain inaccessible to policymakers, practitioners, and marginalized communities at the core of humanitarian actions and global development. To help fill this gap, we propose the Data-driven Humanitarian Mapping Research Program, which focuses on developing novel data science methodologies that harness human-machine intelligence for high-stakes public policy and resilience planning. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00435&r= |
| By: | De Koning, Kees |
| Abstract: | In the U.S. and in other OECD countries, government debt levels as compared to GDP have soared since 2007. According to statistics from the Federal Reserve, the U.S. government debt level reached 62.86% of GDP by Q4 2007 and the debt level has increased to 127.52% by Q1 2021. Q4 2007 was, of course, just before the Great Recession occurred and Q1 2021 was well after the start of the Corona virus crisis. There are three questions to be answered: the first one is who bears the costs of servicing the U.S. government debt levels; the second one is about the applicable interest rates and the third one is about Quantitative Easing (QE), which did not exist in the U.S. until November 2008. Whatever politicians of all convictions claim and however they use budgetary smoke screens to make their tax take look acceptable, it is the household sector that are the ultimate pay masters in whatever country. Households pay in two ways; firstly by suffering from unemployment levels over time and secondly by being the direct and indirect payees of all taxes. A complicating factor is the level of applicable interest rates, which in the EU has gone down to the extreme level of applying negative interest rates over savings. Simple accounting rules make a distinction between assets –the monetary value of what one owns- and liabilities -the amounts one owes to others-. Each household in the U.S. may have some assets like home equity or pension savings, but may also have debts for car loans or student debts for instance. Furthermore households hand over a substantial amount of their income to companies for their products and services on top of paying taxes directly to the U.S. government. The concept that a government owns assets is based on a misunderstanding. The assets are based on savings, ultimately provided by individual households, some of who may live overseas. The aim of this paper is to illustrate that the actions of the U.S. government, including QE, do not only support economic growth levels at times, but can also create barriers to such growth. How these barriers can be turned into opportunities is the main subject of this paper. |
| Keywords: | U.S. Government debts; U.S. Home equity levels; U.S.Pension savings; Quantitative Easing (QE); Quantitative Easing Home Equity (QEHE); U.S. Households income and expenditure levels; |
| JEL: | E21 E24 E4 E44 E58 E61 E65 |
| Date: | 2021–08–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109105&r= |
| By: | John Forth (Bayes Business School, City, University of London, UK); Nikolaos Theodoropoulos (University of Cyprus); Alex Bryson (University College London, UK) |
| Abstract: | Using matched employer-employee data for Britain, we examine ethnic wage differentials among full-time employees. We find substantial ethnic segregation across workplaces: around three-fifths of workplaces in Britain employ no ethnic minority workers. However, this workplace segregation does not contribute to the aggregate wage gap between ethnic minorities and white employees. Instead, most of the ethnic wage gap exists between observationally equivalent co-workers. Lower pay satisfaction and higher levels of skill mismatch among ethnic minority workers are consistent with discrimination in wage-setting on the part of employers. The use of job evaluation schemes within the workplace is shown to be associated with a smaller ethnic wage gap. |
| Keywords: | ethnic wage gap; workplace segregation; skill mismatch; pay satisfaction; job evaluation |
| JEL: | J16 J31 M52 M54 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:qss:dqsswp:2125&r= |
| By: | Evgeny N. Osin (National Research University Higher School of Economics); Elena Yu. Voevodina (National Research University Higher School of Economics); Vasily Yu. Kostenko (National Research University Higher School of Economics) |
| Abstract: | Eudaimonia is theorized to be a more complex type of positive functioning than hedonia, associated with personality development and maturity. In this study, we aimed to find out whether ego development (ED), proposed as a measure of psychosocial maturity, is related to eudaimonic well-being and whether trait indicators of eudaimonic functioning can explain this association. Adult participants from a community sample (N = 357, age 18-80, 63% female) completed Russian versions of WUSCT, MLQ, HEMA-R, and MHC-SF. The results of structural equation modeling indicate that trait indicators of eudaimonic functioning can explain the association between ED and eudaimonic well-being, providing some support for the view of eudaimonia as a complex type of flourishing more easily attained by mature personalities |
| Keywords: | eudaimonia, ego development, well-being, mental health, structural equation modeling |
| JEL: | Z |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:125psy2021&r= |
| By: | Elise Petit; Bruno Van Pottelsberghe; Lluís Gimeno Fabra |
| Abstract: | This paper revisits the literature providing empirical evidence that patent offices are biased in favour of their national applicants. If true, this “national bias” would be proof of disrespect of several international patent-related treaties. Existing investigations are however subject to an important limitation: they focus only on grant rates – a potentially biased indicator of stringency, since it is influenced by economic forces. It is argued that including a deeper analysis of how the patent examination process is carried out provides a more robust approach. Relying on a unique database of 2400 patent families filed simultaneously in three patent offices (EPO, JPO & USPTO), the paper finds no evidence of national bias throughout the examination process of any of them. |
| Keywords: | Patent systems, TRIPs, national bias, examination, international comparison |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/330840&r= |
| By: | Cheng, Haitao |
| Abstract: | In this study, we develop a two-country model to examine whether border carbon adjustments (BCAs) are more effective than emission tax alone in preventing carbon leakage and decreasing global emissions with endogenous assembly locations. Specifically, we explore three policy regimes: i) emission taxes alone (no BCAs), ii) emission taxes and carbon-content tariffs (partial BCAs), and iii) emission taxes, carbon-content tariffs, and tax rebates on exports (full BCAs). We find that the effectiveness of BCAs depends on whether BCAs induce assembly relocation. If assembly relocation does not occur, BCAs prevent carbon leakage and decrease global emissions. However, if BCAs induce assembly relocation, carbon leakage may occur with partial BCAs, and global emissions may be higher with full BCAs. |
| Keywords: | Abatement Investments, Border Carbon Adjustments, Carbon Leakage, Endogenous Assembly Locations, International Oligopoly |
| JEL: | F18 H23 Q54 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hiasdp:hias-e-111&r= |
| By: | Krzysztof Kowalke; Bernhard Funk |
| Abstract: | Polish government has contemplated introducing the REIT format into Polish legislation, allowing for formation of REITs in Poland for investment purposes. However, by the start auf 2021, Polish REIT (PL-REIT) legislation has not been enacted. Other countries have specific but not necessarily consistent growth trajectories with the introduction of REIT vehicles. United States of America saw a strong growth in market capitalization especially with the begin of the 1990s, transforming US REITs into a very important attractor for capital in the real estate investment market and offering investment opportunity into REIT shares both for private and institutional clients, Germany on the contrary has seen less dynamic growth with unsatisfactory market momentum of its G-REIT market. It is therefore assumed important to identify the drivers that cause success or failure of an investment vehicle and its regulatory framework in the light of country specific market preconditions. The research focus of the paper is cross-country comparison between the US and German REIT markets aimed to deduct the success factors that help formulate the preconditions and framework required to establish a feasible PL-REIT structure and outline the factors that improve chances for a viable PL-REIT market introduction and market growth. The paper´s focus is looking at the framework of PL-REIT introduction by looking at the Polish real estate investment market´s market size, types of investment vehicles and market potential, including regulatory factors. |
| Keywords: | Indirect investment vehicles; legal framework; Polish real estate market; Real Estate Investment Trusts |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_120&r= |
| By: | Prüfer, Jens (Tilburg University, TILEC); Xu, Y. (Tilburg University, TILEC) |
| Keywords: | intrinsic motivation; Altruism; beliefs; nonprofit; nonprofit sector; NGOs; charities; self deception |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutil:bf17c5e5-ed33-4e3b-a52b-e059878c133c&r= |
| By: | Jean-Eudes Beuret (AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Ludovic Martel (UDC - Université de Corse - UPP - Université Pascal Paoli); Anne Cadoret (TELEMME - Temps, espaces, langages Europe méridionale-Méditerranée - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Frédérique Chlous (PALOC - Patrimoines locaux, Environnement et Globalisation - MNHN - Muséum national d'Histoire naturelle - IRD - Institut de Recherche pour le Développement - SU - Sorbonne Université); Julie Delannoy; Marie Lesueur (AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Christelle Noirot; Hélène Rey-Valette (CEE-M - Centre d'Economie de l'Environnement - Montpellier - UMR 5211 - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Lucille Ritschard (ESO - Espaces et Sociétés - IGARUN - Institut de Géographie et d'Aménagement - UN - Université de Nantes - CNRS - Centre National de la Recherche Scientifique - UR2 - Université de Rennes 2 - UNIV-RENNES - Université de Rennes - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - UA - Université d'Angers - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UM - Le Mans Université); Paul Sauboua (EID Méditerranée - EID Méditerranée - Etablissement public administratif) |
| Abstract: | Nous nous intéressons ici à la gouvernance d'une catégorie d'aires marines protégées, Natura 2000 en mer, et aux déterminants de l'efficacité de la gouvernance des sites. Après avoir constitué une base de données portant sur 158 sites localisés en France métropolitaine, un échantillon de 20 sites a été l'objet d'une analyse comparative par études de cas. Nous constatons d'abord qu'un même cadre standard est décliné, en réalité, de façons différentes selon les façades, régions et sites. La diversité des situations de gouvernance est déchiffrée à partir de l'identification de quatre facteurs discriminants : l'enchevêtrement (ou non) du site dans un autre dispositif de gestion territoriale, les temporalités de la gouvernance (en amont ou en aval du document d'objectifs), les proximités locales (préexistantes ou à créer), la situation géographique du site (côtier ou au large). L'analyse porte ensuite sur ce que produit la gouvernance, selon ses caractéristiques, avec différents types de plus-values (effets directs et effets-rebonds, ressources, actions et coordinations) qui ne se révèlent effectives que sous certaines conditions. Les facteurs qui fondent l'efficacité et la qualité de la gouvernance sont finalement caractérisés, au regard des objectifs du dispositif et différentes pistes d'amélioration en sont déduites. |
| Abstract: | Ce document a été généré automatiquement le 16 juillet 2021. Les contenus de VertigO sont mis à disposition selon les termes de la Licence Creative Commons Attribution-Pas d'Utilisation Commerciale-Pas de Modification 4.0 International. |
| Keywords: | aires marines protégées,conservation,environnement marin,gouvernance,Natura 2000 en mer |
| Date: | 2021–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03287999&r= |
| By: | Bruno Cabrillac (Banque de France - Banque de France - Banque de France) |
| Abstract: | The decision to allocate SDRs up to 455 billion (i.e. approximately USD 650 billion), taken by the G20 and which should be validated by the IMF's Executive Board before the end of the summer, entails a more than threefold increase in the stock of public SDRs. Until now, a very large part of these SDRs has remained immobilized in the balance sheets of the central banks of the major economies. The new dimension that this instrument is taking on has initiated a reflection on how to make this injection of international liquidity more effective by redirecting it to the countries that need it. This reflection is also taking place in a context where the public finances of the main official development assistance donor countries are under pressure due to the consequences of the health crisis. |
| Keywords: | Vulnerabilities,COVID-19,Development financing,Economic crisis,FMI,Development banks |
| Date: | 2021–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03324505&r= |
| By: | Raffaella Giacomini; Toru Kitagawa; Matthew Read |
| Abstract: | We review the literature on robust Bayesian analysis as a tool for global sensitivity analysis and for statistical decision-making under ambiguity. We discuss the methods proposed in the literature, including the different ways of constructing the set of priors that are the key input of the robust Bayesian analysis. We consider both a general set-up for Bayesian statistical decisions and inference and the special case of set-identified structural models. We provide new results that can be used to derive and compute the set of posterior moments for sensitivity analysis and to compute the optimal statistical decision under multiple priors. The paper ends with a self-contained discussion of three different approaches to robust Bayesian inference for set-identified structural vector autoregressions, including details about numerical implementation and an empirical illustration. |
| Keywords: | ambiguity; Bayesian robustness; statistical decision theory; identifying restrictions; multiple priors; structural vector autoregression |
| JEL: | C11 C18 C52 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedhwp:93001&r= |
| By: | Kozo Ueda (Waseda University); Kota Watanabe (Canon Institute for Global Studies and University of Tokyo); Tsutomu Watanabe (University of Tokyo) |
| Abstract: | Large-scale household inventory buildups occurred in Japan five times over the last decade, including those triggered by the Tohoku earthquake in 2011, the spread of COVID-19 infections in 2020, and the consumption tax hikes in 2014 and 2019. Each of these episodes was accompanied by considerable swings in GDP, suggesting that fluctuations in household inventories are one of the sources of macroeconomic fluctuations in Japan. In this paper, we focus on changes in household inventories associated with temporary sales and propose a methodology to estimate changes in household inventories at the product level using retail scanner data. We construct a simple model on household stockpiling and derive equations for the relationships between the quantity consumed and the quantity purchased and between consumption and purchase prices. We then use these relationships to make inferences about quantities consumed, consumption prices, and inventories. Next, we test the validity of this methodology by calculating price indices and check whether the intertemporal substitution bias we find in the price indices is consistent with theoretical predictions. We empirically show that there exists a large bias in the Laspeyres, Paasche, and T¨ornqvist price indices, which is smaller at lower frequencies but non-trivial even at a quarterly frequency and that intertemporal substitution bias disappears for a particular type of price index if we switch from purchase-based data to consumption-based data. |
| Keywords: | consumer inventory; consumer inventory; cost-of-living index; temporary sales; inflation; price elasticity |
| JEL: | C43 D15 E31 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:upd:utmpwp:033&r= |
| By: | Honda, Toshio; Lin, Chien-Tong |
| Abstract: | We propose forward variable selection procedures with a stopping rule for feature screening in ultra-high dimensional quantile regression models. For such very large models, penalized methods do not work and some preliminary feature screening is necessary. We demonstrate the desirable theoretical properties of our forward procedures by taking care of uniformity w.r.t. subsets of covariates properly. The necessity of such uniformity is often overlooked in the literature . Our stopping rule suitably incorporates the model size at each stage. We also present the results of simulation studies and a real data application to show their good finite sample performances. |
| Keywords: | forward procedure, check function, sparsity, screening consistency, stopping rule |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hit:econdp:2021-02&r= |
| By: | Etienne Capron (MSH Ange-Guépin - Maison des Sciences de l'Homme Ange-Guépin - UN - Université de Nantes - UM - Le Mans Université - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique, GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - Institut National de l'Horticulture et du Paysage); Dominique Sagot-Duvauroux; Raphaël Suire |
| Abstract: | This article aims to study the role of brokers, places, and events in the structuring of a community of innovation whose practice is at the intersection of art and technology-projection mapping. Using an exploratory case study, we observe the relationships between the different actors who form a community, sharing a common interest in a techno-creative practice-but whose collective innovation dynamic is only in its beginnings and remains unstable. We document the critical role of places and events as intermediary platforms for these actors. This reveals preferential circulations-patterns of moves among a set of focal locations in the city for a community-and the crucial role of these locations in communities' emergence. |
| Keywords: | techno-creative innovation,community,network analysis,places,events,brokers |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03323847&r= |
| By: | Khalfaoui, Rabeh; Tiwari, Aviral Kumar; Khalid, Usman; Shahbaz, Muhammad |
| Abstract: | This study aims to revisit the evidence of co-movement and lead-lag nexus between carbon dioxide emissions and economic growth in G7 countries over a period of two centuries by using the wavelet coherence analysis. The key findings reveal (i) a cyclical relationship between carbon dioxide emissions and GDP per capita, which implies that during the upswing phase of business cycles, economic growth and carbon dioxide emissions both grow, but the latter can be predicted using GDP as an indicator function at the 1- to 2-year scale. (ii) A time-scale bidirectional causality between carbon dioxide emissions and GDP per capita. This implies that carbon dioxide emissions cannot be reduced without adversely affecting economic growth. Further, the finding also implies a rapid adoption of alternative clean energy sources to reduce carbon dioxide emissions without depressing economic growth. |
| Keywords: | Carbon Dioxide Emissions, Economic Growth, G7, Time-Frequency Analysis |
| JEL: | Q5 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109276&r= |
| By: | Benedict von Ahlefeldt-Dehn; Marcelo Cajias; Wolfgang Schäfers |
| Abstract: | The commercial real estate market is opaque and build upon complex relationships of countless property market and macroeconomic factors. Yet, office markets are due to its sheer volume and importance for numerous market players such as investors, developers, mortgage underwriters and valuation firms broadly researched. Especially, the prediction of property market indicators found strong interest among researchers and practitioners in the field of commercial real estate. Thus, the literature proposes three main frameworks for predicting office rents, among other. The estimation via multiple equation models such as error correction mechanism models (e.g. Hendershott et al., 2002; Ke and White, 2009; McCartnery, 2012) or interlinked demand and supply models (e.g. Rosen, 1984; Hendershott et al., 1999; Kim, 2012), reduced form single equation models (e.g. Matysiak and Tsolacos, 2003; Voigtländer, 2010; Kiehelä and Falkenbach, 2014) or autoregressive models (e.g. McGough and Tsolacos, 1995; Brooks and Tsolacos, 2000; Stevenson and McGarth, 2003). However, the limitations of the applied methods lay within the econometric methods itself. “Traditional” statistical modeling as an approximation of causality will only understand trends and relationships in the underlying market to the degree the employed econometric methods themselves can mirror. In contrast, more recent methodological attempts such as machine learning can be seen as a process of selecting the relevant features leading to a trade-off between precision and stability of a predictive model (Conway, 2018). This however, creates opportunities to expand and enhance existing efforts – in a way that complex and non-linear relationships within the data are captured. Many studies (e.g Dabrowski and Adamczyk, 2010; Rafatirad, 2017, Cajias and Ertl, 2018; Mayer et al., 2019) apply advanced machine learning methods to residential markets and demonstrate that “traditional” linear hedonic models can be outperformed. While linear models are found to produce less volatile predictions advanced machine learning methods yield more accurate results. Promising results can also be shown in commercial real estate markets. In particular, the aim of research is the performance assessment of the forecasting of office rents in European markets with advanced machine learning methods. A dataset of European markets with office prime rents and market as well as macroeconomic indicators is analysed and advanced machine learning models are estimated. A “traditional” linear regression model (ordinary least squares) functions as a benchmark for the evaluation of the employed methods: random forest and extreme gradient boosting. In particular, the prediction power and forecasting ability is assessed in- and out-of-sample, respectively. The tree-based advanced machine learning methods yield promising estimations in the observed markets. It becomes clear that in commercial real estate markets complex and non-linear relationships are present and can effectively be estimated by non-parametric econometric models. By the application of these methods the estimation error (out-of-sample) can be reduced by up to 60 percent. To the best of the authors knowledge such applications of machine learning methods in commercial real estate markets has not been considered in prior research. However, in the area of textual analysis results show that commercial real estate markets can be forecasted on the basis of market sentiment (e.g. Beracha et al., 2019). The capability of improving the forecasting power with advanced machine learning methods creates value and transparency for numerous market players and authorities. |
| Keywords: | commercial real estate; Forecast; Machine Learning; Office Rent |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_49&r= |
| By: | Ho Ka Chan; Taro Toyoizumi |
| Abstract: | Many experimental observations have shown that the expected utility theory is violated when people make decisions under risk. Here, we present a decision-making model inspired by the prediction of error signals reported in the brain. In the model, we choose the expected value across all outcomes of an action to be a reference point which people use to gauge the value of different outcomes. Action is chosen based on a nonlinear average of anticipated surprise, defined by the difference between individual outcomes and the abovementioned reference point. The model does not depend on non-linear weighting of the probabilities of outcomes. It is also straightforward to extend the model to multi-step decision-making scenarios, in which new reference points are created as people update their expectation when they evaluate the outcomes associated with an action in a cascading manner. The creation of these new reference points could be due to partial revelation of outcomes, ambiguity, or segregation of probable and improbable outcomes. Several economic paradoxes and gambling behaviors can be explained by the model. Our model might help bridge the gap between theories on decision-making in quantitative economy and neuroscience. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12347&r= |
| By: | Ricardo Santos; Sam Jones |
| Abstract: | This paper builds on a longitudinal school-to-work transition phone survey experiment to quantify the effects on attrition of communicating with participants. Specifically, we study the impact of sending topically relevant information on job market conditions via SMS at the start of each survey round. Testing various information treatments, which differ in their granularity, including survival analysis, we find they all significantly reduce the instantaneous risk of non-response, with an estimate of instantaneous hazard reduction of around 30 per cent. |
| Keywords: | Survey, Participation, Information, Survival analysis |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-140&r= |
| By: | Rohde, Paul; Mau, Gunnar |
| Abstract: | Purpose: This study aims to examine the ability of the social influence heuristics framework to capture skillful and creative social media influencer (SMI) marketing in long-form video content on YouTube for influencer-owned brands and products. Design/methodology/approach: The theoretical lens was a framework of seven evidence-based social influence heuristics (reciprocity, social proof, consistency, scarcity, liking, authority and unity). For the methodological lens, a qualitative case study approach was applied to a purposeful sample of 6 SMIs and 15 videos on YouTube. Findings: The evidence shows that self-promotional influencer marketing in long-form video content is relatable to all seven heuristics and shows signs of high elaboration, innovativeness and skillfulness. Research limitations/implications: The study reveals that a heuristic-based account of self-promotional influencer marketing in long-form video content can greatly contribute to the understanding of how various well-established marketing concepts (e.g. source attractivity) might be expressed in real-world communications and behaviors. Based on this improved, in-depth understanding, current research efforts, such as experimental studies using one video with a more or less arbitrary influencer and pre-post measure, are advised to explore research questions via designs that account for the observed subtle and complex nature of real-world influencer marketing in long-form video content. Practical implications: This structured account of skillful and creative marketing can be used as educational and instructive material for influencer marketing practitioners to enhance their creativity, for consumers to increase their marketing literacy and for policymakers to rethink policies for influencer marketing. Originality/value: Prior research has created a body of knowledge on influencer marketing. However, a conceptual disconnect has hampered the advancement of the field. The social influence heuristics framework is a highly functional conceptual bridge that links the qualitative and quantitative evidence and will advance the understanding of influencer marketing more effectively. |
| Keywords: | celebrity endorsement; children; influencer marketing; long-form video marketing; native marketing; social influence; social media marketing; social psychology; vlog; young people; YouTube |
| JEL: | L81 |
| Date: | 2021–08–10 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111805&r= |
| By: | Cristian Luise (Dept. of Management, Università Ca' Foscari Venice); Peter J. Buckley (Centre for International Business, Leeds University Business School); Hinrich Voss (Department of International Business, HEC Montreal); Emmanuella Plakoyiannaki (Faculty of Business, Economics and Statistics, University of Vienna); Elisa Barbieri (Dept. of Economics, Università Ca' Foscari Venice) |
| Abstract: | Infrastructural assets are vital for a country’s economic and social development. Governments typically provide the regulation and administration of these assets, while multinational enterprises (MNEs) develop, construct, finance, and operate them. The Belt and Road Initiative (BRI) promises infrastructure projects that deliver economic and social benefit for both the host country and the MNE. We argue that BRI objectives and project scope are kept in check in the host country through an existing nexus of property rights. Chinese investors need to understand the bargaining position and property rights actors across multiple levels, across space, and be mindful of changes over time when negotiating for an infrastructure investment. We interrogate four case studies of Chinese investment negotiations in Italian ports to explore the conceptual framework and to examine how the negotiation process evolved following BRI. |
| Keywords: | Belt and Road Initiative, infrastructure, FDI policy, emerging market multinationals, contract theory, Italy, ports, case study. |
| JEL: | F23 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:vnm:wpdman:184&r= |
| By: | Elise Petit; Bruno Van Pottelsberghe; Lluís Gimeno Fabra |
| Abstract: | This paper revisits the literature providing empirical evidence that patent offices are biased in favour of their national applicants. If true, this “national bias” would be proof of disrespect of several international patent-related treaties. Existing investigations are however subject to an important limitation: they focus only on grant rates – a potentially biased indicator of stringency, since it is influenced by economic forces. It is argued that including a deeper analysis of how the patent examination process is carried out provides a more robust approach. Relying on a unique database of 2400 patent families filed simultaneously in three patent offices (EPO, JPO & USPTO), the paper finds no evidence of national bias throughout the examination process of any of them. |
| Keywords: | Patent systems, TRIPs, national bias, examination, international comparison |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ict:wpaper:2013/330846&r= |
| By: | Forth, John; Theodoropoulos, Nikolaos; Bryson, Alex |
| Abstract: | Using matched employer-employee data for Britain, we examine ethnic wage differentials among full-time employees. We find substantial ethnic segregation across workplaces: around three-fifths of workplaces in Britain employ no ethnic minority workers. However, this workplace segregation does not contribute to the aggregate wage gap between ethnic minorities and white employees. Instead, most of the ethnic wage gap exists between observationally equivalent co-workers. Lower pay satisfaction and higher levels of skill mismatch among ethnic minority workers are consistent with discrimination in wage-setting on the part of employers. The use of job evaluation schemes within the workplace is shown to be associated with a smaller ethnic wage gap. |
| Keywords: | ethnic wage gap,workplace segregation,skill mismatch,pay satisfaction,job evaluation |
| JEL: | J16 J31 M52 M54 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:920&r= |
| By: | Sawada, Yasuyuki (Asian Development Bank Institute); Sumulong, Lea R. (Asian Development Bank Institute) |
| Abstract: | We summarize the unprecedented adverse health and economic impacts as well as policy responses in the Asia and Pacific region and the rest of the world generated by the coronavirus disease (COVID-19) pandemic in 2020. By the end of 2020, over 80 million people had been infected, with developing Asia accounting for 17% of cases. As the pandemic progressed, the Asian Development Bank (ADB) carried out assessments of the impacts on the global economy as well as on the overall economies of its developing members, updating the analyses as more information became available. On the whole, five economic impact assessments were undertaken in 2020 – one each in March, April, May, June, and December. Based on the latest analysis, relative to a no-COVID-19 baseline, global losses were estimated at 5.5%–8.7% of world GDP in 2020 and 3.6%–6.3% of world GDP in 2021, with the corresponding losses for developing Asia amounting to 6.0%–9.5% of regional GDP and 3.6%–6.3% of regional GDP in 2020 and 2021, respectively. These impacts largely originate from declines in domestic demand and tourism, and from global spillovers. As a result of these losses, real GDP of the developing Asian region is estimated to have contracted by 0.4% in 2020. A partial recovery is expected in 2021, with regional growth projected at 6.8%. Further analyses were carried out to study the impacts on micro, small, and medium-sized enterprises; employment; migration and remittances; poverty; nonperforming loans; and debt sustainability. Faced with wide-ranging unfavorable impacts, governments and multilateral lenders responded aggressively to mitigate the adverse effects of the pandemic. Many governments provided direct income support to households and businesses to help them cope with the economic shock. Meanwhile, multilateral lenders like ADB readily provided support in terms of finance, knowledge, and partnerships. In addition, ADB launched a $9 billion vaccine facility, the Asia Pacific Vaccine Access Facility, in December 2020, to support its low- and middle-income member countries in the effective procurement and delivery of COVID-19 vaccines. Despite the availability of vaccines, however, there is no room for complacency, as it will take years for the global population to achieve herd immunity, especially amidst the emergence of new, more transmissible, virus strains. While COVID-19 has brought about long-lasting changes to the global economy, it is up to policy makers to use this opportunity to adapt COVID-19 responses to address longer-term challenges. |
| Keywords: | COVID-19; economic impact; policy response |
| JEL: | E17 H30 H60 I15 I32 |
| Date: | 2021–04–08 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1251&r= |
| By: | Gizem Ulusoy; Yeim Tanrvermi |
| Abstract: | Globalization, foreign direct investments (FDI) and international real estate investments have been known as most popular issues in recent years. The fourth phase of globalization have “caused such a multilayered change including economic, political, socio-cultural areas. The free movement of capital is known as the most important component of the economic dimension of globalization taken together the conditions of FDI and it has been determined that real estate investment has an increased share throughout the total investment figures in Turkey. Within this respect it has been provided that internationalized real estate investments will play a leading role for emerging economies. Developing economies need to overcome their own problems in the development process regarding their insufficient capital accumulation and technological deficiencies as well as low income and low savings to reach the capital accumulation they need which takes a very long term. Therefore, it seems natural that they aim to obtain the investment capital from global capital within development process. It is also known that FDI offers important profit opportunities not only for the host country but also for the country investing. It is observed that the effects of the strategies to be implemented at both national and regional levels by both sides of the investments where the mutual win-win approach is valid direct this process. Referring to the mentioned effects in specific to Turkey, FDI is essential for the economy as a developing economy. Legal regulations and incentives to attract investments creates an effective and favorable environment in Turkey. Turkey does not only attract foreign investment, but also invests in, shows that having a role in multiple areas of the global economy. This paper aims to reveal the relationship between the foreign real estate investments and the macroeconomic indicators in Turkey using both primary and secondary data as well as tackling the studies examining the FDI received in Turkey briefly. The remainder of the paper is organized as follows. In the next section a quick literature review including examples of developing economies is presented, then legal dimensions regarding FDI in Turkey in addition to international law have been discussed. Section 3 outlines the economic and political climate in Turkey between the years 2007-2019 prior to tackling with fieldwork results (primary data) in the light of the secondary data. Section 4 concludes the paper and propose a solution for the future perspective. |
| Keywords: | emerging economies; Foreign Direct Investment; Globalization; Real Estate Investment |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_153&r= |
| By: | Michał Brzoza-Brzezina; Marcin Kolasa; Krzysztof Makarski |
| Abstract: | We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically reduce the welfare cost of the disease. Then we investigate the role that monetary policy, in its capacity to manage aggregate demand, should play during the epidemic. We show that treating the observed output contraction as a standard recession leads to a bad policy, irrespective of the underlying containment measures. Then we check how monetary policy should solve the trade-off between stabilizing the economy and containing the epidemic. If no administrative restrictions are in place, the second motive prevails and, in spite of the deep recession, optimal monetary policy is in fact contractionary. Only if sufficient containment measures are being introduced should central bank interventions be expansionary and help stabilize economic activity. |
| Keywords: | COVID-19; Epidemics; Containment measures; Monetary policy |
| JEL: | E1 E5 E6 H5 I1 I3 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:sgh:kaewps:2021067&r= |
| By: | Lidia Ceriani (Georgetown University, Washington DC, USA.); Vladimir Hlasny (Ewha Womans University, Seoul, South Korea.); Paolo Verme (World Bank, Washington DC, USA.) |
| Abstract: | The paper discusses the main issues related to negative and zero incomes that are relevant for the measurement of poverty. It shows the prevalence of non-positive incomes in high- and middle-income countries, provides an analysis of the sources and structure of these incomes, outlines the various approaches proposed by scholars and statistical agencies to treat non-positive incomes, and explains how non-positive incomes and alternative correction methods impact the measurement of standard poverty indexes. It is argued that negative and zero incomes cannot be treated equally in terms of household well-being and that standard methods used by practitioners fail to recognize this fact likely resulting in overestimations of poverty. |
| Keywords: | Welfare measurement; Well-being; Poverty targeting; High- and middle-income countries; Survey non-response; Negative incomes; Zero incomes; Extreme income corrections |
| JEL: | D31 D63 I32 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2021-589&r= |
| By: | Yacine Aït-Sahalia; Felix Matthys; Emilio Osambela; Ronnie Sircar |
| Abstract: | We analyze an environment where the uncertainty in the equity market return and its volatility are both stochastic, and may be potentially disconnected. We solve a representative investor's optimal asset allocation and derive the resulting conditional equity premium and risk-free rate in equilibrium. Our empirical analysis shows that the equity premium appears to be earned for facing uncertainty, especially high uncertainty that is disconnected from lower volatility, rather than for facing volatility as traditionally assumed. Incorporating the possibility of a disconnect between volatility and uncertainty significantly improves portfolio performance, over and above the performance obtained by conditioning on volatility only. |
| JEL: | G11 G12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29195&r= |
| By: | Wagner, Omer |
| Abstract: | Sea freight prices have risen sharply, due to the COVID-19 crisis, global shortages of ships, declining competition in the field, and containers of contagious demand. The increase in transportation costs leads to the increase in the value of goods for customs purposes, and to a further collection of customs duties. The Israeli law allows the state to facilitate importers and waive the extra customs duties, and similar and other facilitations have been made in the past. Therefore, all that is required is the flexibility and activation of goodwill on the part of the state, when interpreting the law. |
| Keywords: | customs,valuation,transport,COVID19,Israel |
| JEL: | F13 G38 H2 H29 R4 R49 |
| Date: | 2021–07–17 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108808&r= |
| By: | Edler, Jakob; Köhler, Jonathan Hugh; Wydra, Sven; Salas-Gironés, Edgar; Schiller, Katharina; Braun, Annette |
| Abstract: | There is a need for concepts and methods to develop generic insights across cases in transitions studies and to analyse "transformational system failures" in policy. This paper identifies dimensions for a system level analysis and illustrates their application to compare cases and identify possible entry points for policy. System dimensions are grouped into the function of the socio-technical system, its characteristics, the context and its agency. Transformation dimensions address drivers and barriers, politics and dynamics of the system. The illustrations for German bioeconomy and sustainable mobility in the Netherlands both indicate directionality failures and contested policy goals. This results in reflexivity failures in the German bioeconomy, because clear goals are not set, impeding the monitoring of progress. In contrast, mobility initiatives in the Netherlands are constantly adapting to moving targets. Governance structures facilitating system change need to avoid capture by vested interests influencing the routes of change. Both illustrations allow to draw general conclusions as to the value of a structured systems and transformation analysis to support policy analysis and practice. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:s032021&r= |
| By: | Daniel Houser (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University); Jian Song (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University) |
| Abstract: | We extend the war of attrition by studying a three-period dynamic contest game. In our game, players can fight against their opponents at certain period of the contest and can flee at any time. Waiting is costly. We focus on the role of waiting costs and show that the value of waiting costs is a key factor in determining the type of equilibrium in such dynamic contests. Specifically, as waiting costs increase, contests end earlier, battles are less likely to occur, and the weaker player in a pair is more likely to flee. A lab experiment verifies most key features of our model. However, unlike theoretical predictions, we find that as waiting costs increase, the duration of contests and the frequency of battles fail to drop as significantly as theory predicted. Moreover, we find that in each treatment, individual players exit the contest significantly earlier than predicted. |
| Keywords: | Dynamic contest, Waiting cost, Frequency of battles, Lab experiment |
| JEL: | D82 D90 C90 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:gms:wpaper:1082&r= |
| By: | Revilla, Ma. Laarni D. (Asian Development Bank Institute); Qu, Fangqi (Asian Development Bank Institute); Seetharam, K E (Asian Development Bank Institute); Rao, Bhanoji (Asian Development Bank Institute) |
| Abstract: | The top 12 development journals published a total of 18,329 papers during the period 2000‒2020. Of these, only 51 focused on sanitation and related issues, which are the focus of this review. Results were mixed on the efficiency of sanitation delivery since political factors and administrative characteristics vary across locations. Accountability and leadership, especially at the local level, appear to be important driving forces. There is a need for more case studies that analyze what works, and what does not, in specific locations. Also, further studies will have to investigate how to influence the norms, traditions, and beliefs toward favorably supporting household sanitation decisions. Additionally, governments should enhance their social welfare programs to address socioeconomic inequalities (i.e., income, gender, and rural-urban disparities), which also critically affect individual and household sanitation investments. Efforts at national and international levels are needed to encourage research on the various dimensions of sanitation. |
| Keywords: | sanitation; sustainable development goals; systematic review; empirical evidence; accountability; health; education; gender |
| JEL: | I00 I30 O10 |
| Date: | 2021–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1253&r= |
| By: | Deborah A. Cobb-Clark; Sarah C. Dahmann; Daniel A. Kamhöfer; Hannah Schildberg-Hörisch |
| Abstract: | We propose a broadly applicable empirical approach to classify individuals as time-consistent versus native or sophisticated regarding their self-control limitations. Operationalizing our approach based on nationally representative data reveals that self-control problems are pervasive and that most people are at least partly aware of their limited self-control. Compared to naifs, sophisticates have higher IQs, better educated parents, and are more likely to take up commitment devices. Accounting for both the level and awareness of self-control limitations has predictive power beyond one-dimensional notions of self-control that neglect awareness. Importantly, sophistication fully compensates for self-control problems when choices involve immediate costs and later benefits. Raising people’s awareness of their own self-control limitations may thus assist them in overcoming any adverse consequences. |
| Keywords: | self-control; sophistication; naiveté; commitment devices; present bias |
| JEL: | D91 D01 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1144&r= |
| By: | - |
| Abstract: | El propósito de esta caja de herramientas es facilitar el diagnóstico de las múltiples dimensiones de la desigualdad social presentes en América Latina y el Caribe, y proporcionar información relevante acerca de políticas sociales implementadas en diversos países de la región que han logrado reducir dicha desigualdad. Asimismo, se da a conocer normativa internacional clave que, desde un enfoque de derechos, contribuye a la formulación e implementación de políticas sociales reductoras de las desigualdades. A partir del diagnóstico realizado, se desprenden desafíos que deben ser enfrentados por medio de las políticas sociales y que dicen relación con la posibilidad de avanzar en la mejora de las condiciones de vida de los grupos poblacionales más rezagados. El conjunto de experiencias identificadas representa una base para explorar y expandir el marco de posibilidades de respuesta a la desigualdad. |
| Keywords: | IGUALDAD, POLITICA SOCIAL, DESARROLLO ECONOMICO, DESARROLLO SOCIAL, ENVEJECIMIENTO, PUEBLOS INDIGENAS, AFRODESCENDIENTES, NIÑOS, ADOLESCENTES, JUVENTUD, PERSONAS CON DISCAPACIDAD, MIGRANTES, DESIGUALDADES REGIONALES, IGUALDAD DE GENERO, EQUALITY, SOCIAL POLICY, ECONOMIC DEVELOPMENT, SOCIAL DEVELOPMENT, AGEING, INDIGENOUS PEOPLES, PEOPLE OF AFRICAN DESCENT, CHILDREN, ADOLESCENTS, YOUTH, PERSONS WITH DISABILITIES, MIGRANTS, REGIONAL DISPARITIES, GENDER EQUALITY |
| Date: | 2021–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col093:47122&r= |
| By: | van Buggenum, Hugo (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:f6e8dc53-9a1b-4f66-9cef-b1efb22ac76c&r= |
| By: | Nagwa Kady |
| Abstract: | Social value is gaining unexpected attention in the property industry, triggered by Sustainable Development Goals, social awareness, ethical consumption, and the demand for business transparency and accountability. As such, businesses have transformed their corporate social responsibility (CSR) strategies from philanthropic to creating shared value- i.e., coupling financial performance to social benefit. Interest in environmental, social, and governance (ESG) has accelerated since 2019 due to the global pandemic. Investors have been keen on integrating ESG standards to measure the sustainability and impact of their investments; however, majority of the focus has been on environmental aspects. Only recently have property market actors paid attention to the social aspect, as the current global health crises exasperated social issues in urban areas thus, instigating awareness on the implications of social conditions on investments’ value. Using empirical data, this study looks into the various formal and informal institutions that aid the production of social value in property development in Amsterdam, The Netherlands. More specifically, it studies the structures and mechanisms (i.e. values, norms, rules) that guide property market actors and their practices, which in turn influence development outcomes, and shape urban areas and its wider communities. I argue that harnessing social value requires a better understanding of the complex institutions that guide social outcomes in property developments and urban areas at large. Data will be collected from policy documents, municipal websites, property market publications, and semi-structured in-depth interviews with actors, thus providing a thorough interpretation of social value and assessment of strategies and interests that shape development outcomes. |
| Keywords: | Corporate Social Responsibility; Property Development; social value; Urban Planning |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_108&r= |
| By: | Susan Randolph (University of Connecticut); Shaan Badenhorst (Motu Economic and Public Policy Research) |
| Abstract: | This study identifies the data gaps in the Human Rights Measurement Initiative’s (HRMI’s) standard international data sources limiting the full integration of the 21 Pacific countries into its economic and social rights (ESR) metrics, seeks out alternative data sources and indicators that would enable their fuller integration, and identifies the remaining gaps preventing the full integration of the Pacific countries into HRMI’s ESR data base. The report finds: (1) the key constraint to broadly expanding the coverage of HRMI’s ESR metrics in the Pacific is the lack of constant PPP$ GDP per capita data—nine of the Pacific countries are missing this data, (2) coverage of Pacific countries and territories with constant PPP$ GDP per capita data can be expanded provided funding is available to search alternative data bases, and (3) some expansion of coverage of HRMI’s ESR metrics in the Pacific can be made by substituting net primary school enrolment for adjusted net primary school enrolment and the adult (15-60) survival rate for the Age 65 survival rate for all countries. |
| Keywords: | Economic and social rights, economic and social rights performance, economic welfare, efficiency equity, human rights, international law, Pacific countries, Oceania, country studies, economic development, economic and social rights data, well-being. |
| JEL: | D63 I3 K38 O1 O5 Y1 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:21_11&r= |
| By: | International Monetary Fund |
| Abstract: | The COVID-19 pandemic inflicted another major shock on the economies of Curaçao and Sint Maarten, which followed category 5 hurricanes in Sint Maarten in 2017 and the spillovers of the Venezuelan crisis on Curaçao. Despite the substantial response measures financed by The Netherlands, the economic contraction in 2020 was severe. |
| Keywords: | article IV consultation discussion; government operation; Curaçao customs; current price; Policy recommendation; Fiscal stance; COVID-19; Caribbean |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/186&r= |
| By: | Cohen, Adam; Shaheen, Susan; Broader, Jacquelyn; Martin, Elliot |
| Abstract: | The Federal Transit Administration’s (FTA) Mobility on Demand (MOD) Sandbox Program provides a venue through which integrated MOD concepts and strategies, supported through local partnerships, are demonstrated in real-world settings. This case study documents lessons learned from the Chicago Transit Authority (CTA) MOD Sandbox Demonstration, called Ventra–Divvy Integration. The case study is a part of an independent evaluation of the MOD Sandbox Demonstrations sponsored by the USDOT Intelligent Transportation Systems Joint Program Office (ITS JPO) and FTA. The case study includes background on CTA’s MOD Sandbox Demonstration, technical and institutional challenges encountered in the demonstration’s first phase, payment integration and unbanked access as part of the second phase of the demonstration, and discussion of lessons learned and recommended practices identified from this demonstration. |
| Keywords: | Engineering, Mobility on Demand, MOD, sandbox, shared mobility, mobility as a service, independent evaluation, bikesharing, micromobility, payment, integration |
| Date: | 2021–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt2679828b&r= |
| By: | Isaac Baley; Lars Ljungqvist; Thomas J. Sargent |
| Abstract: | Although they are studied too rarely, returns to labor mobility transmit important forces that decisively shape outcomes in macro-labor models. By focusing on returns to labor mobility, this paper sheds new light on calibrations of influential macro-labor studies and resolves an issue about the turbulence-theoretic explanation of trans-Atlantic unemployment experiences. It does so by invoking a cross-phenomenon restriction - in our case, how returns to labor mobility determine effects on unemployment of changes in layoff costs, on the one hand, and changes in quit turbulence, on the other hand. We also spotlight two distinct perspectives and associated sources of data: one from labor economics and another from the economics of industrial organization. Ultimately, we are reminded of the rule that new theories “must not throw out all the successes of former theories. . . . to preserve the successes of the past is not only a constraint, but also a guide. |
| Keywords: | labor mobility, quits, turnover, layoff cost, turbulence, unemployment, human capital, skills, matching model, search-island model. |
| JEL: | E24 J63 J64 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1798&r= |
| By: | Dietz, Simon; Rising, James; Stoerk, Thomas; Wagner, Gernot |
| Abstract: | Climate scientists have long emphasized the importance of climate tipping points like thawing permafrost, ice sheet disintegration, and changes in atmospheric circulation. Yet, save for a few fragmented studies, climate economics has either ignored them or represented them in highly stylized ways. We provide unified estimates of the economic impacts of all eight climate tipping points covered in the economic literature so far using a meta-analytic integrated assessment model (IAM) with a modular structure. The model includes national-level climate damages from rising temperatures and sea levels for 180 countries, calibrated on detailed econometric evidence and simulation modeling. Collectively, climate tipping points increase the social cost of carbon (SCC) by ∼25% in our main specification. The distribution is positively skewed, however. We estimate an ∼10% chance of climate tipping points more than doubling the SCC. Accordingly, climate tipping points increase global economic risk. A spatial analysis shows that they increase economic losses almost everywhere. The tipping points with the largest effects are dissociation of ocean methane hydrates and thawing permafrost. Most of our numbers are probable underestimates, given that some tipping points, tipping point interactions, and impact channels have not been covered in the literature so far; however, our method of structural meta-analysis means that future modeling of climate tipping points can be integrated with relative ease, and we present a reduced-form tipping points damage function that could be incorporated in other IAMs. |
| Keywords: | climate risk; climate tipping points; integrated assessment model; social cost of carbon |
| JEL: | J1 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111807&r= |
| By: | Yeim Tanrvermi; Esra Ural Keskin; Harun Tanrivermis |
| Abstract: | The investments for the development of thermal timeshare facilities have started to grow rapidly. Timeshare property can be defined as a guaranteed, transferable and alternative right that allows its owner(s) to have a limited-term vacation, guarantees to spend at the same time and place every year, provides comfort and legally registered in the land registry. Timeshare properties are used only during a certain period of the year, leasing the remaining times to prevent the facilities from being idle, and this investment model allows a significant contribution to the local economy through the right holders. In this study, the development of timeshare investments in the field of thermal tourism has been examined in general, and in the second stage, interviews were conducted with the right holders and investors of timeshare investments in selected districts of Ankara Province. According to the Turkish Legal System ,the development and management of timeshare investment projects, the buildings and independent sections in the timeshare system must be residential properties, the beneficiary period of each property right holders should be not less than 15 days, the timeshare right can be transferred and left as a heritage to heirs, the facilities must be furnished with the annual maintenance-repair and other operating expenses equally shared, the facilities can be rented in case it cannot be used by the right holders, and the management of the facilities must be realized in accordance with the legal regulations regarding the condominium properties. The research results represent that in timeshare projects based on a condominium-principled ownership system; the total present value of the property price paid by the right owners for a certain use in the selected period of the year and the annual operating expenses are much higher than the present value of the annual rental prices, there is an option to have a holiday in comfortable conditions with the sum of the current value of the annual operating expenses and the cost of the timeshare acquisition, and consequently, timeshare investments are not rational. In the districts where field studies were conducted, although the rental prices/fees and sales values of the real estate subject to timeshare properties are 2-3 times higher than the equivalent properties in the district centre, it has been determined that the attraction of timeshare investments is low for the right holders. It should be emphasized that timeshare facilities need to be analyzed together with both timeshare investor and project developer, and that project development, appraisals, financing, construction, facility and property management services are carried out under the responsibility of real estate development and management experts to increase the project and investment success. |
| Keywords: | condominium and timeshare investments; facility and asset management.; Geothermal resources and thermal facility projects; Project Appraisal |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_225&r= |
| By: | A. Arrighetti; F. Landini |
| Abstract: | The stagnation of investments and its causes have attracted great attention in the recent economic debate. In this paper we show that the flattening of the capital formation rate at the firm level is not due to lower average propensity to invest. Rather, it is the result of growing heterogeneity of choices among firms. While a subset of firms is oriented towards increasing investments, another group substantially divest. The result is a polarization of conducts that tend to cancel each other out, resulting in a flattening of aggregate investment. We argue that this asymmetry in firm’s decisions depends on two main factors. The first one is the diversity of corporate strategies, which firms have developed in the past. The second driver is managerial discretion, that play an important role in the adoption of specific investment / divestment trajectories when faced with a recession. The results of our empirical analysis provide strong supports for our hypotheses: after controlling for contextual and firm-specific structural, financial and demographic variables, corporate strategies and managerial discretion in the allocation of liquid assets explain large part of the heterogeneity in investment decisions during the recession. Policy implications are discussed. |
| Keywords: | Fixed investments; Capital formation; Corporate strategies; Resorce based view; Firms heterogeneity; Managerial discretion; Great Recession; Manufacturing; Italy |
| JEL: | D22 D25 L22 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:par:dipeco:2021-ep01&r= |
| By: | Rodes Sanchez, M.; Rachev, B.; Spencer, J.; Sharma, I.; Tantri, A.; Towse, A.; Mitrovich, R.; Steuten, L. |
| Abstract: | By placing a strain on health care systems and the global economy, the COVID-19 pandemic clearly shows the need to more comprehensively understand both supply- and demand-side aspects of a "healthy" vaccines market that can meet public health demand over time and across dynamic events. The goal of a healthy vaccines market, as defined for this study, is to support sustainable innovation and equitable access to address public health needs. Current frameworks that describe the global vaccines market, however, focus primarily on demand-side activities in low- and lower-middle income countries. Further, they do not fully reflect the interconnectedness of national and regional vaccine markets that comprise the global vaccines ecosystem. They do not account for spill-over effects of market-shaping activities (e.g. demand forecasting and procurement) across markets and across time. This motivated the development of a more comprehensive Healthy Vaccines Market Framework (HVMF), based on literature review and expert interviews, and applied this to the COVID-19 pandemic as a case study analysis. The HVMF shows how the characteristics of a healthy vaccine market hinge on supply- and demand-side activities and policies that cut across multiple markets. It helps illustrate how challenges in the global vaccines market may be rooted in multiple factors across a market and how market-shaping interventions aimed at addressing a single challenge in a single market can strengthen or undermine the overall health of the global vaccines market in the short- and long-term. Another critical component of the HVMF is that it draws attention to the diverse set of stakeholders actively engaged in market-shaping activities at the national, regional, and global levels. Given such a complex set of dynamics, it is critical that all actors shaping the global vaccines market understand the broader implications and interconnectedness of individual supply- and demand-side activities and how they shape the global marketplace collectively. In working towards a sustainable, healthy market for vaccines, the HVMF can serve as a comprehensive framework to support policy dialogue and decision-making. |
| Keywords: | Economics of Innovation |
| JEL: | I1 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:ohe:conrep:002359&r= |
| By: | Kundu, Rajendra P. (Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University); Pandey, Siddhigyan (Jindal School of Liberal Arts and Humanities, O.P. Jindal Global University) |
| Abstract: | In this paper we consider an n-player simultaneous move game on a fixed network, in which each player chooses her investment level in each of m goods that are non-rivalrous and non-excludable across links in the network. We analyze the existence, stability and welfare properties of PSNEs of the game. Our results demonstrate that while every game necessarily has a specialized equilibrium, the stability of equilibrium profiles and the existence of specialized equilibria in which specialization is dispersed depend crucially on the network structure. We also provide some interesting welfare implications relating to concentration of specialization. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/345&r= |
| By: | Luca Fontanelli; Mattia Guerini; Mauro Napoletano |
| Abstract: | We build a simple dynamic model to study the effects of technological learning, market selection and international competition in the determination of export flows and market shares. The model features two countries populated by firms with heterogeneous productivity levels and sales. Market selection in each country is driven by a finite pairwise Polya urn process. We show that market selection leads either to a national or to an international monopoly in presence of a static distribution of firm productivity levels. We then incorporate firm learning and entry-exit in the model and we show that the market structure does not converge to a monopoly. In addition, we show that the extended model is able to jointly reproduce a wide ensemble of stylized facts concerning intra-industry trade, industry and firm dynamics. |
| Keywords: | International trade; industrial dynamics; firm dynamics; market selection; Polya urn. |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2021/27&r= |
| By: | François Gardes (Centre d'Economie de la Sorbonne, Paris School of Economics & Western Catholic University) |
| Abstract: | The article proposes an explicit modelization of households behavior by describing the possible relationship between the inter-temporal substitution rate and the opportunity cost of time which could afford the missing link between consumers' choices and macro variables in an Austrian trade cycle tradition. The changes of the value of time during expansions and recessions involve direct and indirect changes of households' demand and saving which create shadow prices. The variations of shadow costs are related to the competitivity of markets restoring equilibria by means of associated changes in monetary prices |
| Keywords: | Inter-temporal substitution rate; originary interest, psychological interest rate; psychological time; opportunity cost of time; austrian trade cycle |
| JEL: | D31 J22 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21025&r= |
| By: | Acuff, Christopher |
| Abstract: | Research on the impacts of city-county consolidation often focus on issues relating to efficiency, effectiveness, and economic development; yet, relatively few studies have addressed the issue of racial and ethnic minority representation. While existing research is limited, findings indicate that consolidating city and county governments dilutes minority voting strength and has a disparate impact on minority representation. However, it is not clear if this is a nationwide trend, particularly in preclearance states previously covered by the Voting Rights Act. Thus, the question becomes, does consolidation negatively affect minority representation, and to what extent? This study employs a quasi-experimental interrupted time-series analysis in order to ascertain the overall impact of consolidation on the descriptive representation of African Americans since 1965. Results indicate that while representation has increased in recent decades, there are discernible declines in following consolidation, and noticeable representational disparities in counties previously covered by the Voting Rights Act. |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:bupfs&r= |
| By: | Bardt, Hubertus; Grömling, Michael; Maselli, Ilaria |
| Abstract: | Nach dem erheblichen Einbruch des privaten Verbrauchs im Jahr 2020 war auch das erste Quartal 2021 von einer geringen Konsumaktivität geprägt. Der erneute Lockdown seit November 2020 hat sowohl die Konsummöglichkeiten begrenzt als auch die Konsumneigung ausgebremst. Mit den Lockerungen und einer sich verbessernden Infektionslage in Deutschland hat sich die Konsumlaune im zweiten Quartal 2021 auf breiter Basis erholt. Das TCB-IW-Verbrauchervertrauen ist deutlich angestiegen und liegt bereits wieder über dem Niveau von vor der Pandemie. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkkur:492021&r= |
| By: | Ahrsjö, Ulrika (Dept. of Economics, Stockholm University); Niknami, Susan (Dept. of Economics, Stockholm University); Palme, Mårten (Dept. of Economics, Stockholm University) |
| Abstract: | We estimate the change in the gender wage gap between 1968 and 2010 in Sweden accounting for (1) changes in the intensive margin of labour supply; (2) changes in the overall wage inequality; (3) changes in selection into the labor market using parametric and non-parametric selection corrections. Our results show that between 1968 and 1991, about half of the changes in the gender wage gap can be attributed to changes in the overall wage distribution. Conversely, changes in the wage distribution in 1991-2010 masks a larger closure of the gender wage gap. Our corrections for selection into the labor force suggest that uncorrected estimates miss about half of the around 20 percentage points decrease in the gender wage gap over the 1968-2010 period. |
| Keywords: | Gender pay gap; wage gap; gender inequality; selective samples |
| JEL: | J16 J22 J31 J51 J71 |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:sunrpe:2021_0003&r= |
| By: | Wallen, Kenneth (University of Idaho); Hammell, Abbey (University of Minnesota); Dentzman, Katherine |
| Abstract: | The survey commons is a global common-pool resource that consists of all populations of potential survey participants that researchers share. As survey research methodology and technology advances, the survey commons has become more accessible and used by an ever-growing variety of professional and non-professional researchers, which creates a climate for potential survey participants of seemingly constant requests to complete various types of questionnaires. Among other factors, the frequency of survey requests likely influences burden, fatigue, and data quality. Yet, few studies have explored the frequency and characteristics of survey requests. In contribution to this growing research area, we conducted an exploratory diary study of survey requests among research professionals for a 1-month period. Participants tracked survey request dates, contact mode, response mode, title, sponsor, host, and completion progress. We observed participants receive a survey request every other day, on average, but only fully completed one-quarter of requests. Marketing surveys were the primary request source, the main contact mode was email, and the main response mode was web-based. While marketing surveys were the most frequently experienced by participants, they also had the lowest completion rate; administrative and academic survey requests had the highest completion rate. Overall, our exploratory diary study told an intriguing story of the quantity and characteristics of survey requests among a select population and adds to growing interests in survey request inquiry. |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:mrebz&r= |
| By: | Moffitt, Robert (Johns Hopkins University, Department of Economics); Ziliak, James |
| Abstract: | We examine trends in employment, earnings, and incomes over the last two decades in the United States, and how the safety net has responded to changing fortunes, including the shutdown of the economy in response to the Covid-19 Pandemic. The U.S. safety net is a patchwork of different programs providing in-kind as well as cash benefits and had many holes prior to the Pandemic. In addition, few of the programs are designed explicitly as automatic stabilizers. We show that the safety net response to employment losses in the Covid-19 Pandemic largely consists only of increased support from unemployment insurance and food assistance programs, an inadequate response compared to the magnitude of the downturn. We discuss options to reform social assistance in America to provide more robust income floors in times of economic downturns. |
| Keywords: | COVID-19, safety net, welfare |
| Date: | 2020–09–06 |
| URL: | http://d.repec.org/n?u=RePEc:jhu:papers:64317&r= |
| By: | Karl-Friedrich Keunecke; Hunter Kuhlwein; Cay Oertel |
| Abstract: | Autoregressive heteroscedastic effects in financial time series have been subject to a broad field of applied econometrics. Both academic research as well as the industry apply GARCH processes to real estate data with previous investigation mostly focused on securitized real estate positions. So far, the common approach in the literature has been to assume normal distribution of the innovation term for the GARCH modelling of direct real estate markets (Miles, 2008). The specified assumption of normality however falls short of the data characteristics exhibited by direct real estate markets, such as returns of real estate prices explicitly not normally distributed and better characterized by a more leptokurtic, skewed distribution (Schindler, 2009). Ghahramani and Thavaneswaran (2007) point out that typically the innovation distribution is selected without further justification. Consequently, the omission of a priori assumptions about the innovation term distributions being fit to direct real estate leading to misspecification and -parameterization of GARCH models is the research aim of this study. The employed analysis will utilize monthly transaction-based data for ten US property market subsets, whilst observing a window of time to encompass different market conditions and volatility regimes (Perlin et al., 2021). Determining how ARCH effects might differ across different US real estate submarkets as well as major and non-major markets builds on and extends previous research focused on geographical disaggregation (see Crawford and Fratantoni, 2003; Dolde and Tirtioglu, 1997; Miles, 2008; Schindler, 2009). Subsequently fitting and estimating each data subset with a conditionally normally distributed GARCH model will be juxtaposed by employing a variety of innovation distributions to the data. It follows the central hypothesis of this paper, that the goodness of fit for GARCH models can be improved by allowing for the conditional distribution to be modeled as a flexible a priori assumption. Investigating the differing goodness of fit for the models and employing the most appropriate models to re-estimate the GARCH parameters will allow an analysis of the differences in volatility clustering effects to the model employing normally distributed innovations. The aim is to show empirically, that non-normal innovation term distribution leads to a potentially better goodness of fit of the GARCH model. The utilization of a priori assumptions of GARCH model specification is of high importance not only for portfolio management of investors, but also risk management for economic institutions such as central banks and mortgage banks (Schindler, 2009). To the best of the authors’ knowledge, there is no study which scientifically examines the innovation term distribution of GARCH models of direct real estate investments. This paper aims to provide a better understanding of the influence a priori assumptions of the innovation term can take to increase the validity of volatility models for direct real estate investments. |
| Keywords: | Capital Values; GARCH; Innovation term distribution; Volatility modeling |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_75&r= |
| By: | Susan Randolph (University of Connecticut); Shaan Badenhorst (Motu Economic and Public Policy Research) |
| Abstract: | This paper explains and transmits a database and summarises the results of the Human Rights Measurement Initiative’s (HRMI’s) efforts to more fully integrate the 21 Pacific countries (excluding New Zealand and Australia) into HRMI’s economic and social rights (ESR) metrics. It also explores the extent of bias in country scores when per capita Gross National Income (GNI) substantially exceeds per capita Gross Domestic Product (GDP) and the potential to expand coverage by substituting constant USD GDP data for constant PPP$ GDP data. The report finds: (1) There are opportunities to substantially improve economic and social right enjoyment in the Pacific even in the absence of per capita income growth, (2) the range in economic and social right performance scores observed across the Pacific countries indicates there is considerable scope for countries to learn from each other what approaches hold promise — countries scoring poorly on one right can look to the policies and structures in place that have enabled other countries to achieve good scores on the same right, (3) in countries whose GNI substantially exceeds their GDP, HRMI’s economic and social rights scores are upward biased, more so, the greater the gap between GNI and GDP, and (4) for those countries without PPP$ per capita income data, the computation of a USD variant of HRMI’s ESR metrics allows one to gain some insight, albeit imperfect, into their economic and social rights performance. |
| Keywords: | Economic and social rights, human rights, Pacific countries, Pacific region, economic and social rights performance, country studies, economic development, economic and social rights data |
| JEL: | I3 O1 O2 O5 Y1 |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:21_10&r= |
| By: | John C. Beghin; Christopher R. Gustafson |
| Abstract: | We review the emerging international body of evidence on attitudes and willingness to pay (WTP) for novel foods produced with New Plant Engineering Techniques (NPETs). NPETs include genome/gene editing, cisgenesis, intragenesis, RNA interference and others. These novel foods are often beneficial for the environment and human health and more sustainable under increasingly prevalent climate extremes. These techniques can also improve animal welfare and disease resistance when applied to animals. Despite these promising attributes, evidence suggests that many, but not all consumers, discount these novel foods relative to conventional ones. Our systematic review sorts out findings to identify conditioning factors which can increase the acceptance of and WTP for these novel foods in a significant segment of consumers. International patterns of acceptance are identified. We also analyze how information and knowledge interact with consumer acceptance of these novel foods and technologies. Heterogeneity of consumers across cultures and borders, and in attitudes towards science and innovation emerges as key determinants of acceptance and WTP. Acceptance and WTP tend to increase when beneficial attributes-as opposed to producer-oriented cost-saving attributes-are generated by NPETs. NPETs improved foods are systematically less discounted than transgenic foods. Most of the valuation elicitations are based on hypothetical experiments and surveys and await validation through revealed preferences in actual purchases in food retailing environments. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:21-wp621&r= |
| By: | Daniel Houser (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University); Jian Song (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University) |
| Abstract: | Under optimal tournament design, we would expect agents to exert identical effort regardless of the shape of the contest function’s error component. We report data from laboratory experiments that provide a first test of this prediction. We find that efforts do not significantly differ when the shock distribution exhibits negative skewness versus a uniform distribution; however, subjects react substantially differently to random shock realizations under different treatments. Specifically, tournament winners demonstrate stronger reactions, economically and statistically, to negatively-skewed shocks than to uniform shocks. Meanwhile, tournament losers are less likely to be affected by negatively-skewed shocks. Our results highlight the importance of accounting for the influence of the shape of the shock distribution on a contest participant’s effort. |
| Keywords: | Asymmetric random shock, Tournament, Winner, Loser, Laboratory experiment |
| JEL: | D90 M52 C90 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:gms:wpaper:1081&r= |
| By: | Richard Arena (Université Côte d'Azur, France; GREDEG CNRS); Muriel Dal Pont Legrand (Université Côte d'Azur, France; GREDEG CNRS); Roger Guesnerie (Collège de France) |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:gre:wpaper:2021-32&r= |
| By: | Valerie Vandermeulen; Werner Roeger |
| Abstract: | In the aftermath of the financial crisis, it had become clear the Euro Area was suffering from insufficient investment. Actual capital stock was below benchmark capital, the amount of capital you need to support trend labour and total factor productivity (TFP) growth rates. The current COVID-19 pandemic might enlarge the gap between benchmark and actual capital, since both the private and public sector are facing limitations to invest. In the current paper, benchmark capital is estimated based on trend supply side conditions and trend in capital and goods market frictions, to investigate whether such a gap exists in the Euro Area and the US and how it has evolved over time. The paper is based on the European Commission’s production function method and uses trend labour supply and TFP as basis for trend supply side conditions. The first order condition of the Cobb-Douglas production function are used to calculate goods market and capital market frictions. Capital costs are estimated using world interest rate as a rental price of capital, adjusted for depreciation, taxes and relative investment prices. In the past, benchmark capital was driven by strong growth in supply side factors, but since trend labour and TFP growth rates have declined, capital and goods market frictions are becoming more important in explaining benchmark capital growth. The paper shows that after the 2008 crisis, a gap occurred between benchmark capital and actual capital. As of 2012, the gap started to close, but benchmark capital growth was very low in the Euro Area, much below that of the US. Just before the current 2020 crisis, the capital gap was closed in the Euro Area and was positive in the US, but it is expected that actual capital growth might stop again due to the limitations to private and public investment. |
| JEL: | D1 D2 D3 E6 H2 H21 J08 J2 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:euf:dispap:145&r= |
| By: | H. Spencer Banzhaf |
| Abstract: | The Value of Statistical Life (VSL) is arguably the most important number in benefit-cost analyses of environmental, health, and transportation policies. However, agencies have used a wide range of VSL values. One reason may be the embarrassment of riches when it comes to VSL studies. While meta-analysis is a standard way to synthesize information across studies, we now have multiple competing meta-analyses and reviews. Thus, to analysts, picking one such meta-analysis may feel as hard as picking a single "best study." This paper responds by taking the meta-analysis another step, estimating a meta-analysis (or mixture distribution) of six meta-analyses. The baseline model yields a central VSL of $7.0m, with a 90% confidence interval of $2.4m to $11.2m. The provided code allows users to easily change subjective weights on the studies, add new studies, or change adjustments for income, inflation, and latency. |
| JEL: | I12 I18 J17 J31 K32 Q51 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29185&r= |
| By: | Matthias Burgert; Philipp Pfeiffer; Werner Roeger |
| Abstract: | We estimate an open economy DSGE model to study the fiscal policy implications of downward nominal wage rigidity (DNWR) in a monetary union. DNWR has significantly exacerbated the recession in the southern euro area countries and is important for the design of fiscal policy. We show that a cut in social security contributions paid by employers (equivalent to wage subsidies) is particularly effective in a deep recession with limited wage adjustment. Such cuts strengthen domestic demand and international competitiveness. Compared to government expenditure increases, the reduction in social security contributions provides more persistent growth effects and enhances the fiscal position. Non-linear estimation methods establish a strong state-dependence of policy. |
| Keywords: | Downward nominal wage rigidity, currency union, fiscal policy, nonlinear estimation |
| JEL: | E3 F41 F45 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:snb:snbwpa:2021-16&r= |
| By: | Gallopin, Jean-Baptiste; Thomas, Eddie; Detzner, Sarah; De Waal, Alex |
| Abstract: | This paper examines the continuities and changes in Sudan’s political economy and political marketplace in the two years since the popular uprising that overthrew the regime of former president Omar alBashir, and the subsequent formation of a military-civilian transitional government. The government of Sovereignty Council Chairman Abd al-Fattah al-Burhan and Prime Minister Abdalla Hamdok has the stated goals (among others) of transitioning to full civilian government, achieving peace with armed groups, and stabilizing and reforming the economy. Progress has been achieved on all these fronts. Nonetheless, key aspects of Sudan’s political economy remain unchanged, especially underlying hyper-exploitation of labour and natural resources, a prominent role for businesses associated with the leaders of the security sector, and peace agreements incentivized by promises of material rewards provided through governmental office. Transactional politics continue to trump institutional and civic politics, making it harder to reform these aspects of an inequitable and predatory economy. |
| JEL: | N0 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111791&r= |
| By: | Urata, Shujiro (Asian Development Bank Institute); Baek, Youngmin (Asian Development Bank Institute) |
| Abstract: | We examine the impact of local firms’ participation in global value chains (GVCs) on productivity by considering three different patterns of GVC participation. We conducted a DID-PSM estimation involving three countries, Indonesia, the Philippines, and Viet Nam, and 17 manufacturing sectors in 2009 and 2015. We found an endogenous relationship between firm productivity and GVC participation: firms that enter GVCs have high productivity before participating in the GVCs (selection effect), and only Indonesian firms which entered GVCs had a high productivity growth after joining GVCs (learning effect). These two effects were only found for firms which both import intermediate goods and export output, and not for firms which only either import or export. We also found that indirect exporting does not improve a local firm’s productivity. We give several recommendations to help firms and governments facilitate the participation of firms in GVCs. |
| Keywords: | global value chains; productivity |
| JEL: | D24 F14 L11 |
| Date: | 2021–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1245&r= |
| By: | Paxman, Andrew |
| Abstract: | The purpose of this paper is to use Mexican census data to gauge as much as possible the impact of SIL missionary-linguists on local-level literacy, Spanish-acquisition, and material change. This is a longitudinal quantitative study, starting with the census of 1940 and ending with that of 1970. Analysis of census figures is complemented by perusal of the existing literature (personal, anthropological, historical), linguistic materials digitized by SIL and available at its website, and assistance with documents from the SIL Mexico Archive in Arizona. |
| Keywords: | Protestant, missionary, indigenous, Mexico, census, literacy, disposable income, Summer Institute of Linguistucs, |
| JEL: | I20 I24 I25 N36 N96 |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109187&r= |
| By: | Charles Collet (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Pascal Gastineau (AME-SPLOTT - Systèmes Productifs, Logistique, Organisation des Transports et Travail - Université Gustave Eiffel); Benoit Chèze (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Frederic Martinez (AME-DCM - Dynamiques des changements de mobilité - Université de Lyon - Université Gustave Eiffel); Pierre-Alexandre Mahieu (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UN - Université de Nantes - ECN - École Centrale de Nantes - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The transportation sector constitutes one of the main contributors to CO2 emissions. Several incentive measures have been already proposed by economists to mitigate these emissions. But, as we all know, these tools have met with mixed success. This paper proposes the use of attribute valence framing, i.e. a description of the same object/characteristics positively or negatively, in order to reduce CO2 emissions. This so-called nudge is easier to implement than more traditional tools, such as taxation, and does not rely on the stringent assumption that individuals are fully rational. The findings from a discrete choice experiment focusing on long-distance travel choice are reported herein. Results indicate that a loss framing on CO2 emissions significantly increases the respondents' practice of pro-environmental behaviors. The framing effect is larger when applied to CO2 than to travel duration (+50% and +30% of the willingness to pay, respectively). In employing psychological constructs, it is shown that preferences are affected by individuals' psychological features (i.e. a preference for the future and environmental self-identity), and moreover that the magnitude of the framing effect depends on individuals' motivational strategies. |
| Keywords: | Framing effect,Discrete choice experiment,Pro-environmental behavior,Travelers' willingness to pay |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:ciredw:hal-03321706&r= |
| By: | François Gardes (Centre d'Economie de la Sorbonne, Paris School of Economics and Western Catholic University) |
| Abstract: | Using a generalization of Becker's time allocation model in order to estimate the shadow price of time, we explore the relationship between the inter-temporal substitution rate and the opportunity cost of time, allowing the endogenization of the time preference from the estimation of the value of time |
| Keywords: | Time Allocation; Inter-temporal substitution rate; psychological rate of interest; opportunity cost of time |
| JEL: | D31 J22 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21019&r= |
| By: | Jaller, Miguel |
| Abstract: | The curbside is valuable real estate in cities, providing private vehicle parking, pick-up/drop-off areas, public transit stops, freight loading/unloading zones, and space for pedestrians and bicyclists. Shortages and poor management of curb space can cause congestion and increased emissions due to vehicles searching for parking and can create unsafe conditions from vehicles double parking. Traditional curbside planning strategies have relied on land use–based demand estimates to allocate access priority to the curb, such as pedestrian and transit in residential areas and commercial vehicles in commercial and industrial zones. Recently, pilots in San Francisco, Washington, D.C., and elsewhere have used new technologies to provide information to users about space availability or dynamically price the curb. Researchers at the University of California, Davis conducted a review of practices in curbside management, and they conducted simulations to evaluate the impact of different management and design strategies on travel time, congestion, vehicle travel, and emissions in residential, commercial, and mixed-use neighborhoods in San Francisco. This policy brief summarizes the findings from that research and provides policy implications. View the NCST Project Webpage |
| Keywords: | Engineering, Social and Behavioral Sciences, Case studies, Complete streets, Curb side parking, Delivery service, Land use, Literature reviews, Parking demand, Ridesourcing, Simulation, Urban areas |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt7q69b37f&r= |
| By: | Beghin, John C.; Gustafson, Christopher R. |
| Abstract: | We review the emerging international body of evidence on attitudes and willingness to 10 pay (WTP) for novel foods produced with New Plant Engineering Techniques (NPETs). NPETs include genome/gene editing, cisgenesis, intragenesis, RNA interference and others. These novel foods are often beneficial for the environment and human health and more sustainable under increasingly prevalent climate extremes. These techniques can also improve animal welfare and disease resistance when applied to animals. Despite these promising attributes, evidence suggests that many, but not all consumers, discount these novel foods relative to conventional ones. Our systematic review sorts out findings to identify conditioning factors which can increase the acceptance of and WTP for these novel foods in a significant segment of consumers. International patterns of acceptance are identified. We also analyze how information and knowledge interact with consumer acceptance of these novel foods and technologies. Heterogeneity of consumers across cultures and borders, and in attitudes towards science and innovation emerges as key determinants of acceptance and WTP. Acceptance and WTP tend to increase when beneficial attributes—as opposed to producer-oriented cost-saving attributes—are generated by NPETs. NPETs improved foods are systematically less discounted than transgenic foods. Most of the valuation elicitations are based on hypothetical experiments and surveys and await validation through revealed preferences in actual purchases in food retailing environments. |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:202108250700001133&r= |
| By: | Liang, Yanlong |
| Abstract: | Crumb rubber modifier (CRM) produced from waste tires has been used in pavement engineering for more than half a century. This recycling methodology improves sustainable development because of environmental benefits of recycling scrap tires and because of improved performance of pavement materials when the recycled tire rubber is used as modifier in asphalt binders. This application improves both rutting and cracking resistance of asphalt pavement when an appropriate design is followed. Adding the CRM to asphalt binders leads to modification of binder properties, including rheological properties and aging resistance. This modification alters pavement performance in-service. Previous studies found that rubber-modified binders had better aging resistance than their base binders. However, the mechanism of rubber modification on aging resistance was not well understood. This study aimed to explore this mechanism for rubber-modified binders. This study also evaluated the performance-related properties of dense-graded asphalt mixes using smaller quantities of CRM than are used in current applications, and their expected performance in different structural applications. |
| Keywords: | Engineering, asphalt binders, crumb rubber, hardening, hot asphalt mix, pavement engineering, recycled tires |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt9890w5mg&r= |
| By: | Giuseppe Lopomo; Luca Rigotti; Chris Shannon |
| Abstract: | This paper studies the design of mechanisms that are robust to misspecification. We introduce a novel notion of robustness that connects a variety of disparate approaches and study its implications in a wide class of mechanism design problems. This notion is quantifiable, allowing us to formalize and answer comparative statics questions relating the nature and degree of misspecification to sharp predictions regarding features of feasible mechanisms. This notion also has a behavioral foundation which reflects the perception of ambiguity, thus allowing the degree of misspecification to emerge endogenously. In a number of standard settings, robustness to arbitrarily small amounts of misspecification generates a discontinuity in the set of feasible mechanisms and uniquely selects simple, ex post incentive compatible mechanisms such as second-price auctions. Robustness also sheds light on the value of private information and the prevalence of full or virtual surplus extraction. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12633&r= |
| By: | Li, Yuexin (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:8832c172-83dd-4ed9-8215-0ada9c388a58&r= |
| By: | Herreros, Sebastián |
| Abstract: | El 1 de enero de 2021 se dio inicio parcialmente a las transacciones comerciales en el marco de la Zona de Libre Comercio Continental Africana (AfCFTA, por su sigla en inglés). Con ello se dio la partida a la implementación de la mayor área de libre comercio del mundo en términos del número de países participantes. El principal objetivo del presente documento es evaluar la relevancia del AfCFTA como modelo para eventuales iniciativas similares en América Latina y el Caribe. |
| Keywords: | COMERCIO INTERNACIONAL, ZONAS DE LIBRE COMERCIO, INTEGRACION ECONOMICA, LIBRE COMERCIO, ACUERDOS ECONOMICOS, COMERCIO INTRARREGIONAL, POLITICA COMERCIAL, INTERNATIONAL TRADE, FREE TRADE AREAS, ECONOMIC INTEGRATION, FREE TRADE, ECONOMIC AGREEMENTS, INTRAREGIONAL TRADE, TRADE POLICY |
| Date: | 2021–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col025:47166&r= |
| By: | Pahmeyer, Christoph; Kuhn, Till; Britz, Wolfgang |
| Abstract: | In bio-economic farm models, crop choices are generally depicted as shares of land types which are aggregates of plots with similar characteristics. The ongoing process of digitalization allows access to highly detailed, spatially explicit farm data and facilitates to represent single plots instead. In our paper, we examine how different approaches to model crop choices influence the results of an arable farm in a bio-economic model. Three possible approaches are considered: ‘single plots’ with one crop per season, crop shares of land differentiated by soil type, called ‘categorized’, and crop shares on all arable land, termed ‘aggregate’. The analysis is conducted using a highly detailed, spatially explicit dataset of 8,509 arable farms located in the German federal state of North Rhine-Westphalia. Our analysis indicates that the ‘aggregate’ and ‘categorized’ land endowment approaches produce similar simulation results, which however diverge from the ‘single plot’ approach. We find that on average, crop choices per farm differ by 11% between the spatially explicit ‘single plot’ and the ‘aggregate’ land endowment approach in our case study region. Total work requirements are found to be on average 10% higher in the ‘aggregate’ approach compared to the ‘single plot’ approach, while energy requirements are relatively similar (average difference of 2.2%). Among other factors, we find the difference to be highly correlated with the number of plots a farm is endowed with. For instance, the average difference in crop choices increases from the sample average of 11% to 20.8% for those farms that are endowed with less than 10 plots (~ 50% of the case study population). Differences in simulated farm profits when comparing the ‘aggregate’ land endowment approach to the ‘single plot’ approach are found to range between -306 €/ha to 434 €/ha (mean: 4.57 €/ha, median: - 9.93 €/ha, S.D.: 71.47 €/ha). Our results suggest that for bio-economic farm analyses focusing on aggregate results over a larger sample of farms, both the ‘aggregate’ and ‘categorized’ land endowment approaches are sufficiently accurate in case of similar average numbers of plots per farm as in our study. If single farm results or variability in the population are targeted, we propose to incorporate the ‘single plot’ approach in bio-economic farm analyses. The same holds for decision support systems focusing on individual farm responses to policy changes or technology adoption. |
| Keywords: | Agribusiness, Crop Production/Industries, Farm Management, Land Economics/Use, Production Economics, Research Methods/ Statistical Methods |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:ags:ubfred:313251&r= |
| By: | Sascha Jansz; Terry van Dijk; Mark Mobach; Oscar Couwenberg |
| Abstract: | In the Netherlands, many universities are opening up their campuses to companies. Universities design interactive places where different campus users can meet, such as faculty, company employees, and students. It is pre-supposed that increasing interaction between these campus users will lead to more cooperation and knowledge sharing, resulting in more innovations and knowledge valorisation. A campus spaces and services have a significant impact on interaction. These may block or facilitate interaction between different campus users. Some studies identified critical success factors (CSFs), but no study has yet included the perceptions of facility directors (FDs). FDs are of particular interest as their objective is to integrate people, place and process within the built environment with the purpose of improving the productivity of the core business (NEN/ISO 41011). Expectedly, they are the gatekeepers of the current campus design policies, developing their own CSFs in practice, as opposed to CSFs identified in the literature. FDs of the 13 Dutch universities were interviewed. Interviews were conducted first in an office setting (to ensure confidentiality) and continued in a walkthrough location chosen by the FDs. The interviews focused on the identification of practice-based CSFs for interactive spaces and services. After transcription and coding in Atlas.Ti, an inductive thematic analysis was conducted. This approach allowed for comparison between empirical and previous theoretical findings. Main findings show six clusters: constraints, motivators, designing spaces, designing services, building community, and creating coherence. The campus is seen as a system containing subsystems, and is itself part of a wider system (environment), forming a layered structure. Constraints and motivators are part of the environment but cannot be separated from the other four categories, as they influence their applicability. This placement of CSFs in a systems thinking approach creates a relevant addition of empirical to theoretical findings. This study provides a comprehensive overview and comparison of CSFs from both literature and practice, allowing more effective application of CSFs in campus design policies. A framework for future studies on CSFs for interaction on campuses is provided. |
| Keywords: | Built Environment; campus; Interaction; Urban Planning |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_57&r= |
| By: | Davillas, Apostolos; Jones, Andrew M. |
| Abstract: | We designed an experiment to explore the extent of measurement error in body mass index (BMI), when based on self-reported body weight and height. We find that there is a systematic age gradient in the reporting error in BMI, while there is limited evidence of systematic associations with gender, education and income. This is reassuring evidence for the use of self-reported BMI in studies that use it as an outcome, for example, to analyse socioeconomic gradients in obesity. However, our results suggest a complex structure of non-classical measurement error in BMI, depending on both individuals' and within-household peers' true BMI. This may bias studies that use BMI based on self-reported data as a regressor. Common methods to mitigate reporting error in BMI using predictions from corrective equations do not fully eliminate reporting heterogeneity associated with individual and withinhousehold true BMI. Overall, the presence of non-classical error in BMI highlights the importance of collecting measured body weight and height data in large social science datasets. |
| Keywords: | BMI,Experiment,Measurement error,Reporting bias |
| JEL: | I10 C18 C50 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:919&r= |
| By: | Nilsen, Øivind A. (Dept. of Economics, Norwegian School of Economics and Business Administration); Skuterud, Håvard; Munthe-Kaas Webster, Ingeborg |
| Abstract: | This paper provides evidence on price rigidity at the product- and firm-level in Norway. A strong within-firm synchronization is found supporting the theory of economies of scope in menu costs. The industry synchronization effects are found to be small suggesting that firms either have some monopoly power, or that a firm’s costs of changing their own prices may be larger than the benefit of responding to their competitors’ price changes. These findings have potentially important implications for the micro-foundations of macroeconomic models, and thus the policy advice derived from such models. |
| Keywords: | Price Setting; Monthly Micro Data; Selection Effects. |
| JEL: | C35 D43 E31 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhheco:2021_015&r= |
| By: | Stephen Lee |
| Abstract: | One of the key research questions in the private commercial real estate market involves the investigation of the amount of specific risk in portfolios of various size. In other words, the number of properties a real estate portfolio needs to diversified, i.e. have no specific risk. Previous studies suggesting that the reduction in specific risk from increasing portfolio size is difficult to achieve and so investors should increase portfolio size almost indefinitely. A conclusion largely based on the linear regression model of Evans and Archer (1968), which infers the amount of specific risk indirectly. This paper therefore re-examine the extent of diversification in private commercial real estate portfolios using two approaches not previous applied in real estate portfolio analysis. First, to overcome the issues with the linear regression approach of Evans and Archer (1968) we use the multivariate curve fitting methodology of Hueng and Yau (2006) to estimate the amount of specific risk in portfolios at each portfolio size directly and find the point at which the specific risk is zero. Second, to avoid timing biases due to changes in the risk/return performance resulting from a fixed holding-periods we follow Chong and Philips (2013) and use randomise start dates with 5-year and 10-year holding periods. Using quarterly returns over the period 2000:1 to 2020:4 for 77 ‘property assets’ and simulation, without replacement, the linear model of Evans and Archer (1968) indicates that even after holding all 77 ‘property assets’ specific risk was still not zero. Confirming the results of previous studies. In contrast, using the multivariate curve fitting approach of Hueng and Yau (2006) the results show that investors can reduce about 95% of the specific risk with only five or six ‘property assets’ and that specific risk is zero at the 11 ‘property asset’ portfolio level. Thus, we reject the idea that investors in private commercial real estate should continue to increase their portfolio almost indefinitely. |
| Keywords: | Linear Regression; multivariate modelling; portfolio specific risk; town level data |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_211&r= |
| By: | Bruno Cabrillac (Banque de France - Banque de France - Banque de France) |
| Abstract: | The decision to allocate SDRs up to 455 billion (i.e. approximately USD 650 billion), taken by the G20 and which should be validated by the IMF's Executive Board before the end of the summer, entails a more than threefold increase in the stock of public SDRs. Until now, a very large part of these SDRs has remained immobilized in the balance sheets of the central banks of the major economies. The new dimension that this instru-ment is taking on has initiated a reflection on how to make this injection of international liquidity more effective by redirecting it to the countries that need it. This reflection is also taking place in a context where the public finances of the main official development assistance donor countries are under pressure due to the consequences of the health crisis. |
| Abstract: | La décision de procéder à une allocation de DTS à hauteur de 455 milliards (soit environ 650 milliards d'USD), prise par le G20 et qui devrait être validée par la Conseil d'administration du FMI avant la fin de l'été, entraîne une multiplication par plus de 3 du stock de DTS publics. Jusqu'à maintenant une très grande partie de ces DTS reste immobilisée dans les bilans des banques centrales des grandes économies. La nouvelle dimension que prend cet instrument a initié une réflexion sur le moyen de rendre plus efficace cette injection de liquidité internationale en la redirigeant vers les pays qui en ont besoin. Cette réflexion s'inscrit également dans un contexte où les finances publiques des principaux pays donateurs d'aide publique au développement sont sous pression du fait des conséquences de la crise sanitaire. |
| Date: | 2021–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312053&r= |
| By: | Bukvić, Rajko; Petrović, Dragan |
| Abstract: | In modern science it is generally accepted that ICT (information and communication technologies) are important drivers, which ‘enables’ technologies that have a broad impact on many sectors of the economy and social life. In this framework, the measuring the level of ICT development, their economic and social impact, and the country’s readiness to use them must be of great importance, especially for the estimation of the building of the information society. In the first part of the paper some indicators of the use of ICT technologies in Serbia are presented. Further, we present some data of the ICT sector of Serbian economy (number of employees, share in the GDP, foreign trade and foreign direct investments, as well the number of companies). At the end we present the results of a research (Goloventchik and Zhyrkevich), in which the composite index of the digital transformation was constructed on the basis of nine broad used indicators. In the conclusion we emphasize that the building of information society in Serbia is not yet on the satisfactory level. |
| Keywords: | digital economy, information and communication technologies, small European economies, Serbia, households, manufacturing |
| JEL: | D80 O11 O31 O52 O57 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109550&r= |
| By: | van Koppen, Barbara (International Water Management Institute (IWMI)); Molose, V.; Phasha, K.; Bophela, T.; Modiba, I.; White, M.; Magombeyi, Manuel S.; Jacobs-Mata, Inga |
| Abstract: | The African Water Facility, together with the Water Research Commission, South Africa, as its implementing agent, supported the demonstration project Operationalizing community-led Multiple Use water Services (MUS) in South Africa. As knowledge broker and research partner in this project, the International Water Management Institute (IWMI) analyzed processes and impacts at the local level, where the nongovernmental organization Tsogang Water and Sanitation demonstrated community-led MUS in six diverse rural communities in two of the poorest districts of South Africa, Sekhukhune and Vhembe districts - Ga Mokgotho, Ga Moela and Phiring in the Sekhukhune District Municipality, and Tshakhuma, Khalavha and Ha Gumbu in Vhembe District Municipality. In conventional water infrastructure projects, external state or non-state agencies plan, diagnose, design and prioritize solutions, mobilize funding, and implement the procurement of materials, recruitment of workers and construction. However, this MUS project facilitated decision-making by communities, and provided technical and institutional advice and capacity development. Based on IWMI’s evidence, tools and manuals, the project team organized learning alliances and policy dialogues from municipal to national level on the replication of community-led MUS by water services authorities; government departments of water, agriculture, and others; employment generation programs; climate and disaster management; and corporate social responsibility initiatives. This working paper synthesizes the lessons learned about the six steps of the community-led MUS process in all six communities. The step-wise process appeared to be welcome and effective across the board. The duration of the process and the costs of facilitation, technical and institutional capacity development, and engineering advice and quality control were comparable to conventional approaches. However, the respective responsibilities of the government and communities, also in longer-term co-management arrangements, depended on the type of infrastructure. Some communities were supported to improve their communal self supply systems. In other communities, the process enabled an extension of the reticulation of borehole systems owned, operated and maintained by municipalities. Almost all households used water supplies at homesteads for multiple purposes, underscoring synergies in cross-sectoral collaboration between the water, sanitation and hygiene (WASH) and irrigation sectors. |
| Keywords: | Multiple use water services; Water supply; Co-management; Guidelines; Rural communities; Communal irrigation systems; Small scale systems; Planning; Participatory approaches; Integrated management; Water resources; Water management; Water storage; Water quality; Infrastructure; Boreholes; Construction; Innovation; Technical aid; Collaboration; Costs; Financing; Institutions; Capacity building; State intervention; Nongovernmental organizations; Decision making; Climate change adaptation; Women's participation; Inclusion; Labour; Wages; Villages; Households |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:worppr:h050124&r= |
| By: | Jan Frankowski; Joanna Mazurkiewicz; Jakub Soko³owski |
| Abstract: | We study the labour market transition pathways driven by the coal phase-out in Poland between 1990 and 2050. First, we apply the concept of branching points to describe the transformation of coal mining in the context of three labour market trends: structural changes, demographically driven changes in the labour supply, and educational upgrading. We show that in the 1990s and 2000s, the labour market options of the miners who lost their jobs were poor, as the trajectories of all of these trends worsened their labour market prospects. However, as these trends have reversed since the 2010s, it is likely that in the future, the employment effects and the social consequences of the coal phase-out in Poland will be more positive than they were in the past. Second, we find substantial homogeneity in the employment structures of mining subregions and of particular mines, which suggests that regional approaches to managing the transition are possible. Third, our projection of the supply of and the demand for labour up to 2050 indicates that decarbonisation will lead to a surplus of Polish hard coal mining workers by 2030. However, the projected shortages of workers in other industrial sectors will create opportunities for worker reallocation that should be facilitated by policy measures. |
| Keywords: | coal transition, mining, labour market |
| JEL: | L71 J21 Q43 J65 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:ibt:wpaper:wp012021&r= |
| By: | Iwan Bos (Department of Organisation, Strategy and Entrepreneurship, Maastricht University); Marco A. Marini (Department of Social and Economic Sciences, Sapienza University of Rome); Riccardo D. Saulle (Department of Economics and Management, University of Padova) |
| Abstract: | This paper examines capacity-constrained oligopoly pricing with sellers who seek myopic improvements. We employ the Myopic Stable Set stability concept and establish the existence of a unique pure-strategy price solution for any given level of capacity. This solution is shown to coincide with the set of pure-strategy Nash equilibria when capacities are large or small. For an intermediate range of capacities, it predicts a price interval that includes the mixed-strategy support. This stability concept thus encompasses all Nash equilibria and offers a pure-strategy solution when there is none in Nash terms. In particular, it provides a behavioral rationale for different types of pricing dynamics, including real-world economic phenomena such as Edgeworth-like price cycles, price dispersion and supply shortages. |
| Keywords: | Behavioral IO, Bounded Rationality, Capacity Constraints, Oligopoly Pricing, Myopic Stable Set |
| JEL: | C72 D43 L13 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:pad:wpaper:0271&r= |
| By: | Allison Orr; Cath Jackson; Joanna Stewart |
| Abstract: | Retailers, like many businesses, operate in a fast-moving competitive environment and need to rapidly change to keep pace with their competitors. There is nothing new in this but the nature, scale and pace of change has intensified in recent years with many retailers reported to be struggling to manage the rise in operational costs and the disruptive effects of technology, greater competition from online retailers who appear to operate more efficiently, changes in consumers’ spending habits and, more recently, the unsettling disturbance of business operations by the Covid pandemic restrictions. As a consequence of this prolonged period of change, many well-known high street retailers have entered administration or been forced to use firefighting measures to avoid bankruptcy. There is also the general recognition that many ‘bricks and mortar’ retailers are being forced to downsize their property portfolios as a way of reducing their overheads. Such store closures have a visible impact on the high street and one which is increasing as the number of vacant units continues to grow. The concern of policy-makers has also been well documented and debated. The sheer scale of the contraction in the retailing sector, an industry which dominated most urban economies, has resulted in obsolete building stock and the physical decline of these urban centres. The challenge is for them to find new ways to encourage and support the adaptation of urban centres into multi-functional places that are less dependent on a single land use and more resilient to future change. Yet, the effects of these urban changes and the implications for landlords have largely been ignored within the high street debate. This is surprising as many of the tactics being employed to make urban centres more attractive and competitive – such as the re-development of obsolete stock, experimentation with land use innovations, creation of mixed-use developments and the re-imaging of the public realm– rely heavily on private-sector investment. If policy-makers are going to succeed in encouraging future investment in the continued renewal and adaptive of urban centres they need a better understanding of the market changes experienced by property investors, and the impacts on the investment quality of retail investments and property ownership. This paper seeks to address this knowledge gap. It reports the findings from a larger ongoing project that is exploring the adaptation of the retailing sector using the five case study cites of Edinburgh, Glasgow, Hull, Liverpool and Nottingham. This stage of the study, using linked data from a number of secondary sources, examines the spatial changes that have occurred over time in the principal retailing areas of these cities. It does so by monitoring shifts in land use and heterogeneity of occupiers, and mapping the spatial patterns that have occurred in these land use changes as new developments have occurred before investigating the resultant changes in property investment behaviour. The paper ends by examining and discussing the consequence of these outcomes for the retail investment market, investors and the High Street. |
| Keywords: | Diversity; Land Use; Retail; Urban Change |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_60&r= |
| By: | Jean-Baptiste Michau (X - École polytechnique) |
| Abstract: | L'un des défis les plus sérieux auxquels font face les économies occidentales est une faiblesse structurelle de la demande, due au vieillissement de la population. Cette faiblesse est à l'origine d'une stagnation séculaire, caractérisée par une inflation faible, une croissance économique atone, et un sous-emploi chronique. Le Japon connaît cette situation depuis 25 ans, et ne semble pas prêt d'en sortir dans un avenir proche. La zone Euro et, dans une moindre mesure, les États-Unis sont dans une situation similaire depuis plus d'une dizaine d'années. Alors que la politique monétaire est désormais inefficace, la politique budgétaire peut stimuler la demande. Cela suppose de mettre en place un plan de relance massif, pour que l'économie soit en "surchauffe" temporaire afin d'en finir avec une inflation durablement trop faible. A l'heure où la pandémie de Covid-19 s'achève, de nombreux pays lancent des plans de relance budgétaire d'une ampleur inédite, offrant ainsi une occasion unique d'en finir avec la stagnation économique. Les mesures de relance récemment annoncées et mises en œuvre aux États-Unis correspondent à une stratégie de ce type. La zone Euro, à l'inverse, ne semble pas vouloir agir en ce sens. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03288703&r= |
| By: | Nguyen, Hoang (Örebro University School of Business); Javed, Farrukh (Örebro University School of Business) |
| Abstract: | Stock and bond are the two most crucial assets for portfolio allocation and risk management. This study proposes generalized autoregressive score mixed frequency data sampling (GAS MIDAS) copula models to analyze the dynamic dependence between stock returns and bond returns. A GAS MIDAS copula decomposes their relationship into a short-term dependence and a long-term dependence. While the long-term dependence is driven by related macro-finance factors using a MIDAS regression, the short-term effect follows a GAS process. Asymmetric dependence at different quantiles is also taken into account. We find that the proposed GAS MIDAS copula models are more effective in optimal portfolio allocation and improve the accuracy in risk management compared to other alternatives. |
| Keywords: | GAS copulas; MIDAS; asymmetry |
| JEL: | C32 C52 C58 G11 G12 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:oruesi:2021_015&r= |
| By: | Pierlauro Lopez |
| Abstract: | More than 20 years of financial market data suggest a term structure of the welfare cost of economic uncertainty that is downward-sloping on average, especially during downturns. This evidence offers guidance in selecting a model to study the benefits of macroeconomic stabilization from a structural perspective. The addition of nonlinear external habit formation to a textbook monetary model can rationalize the evidence. The model is observationally equivalent in its quantity implications to a standard New Keynesian model with CRRA utility, but the optimal policy prescription is overturned. In the model the central bank should prioritize removing consumption volatility (a targeting of risk premia) over filling the gap between consumption and its flexible-price counterpart (inflation targeting). |
| Keywords: | Welfare cost of business cycles; Macroeconomic priorities; Equity and bond yields; Optimal monetary policy; Financial Stability |
| JEL: | E32 E44 E61 G12 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedcwq:93000&r= |
| By: | Kohnert, Dirk |
| Abstract: | The global revival of economic nationalism and protectionism poses a serious threat to the orientation of international foreign trade policy towards the principles of the WTO market economy. Economists agree that Brexit will significantly harm the UK economy in the medium to long term. In addition, its political and economic effects will also damage the United States and transatlantic relations. British Prime Minister Boris Johnson, meanwhile, continues to assert that leaving the EU will allow Britain to "regain control". In addition, the socio-economic effects of the COVID-19 pandemic on the US, UK, the EU and transatlantic relations are devastating. It has far-reaching political, social and economic consequences that go far beyond public health. All the partners need each other more than ever to face the Covid crisis. Greater transatlantic cooperation to build resilience would also be needed in closely related areas of international relations and security issues. |
| Keywords: | Brexit, pandémie de COVID-19, Corona, croissance économique, États-Unis, RU, relations transatlantiques, commerce international, zone de libre-échange, union douanière, Anglosphère |
| JEL: | F13 F15 F22 F52 F68 I15 N1 N40 O24 O5 Z13 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109399&r= |
| By: | Maylam, Paul |
| Abstract: | For forty or so years, from the 1930s to the mid-1970s, Desmond Hobart Houghton was one of South Africa’s most prominent economists, based throughout his academic career at Rhodes University. He belonged to the liberal school of economists who believed in the free market and modernization theory, being particularly influenced by W. Rostow’s stages of growth model which he applied to South Africa. The rural economy, migrant labor and regional development, with a particular focus on the Eastern Cape, were his major research interests. He authored a standard text on the South African economy. This article charts his career and thinking. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:xnr93&r= |
| By: | Lesch, Hagen; Winter, Luis |
| Abstract: | Während die Tarifverhandlungen im Jahr 2020 unter dem Einfluss der Corona-Pandemie überaus harmonisch geführt wurden, zeichnet sich im laufenden Jahr eine Trendwende ab. Die Konfliktbereitschaft hat im ersten Halbjahr 2021 spürbar zugenommen. Dies zeigt eine Analyse von 14 zentralen Tarifverhandlungen im Rahmen des IW-Konfliktmonitorings. In diesem Monitoring werden die Tarifverhandlungen in 20 Branchen aus allen Bereichen der Volkswirtschaft regelmäßig ausgewertet und ermittelt, wie konfliktreich sie verlaufen. Die Konfliktintensität - sie summiert die in Tarifverhandlungen erreichten Eskalationsstufen wie Streikdrohungen, Warnstreiks, juristische Auseinandersetzungen oder Urabstimmungen - stieg im Durchschnitt auf 8,4 Punkte je Tarifkonflikt. Das liegt nahe am langjährigen Durchschnitt der Jahre 2005 bis 2020 (9,0 Punkte). Im letzten Jahr summierten sich die Eskalationsstufen im Durchschnitt auf lediglich 2,3 Punkte pro Verhandlung, während es 2019 (dem letzten Jahr vor der Pandemie) 10,3 Punkte waren. Nach dem Maßhalten 2020, in dessen Rahmen es den Gewerkschaften vor allem um Beschäftigungssicherung ging, ist im zweiten Jahr der Corona-Pandemie wieder die Lohnentwicklung in den Mittelpunkt der Tarifverhandlungen gerückt. Das zeigt sich an den Lohnforderungen der Gewerkschaften. Sie lagen zwischen 4,0 und 5,3 Prozent bei einer Laufzeit von 12 Monaten. Da die Arbeitgeberverbände vor dem Hintergrund einer in vielen Unternehmen schwierigen oder unsicheren Wirtschaftslage verhandelten, wurde es schwieriger, Kompromisse zu finden. Bei den Lohnabschlüssen zeigten sich die Gewerkschaften dann aber doch eher zurückhaltend. Wie schon 2020 verzichteten IG Metall und andere Arbeitnehmerbünde auch für das laufende Jahr oftmals auf prozentuale Entgeltsteigerungen. Stattdessen gab es steuerfreie Corona-Prämien oder neue Sonderzahlungen, die erst 2022 ausgezahlt werden. Ausnahmen bilden die Papier, Pappe und Kunststoffe verarbeitende Industrie sowie die Süßwarenindustrie. In diesen beiden Branchen werden die Tabellenwerte schon im Laufe des Jahres 2021 um 1,5 und 2,5 Prozent angehoben. Im Zuge einer weiteren wirtschaftlichen Stabilisierung und der anziehenden Teuerungsrate ist allgemein wieder eine expansivere Lohnpolitik zu erwarten. Die bereits begonnenen, aber im Juni 2021 noch nicht abgeschlossenen Tarifauseinandersetzungen bei der Deutschen Bahn, im Einzelhandel oder im Bankgewerbe verlaufen schon zäh oder bergen ein hohes Konfliktpotenzial. Das trifft angesichts der angespannten Haushaltslage auch für die im zweiten Halbjahr startenden Tarifverhandlungen im Öffentlichen Dienst der Länder zu. Damit dürfte sich der im ers-ten Halbjahr beobachtbare Trend einer zunehmenden Konfliktbereitschaft auch im zweiten Halbjahr 2021 fortsetzen. |
| JEL: | J50 J51 J52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkrep:322021&r= |
| By: | International Monetary Fund |
| Abstract: | Seychelles was hit hard by the COVID-19 crisis. The authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low. However, the travel restrictions and global economic downturn triggered unprecedented economic contraction. The authorities responded with measures to mitigate the economic fallout on businesses and households. But the public debt ratio increased sharply, reflecting the primary balance deterioration, exchange rate depreciation, and GDP contraction. As soon as vaccines became available, Seychelles led the world in vaccination coverage and reopened its borders. With tourist arrivals bouncing back, a V-shaped recovery is now expected. |
| Keywords: | liability management operation; debt sustainability risk; government institution; GDP contraction; financing option; Fiscal stance; Government debt management; Debt management; Global |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/184&r= |
| By: | Armin Falk; Thomas Neuber; Philipp Strack |
| Abstract: | We study response behavior in surveys and show how the explanatory power of self-reports can be improved. First, we develop a choice model of survey response behavior under the assumption that the respondent has imperfect self-knowledge about her individual characteristics. In panel data, the model predicts that the variance in responses for different characteristics increases in self-knowledge and that the variance for a given characteristic over time is non-monotonic in self-knowledge. Importantly, the ratio of these variances identifies an individual’s level of self-knowledge, i.e., the latter can be inferred from observed response patterns. Second, we develop a consistent and unbiased estimator for self-knowledge based on the model. Third, we run an experiment to test the model’s main predictions in a context where the researcher knows the true underlying characteristics. The data confirm the model’s predictions as well as the estimator’s validity. Finally, we turn to a large panel data set, estimate individual levels of self-knowledge, and show that accounting for differences in self-knowledge significantly increases the explanatory power of regression models. Using a median split in self-knowledge and regressing risky behaviors on self-reported risk attitudes, we find that the R2 can be multiple times larger for above-than below-median subjects. Similarly, gender differences in risk attitudes are considerably larger when restricting samples to subjects with high self-knowledge. These examples illustrate how using the estimator may improve inference from survey data. |
| Keywords: | survey research, rational inattention, lab experiment, non-cognitive |
| JEL: | C83 D83 C91 D91 J24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1142&r= |
| By: | Matthew Pollock; Masaki Mori |
| Abstract: | Introduction: This study examines the determinants of herding in the U.S. housing market with the focus on the effect of psychological biases on herding. People are motivated to copy others due to a psychological need for social behaviour. If homebuyers see large local inequalities in homeownership, they will have a stronger desire to overconsume relative to areas with more equal housing distribution. This mimetic behaviour will therefore lead to higher levels of herding, with resultant poor economic outcomes. Therefore, we test if areas with more extreme distributions of housing, income and consumption (i.e. areas where people have greater degree of positional concern) will exhibit more extreme herding, while controlling for fundamental economic and housing market variables. The development of behavioural finance in the 1970s (Kahneman and Tversky 1979) and then its crossover into asset markets shortly after (Shiller 1982) has allowed behavioural factors in real estate to enjoy a growing research interest. It has been shown that an appreciation of sociological and psychological factors provides an understanding of market dynamics beyond the conventional efficient markets approach (West 1988, Lux 1995). Herding is defined when behaviour is correlated across individuals (Devenow and Welch 1996), especially where it leads to sub-optimal investment decisions and bubble formation. Herding can be rational if informational inefficiency and agency issues lead investors to copy others (Bikhchandani, Hirshleifer et al. 1998), or irrational when they are susceptible to psychological biases (Devenow and Welch 1996). One motivator for the presence of these psychological biases is the established economic presence of positional goods, whose value is derived from their social status and where the value is based on relative, rather than absolute, distribution. The overconsumption of positional goods creates negative externalities which have wider economic repercussions (Frank 2005). It has been shown that excessive social positional concerns lead to poor outcomes in physical and mental health (Frank 2008), and also sub-optimal investment decisions, such that people over-consume and over-leverage. Evidence for the presence of herding in institutional investors is mixed (Barber, Odean et al. 2009), and the research in direct residential markets is limited, however the latter has found some significant results (Hott 2012, Ngene, Sohn et al. 2017). The existing evidence suggests that higher levels of herding can lead to bubble formation, and the resulting welfare loss can be extensive (Deng, Hung et al. 2018), as most clearly seen in the fallout from the Global Financial Crisis. Considering the scale of residential property as an asset class (over $33 trillion in the USA alone), and the dual nature of housing as an investment asset and consumption good, then there is an obvious requirement for further research. Data and Methodology: Urban areas are based on the US Census Bureau definitions of metropolitan statistical areas (MSA) which are the 384 urban centres with a population greater than 50,000. In total they represent over 281 million inhabitants or 85% of the population. The actual house price data is taken from Zillow Research, and the data for social, economic, demographic and property variables is taken from the American Community Survey, administered by the Census Bureau. The time period tested is from 2005 until 2018, and so a panel approach has been used. We test the main hypothesis using the following model: CSAD=f(fundamental factors)+f(positional factors) + Where CSAD is the cross-sectional absolute deviation, a herding measure. The CSAD can be derived from the relationship between price changes in the overarching MSA and the underlying ZIP code locations. It is expected that areas with more extreme distributions of housing, income and consumption will also exhibit more extreme herding as a result, with these positional determinants being highly significant. Results and implications: The initial empirical results have highlighted the importance of MSA size in determining the drivers of herding behaviour, with smaller urban areas being more impacted by new housing supply and availability of housing finance, whilst larger cities are much more strongly impacted by the relative distribution of house prices. Areas with older housing stock on average exhibit lower levels of herding, which motivates an interest in the causal connection between development and herding behaviour. These results have motivated deeper investigation into the role of MSA size in determining herding behaviour, as well as local regulatory conditions and supply elasticities which, along with ownership structures, show evidence of interesting results. The inclusion of various market efficiency-based interaction variables as mechanisms for the propagation of herding behaviour will also add to the literature on this topic, which is of particular interest in property due to its unique market structure. The research has several important implications, firstly in aiding the identification of market signals which can assist with better informed market forecasting through a deeper understanding of market dynamics. In terms of portfolio construction and risk management, a better incorporation of social and economic drivers could result in superior risk-adjusted returns. |
| Keywords: | Behaviour; Herding; housing |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_67&r= |
| By: | Jaanika Meriküll; Maryna Tverdostup (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | This paper looks at the gender wage gap throughout the transition from communism to capitalism and throughout a time of rapid economic convergence. The case of Estonia is used, and micro data from the Labour Force Survey from 1989 to 2020 are employed. The communist regimes had highly regulated wage setting and high levels of educational attainment and labour market participation for women. Although the regime was formally egalitarian, the gender attitudes were conservative and the raw gender wage gap was as large as 41% at the end of the communist period in Estonia. The large gender wage gap under communist rule narrowed quickly during the first years of economic transition, but the further decline in the gap has been slow. The paper has two main messages. The first is that there is strong inertia in the gender wage gap persisting through the communist period and economic convergence. None of the known long-run cultural drivers of gender attitudes can explain this. The second is that the decline in the gap is related to the overall decline in wage inequality, the rise in minimum wages, and more egalitarian gender attitudes. The gender attitudes are responsible for a smaller effect than wage inequality is. |
| Keywords: | gender wage gap, wage distribution, decomposition, post-communist economies, wage inequality, minimum wages, gender attitudes |
| JEL: | J31 J71 P23 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:wii:wpaper:206&r= |
| By: | Lang, Megan (The Abdul Latif Jameel Poverty Action Lab); Qiu, Wenfeng |
| Abstract: | Measures like pre-analysis plans ask researchers to describe planned data collection and justify data exclusions, but they provide little enforceable oversight of primary data collection. We show that a simple algorithm can select large subsets of data that yield economically meaningful and statistically significant treatment effects. The subsets cannot be distinguished from a random sample of the original data, rendering the selection undetectable if peer reviewers are unaware of the size of the original dataset. Our results hold using simulated data and replication data from a well-known study. We show that there are few natural deterrents to dataset manipulation: the results in our selected subset are robust to a range of alternative specifications, our algorithm performs well under complex sampling strategies, and our subset can yield artificially high effects on multiple outcomes. We conclude by proposing a measure to prevent such manipulation in field experiments. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:metaar:as9zd&r= |
| By: | Ville Korpela (Turku School of Economics, University of Turku); Michele Lombardi (Adam Smith Business School, University of Glasgow and DSES, University of Napoli Federico II); Riccardo D. Saulle (Department of Economics and Management, University of Padova) |
| Abstract: | Rotation programs are widely used in societies. Some examples are job rotations, rotation schemes in the management of common-pool resources, and rotation procedures in fair division problems. We study rotation programs via the implementation of Pareto efficient social choice rules under complete information. The notion of the rotation program predicts the outcomes. A rotation program is a myopic stable set whose states are arranged circularly, and agents can effectively move only between two consecutive states. We provide characterizing conditions for the implementation in rotation programs and show that, for multi-valued rules, our notion of rotation monotonicity is necessary and sufficient for implementation. Finally, we identify two classes of assignment problems that are implementable in rotation programs. |
| Keywords: | Rotation Programs, Job Rotation, Assignment Problems, Implementation, Right Structures, Stability |
| JEL: | C71 D71 D82 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:pad:wpaper:0273&r= |
| By: | Harun Tanrivermis; Md Moynul Ahsan; Sinan Güne; Aylin Blengabs; Orhan Matarac |
| Abstract: | Integrated strategic urban planning in many cities and countries, as well as analysis of current situation in local development, urban transformation and urban conservation together with the participation of all stakeholders in various activities, poses an impact on the success of a project. It is possible to create a useful model with the participation of local people and other stakeholders in the use of urban space, conservation of areas and monuments of natural and historical value and in this way, the success of sustainable urban revitalization at the local level can be improved. In order to develop sustainable approaches to the conservation and revitalization of archaeological, historical and urban areas, it is necessary to increase compliance with local community values, contemporary needs, public participation and stakeholder satisfaction levels. Because, in the analysis of urban development, conservation and real estate projects through a strategic planning approach with the participation of local people and the private sector is considered among the main conditions for ensuring the sustainability of projects. In recent years, importance and priority have been given to the analysis of open and green areas, parks, conservation areas and urban transformation implementation projects in cities, and integrating strategic planning model has adding value in the process. In the city centre of Ankara province, which is the capital of Turkey, there are several large areas among which the most important is Ataturk Cultural Center (AKM) area, which is an historical centre of the city in the Zubeyde Hanm neighborhood of Altindag District. In this study, physical, economic, legal, social and environmental indicators of Atatürk Cultural Center area were determined. In addition to ensuring the preservation and development of historic urban spaces, opportunities for the development of an adequate and effective strategic model and practice-based management tools were evaluated. In the analysis of AKM case study, the relationship between the historical development and the environment of the area was revealed by using the current situation analysis and region data. Based on historical and cultural characteristics and stakeholder views of the area, current use of status and problem analysis of region called the green belt and historical city centre of Ankara Province was conducted. With the data obtained, the difference/gap analysis related to the region was performed and the possible risks were examined in various aspects. In addition to the survey work, project alternatives were determined by taking into account the property and zoning data related to the region, the historical, cultural and symbolic characteristics of the region, and the most appropriate alternative was selected using the Analytical Hierarchy Process (AHP). According to the most appropriate alternative, market and competitiveness conditions were examined, and strategic goals were determined at the real estate level by taking into account the compatibility of the project alternative with the relevant existing corporate-macro strategic plans. According to the income-generating approaches included in the selected project, the path of cost and income estimation was taken and the outline of the strategic action plan was presented by designing the process for the strategic spatial plan. According to the research results, it has emphasized that in real estate development project model with the strategic planning approach, competitive real estate markets and the functioning logic of the current region for sustainable (economic, environmental and social) impacts, the potentials and benefits should be taken into account. According to the results of the field study, it has revealed that the AKM area should be a cultural centre by function; and if integrated with its surroundings, especially the historical city centre it will have a modern appearance that preserves its historical and cultural nature. In addition, according to the results of the competitor analysis and gap analysis, it was determined that the project alternative envisaged to be carried out in the region has a competitive advantage and is compatible with the strategic plans already in practice. The fact that the strategic action plan is compatible with the results of fieldwork shows that the strategic planning approach is consistent in itself. Finally, monitoring and evaluation of the strategic plan with the perspective of 10P model for providing corporate level action. In addition, considering that corporate real estate needs to be increasingly integrated into business strategy, it should be emphasized that corporate real estate strategy and corporate strategy should be harmonized in specialized areas such as AKM. |
| Keywords: | Historic city centre; Strategic alignment and project development; Strategic Planning; sustainability |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_179&r= |
| By: | François Gardes (Centre d'Economie de la Sorbonne, Paris School of Economics & Western Catholic University) |
| Abstract: | The inverse dependency of the estimated variances onver the sample size throws a fundamental question on the validity of the usual statistical methodology, since any hypothesis on the value of a coefficient can be tested negatively by increasing the size of the data-set. I suppose that large data-sets are characterized by a concentration of information on homogenous sub-populations, a spatial autocorrelation of the error terms and the covariates may bias the estimation of variances. Using the corrections of variances under spatial autocorrelation, we obtain variances comparable to an estimation on sub-samples (named efficient sub-samples) the sizes of which are sufficient to contain the information which gives rise to similar estimates to those obtained on the whole population. Moreover, the estimation on efficient data-sets does not necessitate the specification of the spatial autocorrelations which are supposed to bias the estimated variances |
| Keywords: | dataset; estimated variance; spatial autocorrelation; grouped observations |
| JEL: | C01 C12 C55 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21022&r= |
| By: | Glenn Abela; Noel Rapa (Central Bank of Malta) |
| Abstract: | Exchange Rate Pass-Through (ERPT), commonly defined as the extent to which exchange rate changes are reflected in the price levels of an economy, has important implications in a number of policy-relevant areas. Despite this, estimates of ERPT in the Maltese economy are scarce and do not take into account changes in the monetary regime pertaining to the adoption of the euro. In this paper, we use local projections (LP) to estimate linear and non-linear ERPT to consumer prices in Malta after its accession to the European Monetary Union. In line with literature, results point at incomplete ERPT to headline consumer prices, peaking at around 20% by the end of the first year after the exchange rate shock. ERPT to overall HICP inflation seems to be largely driven by the goods component while ERPT to services prices is largely insignificant across the horizon considered. Allowing for non-linearities, we find evidence of asymmetric pass-through with larger changes to as well as depreciations in the nominal effective exchange rate being consistent with larger pass-through estimates |
| JEL: | E31 F31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mlt:wpaper:0521&r= |
| By: | Suah, Jing Lian |
| Abstract: | This paper examines the sectoral-level impact of nominal exchange rate shocks. I introduce a model where agents face bounded abilities to form expectations, and agents’ foresight depends directly on the state of financial stress. This leads to differential labour market responses to exchange rate movements. When financial stress is low, absent of shocks, exchange rate movements are minimal and pinned down by agents. When financial stress is salient, agents’ foresight is veiled; they fail to form reliable expectations during episodes of sharp depreciation. Workers and firms fail to adjust expected relative wages and future marginal profits respectively, leading to sub-optimal output. Using monthly sectoral data from Malaysia in Simultaneous Equations and Markov-Switching Models, I find heterogeneous labour market responses. In tradable sectors, labour flows were small and concentrated in the manufacturing sector. Likewise, adjustments in non-tradable sectors were small. On the extensive margin, labour market flows diverge between tradable and non-tradable sectors. On the intensive margin, labour market flows in tradable sectors reverse. In contrast, as the model predicts, non-tradable sectors do not react to substantial terms of trade shocks. |
| Keywords: | Exchange Rate, Labour Market Frictions, Financial Stress, Expectations Formation, Regime-Switching, Simultaneous Equations Model |
| JEL: | D84 E44 F31 J20 |
| Date: | 2020–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109086&r= |
| By: | Franz Fuerst; Pat McAllister |
| Abstract: | The increasing policy emphasis on reducing carbon emissions has yielded a number of policies in various countries. In the UK, the Minimum Energy Efficiency Standard (MEES) made it illegal from April 2018 for landlords to let properties that did not meet a minimum energy performance standard - an Energy Performance Certificate (EPC) rating of E or higher. Although this policy has a relatively low cap on costs that landlords are expected to spend to upgrade their buildings, a dilemma for policy makers has been the trade-off between the compliance costs for owners and occupiers and potential improvements in energy consumption. An expected effect of introducing MEES is that improvements will be capitalised into the prices of properties. Implicitly, it is also expected that removing properties rated EPC F and G from the market will lead to changes to the relative demand and supply of policy compliant and non-compliant properties. The result is then increased demand for compliant properties and higher price differentials between compliant and non-compliant properties. Using a large dataset of residential sales transactions from 2009-2020, we study the price impact of MEES with a difference-in-difference approach and a regression discontinuity design. Our dataset allows us to compare the price trajectories of rental properties to the general housing market both before and after the introduction of the policy for the entire spectrum of energy efficient buildings. Although properties can hypothetically be switched between the owner-occupier and the private rental segments, we expect a stronger effect on the latter. Our research design also controls for a number of minor and major fiscal and regulatory changes since 2015 that have been introduced independently of MEES that could potentially distort the findings. |
| Keywords: | Energy Efficiency; Minimum Standards; Pricing of Residential Real Estate; Private Rental Market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_123&r= |
| By: | Gene Birz; Erik Devos; Dutta Sudip; Khoa Nguyen; Tsang Desmond |
| Abstract: | The Real Estate Investment Trust (REIT) market has become an increasingly important vehicle of alternative investment for equity investors. While existing research examining the cross-section of REIT returns usually employs standard risk factors in the in-sample models, it can only show ex-post predictability of REIT returns. The goal of our paper is to examine the ex-ante predictability of REIT returns (i.e., the ability of investors earning abnormal returns in real time). We employ the out-of-sample methodology of Cooper, Gutierrez, and Marcum (2005), and our findings show that ex-ante predictability of REIT returns is rather weak. For about half of our 19-year sample over the period of 1999 to 2017, the portfolio performances of REIT firms chosen ex-ante do not beat the performances of the FTSE-NAREIT or the CRSP Equal-Weighted index. After adjusting for transaction costs, the REIT portfolios significantly underperform their benchmarks. Overall, our findings show that the market is relatively efficient in the REIT sector, and it is difficult for investors to devise trading strategies that improve the ex-ante predictability of REIT returns based on the standard risk factors. |
| Keywords: | Abnormal Returns; Predictability; real estate; REITs |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_127&r= |
| By: | Agnieszka Malkowska; Gunther Maier; Alina Nichiforeanu; Malgorzata Uhruska; Mateusz Tomal; Justy Pawlak |
| Abstract: | In this paper we start from the observation that various features of the profession and of the service they provides makes property valuers particularly vulnerable to principal-agent-issues. Positioned between regulations, interests of their clients, and their own business needs, property valuers constantly have to decide how to balance these often conflicting demands.We argue in this paper that job satisfaction is an important prerequisite for property valuers to act ethically. Or, said differently, a valuer who is not satisfied with her/his job is more likely to bend the rules and regulations in order to gain some unjustified advantage. We analyze this relationship empirically based on surveys conducted in both Poland and Austria. This allows the comparison between two rather different regulatory regimes: the Austrian one which goes back over a century and defines the basic framework of the valuers' work, and the Polish one which is fairly new and comparatively much more detailed. We use established measures for job satisfaction and for ethical attitude in the survey. The study shows that there is a positive relationship between job satisfaction and ethical attitude. Other factors that influence ethics are the segment in which the valuer mainly works and the country. Valuers in Austria tend to express higher ethical attitudes than their colleagues in Poland. |
| Keywords: | Ethics; Job Satisfaction; Property Valuation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_180&r= |
| By: | Marlon Moresco; Marcelo Brutti Righi |
| Abstract: | Recently, Castagnoli et al. (2021) introduce the class of star-shaped risk measures as a generalization of convex and coherent ones, proving that there is a representation as the pointwise minimum of some family composed by convex risk measures. Concomitantly, Jia et al. (2020) prove a similar representation result for monetary risk measures, which are more general than star-shaped ones. Then, there is a question on how both classes are connected. In this letter, we provide an answer by casting light on the importance of the acceptability of 0, which is linked to the property of normalization. We then show that under mild conditions, a monetary risk measure is only a translation away from star-shapedness. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13500&r= |
| By: | Nicola Livingstone; Danielle Sanderson |
| Abstract: | The development of purpose-built student accommodation (PBSA) in the UK has been significant and substantial since the global financial crisis of 2008. As we will demonstrate, such growth has been supported by increasing institutional investment flows into this contemporary real estate sector. PBSA is underexamined in academic research and is an ‘emerging niche market that deserves more attention’ (French et al, 2018: 578). Recognising the growth of non-traditional real estate, IPF (2015) commissioned a report which determined that PBSA was perceived as being the most ‘mainstream’ of the ‘alternative’ real estate investment opportunities. Through this paper we take the opportunity to question how the terms ‘mainstream’ and ‘alternative’, ‘mature’ and ‘emerging’, are defined, considering how they are understood from the variegated perspective of market actors. We unpack nuanced perspectives on risk and opportunities within the PBSA market, considering perceptions of resilience, diversification and investment strategies more broadly. Findings are drawn from an ongoing European project into residential investment flows (https://whatisgovernedincities.eu/), and we triangulate perspectives drawn from literature, data and primary research on the development and transition of PBSA as a ‘maturing’ asset class. Quantitative analyses of investment trends in the UK between 2005 – 2020 using data provided by Real Capital Analytics (RCA) will be presented, combined with findings from semi-structured interviews. Provisional findings will be presented, reflecting on the perceived level of maturity and resilience in the UK’s PBSA market. |
| Keywords: | Investment; maturing asset classes; purpose-built student accommodation; Residential |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_55&r= |
| By: | Lukas Althoff; Fabian Eckert; Sharat Ganapati; Conor Walsh |
| Abstract: | We show that cities with higher population density specialize in high-skill service jobs that can be done remotely. The urban and industry bias of remote work potential shaped the COVID-19 pandemic’s economic impact. Many high-skill service workers started to work remotely, withdrawing spending from big-city consumer service industries dependent on their demand. As a result, low-skill service workers in big cities bore most of the recent pandemic’s economic impact. Our findings have broader implications for the distributional consequences of the U.S. economy’s transition to more remote work. |
| JEL: | O33 R11 R12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29181&r= |
| By: | Haataja, Meeri; Bryson, Joanna J. (Hertie School) |
| Abstract: | This short analysis aims to provide an overview of the anticipated costs caused by the EU’s proposed AI regulation, the AI Act (AIA), to impacted organisations: both providers and deployers of systems containing AI. We focus our analysis at an enterprise level, leaving the macroeconomic discussion for later. While the bulk of the paper explains and critiques the European Commission’s (EC) own analysis we also comment on the critiques raised recently by a high-profile US lobbyist, the Center for Data Innovation, in their report “How Much Will the Artificial Intelligence Act Cost Europe?” We conclude by highlighting topics that would benefit from further elaboration by the EC. As a reminder, the AIA is presently draft legislation, written by the European Commission. While something quite similar can be expected to be implemented ultimately by the European Union’s member states, the legislation is presently in a period of revision by the elected members of the European Parliament, in cooperation and consultation with EU national governments. While the heart of the EU’s regulatory proposal is in safeguarding people against AI risks to health, safety and fundamental rights, we acknowledge the importance of rooting policies in a sound analysis of financial impacts. It is only that way that requirements get translated into solid action plans and finally into actions. The process of such pragmatic analysis, can also get at assumptions and failures of coherence that might otherwise be overlooked. We also, separately, have a longer commentary on the act itself, see “Reflections on the EU’s AI Act and how we could make it even better.” Our analysis of the AIA costs is based on the two main sources: the EC’s Impact Assessment of the AIA, and the EC’s study to support an impact assessment of regulatory requirements for artificial intelligence in Europe. It is noteworthy that while the EC uses the support study as its main source for financial impact assessment, in some contexts, they specifically choose to interpret the figures differently, e.g. by excluding some categories of costs from the impact assessment. For this, it is critical to treat the EC’s impact assessment and the support study as two separate sources. This was one of a number of things apparently missed by the Center for Data Innovation in their report. |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:8nzb4&r= |
| By: | Dennis Aldenhoff; Björn-Martin Kurzrock |
| Abstract: | Limited economic feasibility due to high investment costs and relatively small energy cost savings are seen as a major reason for low energetic refurbishment rates of the building stock in many countries. Improving economic feasibility can therefore be essential to increase refurbishment rates. Carbon tax or subsidies are possible ways to achieve this. To assess the impact and potential of these instruments, typically life cycle costing (LCC) methods are used. In this research, a typical single-family house in Germany is taken as an example that can also apply to other countries. Traditional and innovative refurbishment concepts in line with national climate goals are examined regarding their economic feasibility when accounting for the full costs of the refurbishment. The LCC of refurbishment concepts are analyzed with and without the impact of carbon tax. It is found that carbon tax reduces the amortization time of the full refurbishment costs from 55 years (w/o carbon tax) to 38-56 years for gas heating systems and 32-51 years for heat pumps (strongly depending on carbon tax after 2025). This can be improved further by earmarking carbon tax revenues from the building sector as funding grants for energetic refurbishments. Without earmarking the tax revenues, substantially shorter amortization periods can only be achieved through initially higher or steadily increasing carbon tax rates. A steady increase of the carbon tax rate, which translates into an annual growth of 3-4% in energy costs of fossil fuels, can lead to the desired steering effect. Furthermore, it allows for rather low initial carbon tax rates in 2021-2025. An increase in funding grants further shortens payback periods. While carbon taxes should be used preferably to improve economic efficiency, funding grants can reduce investment hurdles. By concentrating grants on low-income building owners, the impact on barriers to investment should be maximized. Earmarking the carbon tax revenues as funding grants can mitigate the yearly increase of carbon taxes and at the same time decrease investment hurdles. Depending on the carbon tax levels and the development of the building stock (greenhouse gas emissions, refurbishment rate), the funding grants can improve the feasibility significantly. Initial estimations have shown that already through the reinvestment of the initial carbon tax revenues of 2021 in Germany the investment costs for the full energetic refurbishment of single-family houses can be decreased by roughly 10%. |
| Keywords: | Carbon tax; Earmarked tax revenues; Economic feasibility; Energetic refurbishments |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_97&r= |
| By: | Isager, Peder Mortvedt (Eindhoven University of Technology); van 't Veer, Anna Elisabeth (Leiden University); Lakens, Daniel (Eindhoven University of Technology) |
| Abstract: | Researchers seeking to replicate original research often need to decide which of several relevant candidates to select for replication. Several strategies for study selection have been proposed, utilizing a variety of observed indicators as criteria for selection. However, few strategies clearly specify the goal of study selection and how that goal is related to the indicators that are utilized. We have previously formalized a decision model of replication study selection in which the goal of study selection is to maximize the expected utility gain of the replication e?ort. We further define the concept of replication value as a proxy for expected utility gain (Isager et al., 2020). In this article, we propose a quantitative operationalization of replication value. We first discuss how value and uncertainty - the two concepts used to determine replication value – could be estimated via information about citation count and sample size. Second, we propose an equation for combining these indicators into an overall estimate of replication value, which we denote RVCn. Third, we suggest how RVCn could be implemented as part of a broader study selection procedure. Finally, we provide preliminary data suggesting that studies that were in fact selected for replication tend to have relatively high RVCn estimates. The goal of this article is to explain how RVCn is intended to work and, in doing so, demonstrate the many assumptions that should be explicit in any replication study selection strategy. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:metaar:knjea&r= |
| By: | SPEKREIJSE Jurjen; VIKLA Kaisa; VIS Martijn; BOYSEN-URBAN Kirsten (European Commission - JRC); PHILIPPIDIS George; M'BAREK Robert (European Commission - JRC) |
| Abstract: | This report aims to contribute to a better understanding of bio-based chemicals, plastics and pharmaceuticals in comparison to its fossil-based technologies, selecting representative value chains for each of the categories. This information is also needed to feed forward-looking modelling tools with aggregated data, which serves as a starting point for simulating different medium- to long-term development pathways for bio-based innovations. The selection of representative chemicals (organic chemicals that are not polymers) includes three widely produced compounds succinic acid, acetic acid, and propylene glycol. Polyethylene (PET) and polyurethane (PUR) were chosen to represent the bio-based plastics sector. Finally, levulinic acid and lactic acid were selected to represent bio-based pharmaceuticals. |
| Keywords: | Bio-based industry, green deal, chemicals, bioeconomy, value chains |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124141&r= |
| By: | Daniel Houser (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University); Jian Song (Interdisciplinary Center for Economic Science and Department of Economics, George Mason University) |
| Abstract: | We experimentally study a non-exclusive group contest in which contestants actively participate in multiple groups simultaneously. We compare the results of this contest to those of an exclusive group contest in which each contestant belongs to a single group. In contrast to theoretical predictions, we find that the non-exclusive group contest generates less aggregate effort than the equivalent exclusive group contest. We hypothesize that groups in the non-exclusive group contest are less responsive to their rival group’s effort than those in the exclusive group contest. Likewise, on the individual level, players in the non-exclusive group contest are more likely to free-ride on their group members’ contributions. Our data indicate that non-free-riders in the non-exclusive group contest are more likely, over time, to allocate their effort toward a single group. This finding is consistent with previous findings that players facing a complex strategy space tend to focus on specific winning combinations. Moreover, given that players are affected by their group members’ contributions, they tend to exert their effort primarily toward a single group. Taken together, our findings suggest that a non-exclusive group contest may evolve, over time, into an exclusive group contest. |
| Keywords: | Group contest, Non-exclusive, Inter-group competition, Free-rider, Effort allocation |
| JEL: | C9 D7 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:gms:wpaper:1083&r= |
| By: | Junko Doi (Kansai University, Osaka University); Takao Fujii (Kobe City University of Foreign Studies, Kobe University); Shinya Horie (Onomichi City University, Kobe University); Jun Iritani (Osaka Gakuin University); Sumie Sato (Nagoya University of Economics, Kobe University); Masaya Yasuoka (Kwansei Gakuin University) |
| Abstract: | We aggregate an economy consisting of two commodities, two factors, and two producers into an economy with one commodity, two factors and one producer. Our aggregation method has three characteristic features. One is that an aggregated TFP and price level are defined respectively by individual TFPs and prices of commodities. Another is that our aggregation method includes an aggregation of production functions that has been considered intractable. We resolve that difficulty by specifically devoting attention to equilibrium. The other is that the total values of an original and an aggregated economy are identical. |
| Keywords: | aggregation, macro production function, price level, TFP |
| JEL: | E23 D24 B41 O41 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:kgu:wpaper:228&r= |
| By: | Azizjon Alimov (IESEG School of Management, LEM-CNRS UMR 9221) |
| Abstract: | This paper uses the 1989 Canada-U.S. Free Trade Agreement (FTA) to study the effect of increased foreign competition on the efficiency of corporate acquisition decisions. Following the FTA, U.S. acquirers exposed to greater increases in competitive pressure experience higher announcement returns. The positive impact of increased competition is stronger in acquirers with relatively higher agency costs prior to the FTA. Managers of acquirers exposed to greater foreign competition are more likely to be terminated following value-destroying acquisitions. Overall, these results are consistent with an active role for product market competition in disciplining managers with respect to important investment decisions. These results have broader implications: a rise in foreign competition can potentially improve the efficiency of key managerial decisions. |
| Keywords: | Trade Liberalization, Mergers and acquisitions, Competition, Governance. |
| JEL: | G34 F13 D43 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ies:wpaper:f202105&r= |
| By: | SOLANO HERMOSILLA Gloria (European Commission - JRC); ADEWOPO Julius; PETER Helen; BARREIRO HURLE Jesus (European Commission - JRC); ARBIA Giuseppe; NARDELLI Vincenzo; GORRIN GONZALEZ Celso (European Commission - JRC); MICALE Fabio (European Commission - JRC); CECCARELLI Tomaso |
| Abstract: | Timely and reliable monitoring of commodity food prices is an essential requirement for the assessment of market and food security risks and the establishment of early warning systems, especially in developing economies. However, data from regional or national systems for tracking changes of food prices in sub-Saharan Africa lacks the temporal or spatial richness and is often insufficient to inform targeted interventions. In addition to limited opportunity for [near-]real-time assessment of food prices, various stages in the commodity supply chain are mostly unrepresented, thereby limiting insights on stage-related price evolution. Yet, governments and market stakeholders rely on commodity price data to make decisions on appropriate interventions or commodity-focused investments. Recent rapid technological development indicates that digital devices and connectivity services are becoming affordable for many, including in remote areas of developing economies. This offers a great opportunity both for the harvesting of price data (via new data collection methodologies, such as crowdsourcing/crowdsensing — i.e. citizen-generated data — using mobile apps/devices), and for disseminating it (via web dashboards or other means) to provide real-time data that can support decisions at various levels and related policy-making processes. However, market information that aims at improving the functioning of markets and supply chains requires a continuous data flow as well as quality, accessibility and trust. More data does not necessarily translate into better information. Citizen-based data-generation systems are often confronted by challenges related to data quality and citizen participation, which may be further complicated by the volume of data generated compared to traditional approaches. Following the food price hikes during the first noughties of the 21st century, the European Commission's Directorate General for International Cooperation and Development (DG DEVCO) started collaborating with the European Commission’s Joint Research Centre (JRC) on innovative methodologies for real-time food price data collection and analysis in developing countries. The work carried out so far includes a pilot initiative to crowdsource data from selected markets across several African countries, two workshops (with relevant stakeholders and experts), and the development of a spatial statistical quality methodology to facilitate the best possible exploitation of geo-located data. Based on the latter, the JRC designed the Food Price Crowdsourcing Africa (FPCA) project and implemented it within two states in Northern Nigeria. The FPCA is a credible methodology, based on the voluntary provision of data by a crowd (people living in urban, suburban, and rural areas) using a mobile app, leveraging monetary and non-monetary incentives to enhance contribution, which makes it possible to collect, analyse and validate, and disseminate staple food price data in real time across market segments. |
| Keywords: | Food prices, market information, crowdsourcing, mobile app, digital platform, behavioural tools, citizens science |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc119273&r= |
| By: | Daniel Piazolo |
| Abstract: | The real estate investment markets have opportunities to tackle climate change. Of the various approaches to reducing greenhouse gases, increasing energy efficiency is one of the most promising options. The real estate sector is responsible for 40% of energy consumption and 36% of CO2 emissions in the EU. In 2018, the European Commission set the target of a 32.5% energy saving relative to the base year 1990 by the year 2030. In the real estate sector, a challenge is connected to the long amortization periods until savings from modernization measures cover the additional resources required. Many real estate investors shy away from high modernization costs, especially for older buildings. 75% of buildings in Europe are energy inefficient and most (75%-90%) of today's buildings will still be in use in 2050. Real Estate investments in higher energy efficiency are often seen as risky. Therefore, one strategy to achieve the EU energy savings target is to create more transparency about the risks and returns of property modernization and the risks of “stranded” assets. Various EU funded initiatives offer benchmark possibilities for efficiency aspects within the real estate sector. Two of the EU-wide available initiatives are: DEEP (De-Risking Energy Efficiency Platform) is an open-source initiative to up-scale energy efficiency investments in Europe. The DEEP platform contains data about financial performance (i.e. payback time of the investment and savings) of about 7,800 building renovation projects. The main objective of the platform is to collect sufficient data in order to provide the users with statistically significant values to understand the riskiness of energy efficiency projects. CREMM (Carbon Risk Real Estate Monitor) aims to assess the risks associated with poor energy efficiency and high emissions at the individual property level, making it possible to develop strategies for portfolio decarbonisation. This contribution examines the strengths and weaknesses of the various real estate benchmark approaches focusing on the risk aspects of energy efficiency within the EU. These databases can be useful tools to collect and compare data about energy efficiency projects and thereby enable capacity building in various European countries. In theory the databases, funded by the EU research program Horizon 2020, can provide evidence of the actual performance of energy efficiency projects, thus supporting the risk evaluation of investments. However, if there is no commercial company behind these databases, there is the danger that the benchmark data is not kept up to date when the research projects have ended and that the quality of the data might be questionable. The contribution examines the value-added of the different concepts. Since energy saving in real estate is of considerable importance in the EU's efforts, a critical assessment of the validity of the various approaches is highly relevant. |
| Keywords: | Benchmark; Carbon Risk; Energy Efficiency; platform |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_76&r= |
| By: | Vallois, Nicolas |
| Abstract: | In the early twentieth century, an economic doctrine known as “non-proletarianization theory” became influential among left-wing Zionists in Russia. According to this theory, Jewish workers were unable to “proletarianize”—that is, to integrate large-scale industry; hence, Jewish territorial autonomy was required, whether in Palestine or elsewhere. This article analyzes this theory’s historical development, focusing on the works of three authors: Khaim Dov Horovitz, Yakov Leshchinsky, and Ber Borochov. I claim that discussions of Jewish non-proletarianization can be considered a specific and coherent intellectual tradition in the history of economic thought. I also discuss these theories’ relation to the anti-sweatshop campaign of the Progressive Era, particularly John R. Commons’s writings on Jewish immigrants that were recently debated in this journal. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:796f2&r= |
| By: | Ballis, Antonis; Drakos, Konstantinos |
| Abstract: | Utilizing all cryptocurrencies since market inception, we investigate the mobility properties of the market. Using a Markov Chain model, we estimate the Transition Matrix, describing the probabilistic structure of cross-sectional capitalization transitions. We further apply various indices providing the anatomy of cross-sectional dynamics. Additionally, we compare the early cryptocurrency market period to the more recent era, investigating whether there are any discernible changes in the mobility structure. We find that persistence, in the first decade of the crypto market’s operation has been substantial. Moreover, mobility (persistence) is found to be lower (higher) in the recent era of the market. Also, we document that the exit probability monotonically decreases with the cryptocurrency's capitalization. Exit probability exhibits a clear reduction in the recent market era. Overall, the results of this study can also be interpreted as signs that the cryptocurrency market has entered into a maturity phase. |
| Keywords: | Cryptocurrencies; Markov Chain; Transition Matrix |
| JEL: | G10 G15 G23 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109329&r= |
| By: | Erwin Heurkens; Tom Daamen; Wouter Jan Verheul; Fred Hobma |
| Abstract: | In current European practices, actors in real estate and urban transformation are highly dependent on one another. Contemporary inner-city transformation projects are particularly challenging in terms of collaboration and financing, as they need to address the need for housing as well as new demands in mobility, health, energy, climate adaptation and other sectors. Among other things, such cross-sectoral projects need to allocate funding from multiple public and private sources in a timely fashion, which is a challenge in its own right. Moreover, long-term urban transformation projects require large sums of up-front financing due to high land assembly, site preparation and real estate construction costs. Such financing is usually difficult to obtain. Project proposals face strict conditions from private lenders and investors, and limited availability of government funding, value capturing, and legal co-financing possibilities (Daamen et al., 2020). In many countries, these and other trends have spurred a quest for innovative financing instruments for real estate development (e.g. Squires et al., 2015). The Netherlands is a case in point. Here, innovative financing arrangements that combine the realization of public values and private return are believed to offer great potential for inner-city transformation projects. As part of a study funded by a Dutch government-industry coalition, we identified and assessed two of such innovative financing arrangements: Revolving Funds and Area Improvement Districts (Heurkens et al., 2020). The essence of the Revolving Fund is that public bodies – once private finance due to estimated risks in unavailable – pre-finance the realization of local public amenities and/or private real estate investments with sustainability objectives such as energy transition or shared mobility solutions. Such pre-financing has the precondition that the loan is repaid (with interest) to the fund, thus making it available for reinvestment—hence its revolving nature. The idea of an Area Improvement Districts is based on the financing mechanism behind Business Improvement Districts practiced in the US. These are aimed at obtaining a proportional financial contribution from property owners, investors and (potentially) developers for collective amenities or infrastructures in the area. These contributions are based on the expected increase in real estate value and the social impact of investments, which are pre-financed from a privately managed fund. Both innovative financing arrangements provide possible answers to, and might reinforce, increasing interdependencies between the public and private sector in urban planning and development (Heurkens et al., 2015). In addition, they aim to arrange and designate finance collectively in order to synthesize public and private values in the built environment. Potentially, they could prove to be beneficial for financing specific urban transformation projects with innovative sustainability solutions that have not yet proven to generate satisfactory returns. Nonetheless, both arrangements might also involve institutional changes – ranging from adapting government legislation, rethinking real estate financing structures, or changing actor behaviors and cultures – that prohibit a widespread adoption in practice. Moreover, one might ask whether such hybrid financing arrangements, and associated interdependencies such as shared risks, are desirable from a political and financial risk management point of view. Therefore, further research necessitates a closer examination of the features of, conditions for and effects of applications of innovative financing arrangements in urban transformation practices. |
| Keywords: | area improvement district; innovative financing; revolving fund; Urban Transformation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_56&r= |
| By: | Francesco Agostinelli (University of Pennsylvania); Margaux Luflade (University of Pennsylvania); Paolo Martellini (University of Wisconsin--Madison) |
| Abstract: | We study the role of local institutions--that is, school boundaries, school transportation provision, and zoning restrictions--in determining inequalities of educational opportunities for children. Motivated by our empirical findings on how the demand for both neighborhoods and schools responds to quasi-experimental variation in school quality and transportation, we build and estimate a spatial equilibrium model of residential sorting and school choice. We use the estimated model to analyze three policies that aim to improve educational access to economically disadvantaged children: expanding school choice, providing housing vouchers, and upzoning residential neighborhoods. We find that the success of school choice expansion is contingent on integrating transportation services, and that the common assumption in the school choice literature of policy-invariant residential location would lead to opposite implications for the equilibrium change in school composition. The voucher program benefits eligible families, but the benefits fade in equilibrium as the policy is implemented on a large scale. Finally, upzoning is an effective policy in lowering inequality in school composition via a reduction in neighborhood income segregation. |
| Keywords: | school zoning, quasi-experimental variation, voucher programs |
| JEL: | I24 R23 R31 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hka:wpaper:2021-042&r= |
| By: | Jorge Vasquez (Wesleyan University; Group for Research in Applied Economics (GRAPE)); Marek Weretka (Group for Research in Applied Economics (GRAPE); University of Wisconsin-Madison) |
| Abstract: | It is well-known that social relationships and altruism among workers foster cooperation in the workplace and, therefore, may have beneficial effects for firms. Yet it is unclear how and to what extent co-worker altruism impacts labor market outcomes. In this paper, we find that, although co-worker altruism may be seamless in good times, it may impact the functioning of labor markets during bad times. Specifically, co-worker altruism may potentially lead to wage rigidity and involuntary unemployment in economic downturns. These results seem to be consistent with recent empirical findings. |
| Keywords: | non-paternalistic altruism, wage rigidity, involuntary unemployment |
| JEL: | D64 D91 J21 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:fme:wpaper:55&r= |
| By: | Nickolas Gagnon (Department of Strategy and Innovation, Vienna University of Economics and Business and Institute for Markets and Strategy Riccardo D. Saulle; Department of Economics and Management, University of Padova); Henrik W. Zaunbrecher (Department of Economics, Maastricht University) |
| Abstract: | We use a controlled laboratory experiment to study the causal impact of income de- creases within a time period on redistribution decisions at the end of that period, in an environment where we keep fixed the sum of incomes over the period. First, we investigate the effect of a negative income trend (intra-personal decrease), which means a decreasing income compared to one’s recent past. Second, we investigate the effect of a negative income trend relative to the income trend of another person (inter-personal decrease). If intra-personal or inter-personal decreases create dissatisfaction for an individual, that person may become more selfish to obtain compensation. We formalize both effects in a multi-period model augmenting a standard model of inequality aversion. Overall, conditional on exhibiting sufficiently-strong social preferences, we find that individuals indeed behave more selfishly when they experience decreasing incomes. While many studies examine the effect of income inequality on redistribution decisions, we delve into the history behind one’s income to isolate the effect of income changes. |
| Keywords: | Income Inequality, Income Change, Social Preferences, Social Comparison, Income Redistribution |
| JEL: | C91 D31 D63 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:pad:wpaper:0274&r= |
| By: | Jianfei Li; Ioulia Ossokina; Theo Arentze |
| Abstract: | With the increasing need for urban green space in urban area to improve the climate adaptation of cities, the spatial planning of residential land-use faces new challenges. Therefore, land-use allocation models offer a useful tool to shed light on the trade-offs and generate suitable solutions for housing allocation problems. A critical prerequisite for housing allocation models is, however, that the value-function is specified such that it accurately represents buyers’ willingness-to-pay for dwelling and location characteristics in the housing market. Hedonic price analysis is the predominant method to estimate willingness-to-pay values based on housing transaction data. Due to high correlations between spatial factors, however, the ability to identify the parameters of spatial factors involved in such value functions is limited. The objective of this study is to apply an alternative method to accurately measure households’ preferences of housing location and its neighborhood characteristics that is based on a stated choice experiment. In this paper, we present the results of a stated choice experiment that we developed for this purpose. The population consists of homeowners (households) in middle-sized to large-sized cities in the Netherlands. The experiment consists of two parts to measure preferences for neighborhood characteristics and for accessibility of urban amenities respectively. The price of the dwelling is an attribute in both experiments so that a single discrete choice model can be estimated based on the pooled data from the two experiments. The experiments are implemented in an on-line survey and data is collected for a large national sample of homeowners in the Netherlands. This study will provide quantitative insight into homeowners’ preferences (willingness to pay) regarding spatial characteristics of a dwelling. By doing this, we obtain an empirically estimated housing land-use allocation model. This model offers a tool to municipalities and housing developers to optimize urban housing development taking into account financial, climate, and social objectives (match demand and supply of housing). In the paper, we describe the design of the experiments, the data collection, the results of a loglikelihood estimation and we show how the estimation results can be used to specify a state-of-the-art housing allocation model. |
| Keywords: | housing preferences; neighborhood environment; Stated Choice Experiment |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_78&r= |
| By: | Alhassan A-W Karakara (University of Cape Coast, Cape Coast, Ghana); Evans S. Osabuohien (CEPDeR, Covenant University, Ota, Nigeria) |
| Abstract: | Information and communication technology (ICT) has a crucial role in the individual, businesses and cooperative lives of citizens. Many studies on ICT access tend to concentrate on the supply side of improving access to ICTs; however, limited efforts have been made to examine the households’ demand side. Thus, this study contributes to the extant literature by investigating the demand side of ICT access by households. It also examines the socioeconomic characteristics that affect the households’ access and usage of ICTs, which create a somewhat digital divide between 'ICT have' and 'have not' in Burkina Faso and Ghana. It employs Demographic and Health Survey (DHS) data for both Burkina Faso and Ghana 2014 in achieving its objectives. The results, among others, underscore different threshold effects in access to ICTs Burkinabe and Ghanaian households. Thus, to enhance the households' ICT access, and consequently, usage the features of the households should be taken into consideration when developing ICT access policies. |
| Keywords: | Burkina Faso, Ghana, Households, ICT access and Usage, Threshold effect |
| JEL: | O14 R22 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:exs:wpaper:21/055&r= |
| By: | Kirill Borusyak; Xavier Jaravel; Jann Spiess |
| Abstract: | A broad empirical literature uses "event study," or "difference-in-differences with staggered rollout," research designs for treatment effect estimation: settings in which units in the panel receive treatment at different times. We show a series of problems with conventional regression-based two-way fixed effects estimators, both static and dynamic. These problems arise when researchers conflate the identifying assumptions of parallel trends and no anticipatory effects, implicit assumptions that restrict treatment effect heterogeneity, and the specification of the estimand as a weighted average of treatment effects. We then derive the efficient estimator robust to treatment effect heterogeneity for this setting, show that it has a particularly intuitive "imputation" form when treatment-effect heterogeneity is unrestricted, characterize its asymptotic behavior, provide tools for inference, and illustrate its attractive properties in simulations. We further discuss appropriate tests for parallel trends, and show how our estimation approach extends to many settings beyond standard event studies. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12419&r= |
| By: | Barajas, Jesus |
| Abstract: | Transportation inequities, particularly in the United States, result in part from historical and contemporary racism in planning, policy, urban development, decision making, and societal institutions. They have limited the mobility and access to opportunity for Black, Indigenous, and people of color, and shaped the ways that they travel. This chapter reviews the literature on racial and ethnic identity in travel behavior, examining the history and claims of transportation injustice. The chapter explores the barriers that historically marginalized communities experience as a result of disproportionate policing, safety and security issues, and neighborhood othering and belonging—that is, inviting suspicion because a person appears to be “out of place” in a neighborhood. It concludes by making the case for why transportation planners must consider race and racism explanatory factors in travel and why race-neutral planning processes exacerbate disparities. |
| Date: | 2021–07–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:unmkx&r= |
| By: | Khouiled, Brahim; Saheb, Oualid |
| Abstract: | In this paper, we presented concepts on the scissors effect between governance indicators and the fluctuations of net FDI inflows and we applied them to the MENA countries. We used PANEL data for 17 countries with triple averages over the period 1996-2017 to avoid missing some data. We found that the proposed dynamic model by Mijiyawa (2015) is appropriate for this study with the GMM system estimate. The results showed that the quality of the governance indicators was most significant and the effect of reducing the fluctuations of the FDI inflows in the long term, especially the indicator of the political and security situation prevailing in the region. |
| Keywords: | Governance, Fluctuations of FDI, MENA, Panel Data, GMM, حوكمة, تقلبات الاستثمار الأجنبي المباشر, معطيات بانل, عزوم معممة |
| JEL: | E31 O49 |
| Date: | 2019–10–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109308&r= |
| By: | Zhelev, Paskal |
| Abstract: | While the Black Sea has historically been an area of significant geostrategic importance, this has not made it a vibrant zone of commerce, transport, energy, tourism, or cultural exchange. Rather, it has become a theatre of struggle for dominance and competing geopolitical and geo-economic interests. This situation has been exacerbated by conflict between Russia and countries in the region, like Ukraine and Georgia, that have sought closer ties with the West and aspire to NATO membership and EU integration. These developments have dire consequences for regional security and stability, disrupting political and economic ties in the area and beyond. A long-term solution to the region’s security issues could be based on intensifying trade relations and increasing economic interdependence between the states. This paper identifies major barriers to closer regional trade and economic cooperation and outlines ways to overcome them. |
| Keywords: | Black Sea region, regional integration, sub-regionalism, foreign trade |
| JEL: | F13 F15 F50 F51 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109487&r= |
| By: | Lisa Crosato; Caterina Liberati; Marco Repetto |
| Abstract: | Academic research and the financial industry have recently paid great attention to Machine Learning algorithms due to their power to solve complex learning tasks. In the field of firms' default prediction, however, the lack of interpretability has prevented the extensive adoption of the black-box type of models. To overcome this drawback and maintain the high performances of black-boxes, this paper relies on a model-agnostic approach. Accumulated Local Effects and Shapley values are used to shape the predictors' impact on the likelihood of default and rank them according to their contribution to the model outcome. Prediction is achieved by two Machine Learning algorithms (eXtreme Gradient Boosting and FeedForward Neural Network) compared with three standard discriminant models. Results show that our analysis of the Italian Small and Medium Enterprises manufacturing industry benefits from the overall highest classification power by the eXtreme Gradient Boosting algorithm without giving up a rich interpretation framework. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13914&r= |
| By: | Van, Germinal; Orellana, Jose |
| Abstract: | The purpose of this paper is to analyze the economic cost of illegal immigration in the United States since the 1990s and its consequences on American society. Indeed, illegal immigration has been a major topic of discussion among the main social issues during election cycles in the United States. Those who lean more conservative have argued that illegal immigration is an externality that increase social cost. They argue that illegal immigrants increase the cost of healthcare, public education, and welfare programs such as Medicaid and food stamps. And the cost falls on the American taxpayer. Those who lean more liberal argue that the government should create social programs to assist illegal immigrants in helping them adjusting and conforming their immigration status to the laws and customs of the United States. This paper has two objectives: (1) to determine if illegal immigration imposes a higher social cost on the American taxpayer based on a multivariate regression analysis, (2) to propose recommendations to help the illegal immigrants becoming legal while minimizing the future social cost of illegal immigration on the American taxpayer. Our findings show that there is a correlational relationship between illegal immigration and the cost of social welfare, and this correlational relationship is of strong magnitude. |
| Keywords: | Econometrics, Economic Analysis, Applied Economics, Econometric Modelling, Multivariate Regression Analysis, Statistical Modelling |
| JEL: | C01 C10 C31 C54 D60 H4 |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109519&r= |
| By: | Hatice Jenkins (Department of Banking and Finance Eastern Mediterranean University, North Cyprus); Glenn P. Jenkins (Department of Economics, Queen's University, Kingston, Ontario K7L 3N6, Canada) |
| Abstract: | One outcome of the existence of social capital in a community is that individuals will take into consideration the welfare of other members of the community. If an investment project is undertaken that causes the poorer members of society to increase their consumption of goods and services to improve the satisfaction of their basic needs, then other members f the community who are not directly affected y the project may also experience an increase in the level of their economic welfare. This approach takes into consideration both the change in the economic welfare of the recipients of the assistance the enhances the satisfaction of basic needs in the community, and also the tastes, preferences, and economic welfare of the rest of the community. These basic needs externality can be created by investments because the project lowers the price of a good or service used to satisfy their basic needs, or by raising the incomes of the poor groups so that they now will buy more of the goods that are used to satisfy their basic needs. This paper develops a theoretical framework for the evaluation of the basic need’s externality created by the investment. It then applies this theoretical framework to the case of a project that proposes to expand the water supply in the south part of the city of Manila. We find that these externalities can be quite important. In this particular case a conservative evaluation of the basic need’s externality leads to a value that is over 4 times as large as the financial shortfall of the project. |
| Keywords: | social capital, basic needs, economic externalities, investment appraisal |
| JEL: | D61 D62 H43 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:qed:dpaper:4578&r= |
| By: | TILLIE Pascal (European Commission - JRC); ELOUHICHI Kamel; GOMEZ Y PALOMA Sergio (European Commission - JRC) |
| Abstract: | In Niger, one of the key objectives of agricultural policy is to promote the development of small-scale irrigation infrastructure in order to diversify agricultural production, extend the growing season, increase land productivity and secure farmers’ incomes. Small-scale irrigation is regarded as a possible alternative to large-scale collective schemes because it is cheaper to set up and maintain and easier to manage. This report presents the results of modelling the impacts of a small-scale irrigation development programme, known as the Stratégie pour la Petite Irrigation au Niger (Small-Scale Irrigation Strategy in Niger, or SPIN for its acronym in French), in terms of land use, agricultural production, income generation and poverty reduction. This analysis was conducted using the FSSIM-Dev (Farm System Simulator for Developing Countries) model and data obtained from a representative national sample of farm households. FSSIM-Dev is a comparative static model using a positive mathematical programming (PMP) approach tailored to producer-consumer households and to the particular aspects of the sub-Saharan rural economy. Applied to each farm household included in a representative sample for Niger, FSSIM-Dev allows for capturing all the heterogeneous impacts of a development programme such as the SPIN. The modelling results show that increasing the irrigated area in the dry season by 47,000 hectares, i.e. 44%, which is in line with the SPIN objectives, would bring significant benefits to Nigerien farm households. The average farm income would increase by 12% and income inequalities between households in rural areas would reduce by around five Gini points, i.e. approximately 9%. Increasing the irrigated area would also create many new jobs and reduce the rural poverty rate by more than one point (from 52.4% to 50.8%). The estimated cost of such a programme would be between 47 billion CFA francs and 189 billion CFA francs, to be split between farmers and the State. |
| Keywords: | Irrigation, Water, Smallholder, Agricultural Policy, Niger, Policy Impact Assessment |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc121218&r= |
| By: | Benjamin Lerch (Department of Economics, Università della Svizzera italiana, Switzerland) |
| Abstract: | The adoption of labor-replacing technologies has already displaced thousands of workers in the US. In this paper, I analyze how the adverse effects of the implementation of robots in firms' production processes are spreading among the population and how they are shaping the composition of labor markets. Exploiting exogenous variation in robot exposure across local labor markets and over time, I find that the introduction of industrial robots between the mid-1990s and 2014 contributes to the decline in the gender employment gap but increases the race and ethnicity employment gap. This finding follows from men and racial and ethnic minorities being more exposed to robots because of their over-representation in blue-collar jobs. Despite their predominance in the manufacturing sector, the labor market impacts of robots are not confined to these industries, but spill over also to the service sector. |
| Keywords: | industrial robots, employment, gender, race and ethnicity |
| JEL: | J15 J16 J23 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:lug:wpidep:2102&r= |
| By: | Espoir, Delphin Kamanda; Sunge, Regret; Bannor, Frank |
| Abstract: | Energy transition has imposed a policy priority dilemma between economic growth and global warming mitigation. Existing studies in Africa have examined the impact of energy sources on growth but overlooked the differences across countries and regions. This study seeks to achieve two research objectives. First, it examines and compares the impact of renewable electricity consumption (REC) and nonrenewable electricity consumption (NREC) on growth in 48 African countries between 1980 and 2018. The study uses the recent panel estimators of cross-sectional dependence, slope heterogeneity, and cointegration. For the short and long-run marginal effects, the Pooled Mean Group estimator is used. Second, the analysis is extended to account for the heterogeneous effects of energy among African countries in four regional economic communities (EAC, COMESA, SADC, and ECOWAS). Here, we use the random-coefficients linear regression and kernel-based regularized least squares machine learning algorithm. The findings are as follows: (1) there is cointegration amongst the variables, (2) for the entire sample, both REC and NREC have positive and significant effects on growth, but NREC has an enormous impact, (3) the marginal effects of REC and NREC differ across African regions. Given the energy transition dilemma, there is a need for public-private partnership investments to bring a balanced mix between NREC and REC. Also, the heterogeneity suggests that a one-size-fit-all policy designed to increase growth through REC may not yield the same outcome in Africa. Therefore, while policies should speak to the common global agenda, there is a need to internalise and localise the strategies in each country and/or region. |
| Keywords: | Renewable energy consumption,Economic growth,Climate change,Africa |
| JEL: | O47 O55 Q42 Q54 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:238063&r= |
| By: | da Cruz, Nuno F.; Oh, Do Young; Badaoui Choumar, Nathalie |
| Abstract: | The growth of metropolitan areas is reshaping the urban landscape and governance around the world, producing new challenges but also opportunities for sustainable development and the management of territories. The ‘metropolitan scale’ is now internationally recognised as a key concept and perspective through which we should consider various socio-economic, spatial and political dimensions. However, our understanding of metropolitan dynamics is curtailed by a substantial lack of information at this scale. Global databases on metropolitan areas are very limited. To tackle the void, this paper employs simple definitions and heuristics to collect and present comparable data for 58 metropolises from five continents. There is a clear trade-off between the accuracy of the data and the comprehensiveness of datasets. We reflect on the experience to emphasise the obstacles that lie ahead of both scholars and policy-makers at all levels of government. A strong system of cities and metropolitan areas and the appropriate governance of these scales may provide the basis for a balanced socio-economic development – but first we will need to know more about these territories and communities. |
| Keywords: | data; functional area; governance; metropolis |
| JEL: | N0 |
| Date: | 2020–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:103316&r= |
| By: | Gnangnon, Sèna Kimm; Iyer, Harish |
| Abstract: | Development aid and non-reciprocal trade preferences (NRTPs) are two major tools available to wealthier nations to assist developing countries in their development efforts. The present paper investigates the effect of Aid for Trade (AfT) flows (that are key for the integration of developing countries into the global trading system) and foreign direct investment (FDI) inflows, as well as their interplay on the utilization of NRTPs offered by the Quadrilaterals (i.e., QUAD countries). Two major blocks of NRTPs provided by the QUAD countries have been considered, namely the Generalized System of Preferences (GSP) programs and other NRTPs. The analysis has covered 114 beneficiary countries of these NRTPs (of which 38 Least developed countries - LDCs) and the period 2002-2018. Several findings have emerged from the analysis. Over the full sample, total AfT flows contribute to enhancing the utilization rate of both GSP programs and other NRTPs. FDI inflows influence positively the utilization rate of both GSP programs and other NRTPs, with the effect on the former being higher than the effect on the latter. For LDCs, total AfT flows are associated with a better utilization of GSP programs at the expense of other NRTPs, while for NonLDCs, total AfT flows generate a better utilization of GSP programs compared to other NRTPs. In the meantime, higher FDI inflows improve the utilization of the two types of NRTPs, although they exert a higher positive effect on the utilization of GSP programs than on that of other NRTPs. In NonLDCs, higher FDI inflows contribute to improving the utilization of GSP programs, but lead to a lower degree of usage of other NRTPs. Total AfT flows and FDI inflows are strongly complementary in affecting positively the utilization of both types of NRTPs, and the degree of this complementarity is higher on the utilization of other NRTPs than on the utilization of GSP programs. Finally, beneficiary countries' level of export product diversification matters for the effect of both AfT flows and FDI inflows on the utilization of NRTPs. The conclusion section discusses the implications of these findings. |
| Keywords: | Aid for Trade,Foreign Direct Investment Inflows,Non-reciprocal trade preferences utilization,QUAD countries,Developing Countries |
| JEL: | F13 F14 F13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:238211&r= |
| By: | Harun Tanrivermis; Amani Uisso |
| Abstract: | Land resources which are exclusively saving the farming activities, remains inadequate in aspects of size, fertility and productivity rate while operations in farmlands are observed to be fragmented and scattered. The official data reveals that the average farmland size per households in 2016 was 7.0 parcel unit. It is observed that small-scale farm enterprises are widespread, and the average size of enterprises is insufficient and the distribution of lands between the regions and within the households is uneven. Due to increasing population pressure and inadequacy of non-agricultural employment opportunities, land fragmentation remains as a cumulative challenge to land management and administration. To eliminate this problem, legal arrangements have been made and land consolidation projects have been carried out. In the cause of preventing fragmentation to productive arable farmland due to inheritance and sales of agricultural lands to non-agricultural tenacities, the parliament has made some amendments to some of the sections in Soil Conservation and Land Use Law in 2014 concerning the compulsory farmland ownership and land transfer after inheritance and the prevention of land fragmentation which is frequently emerged due to land selling’s. Nevertheless, the Ministry responsible may only allow the transfer of land by considering certain criteria such as farm size, the sufficient level of revenue generated from the farmland, together with economic integrity of farmland. The aim of the research were to examine the legislations which were enacted to prevent the land fragmentation in agriculture in Turkey, legal lacunas and inadequacies observed in the cause of implementations, and the necessary measures to be taken to solve the problems were outlined. The research results aim at evaluating the causes of disputes over land transfer and to suggest proper solutions to resolve land ownership’s issues based on national survey results as secondary and primary data. Primary data were obtained through the survey and the findings reveal that the main deviations arise from the existing law both at national and in the case of Ankara province. On the other hand, the evaluations of research results were made based on the obtained data from national institutions, and the results of the interviews with the landowners and representative leaders alias “mukhtar”. In-depth interviews and questionnaires were applied in 95 sub-settlements of the district. Interviews were also conducted with a total number of 5 landowners and users in each village, including the neighbourhood representative leaders. Land resources, land distribution based on use types, land ownership, fragmentation and the trends of the enterprises were examined based on the analysis of data obtained from a total of 500 questionnaires. The impacts of legal regulation on land use and land fragmentation were examined and then a situation analysis was conducted in terms of farmland in Polatl district, one of the oldest human settlements in Anatolia. It is noteworthy that the change in land assets and use in the district is slow, but the practices of tenancy and sharecropping change yearly. It is obviously determined that newly legal provisions and regulations on land resources has a notably impact on the land tenure system, sustainability, land markets and land management strategies and land fragmentations in Turkey. In addition, these regulations have reduced the land mobility and transfer option in local markets and affect land rent and current capitalization rates. |
| Keywords: | farmland markets; fragmentation and farm size; heritage sales permit and landownership transfer; Productive farmland |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_224&r= |
| By: | Fernando Alarid-Escudero; Eline M. Krijkamp; Eva A. Enns; Alan Yang; M. G. Myriam Hunink; Petros Pechlivanoglou; Hawre Jalal |
| Abstract: | This tutorial shows how to implement time-dependent cohort state-transition models (cSTMs) to conduct cost-effectiveness analyses (CEA) in R, where transition probabilities and rewards vary by time. We account for two types of time dependency: time since the start of the simulation (simulation-time dependency) and time spent in a health state (state residence dependency). We illustrate how to conduct a CEA of multiple strategies based on a time-dependent cSTM using a previously published cSTM, including probabilistic sensitivity analyses. We also demonstrate how to compute various epidemiological outcomes of interest from the outputs generated from the cSTM, such as survival probability and disease prevalence. We present both the mathematical notation and the R code to execute the calculations. This tutorial builds upon an introductory tutorial that introduces time-independent cSTMs using a CEA example in R. We provide an up-to-date public code repository for broader implementation. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13552&r= |
| By: | Donna, Javier D.; Espin-Sanchez, Jose-A. |
| Abstract: | We investigate the efficiency of a market relative to a non-market institution—an auction relative to a quota—as allocation mechanisms in the presence of frictions. We use data from water markets in southeastern Spain and explore a specific change in the institutions to allocate water. On the one hand, frictions arose because poor farmers were liquidity constrained. On the other hand, wealthy farmers who were part of the wealthy elite were not liquidity constrained. We estimate a structural dynamic demand model under the market by taking advantage that water demand for both types of farmers is determined by the technological constraint imposed by the crop’s production function. This approach allows us to differentiate liquidity constraints from unobserved heterogeneity. We use the estimated model to compute welfare under market and non-market institutions. We show that the institutional change from markets to quotas increased efficiency for the farmers considered. |
| Keywords: | Market Efficiency, Dynamic Demand, Auctions, Quotas, Vertical Integration, Financial Markets |
| JEL: | D02 G14 L11 L13 L42 L50 Q25 |
| Date: | 2021–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109544&r= |
| By: | Kuusi, Tero; Ali-Yrkkö, Jyrki |
| Abstract: | Abstract In this paper, we study the impacts of bilateral investment treaties (BITs) between the EU countries and China on EU home investments. We consider BITs as “treatments” that provide further access to global value chains (GVCs). We identify the causal impacts of the BITs on the relationship between home investments and the deepening of GVCs, with identification arising from exogenous, pre-treaty variation in the exposure to the Chinese value chains. We show that strong pre-treaty exposure to the Chinese value chains has led to a further strengthening of the Chinese upstream linkages and a decreasing impact on domestic capital growth in the EU. it seems that the effects of the BITs are strongly felt in growing industries where there have been high capital growth rates, most pronouncedly in the manufacture of computer, electronic, and optical products, and pharmaceuticals. On the other hand, it is also felt in some industries that have had laggard capital growth rates, such as the textile industry. However, it appears that the effect has been heterogeneous, concentrating on countries with low productivity, as relative to the global industry averages. Among the exposed industries with a high pre-treaty fraction of Chinese production, the high-productivity ones tend to increase their relative labor-productivity growth and value-added growth more after the signing of a treaty. The negative link between non-Chinese investments and the pre-treaty exposure also characterizes BITs with China and non-EU countries, but not BITs without China as a partner country. |
| Keywords: | Domestic investments, Foreign investments, Investment treaty, Overseas investments, Global value chain, Bilateral treaties |
| JEL: | F21 F23 F13 F62 L24 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:rif:report:115&r= |
| By: | Bradley Larsen; Joachim Freyberger |
| Abstract: | This study provides a structural analysis of detailed, alternating-offer bargaining data from eBay, deriving bounds on buyers and sellers private value distributions using a range of assumptions on behavior. These assumptions range from very weak (assuming only that acceptance and rejection decisions are rational) to less weak (e.g., assuming that bargaining offers are weakly increasing in players' private values). We estimate the bounds and show what they imply for consumer negotiation behavior in theory and practice. For the median product, bargaining ends in impasses in 43% of negotiations even when the buyer values the good more than the seller. |
| JEL: | C57 C78 D47 D82 L81 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29202&r= |
| By: | R.L. Gudmundarson; M. Guerra; A. B. de Moura |
| Abstract: | In this work the ruin probability of the Lundberg risk process is used as a criterion for determining the optimal security loading of premia in the presence of price-sensitive demand for insurance. Both single and aggregated claim processes are considered and the independent and the dependent cases are analyzed. For the single-risk case, we show that the optimal loading does not depend on the initial reserve. In the multiple risk case we account for arbitrary dependency structures between different risks and for dependencies between the probabilities of a client acquiring policies for different risks. In this case, the optimal loadings depend on the initial reserve. In all cases the loadings minimizing the ruin probability do not coincide with the loadings maximizing the expected profit. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01932021&r= |
| By: | Benjamin Wagner; Andreas Pfnür |
| Abstract: | In the current real estate transformation, both the real estate value creation system and its business models are changing. For real estate developers in particular, the need to adapt their own business models is becoming apparent. Therefore, this research project examines where the strongest influences occur in the environment of real estate developers and the effects of these structural changes on real estate project developments. The purpose is to highlight the strategic influence of the changes taking place as well as the resulting need for strategic action for business model innovations.For this purpose, we use a mixed method approach. First, we use graph theory and social network analysis to determine which stakeholders have the strongest influence on real estate developers. The data basis is a quantitative survey of 249 decision-makers in the real estate industry. Based on this, we conduct 28 semi-structured interviews with relevant stakeholders in real estate development in order to describe and contextualize the changes and actions that have an impact and to derive the concrete need for action.The results show that real estate developers, as central actors in the real estate transformation, are strongly affected, while at the same time they are also the source of significant influences. Changing occupant requirements increase the demand for holistic services provided by developers. Cooperation between developers and occupiers helps to adapt existing space to the current requirements of new working environments and at the same time provides potential for developing innovative forms of space provision in the sense of space-as-a-service. In order to be able to offer holistic solutions for space provision, an integration of real estate value-added stages is emerging. For developers, digital technologies provide potentials to bundle services as a central real estate player, although uncertainties and a lack of standardization still pose hurdles.The findings help to understand the change processes of the real estate industry transformation more profoundly. For real estate developers, the results provide strategic options for adapting their business models due to changing business conditions. |
| Keywords: | real estate business model innovation; real estate transformation; Real-Estate-as-a-Service; Social Network Analysis |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_35&r= |
| By: | Greg Philip Hannsgen; Tai Young-Taft |
| Abstract: | We develop a pair of models to show how non-ad-hoc shifts to expectational variables can be used to model tendencies toward crisis. In the Shackle model, as developed in the book Keynesian Kaleidics (1974), uncertainty can lead to a collapse in the marginal efficiency of investment and a jump in liquidity preference. In the Minsky version of the model, excessive private debt can lead to a financial collapse–again an endogenous breakdown in forces supporting growth. We extend the models to indicate how the dynamics of inflation and distribution affect the dynamics. |
| Keywords: | Post Keynesian macro model, Poisson model of financial fragility, Keynesian dynamics, Hyman Minsky, G.L.S. Shackle, Keynesian Kaleidics, endogenous MEI and liquidity preference, financial fragility hypothesis |
| JEL: | E12 E32 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2112&r= |
| By: | Christian K. Wolf |
| Abstract: | In a textbook New Keynesian model extended to allow for uninsurable household income risk, any path of inflation and output implementable via interest rate policy is similarly implementable through uniform lump-sum transfers ("stimulus checks"). A dual-mandate policymaker can thus use checks to perfectly substitute for conventional monetary policy when rates are constrained by a lower bound. In a quantitative heterogeneous-agent (HANK) model, the stimulus check policy that implements a given monetary allocation is well-characterized by a small number of measurable sufficient statistics. In the household cross-section, the transfer policy is associated with lower consumption inequality than the equivalent rate cut. |
| JEL: | E2 E3 E6 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29193&r= |
| By: | S, Suresh Kumar; S R, Shehnaz; Salam, Shiny |
| Abstract: | The country’s GDP grew at a modest 4.5 per cent in the September quarter 2019, and the official data released showed a sixth straight fall in quarterly GDP growth and also the first time fall below the psychologically important 5 per cent mark in almost seven years. It is in this context that the festive sales hosted by the ecommerce sector ended first week of October 2019 where the e-tailers in India, mainly Amazon and Flipkart, achieved a record $3 billion (about Rs 19,000 crore) of Gross Merchandise Value (GMV) during the period as per a report by consulting firm RedSeer has to be evaluated. The success of business models, whether it be in e-tailing (amazon, flip-kart etc.), transportation (Uber, Ola Cabs etc..) or online ordering from eatery apps (Ubereats, Swiggy, Zomato etc.) despite the reverse trend in GDP growth and sustained recession, needs to be evaluated in the context of innovation applied and technology adoption. It is in the backdrop of above said upsurge of business model innovations that can combat the challenges in downfalls of an economy and/ or ever-increasing competition on a global platform, the effectiveness of business models assumes significance. A laggard manager clinging on to his age-old business model is now forced to look forward to articulate their existing business model, since the core enabler of a firm’s performance is an effective business model. Understanding the possibilities for innovating through theoretical insight and practical guidelines needs identification of types and the development of a typology of business model innovations. The online eatery business of restaurants, with key partners such as payment processors, mapping data providers and delivery bike drivers through channels such as mobile apps and telephone ensures customer relations by providing convenience in the form of wide choice of sourcing and menu as well as easy payments has found its own way into urban and semi-urban centres of almost all the states in India, Kerala being no exception. The proposed study intends to identify how successful is the business model adopted by medium and small restaurants in providing its customers a wide choice of menu coupled with timely and prompt delivery through online ordering apps such as Uber Eats, Swiggy, Zomato etc across the major cities in Kerala. The study relies on structural equation modelling to identify the impact of constructs namely customer (eater) satisfaction and delivery partner (biker) benefit on the success of business model through evaluation of benefits to the eateries (restaurants). These constructs or latent variables were predicted using 8 measured variables for customer satisfaction, 4 measured variables for job potential and 4 measured variables for eatery benefits. The structural equation model will evaluate the predictability capability of each measured variables. The hypothesis whether the customer satisfaction and employee benefits directly impact success of the online business model will be tested. Data collected from 120 regular users of online food apps and 120 delivery boys as well as 120 restaurant partners from Thiruvananthapuram and Ernakulam cities, using separate questionnaire were analysed. The responses to measured variables were obtained on a 5-point scale and the parameters of model were tested for internal reliability, convergent and discriminant validity, fitness indices and probabilities of standardised regression weights. The results of analysis revealed that all the dimensions of customer satisfaction and job potential significantly predicts to success of business model and success of business model directly impacts the benefits derived by eateries through the business model of online ordering and delivery of food |
| Keywords: | Food Apps, Online retailing, Eatery Menu, Delivery Personnel, Structural Equation Modelling |
| JEL: | D12 D40 M31 |
| Date: | 2020–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109185&r= |
| By: | Stark, Oded; Jakubek, Marcin |
| Abstract: | This chapter investigates the impact of the imposition of sanctions for employing illegal migrants on the welfare of native laborers. In response to such sanctions, managers in a firm may be reassigned from the supervision of production to the verification of the legality of the firm’s labor force. The chapter analyzes three different conditions of the host country’s labor market: full employment, voluntary unemployment, and minimal wage in combination with involuntary unemployment. It is shown that when the sanctions are steep enough, a profit-maximizing firm will assign managers to verification, which impedes the firm’s productivity. The impact on the wages and / or employment of the native laborers depends on the efficiency of the verification technology, namely on the percentage of the “filtered out” illegal laborers in relation to the fraction of reassigned managers. If this efficiency is not high enough, the sanctions bring in their wake consequences that fly in the face of the very aim of their introduction: the welfare of the native laborers will take a beating. |
| Keywords: | Institutional and Behavioral Economics, Labor and Human Capital |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:ags:ubzefd:313307&r= |
| By: | Regina Zeitner; Marion Peyinghaus |
| Abstract: | Climate change is inevitable: storms, floods, heat islands in inner cities are consequences that the real estate industry is already facing today. However, the outlook for the future is not all gloomy. Scientists have calculated that investments in climate protection are worthwhile. In addi-tion, a change in society is emerging. New needs are emerging and customers expect climate-friendly living and working. It is therefore time to see climate change not only as a threat, but also as an opportunity to generate new products and access additional customer groups. To analyze the opportunities and risks of climate change on the real estate industry, the Competence Center Process Management Real Estate (CC PMRE) together with HTW Berlin and cctm real estate & infrastructure AG from Basel conducted the market analysis PMRE Monitor 2021: Climate. Change. Chance. 219 experts from the real estate industry and 140 students of real es-tate business courses from Germany participated in the study. Due to the particular relevance of climate change for future generations, students from international backgrounds were also surveyed. A total of 51 students from foreign colleges or universities with different specializations participated in the market analysis. The results of the study confirm that climate protection pays off in the real estate industry. Residential tenants are quite prepared to pay a premium for climate-neutral living. A rent increase of around 5.1% is accepted. There are also opportunities in terms of value appreciation. On aver-age, properties with climate protection aspects can achieve value increases of 8.6%. On the other hand, climate change also harbors risks. The participants in the study expect value losses of around 20.5% due to a poor CO2 balance or a climate risk situation. The article shows in detail which characteristics of a property lead to increases or also decreases in value and therefore demonstrates which climate protection measures real estate actors must take today. |
| Keywords: | Climate Change; Rent increase; Stranded Assets; Value increase |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_164&r= |
| By: | Jorge Braga de Macedo; Joaquim Oliveira Martins; João Tovar Jalles |
| Abstract: | Using a large panel for 95 countries and the 1972-2014 period, this paper analyses the interactions among globalization, political & civil rights and economic convergence, through a simultaneous estimation technique. We use a multi-dimensional, de facto, and continuous measures of Freedoms and Globalization. We find a two-way positive relationship between civil liberties & political rights and economic, political and social Globalization, as well as significant two-way relationships with the economic convergence (using as a proxy the ratio of GDP per capita to the US). In this way, we extend the test for the two-way relationship between Democracy and Globalization put forward by Eichengreen and Leblang (2008). Overall, we also find a virtuous cycle between Globalization, Freedoms and Economic convergence, except for non- OECD countries at early intermediate stages of development. This positive systemic effect can be put into question by the recent negative shocks on Globalization and Freedoms related to the Covid-19 pandemic. |
| Keywords: | globalization; democracy; freedoms; development; convergence; panel data; three-stage least squares |
| JEL: | F02 F11 F13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01892021&r= |
| By: | Roman Horvath (Charles University, Prague); Lorant Kaszab (Magyar Nemzeti Bank (Central Bank of Hungary)); Ales Marsal (National Bank of Slovakia) |
| Abstract: | Long-term bond yields contain a risk-premium, an important part of which is compensation for inflation risks. The substantial increase in the Fed funds rate in the mid-2000s did not raise long-term US Treasury yields due to the reduction in the term premium (so-called Greenspan conundrum) which was typically thought to be exogenous for monetary policy. We show using a New Keynesian macro-finance model that the term premium is endogenous and is greatly influenced by the specification of the Taylor rule. Finally, we extend the model with frictions (richer fiscal setup and wage rigidity) that are known to help jointly match macro and finance data and estimate the model on US data in 1961-2007 by the generalized methods of moments and simulated methods of moments. |
| Keywords: | zero-coupon bond, nominal term premium, inflation risk, Taylor rule, New Keynesian, labor income taxation, wage rigidity, GMM, SMM |
| JEL: | E13 E31 E43 E44 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:wpaper:2021/2&r= |
| By: | Roberto Georg Uebel (Escola Superior de Propaganda e Marketing (ESPM)); Amanda Raldi; Sonia Ranincheski (UFRGS - Universidade Federal do Rio Grande do Sul [Porto Alegre]) |
| Abstract: | If Latin America can be understood as a laboratory for the new regional systems of the 21st century, the protagonism of Brazil, a country that has undergone profound political, economic and social changes in the last two decades, was its main ingredient. One of the fields that stood out was that of international migrations towards the country, which has consolidated as one of the main destinations for Latin Americans, West Africans and East Asians in the global South. After observing an unprecedented immigration flow of Haitians, Senegalese, Cubans, Bengalis and Venezuelans, Brazil today has a geopolitical paradigm: It has one of the most modern migratory laws in the international system and, at the same time, governments and anti-immigration, anti-integration and anti-globalisation institutions. This work will present Brazil's immigration profile in the last two decades and a brief discussion about the country's migration governance, its new agendas and perspectives. It is an interdisciplinary work of Geography, International Relations and Political Science. |
| Abstract: | Si l'Amérique latine peut être comprise comme un laboratoire des nouveaux systèmes régionaux du XXIesiècle, le protagonisme du Brésil, pays qui a observé de profonds changements politiques, économiques et sociaux au cours des deux dernières décennies, en a été le principal ingrédient. L'un des domaines qui s'est démarqué a été celui des migrations internationales vers le pays, une des principales destinations des Latino-Américains, des Ouest-Africains et des Asiatiques de l'Est dans les pays du Sud global. Après avoir perçu un flux d'immigration sans précédent d'Haïtiens, de Sénégalais, de Cubains, de Bengalis et de Vénézuéliens, le Brésil fait aujourd'hui face à un paradigme géopolitique : il a à la fois l'une des lois migratoires les plus modernes du système international et des gouvernements et des institutions anti-immigration, anti-intégration et d'antimondialisation. Ce travail présentera le profil d'immigration du Brésil des deux dernières décennies et une brève discussion sur la gouvernance migratoire du pays, ses nouveaux agendas et perspectives. Il s'agit d'un travail interdisciplinaire de géographie, relations internationales et science politique. |
| Keywords: | Governance,Perspectives,Agendas,International migrations,Brazil,agendas,migrations internationales,Brésil,perspectives,gouvernance |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114077&r= |
| By: | Hanh T. Tong (Theory+Practice); David J. Freeman (Simon Fraser University) |
| Abstract: | We experimentally study players' initial beliefs about non-strategic play that an- chors their strategic reasoning in the traveler's dilemma, a game in which each player chooses a number and has the incentive to undercut their opponent by the minimal amount possible. In a within-subject design, each subject repeatedly plays variations of the traveler's dilemma game without feedback. To identify their strategic reasoning, we vary the upper and lower bounds of the strategy space in each round, and also vary the reward/penalty for undercutting. We nd that players are both heterogeneous in the amount that they reason, and in their beliefs about non-strategic play. Notably, few players anchor their strategic reasoning on non-strategic uniform random play. We also nd ample evidence of non-strategic play. Our results caution against the common practice of assuming the same anchor of initial reasoning for all players when estimating players' depths of strategic reasoning. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:sfu:sfudps:dp21-09&r= |
| By: | Jan Gromadzki |
| Abstract: | Unconditional cash transfers in the form of a universal basic income, a universal basic pension or a universal child benefit are increasingly being discussed in many countries. In this article, I investigate the labor supply effects of the introduction of a large unconditional cash benefit. I exploit the unique design of the child benefit program in Poland to identify the pure income effect of the monthly transfer. I find very small labor supply effects on both the intensive and extensive margin. Additional evidence shows that instead of extending their free time, households receiving the benefit substantially increased their consumption and savings. |
| Keywords: | coal transition, mining, labour market |
| JEL: | J21 J65 L71 Q43 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ibt:wpaper:wp022021&r= |
| By: | Takao Maruyama |
| Abstract: | While recent debates on educational development focus on the learning crisis in primary education, the crisis in lower secondary education level is equally profound. Around 58 percent of school-age children worldwide enrolled in lower secondary education are not reaching the minimum proficiency level in mathematics. One of the approaches to improve student learning is a structured pedagogy program that provides schools with teaching and learning materials and other related interventions. The impact of teaching and learning materials on student learning depends upon the support of teachers for students. This study investigates the impact of additional components in a structured pedagogy program that tried to strengthen support of teachers to improve student math learning at the lower secondary level in El Salvador through a randomized controlled trial. The study tracked the same students for two years. While the average one-year impact of the additional component is estimated at around 0.18 standard deviations of test scores, the impact did not persist when the difference of interventions between the treatment and control groups disappeared in the second year of this research. Furthermore, a causal mediation analysis is conducted to investigate the possible causal path of the additional interventions on student math learning. |
| Keywords: | Educational Development, Math learning, Lower secondary education, Latin America and Impact evaluation |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:jic:wpaper:222&r= |
| By: | Juergen Deppner; Marcelo Cajias; Wolfgang Schäfers |
| Abstract: | Aim of research: Real estate markets are featured with a spatial dimension that is pivotal for the economic value of housing. The inherent spatial dependence in the underlying price determination process cannot be simply overlooked in linear hedonic model specifications, as this would render spurious results (see Anselin, 1988; Can and Megbolugbe, 1997; Basu and Thibodeau, 1998). Guidance on how to account for spatial dependence in linear regression models is vast and remains subject of many contributions to the hedonic and spatial econometric literature (see LeSage and Pace, 2009; Anselin, 2010; Elhorst, 2014). Moving from the parametric paradigm of hedonic regression methods to the universe of non-parametric statistical learning methods such as decision trees, random forests, or boosting techniques, literature has brought forth an increasing body of evidence that such algorithms are capable of providing a superior predictive performance for complex non-linear and multi-dimensional regression problems, including various applications to house price estimation (e.g. Mayer et al., 2019; Pace and Hayunga, 2020; Bogin and Shui, 2020). However, in contrast to linear models, little attention has been paid to the implications of spatial dependence in house prices for the statistical validity of error estimates of machine learning algorithms although independence of the data is implicitly assumed (see Roberts et al., 2017; Schratz et al., 2019). Our study aims at investigating the role of spatial autocorrelation (SAC) on the accuracy assessment of algorithmic hedonic methods, thereby benchmarking spatially conscious machine learning approaches to linear and spatial hedonic methods. Study design and methodology: Machine learning algorithms learn the relationship between the response and the regressors autonomously without requiring any a-priori specifications about their functional form. As their high flexibility makes such approaches prone to overfitting, resampling strategies such as k-fold cross validation are applied to approximate a models out-of-sample predictive performance. During resampling, the observations are randomly partitioned into mutually exclusive training and test subsets, whereby the predictor is fitted on the training data and evaluated on the test data. SAC can be accounted for using spatial resampling strategies which attempt to reduce SAC between training and test data through a modification in the splitting process. Instead of randomly partitioning the data which implicitly assumes their independence, spatially clustered partitions are created using the observations coordinates (see Brenning, 2012). We train and evaluate tree-based algorithms on a pooled cross-section of asking rents in Germany using both, random as well as spatial partitioning and subsequently forecast out-of-sample data to assess the bias in the in-sample error estimates associated with SAC. The results are benchmarked to well-specified ordinary least squares and spatial autoregressive frameworks to compare the models generalizability. Originalty and implications: Applying machine learning to spatial data without accounting for SAC provides the predictor with information that is assumed to be unavailable during training, which may lead to biased accuracy assessment (see Lovelace et al., 2021). This study sheds light on the accuracy bias of random resampling induced by SAC in a hedonic context. The results prove useful for increasing the robustness and generalizability of algorithmic approaches to hedonic regression problems, thereby containing valuable implications for appraisal practices. To the best of our knowledge, no research in the existing literature has thus far accounted for SAC in an algorithm-driven hedonic context by applying spatial cross-validation. We conclude that random resampling yields over-optimistic prediction accuracies whereas spatial resampling increases generalizability, and thus robustness to unseen data. We also find the bias to be lower for algorithms which apply column-subsampling to counteract overfitting. |
| Keywords: | Hedonic Models; Machine Learning; Spatial Autocorrelation; Spatial Cross Validation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_51&r= |
| By: | Khalfallah, Fatma; Necib, Adel; Saghrouni, Olfa |
| Abstract: | Researchers and managers have created the concept of work motivation to better understand the operation of firms and organizations, as they recognize the need of creating this emotion in order to provide more effort. Managers began to place a greater emphasis on the social climate and the relationship between employees and their workplaces, i.e.the elements that motivate people to be more dedicated to their jobs. They were also interested in the salary practices that will be implemented in the firm in order to boost employee performance. The purpose of this research is to look into the role of salary as a motivator in a finance department. In fact, we conducted a questionnaire study of a sample of employees, concentrating on motivating factors and the value placed on pay (and its components). Pay is the most motivating element, along with other variables such as effective career management, training, recognition by superiors, and better working environment, according to the findings. |
| Keywords: | Remuneration, Remuneration policy, Remuneration pyramid, Motivation factors and theories |
| JEL: | M54 |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109509&r= |
| By: | Fantazzini, Dean; Kolesnikova, Anna |
| Abstract: | Using monthly data of 79 Russian regions from 2003 to 2017, we study the long-run relationship of the retail gasoline prices with the crude oil price and the nominal exchange rate. We find that models that were successfully applied to deal with asymmetries in other countries are not suitable for Russia without taking structural breaks into account. Once breaks are allowed, we find that there is no asymmetry in the long-run elasticities between the gasoline prices and the crude oil price, and no significant hysteresis. However, there is an asymmetric relation between the gasoline price and the exchange rate that has decreased over time. These results also hold after several robustness checks. The evidence reported in this work shows that the effects of the exchange rate on gasoline prices are much more difficult to control than the oil price, and they require a larger set of policy measures: the recent development of a plan to decrease the importance of hydrocarbons exports by producing clean hydrogen using electrolysis and pyrolysis and the potential future export of electricity generated using nuclear power and onshore wind farms may help to diversify the local economy and to shield it from new sanctions. |
| Keywords: | Gasoline market; Russia; Asymmetric cointegration; Panel cointegration; Hysteresis; Structural breaks |
| JEL: | C32 C33 C54 L71 Q28 Q38 Q43 Q48 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109297&r= |
| By: | Fays, Valentine; Mahy, Benoît; Rycx, François |
| Abstract: | This paper is the first to investigate the role of firm-level upstreamness (i.e. the number of steps before the production of a firm meets final demand) in explaining wage differences according to workers' origin. Using unique linked employer-employee data relative to the Belgian manufacturing industry for the period 2002-2010, our estimates show that firms that are further up in the value chain pay significantly higher wages. However, the wage premium associated with upstreamness is also found to vary substantially depending on the origin of the workers. Unconditional quantile estimates suggest that those who benefit the most from being employed in more upstream firms are high-wage workers born in developed countries. In contrast, workers born in developing countries, irrespective of their earnings, appear to be unfairly rewarded. Quantile decompositions further show that, while differences in average values of upstreamness according to workers' origin play a limited role, differences in wage premia associated with upstreamness account for a substantial part of the wage gap between workers born in developed and developing countries, especially at the top of the earnings distribution. These results are shown to be robust to a number of sensitivity tests, including broader or narrower definitions of workers' wages and different firm environments in terms of technological and knowledge intensity. |
| Keywords: | Wage Gaps,Workers’ Origin,Global Value Chains,Upstreamness,Unconditional Quantile Estimates and Decompositions |
| JEL: | J15 J31 F16 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:918&r= |
| By: | Barbero, Javier; Mandras, Giovanni; Rodríguez-Crespo, Ernesto; Rodríguez-Pose, Andrés |
| Abstract: | Using a novel database of regional trade flows between 267 European regions for 2013, this paper examines how government quality affects trade between European Union (EU) regions. The results of a structural gravity cross-sectional analysis of trade show that trade across EU regions is highly influenced by differences in regional government quality. This influence varies by both sector of economic activity and the level of economic development of the region. The results indicate that if the less developed regions of the EU want to engage in greater interregional trade, improving their institutional quality is a must. |
| Keywords: | quality of government; institutions; regional policy; gravity model of trade; structural estimation |
| JEL: | L81 |
| Date: | 2021–07–03 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:108211&r= |
| By: | Rodríguez-Pose, Andrés; von Berlepsch, Viola |
| Abstract: | Does past migration beget future migration? Do migrants from different backgrounds, origins and ethnicities, and separated by several generations always settle – in a path dependent way – in the same places? Is there a permanent separation between migration-prone and migration-averse areas? This paper examines whether that is the case by looking at the settlement patterns of two very different migration waves, that of Europeans at the end of the 19th and early 20th centuries and that of Latin Americans between the 1960s and the early 21st century. Using Census data aggregated at county level, we track the settlement pattern of migrants and assess the extent to which the first mass migration wave has determined the later settlement pattern of Latin American migrants to the US. The analysis, conducted using ordinary least squares, instrumental variable and panel data estimation techniques, shows that past US migration patterns create a path dependence that has consistently affected the geography of future migration waves. Recent Latin American migrants have flocked, once other factors are controlled for, to the same migration prone US counties where their European predecessors settled, in spite of the very different nature of both migration waves and a time gap of three to five generations. |
| Keywords: | counties; Europe; Latin America; long-term; migration; migration waves; US |
| JEL: | F22 J15 O15 R23 |
| Date: | 2020–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:103973&r= |
| By: | Wenjie Wang; Yichong Zhang |
| Abstract: | We study the wild bootstrap inference for instrumental variable (quantile) regressions in the framework of a small number of large clusters, in which the number of clusters is viewed as fixed and the number of observations for each cluster diverges to infinity. For subvector inference, we show that the wild bootstrap Wald test with or without using the cluster-robust covariance matrix controls size asymptotically up to a small error as long as the parameters of endogenous variables are strongly identified in at least one of the clusters. We further develop a wild bootstrap Anderson-Rubin (AR) test for full-vector inference and show that it controls size asymptotically up to a small error even under weak or partial identification for all clusters. We illustrate the good finite-sample performance of the new inference methods using simulations and provide an empirical application to a well-known dataset about U.S. local labor markets. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13707&r= |
| By: | Ferrara, Laurent; Karadimitropoulou, Aikaterini; Triantafyllou, Athanasios |
| Abstract: | Global economic activity is surrounded by increasing uncertainties from various sources. In this paper, we focus on commodity prices and estimate a global commodity uncer- tainty factor by capturing comovement in volatilities of major agricultural, metals and energy commodity markets through a group-specific Dynamic Factor Model. Then, by computing impulse response functions estimated using a Structural VAR model, we find that an increase in the common commodity price uncertainty results in a substantial and persistent drop in investment and trade for a set of emerging and advanced economies. We show that a global commodity uncertainty shock is more detrimental for economic growth than usual financial and economic policy uncertainty shocks. Last, our method- ology turns out to be a way to disentangle the macroeconomic effects of "good" and "bad" oil uncertainty: when an oil uncertainty shock is common to all commodities, then the macroeconomic effect is likely to be negative, but when this shock is specific to the oil market, the effect tends to be positive in the short run. |
| Keywords: | Commodity uncertainty, Factor model, Investment, Trade flows |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:esy:uefcwp:30945&r= |
| By: | Westerhout, Ed (Tilburg University, School of Economics and Management); Ponds, Eduard (Tilburg University, School of Economics and Management); Zwaneveld, P.J. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:4ee13c87-dd61-481b-bcb7-c4b0ac928755&r= |
| By: | Tomoko HASHINO (Graduate School of Economics, Kobe University) |
| Abstract: | In 1872, three craftsmen were sent by the Kyoto prefectural government to Lyon, France, to learn about power-looms and other weaving innovations. Instead of bringing back a power-loom, they brought back the Jacquard mechanism and the flying shuttle to Kyoto because they thought power-looms were too expensive and inappropriate for their sophisticated fabrics. This paper explores the production trend from 1887 to 1929 to characterize growth phases—Jacquard-led, out-weaver-based, and power-loom-assisted—in Kyoto. By doing so, the importance of selective adoption of new technologies for industrial development is discussed. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:koe:wpaper:2122&r= |
| By: | Philippe Aghion; Antonin Bergeaud; Matthieu Lequien; Marc Melitz; Thomas Zuber |
| Abstract: | We decompose the “China shock” into two components that induce different adjustments for firms exposed to Chinese exports: a horizontal shock affecting firms selling goods that compete with similar imported Chinese goods, and a vertical shock affecting firms using inputs similar to the imported Chinese goods. Combining French accounting, customs, and patent information at the firm-level, we show that the horizontal shock is detrimental to firms’ sales, employment, and innovation. Moreover, this negative impact is concentrated on low-productivity firms. By contrast, we find a positive effect - although often not significant - of the vertical shock on firms’ sales, employment, and innovation. |
| JEL: | F14 F16 F6 O31 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29196&r= |
| By: | Tillman Gauer; Björn-Martin Kurzrock |
| Abstract: | National and international agreements aim to limit climate change and thus call for a reduction of greenhouse gas (GHG) emissions to nearly zero. A wide range of technologies promise to reduce the heat demand of buildings and also promote renewable energies. One of these technologies is the use of solid building structures as thermal storage, so called thermally activated building parts or TABS. Thermal simulations of such energy concept for a typical single-family house with 140 m² living space featuring a heat pump, a solar thermal collector and TABS show that the share of solar heat for heat supply can be increased, resulting in a decreased use of the heat pump and thus a lower demand of electric energy. This leads to reduced greenhouse gas emissions and lower operating costs. Furthermore, the simulations show that larger sizes of the TABS and the solar thermal collector lead to lower demand of electric energy. To secure a reduction of greenhouse gas emissions and costs over the whole lifecycle of a building also production and dismantling, disposal and recycling must be considered. A Life Cycle Cost (LCC) Analysis shows that TABS in combination with solar heat reduce LCC, expressed as present values, by app. 34%. The reductions are mainly due to the lower operating costs of the heating system. Increasing the size of south-facing solar collectors leads to asymptotically decreasing costs. For the less favourable orientations to the West and East, the optimum size of the collector is between 30 and 40 m², depending on the orientation and the size of the TABS. A minimum size of the TABS must be available, while additional TABS do not lead to further reductions. Also in an ecologic sense, the use of TABS in combination with solar heat is beneficial. The simulations in this research show that the greenhouse gas (GHG) emissions over the whole lifecycle can be reduced by 27%. Again, the reduction mainly results from the decreased demand of electric energy and only slightly higher GHG emissions from the production of the TABS. Larger collector sizes lead to asymptotically reduced GHG emissions, when south facing. In contrast, orientations to the East and West lead to increased GHG emissions as the size of the collector increases. Integrated systems of heat pumps, solar thermal collectors and TABS could also be considered for multi-family housing and other building types. Simulations of LCC and LCA offer a suited means for assessing economic and ecologic impacts of innovative buildings concepts and should be used on a wider scale, ideally in combination. |
| Keywords: | LCA; Lcc; renewable energies; TABS |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_48&r= |
| By: | Yamashita, Takuro; Sarkisian, Roberto |
| Abstract: | In many mechanism design problems in practice, often allocation externality exists (e.g., peer effects in student allocation, and post-license com- petition in oligopoly). Despite the practical importance, mechanism design with allocation externality has not been much explored in the literature, per- haps due to the tractability issue of the problem. In this paper, we propose a simple and tractable model of mechanism design with allocation externality. We characterize the optimal mechanism, which has a very simple form in the sense that it is identified by only a few parameters. This simplicity of the optimal mechanism is also useful to obtain comparative statics results. |
| Keywords: | Mechanism design; Allocation externality |
| JEL: | C72 D82 D86 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125877&r= |
| By: | Demary, Vera; Plünnecke, Axel; Schaefer, Thilo |
| Abstract: | Durch Digitalisierung sind mehr Ressourcen- und Energieeffizienz, eine bessere Netzauslastung und neue Technologien und Produkte möglich, die zum Klimaschutz beitragen. Allerdings stehen viele Unternehmen vor Hemmnissen bei der Umsetzung von digitalen Lösungen, da es an Know-how fehlt. Für die Entwicklung klimafreundlicher Technologien und Produkte sind aus Sicht der Unternehmen in den kommenden fünf Jahren vor allem IT-Experten von besonderer Bedeutung. Hier bestehen aber schon heute erhebliche Engpässe, die ihren Ursprung im Bildungssystem haben. Um die Potenziale der Digitalisierung für den Klimaschutz zu nutzen, sollte die Forschung an den Schnittstellen von Digitalisierung und Klimaschutz stärker gefördert und die Digitalisierung der Bildung und die Weiterbildung an Hochschulen gestärkt werden. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkkur:512021&r= |
| By: | Valentin Bellassen (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Marion Drut (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Federico Antonioli (University of Parma); Ružica Brečić (Faculty of Economics [Zagreb] - University of Zagreb); Michele Donati (University of Parma); Hugo Ferrer-Pérez (CREDA - Centre for Agro-Food Economy & Development, UPC-IRTA, Castelldefels, Spain - UPC - Université polytechnique de Catalogne); Lisa Gauvrit (Ecozept - Partenaires INRAE); Viet Hoang (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Kamilla Knutsen Steinnes (OsloMet - Oslo Metropolitan University); Apichaya Lilavanichakul (Kasetsart University - KU (THAILAND) - KU - Kasetsart University); Edward Majewski (Faculty of Biology [Warsaw] - UW - University of Warsaw); Agata Malak-Rawlikowska (Faculty of Biology [Warsaw] - UW - University of Warsaw); Konstadinos Mattas (Aristotle University of Thessaloniki); An Nguyen (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Ioannis Papadopoulos (Aristotle University of Thessaloniki); Jack Peerlings (WUR - Wageningen University and Research Centre); Bojan Ristic (Faculty of Economics, University of Belgrade, Belgrade, Serbia); Marina Tomić Maksan (Faculty of Economics [Zagreb] - University of Zagreb); Áron Török (Corvinus University of Budapest); Gunnar Vittersø (SIFO - National Institute for Consumer Research - National Institute for ConsumerResearch); Abdoul Diallo (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Abstract The carbon and land footprint of 26 certified food products – geographical indications and organic products and their conventional references are assessed. This assessment goes beyond existing literature by (1) designing a calculation method fit for the comparison between certified food and conventional production, (2) using the same calculation method and parameters for 52 products – 26 Food Quality Schemes and their reference products – to allow for a meaningful comparison, (3) transparently documenting this calculation method and opening access to the detailed results and the underlying data, and (4) providing the first assessment of the carbon and land footprint of geographical indications. The method used is Life Cycle Assessment, largely relying on the Cool Farm Tool for the impact assessment. The most common indicator of climate impact, the carbon footprint expressed per ton of product, is not significantly different between certified foods and their reference products. The only exception to this pattern are vegetal organic products, whose carbon footprint is 16% lower. This is because the decrease in greenhouse gas emissions from the absence of mineral fertilizers is never fully offset by the associated lower yield. The climate impact of certified food per hectare is however 26% than their reference and their land footprint is logically 24% higher. Technical specifications directly or indirectly inducing a lower use of mineral fertilizers are a key driver of this pattern. So is yield, which depends both on terroir and farming practices. Overall, this assessment reinforces the quality policy of the European Union: promoting certified food is not inconsistent with mitigating climate change. |
| Keywords: | certified food,carbon footprint,land footprint,organic farming,geographical indications |
| Date: | 2021–05–13 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03265997&r= |
| By: | Jacques Charlier (UCL - Université Catholique de Louvain) |
| Abstract: | Africa's share in the world air traffic is small but growing. South Africa has been one of the engines of this recent growth. Be it for international or domestic passengers, the largest airport of the continent, Johannesburg, is located there. And at the other two summits of South Africa's "golden triangle", Cape Town and Durban airports handle significant volumes of passengers as well. Much of the growth is due to the dramatic rise of low-cost, low fare airlines, that account nowadays for two-third of the domestic passengers. Thanks to these new players, Lanseria airport has emerged as an alternative to Johannesburg in the Gauteng province. Elsewhere in the country, there is a quite developed network of secondary and medium-sized airports, among which Port Elizabeth has a significant role. The COVID-19 crisis has been a disruptive factor for the world airline industry, and this can be seen in South Africa as well, be it for its airlines or for its airports. They were virtually inactive in April and May 2020, and their current levels of traffic are just of a shadow of the recent past, with little visibility, if any, on the near future. |
| Abstract: | Le poids de l' Afrique dans le transport aérien mondial est modeste en dépit de la progression soutenue des trafics aéroportuaires de passagers qui s'y observe ces dernières années. L' Afrique du Sud, où se situe le principal aéroport du continent, Johannesbourg, fut une des locomotives de ce développement, en international comme pour les trafics domestiques. Ces derniers y ont un relief très important, sous l'impulsion principalement des compagnies à bas tarifs qui prennent désormais à leur compte les deux-tiers des passagers intérieurs. Un aéroport secondaire spécialisé dans ce domaine y a même émergé dans le Gauteng, Lanseria, à l'ombre de la plate-forme principale du pays. Celle-ci ne domine pas le dispositif aéroportuaire national de manière écrasante car, aux deux autres sommets du « triangle d'or sud-africain », celles du Cap et de Durban affichent aussi des trafics très significatifs. Ailleurs en Afrique du Sud, le nombre des passagers est plus modeste, mais le pays dispose d'un tissu relativement dense d'aéroports secondaires et moyens, au sein desquels émerge Port Elizabeth. Pour le secteur aérien mondial, la crise de la COVID-19 a été un choc considérable au niveau mondial, auquel les acteurs sud-africains n'ont pas échappé, qu'il s'agisse des compagnies aériennes ou des aéroports. Tombés à pratiquement zéro en avril-mai 2020 suite au confinement généralisé du pays, les trafics ont repris récemment, mais avec des niveaux sans commune mesure avec la situation antérieure et sans guère de visibilité sur le futur proche. Mots-clés Afrique du Sud, système aéroportuaire, trafics aéroportuaires, compagnies à bas tarifs, crise de la COVID-19 |
| Keywords: | Africa,Airport System,Airport Traffics,Low Fare Airlines,COVID-19 Crisis,Afrique du Sud,système aéroportuaire,trafics aéroportuaires,compagnies à bas tarifs,crise de la COVID-19 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03325896&r= |
| By: | Leonhardt, Heidi; Braito, Michael; Uehleke, Reinhard |
| Abstract: | Increasing farmers' acceptance and adoption of environmentally beneficial farming practices is essential for mitigating negative impacts of agriculture. To support adoption through policy, it is necessary to understand which types of farms or farmers do or do not (yet) apply such practices. However, farmers are not a homogeneous group and their behavior is subject to a complex array of structural, socioeconomic, and socio-psychological influences. Reducing this complexity, farmer typologies or archetypes are useful tools for understanding differing motivations for the uptake of sustainable farming practices. Previous investigations of the role of farmer archetypes in farmers' adoption of environmentally beneficial farming practices rely on either purely qualitative or purely quantitative methods in data collection, typology creation, and hypothesis testing. Our study combines both approaches by classifying survey respondents into farmer types based on a previous Q methodological study. We then use these farmer types in a two-part regression model that aims to explain participation in agri-environmental schemes and the level of scheme participation. To control for farm structural factors, we additionally link our questionnaire data to secondary data from the farm accountancy data network. Results indicate that in Austria, agri-environmental schemes are attractive to all types of farmers, but the level of participation in these schemes differs between archetypes: Profitability-oriented farmers participate less, and nature-oriented farmers participate more than other types. This suggests that monetary compensations for sustainable farming practices are not perceived as sufficient by certain groups of farmers, and policy makers need to consider additional kinds of incentives. |
| Keywords: | Farmer typology,farmer archetypes,agri-environmental schemes,Q methodology,farmer behavior |
| JEL: | Q15 Q18 C23 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:forlwp:272021&r= |
| By: | Acharya, Tri Dev PhD; Jenn, Alan T. PhD; Miller, Marshall R. PhD; Fulton, Lewis M. PhD |
| Abstract: | A spatial optimization model was developed for deploying, over the next two decades, hydrogen refueling stations for heavy-duty zero-emission hydrogen vehicles. The model assigns trips to vehicles by applying a routing algorithm to travel demand data derived from another model—the California Statewide Travel Demand Model (developed by the California Department of Transportation). Across a range of adoption levels of hydrogen fuel-cell truck technology, from 2020 through 2030, the results suggest that heterogeneity of travel demand may necessitate an extensive distribution of refueling stations, which may lead to low utilization of stations in the short term. To efficiently employ the capacity of stations, a certain volume of vehicle adoption must be met, and/or truck routes must be planned and committed to specific roadways. Once the number of stations reaches a threshold to meet the principal demand in affected transportation area zones, a small set of smaller “top-off” stations can be built to meet marginal excess demand. The best location of a hydrogen refueling station within a transportation area zone also depends on the criteria such as land cover, slope, and distance from gas stations, truck hubs, and the truck network. |
| Keywords: | Engineering, Heavy duty trucks, fuel cell vehicles, hydrogen fuels, service stations, travel demand, spatial analysis, routing, optimization |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt1mf9r7g1&r= |
| By: | Vincent Tronet; Peter Parlasca |
| Abstract: | Among the statistics published by Eurostat are housing price statistics but also many other housing related statistics. These statistics are key for policy makers but also for households due to their economic, social and environmental importance. European statistics on house prices are part of the Macroeconomic Imbalance Procedure (MIP), which is a surveillance mechanism that aims to identify potential macroeconomic risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place. In the surveillance of the COVID 19 impact on economic activities housing prices play a role as well. Every quarter, Eurostat publishes indices on: house prices with a breakdown for new and existing dwellings, owner occupiers housing price indices, numbers and volumes of house sales. Beyond these indices, Eurostat also publishes many economic, social and environmental statistics related to housing allowing analysis of trends and correlations as well as comparisons between countries and European averages. In particular, they aim at providing answers to questions on: How do we live? With indicators on (a) tenure status (owner or tenant), dwelling type (house, flat) by degree of urbanisation, (b) the size of housing, (c) the quality of housing and (d) the environmental impact of housing. What does housing cost? With indicators on (a) the evolution of house prices and rents and (b) housing affordability. What is the importance of the construction sector in the economy and land use? An overview of these statistics can be found in the following online publication released for the first time in December 2020: https://ec.europa.eu/eurostat/cache/digpub/housing The presentation will guide to find the relevant information on the Eurostat website which is free of charge and can be consulted on https://ec.europa.eu/eurostat/. |
| Keywords: | Housing Markets; housing statistics; price developments; social dimension of housing |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_34&r= |
| By: | Howard Cooke; Nicola Livingstone; Pat McAllister; Stefania Fiorentino; Harris Rob |
| Abstract: | This paper assesses the extent to which ‘20 years of change in 20 days’ purportedly produced by the COVID pandemic has affected and will continue to affect the occupation and use of office space. The pandemic has the potential to lead to some transformative impacts on the operating models and, perhaps to a lesser extent, the financial performance of many office occupiers. Many commentators consider that changes in business strategy and operating models in conjunction with an evolving, more challenging business environment will accelerate ongoing structural change. Such change is expected to have a range of varying impacts on both the level and pattern of demand for office space, the operation of office space and occupiers in office space in the short, medium and long terms. Drawing upon interviews with senior corporate real estate managers in global businesses, this paper reports on the initial findings of a research project exploring the experiences and responses of a range of major UK office occupiers to the crisis. To uncover and understand impacts and processes of change over time, the methodological approach consists of qualitative, longitudinal research. The research examines a range of issues including pre-pandemic workplace practices and strategies; the transition to home-working during the pandemic; perceptions of business performance during the pandemic and expectations regarding post-pandemic working patterns. |
| Keywords: | COVID-19; Office Market; Operating models; Strategy |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_102&r= |
| By: | Johnny Flentø (University of Copenhagen); Leonardo Santos Simao (Government of Mozambique, Maputo) |
| Abstract: | This paper explores how relations between donors and sub-Saharan countries have evolved since 1961 when ODA was first defined, what drives the dynamics and how this influences poverty eradication. We argue that ODA is a multi-purpose vehicle which tries to combine poverty alleviation in poor countries with financing of the foreign policy objectives of donor countries. Western security concerns have influenced conditionality for ODA, affecting allocations and delivery of aid, and have altered its definition. OECD countries have been buying security with charity and have been able to align their security considerations with the moral of charity as security threats to Western countries have often also been real threats to Africa. This is not the case for migration to Europe, which is neither a security nor a welfare problem for Africa. African welfare and poverty alleviation objectives cannot be aligned with Western demands to stem the flow of young people out of Africa. While aid can still help, if the overall envelope does not increase, it will be at the expense of other poor people. When Europe cannot justify migration control as charity, and there is no common security agenda, donor governments risk using aid as a bribe to buy African governments’ assistance to control migration, which is not in Africa’s interest. ODA flows are moving to the north of Africa and to Europe’s neighbors. This is because some countries can offer security alliances to the West, which it can buy through aid budgets if there is a degree of misery in those countries. Africa needs unity to undertake well-coordinated trading of services, which Europe is prepared to pay generously for. This would be better for Africa’s welfare than having to accept conditional charity with gratitude and would help European countries to address the real problem and stop treating the symptoms. This would also be the better route to follow for Europe’s children. |
| Keywords: | foreign aid, donors, conditionality, poverty, security, sub-Saharan Africa, |
| JEL: | B52 F02 F30 F35 F50 |
| Date: | 2021–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:kud:kuderg:2112&r= |
| By: | Francisca M. Antman; Kalena Cortes |
| Abstract: | We present the first quantitative analysis of the impact of ending de jure segregation of Mexican-American school children in the United States by examining the effects of the 1947 Mendez v. Westminster court decision on long-run educational attainment for Hispanics and non-Hispanic whites in California. Our identification strategy relies on comparing individuals across California counties that vary in their likelihood of segregating and across birth cohorts that vary in their exposure to the Mendez court ruling based on school start age. Results point to a significant increase in educational attainment for Hispanics who were fully exposed to school desegregation. |
| JEL: | I24 I26 J15 J18 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29200&r= |
| By: | Gulati, Karan (National Institute of Public Finance and Policy); Anand, Tushar (National Institute of Public Finance and Policy) |
| Abstract: | This paper studies the inheritance rights of transgender persons in India. Using commercial databases (e.g., SCC and Manupatra), it examines the legal framework for inheritance and looks at all court decisions since 1950 that mention the term transgender. Inheritance laws are based on a binary notion of gender. They do not envisage transgender persons or a change in gender identity. This means that individuals must choose between conforming to their assigned gender or not availing their rights. Moreover, successors are often difficult to identify as individuals may lack documentation, could not marry, or cannot prove adoption. The Indian Constitution bars any discrimination based on sex and gender. Laws should not discriminate against transgender persons only because of their identities. Though courts attempt to address these challenges, they leave it to their subjective satisfaction on when to secure the rights of transgender persons. These are important issues that must be addressed through changes in the law. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/350&r= |
| By: | Kevin A. Bryan; Heidi L. Williams |
| Abstract: | This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. We summarize the state of the literature on the economics of innovation and highlight open policy questions. We first articulate the key market failures in markets for innovation, and then discuss how both scientific norms and market-oriented policies help overcome those market failures. We close by discussing recent work on the diffusion of inventions as well as on the links between innovation and inequality. |
| JEL: | O3 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29173&r= |
| By: | Carmen Cantuarias; Jeffrey Blain; Radmila Pineau |
| Abstract: | Our research project aims at raising awareness about the value of biodiversity and urban ecosystem services (UES) for the French real estate market, in the private residential housing. Public perception of the environmental risks rose sharply over the last decade. What is the perception of biodiversity and UES in the real estate market? The French Observatory of Sustainable Real Estate analyzed the priorities of employees and companies. The issue of biodiversity was considered as important as water and human rights, but well below energy, business ethics, corporate social responsibility, risk management policy, territorial development, mobility, or comfort. Using GIS data and economic evaluation, by hedonic price methods, we assess the isolated contribution of the explanatory variables of biodiversity and UES on the price of real estate. We analyze the variation of the value for three urban ecosystem services (IDEFESE Project, 2019)—flood control, proximity to green spaces and refreshment—on the price of real estate when a property changes ownership. Our modeling and mapping focus on the price of transaction (€/m2) at the communal scale from 2014 to 2019. The main variables are internal characteristics of housing (area, kind of housing, heating), external characteristics (accessibility and infrastructure, economic, social, and physical environment such as air pollution, noise), and biodiversity indicators and urban ecosystem services for the Ile-de-France region. Moreover, we compare environmental values on the enhancement of green spaces, and their impact on residential choices. These studies are very useful for real estate developers, because they enable them to promote green spaces, and municipalities to become more attractive. |
| Keywords: | environmental values; hedonic price; urban biodiversity perception; Urban ecosystem services |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_185&r= |
| By: | Bentley, Phillip M |
| Abstract: | Megaprojects aimed at delivering next-generation, multi-billion euro scientific research facilities are complex and high-risk endeavours, requiring expert knowledge spanning a wide spectrum of technical and administrative fields. Such organisations tend to evolve organically, responding to technical and political challenges. They are almost certain to fail to meet expectations on schedule, budget, and deliverables. Whilst there have been illuminating “top-down” phenomenological megaproject studies recently, this article reports a “bottom-up” perspective on the emergence of these issues. Firstly, the staff productivity distribution curves are analysed at a European science megaproject, and a stratified culture is identified with a small, high productivity “clique”, and a vast, low-productivity group of “outsiders” operating at only 50% of their potential. The social network is then analysed, revealing a dense decision-making group that is only tenuously connected to technical expert teams via hierarchy. Staff inefficiency is linked to superfluous roles in middle management, carrying increased bureaucratic burdens and a financial loss ∼10% of the annual salary budget. Corrective suggestions are given, for the current megaproject and future activities to mitigate these causes. This should help to reduce some of the overspend, schedule overrun, and reductions in ambition and scope that have become megaproject norms. |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:gmu6k&r= |
| By: | Herman Vande Putte; Tuuli Jylha; Hilde Remoy; Cynthia Hou |
| Abstract: | This research aims at developing a real estate management theory that overarches the different classes of real estate management like e.g. corporate real estate (CRE) management and housing management, who all operate within a specific narrative, apply a particular range of concepts and terminology, and refer in their own way to general theories like asset and portfolio management. These specificities create barriers for communication between the different classes of real estate management and hamper the exchange and development of knowledge in the field, what we consider undesirable. The challenge of developing a broad real estate management theory is to avoid that little more is done than to repeat general management, economic or sociological theories. The aimed broad real estate management theory should approximate the concreteness of the specific theories and cover their core, while still being relevant for practice, research and education. For this research, real estate management is considered the ongoing process of aligning the built environment and the needs of users, which happens at all scales of the built environment, for all types of users, and for all real estate aspects such as location, cost, function, time and quality. Based on this definition, the research will addresses three components: demand side, supply side and the delivery models that coordinate both sides. The research on the side of the real estate demander searches for similarities and differences between e.g. the way the demander is organised internally, the real estate procurement is executed, what is outsourced and why, what performance criteria are used, how financial markets are accessed. The research on the side of the supplier of the built environment may address topics like e.g. what is the relation of the supplier with the user, what drives production, what are context constraints, what is the status of the sustainability discourse. The search for similarities and differences in the delivery may address e.g. what models are in place, what types of institutions operate in this delivery, who intervenes in this alignment and why, what is the nature of the markets, what is the role of state intervention, what type of alignment is searched for, what performance criteria are used. The comparison of different classes of real estate management may reveal e.g.: that theories on CRE management subsequently position the CRE management department inside the user’s organisation boundary, whereas theories on housing management position this group most often outside the households’ boundary; that current practices in CRE and housing management both strive after a portfolio of conventional assets and keep away from the representative objects like monuments; that there is a trend that households want to be more involved and co-producing their house than before and thereto want to bypass the current institutional setting (sort of insourcing, self-production), whereas within organisations the trend has been for decades to less involve in the management of their accommodation and to rely on the possibilities offered by the CRE and related services market, although since a few years in-sourcing and self-provision seem to be revalued; that there is recent trend that private companies engage in the delivery of housing for their employees to deal with failing housing markets like they did in the beginning of the 20th century, and that households are re-initiating work at home, for which they need a different type of dwelling; both types of users seem to breach the institutionalised division of actors by real estate function installed for almost a century. This type of observations – and many more and of very different natures – trigger an explanation of causes and mechanisms, and together with the main theories used in the different classes of real estate management (Pestoff, 1993; Brandsen et al., 2005; Henderson & Venkatraman, 1993;…) they are the basis for building the aimed broad real estate management theory. In concreto the research method consists of theory design, academic literature study and interviews with academics. |
| Keywords: | Delivery models; Housing management; real estate management; Theory formation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_215&r= |
| By: | Hugo Confraria; Vitor Hugo Ferreira; Manuel Mira Godinho |
| Abstract: | Firms and countries that specialise in emerging technologies tend to have a higher chance of becoming or remaining competitive in the future. This paper aims to analyse the most dynamic areas of technological competition between 2010 and 2019 and to identify which actors are leading in those areas. We analyse patenting dynamics in four major patent offices (USPTO, EPO, JPO, KIPO), to have a global landscape of technological dynamism, and we use the IPC patent classification system to proxy the technological areas. After examining patenting growth patterns in all 4-digit IPC classes, we built a score to classify the emergent technological areas across the four offices. Our results indicate twelve “emerging” IPC classes, which are related to software engineering, digital communication, IT methods for management, medical technology, pharmaceuticals, energy conservation, games, biotechnology and semiconductor devices. We find that European firms do not hold a leading share in any of these IPC classes. This is particularly true in emerging areas such as software engineering, energy conservation and semiconductor devices, which are likely to be critical to succeed in the new techno-paradigms related to digitalization and clean energy. |
| Keywords: | Emerging technologies; Technology policy; Technological competition; European Paradox; Matched patent-firm data |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01882021&r= |
| By: | Pedro Polvora; Daniel Sevcovic |
| Abstract: | Our goal is to analyze the system of Hamilton-Jacobi-Bellman equations arising in derivative securities pricing models. The European style of an option price is constructed as a difference of the certainty equivalents to the value functions solving the system of HJB equations. We introduce the transformation method for solving the penalized nonlinear partial differential equation. The transformed equation involves possibly non-constant the risk aversion function containing the negative ratio between the second and first derivatives of the utility function. Using comparison principles we derive useful bounds on the option price. We also propose a finite difference numerical discretization scheme with some computational examples. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12598&r= |
| By: | Luis García (Departamento de Economía de la Pontificia Universidad Católica del Perú); Crissy Rojas (Departamento de Economía de la Pontificia Universidad Católica del Perú) |
| Abstract: | En conocido que el gasto de bolsillo en salud es una de los factores que afectan a los hogares del Perú y América Latina, y que los llevan a caer en pobreza. Este trabajo tiene como objetivo investigar empíricamente los principales determinantes del gasto de bolsillo en salud. En particular, se busca extender la investigación de Petrera y Jiménez (2018) mediante la utilización de datos de panel de la Encuesta Nacional de Hogares (ENAHO PANEL 2014-2018) del Perú y su aplicación a un modelo Tobit con efectos fijos, pues estas técnicas pueden controlar los efectos de algunas variables no observables que los análisis de datos de Mínimos Cuadrados Ordinarios de corte transversal de Petrera y Jiménez (2018), o el análisis Tobit de Cid y Prieto (2012) no controlan. Entre los resultados, se destaca que –además del ya conocido efecto negativo del seguro integral de salud sobre el gasto de bolsillo-, tal efecto también se encuentra en el caso del Seguro Social de Salud (Essalud), pero solo para las zonas urbanas, y también, para los no pobres. Otros hallazgos son el claro impacto positivo de las enfermedades crónicas y del impacto negativo del acceso a agua y saneamiento sobre el gasto de bolsillo. JEL Classification-JE: I10, I13, I15 |
| Keywords: | Health spending, Public insurance, Social security, Panel data, Tobit. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pcp:pucwps:wp00500&r= |
| By: | Giovanni Pellegrino (Aarhus University); Efrem Castelnuovo (University of Padova); Giovanni Caggiano (Monash University and University of Padova) |
| Abstract: | We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept of uncertainty comparable to that in our VAR. We then use the estimated framework to quantify the output loss due to the large uncertainty shock that materialized in 2008Q3. We find such a shock to be able to explain about 60% of the output loss in the 2008-2014 period. The same estimated model unveils the role successfully played by the Federal Reserve in limiting the output loss that would otherwise have occurred had monetary policy been conducted as in normal times. Finally, we show that the rule estimated during the great recession is able to deliver an economic outcome closer to the flexible price one than the rule describing the Federal Reserve's conduct in normal times. |
| Keywords: | Uncertainty shock, nonlinear IVAR, nonlinear DSGE framework, minimum-distance estimation, great recession |
| JEL: | C22 E32 E52 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:pad:wpaper:0270&r= |
| By: | Maier, Maximilian; VanderWeele, Tyler; Mathur, Maya B |
| Abstract: | In meta-analyses, it is critical to assess the extent to which publication bias might have compromised the results. Classical methods based on the funnel plot, including Egger’s test and Trim-and-Fill, have become the de facto default methods to do so, with a large majority of recent meta-analyses in top medical journals (85%) assessing for publication bias exclusively using these methods. However, these classical funnel plot methods have important limitations when used as the sole means of assessing publication bias: they essentially assume that the publication process favors large point estimates for small studies and does not affect the largest studies, and they can perform poorly when effects are heterogeneous. In light of these limitations, we recommend that meta-analyses routinely apply other publication bias methods in addition to or instead of classical funnel plot methods. To this end, we describe how to use and interpret selection models. These methods make the often more realistic assumption that publication bias favors ``statistically significant'' results and that also directly accommodate effect heterogeneity. Selection models are well-established in the statistics literature and are supported by user-friendly software, yet remain rarely reported in many disciplines. We use previously published meta-analyses to demonstrate that selection models can yield insights that extend beyond those provided by funnel plot methods, suggesting the importance of establishing more comprehensive reporting practices for publication bias assessment. |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:metaar:tp45u&r= |
| By: | Rivot, Sylvie |
| Abstract: | When scholars investigate the legacy of Keynes’s Treatise on Probability (1921) for the development of Keynes’s thinking, the attention usually focuses on the connections between Keynes’s probability theory, his conception of decision-making under uncertainty and the theory of the functioning of the macroeconomic system that derives from it - through the marginal efficiency of capital, the preference for liquidity and the self-referential functioning of financial markets. By contrast, the paper aims to investigate the connections between Keynes’s probability theory on the one hand, and his economic policy recommendations on the other. It concentrates on the policy recommendations defended by Keynes during the Great Depression but also after the General Theory. Keynes’s economic policy can be understood as a framework for decision-making in situations of uncertainty: fiscal policy aims to induce private agents to change their “rational” probability statements, while monetary policy aims to allow more weight to these statements. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:s5qp9&r= |
| By: | Jean-Baptiste Michau (X - École polytechnique) |
| Abstract: | One of the most severe challenges facing Western economies is a structural lack of demand due to population aging. This results in a situation of secular stagnation, characterized by depressed inflation, weak economic growth, and under-employment. This has been the case in Japan for the past 25 years, and should not evolve in the near future. The Eurozone and, to a lesser extent, the U.S. have now been in a similar situation for over a decade. While monetary policy is ineffective, fiscal policy has the potential to prop up demand. This requires implementing a massive stimulus such as to temporarily "overheat" the economy to permanently escape the low inflation trap. As the pandemic comes to an end, many countries across the world are implementing fiscal stimulus packages of unprecedented magnitudes. This offers a unique opportunity to bring stagnation to an end. The recent stimulus measures announced and implemented in the US correspond to such a strategy. The Eurozone, by contrast, has no such plans. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03321881&r= |
| By: | François Gardes (Centre d'Economie de la Sorbonne, Paris School of Economics & Western Catholic University) |
| Abstract: | The opportunity cost of time is estimated using a model based on domestic production (depending on monetary and time expenditures) and direct utility (depending on produced commodities). These factors of domestic production are measured by the matching of a Family Budget survey with a Time Use survey. The new model is estimated on Canadian, French, Polish, US and Burkina-Faso statistics. It allows the economic value of human life to be estimated, based on the integration of the marginal value of each instant during an individual's life cycle. This value is shown to give a different pattern across countries compared to their per capita GDP. Finally, the opportunity cost of time is shown to vary between commodities according to the possibility of substituting money and time in domestic production. It also increases between countries relatively to the average wage rate, according to the degree of liberalization of the labor markets |
| Keywords: | Opportunity cost of time; value of human life; elasticity of substitution |
| JEL: | D13 D91 J17 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21023&r= |
| By: | International Monetary Fund |
| Abstract: | Early success in containing the spread of COVID-19 has been challenged by two subsequent waves of the pandemic. Timely and effective fiscal and monetary policy responses helped contain the contraction in activity to 1.6 percent in 2020, shallower than the 3 percent expected at the first review. The authorities have also made significant efforts to protect jobs and the most vulnerable. Still, unemployment has surged to a record 25 percent in Q4 2020, with youth unemployment at 55 percent. The impact on fiscal and external balances has been significant, with public debt reaching 88 percent of GDP at end-2020. Nonetheless, despite the challenges from new virus variants and weaker tourism prospects, macroeconomic stability has been maintained, thanks to the authorities’ proactive policy stance; and a moderate 2 percent growth rate is projected for 2021 (slightly below the 2.5 percent projected in the first review), with a near-full reopening expected in the summer. The new parliament extended a vote of confidence to the incoming government in January, and approved the 2021 budget—consistent with the program—in February. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/188&r= |
| By: | Luigi Bonatti; Andrea Fracasso; Roberto Tamborini |
| Abstract: | We present a review of the channels through which the US fiscal and monetary post-pandemic policies may affect the euro area. US spillovers will likely be relevant and worth considering while setting the policy stance in the euro area, at a crossroad between economic global recovery and global overheating. A key role is going to be played by global financial markets, their appetite for open-ended stimulative policies and fears of hard disinflation scenarios affecting central banks' ability to keep the economies on the recovery path and inflation expectations anchored. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwprg:2021/09&r= |
| By: | Lionel Vedrine (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Julie Le Gallo (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We extend the literature on Cohesion Policy effectiveness by considering how the cohesion policy affects both within regional disparities and economic growth. For that purpose, a panel database of 205 NUTS2 regions of the UE-25 for 2000-2014 is used. We estimate panel data regressions with fixed effects and a spatial autoregressive term in order to control for unobservable characteristics and spatial dependence. Our results emphasize a trade-off between within and between regional disparities for EU-25 regions over the 2000-2014 period. |
| Keywords: | Cohesion Policy,Regional Development,Within regional disparities,Spatial Panel Econometrics |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03327693&r= |
| By: | Karima Benamara-Sait (UMMTO - Université Mouloud Mammeri [Tizi Ouzou], UMAOB - Université Mohamed Akli Ouelhadj de Bouira) |
| Abstract: | For a long time in Algeria, the state has been the main actor monopolising public action. At the territorial level, local actors are marginalised and remain passive receptacles of centralised public policies. This governance model was supported and/or produced by the centrality of the economic resource, the oil rent. However, the crisis that the country has experienced since 2014, following the oil price drop, is leading the State to experiment with institutional programmes of so-called "innovative" forms of territorial governance, involving more local actors and based on the enhancement of territorial resources supposed to replace state intervention and central resources. At the same time, traditional forms of governance remain where the populations have always taken care of –jointly– the management of their collective needs, to make up for the State absent or inefficiency. Our contribution will study, between innovation and tradition, the articulations can be built in recomposing territories and in response to the state disengagement imposed by circumstances? |
| Abstract: | Longtemps en Algérie, l'État a été l'acteur principal monopolisant l'action publique. À l'échelle territoriale, les acteurs locaux sont mis à la marge et demeurent des réceptacles passifs des politiques publiques centralisées. Ce modèle de gouvernance a été soutenu et/ou produit par la centralité de la ressource économique, la rente pétrolière. Cependant, la crise que connaît le pays depuis 2014, suite à la chute des prix du pétrole, mène l'État à expérimenter dans le cadre de programmes institutionnels des formes dites « innovantes » de gouvernance territoriale, impliquant davantage les acteurs locaux et fondées sur la valorisation des ressources territoriales supposées se substituer à l'intervention de l'État et aux ressources centrales. Parallèlement, des formes traditionnelles de gouvernance subsistent où les populations prennent toujours elles-mêmes en charge – solidairement – la gestion de leurs besoins collectifs, pour pallier l'absence ou l'inefficacité de l'État. Notre contribution s'attachera à déterminer, entre innovation et tradition, les articulations qui peuvent être construites dans la recomposition des territoires en réponse au désengagement de l'État imposé par les circonstances ? |
| Keywords: | Territorial governance,Algeria,CAP-DEL,Recompositions,Traditional organisations,gouvernance territoriale,Algérie,Cap-Del,recompositions,organisations traditionnelles |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114790&r= |
| By: | Anne Emblem; Theis Theisen |
| Abstract: | The Norwegian state housing bank offers economic subsidies to stimulate instalment of elevators in existing apartment buildings in which stairway is the only passageway. The subsidy constitutes about 50 percent of the total costs of installing elevators, provided that certain conditions are met. The political motivation for this subsidy is to reduce the likelihood that residents in such apartment buildings will have to relocate if their mobility is reduced, e.g., due to old age. In this paper we study the economics of investing in elevators, both from the societal point of view and from the residents’ point of view. Elevators might enable residents to continue to live in their apartment even if their health deteriorates. Hence, installation of elevators will have both monetary and non-monetary consequences. In this study, focus is placed mainly on the monetary implications of such an investment. An elevator may reduce the likelihood that residents suffer injuries associated with falls when climbing the stairs and subsequently also affect costs associated with health and social services. Moreover, installation of an elevator may enable residents to live in their apartment for a longer period, and subsequently alter the costs of public services, among which are housing, institutions and health and social services. About 70.000 Norwegians at the age of 80 years and older live in an apartment placed on the first floor or higher of a building without elevator. It is a political ambition to enable people to age in place, and for the health and social services to be provided in the recipients’ home. In this study, we estimate the potential societal economic savings from reduced need for public living arrangements and institutions, reduced traveling and time costs associated with provision of services to elderly residents, as well as expenditures associated with falls in stairs. Also, we estimate the resident’s potential private economic benefits from investing in elevators (as measured by changes in the market price of dwellings). Our findings will shed light on whether installation of elevators in older apartment buildings is economically beneficial to the society and consequently: whether the subsidy of a yearly 4,9 million EUR is economically justifiable from the societal point of view. |
| Keywords: | Economic implication; Government Policy; Investment in elevators; Societal point of view |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_105&r= |
| By: | van Koppen, Barbara (International Water Management Institute (IWMI)); Magombeyi, Manuel S. (International Water Management Institute (IWMI)); Jacobs-Mata, Inga (International Water Management Institute (IWMI)); Molose, V.; Phasha, K.; Bophela, T.; Modiba, I.; White, M. |
| Abstract: | The African Water Facility, together with the Water Research Commission, South Africa, as its implementing agent, supported the demonstration project Operationalizing community-led Multiple Use water Services (MUS) in South Africa. As knowledge broker and research partner in this project, the International Water Management Institute (IWMI) analyzed processes and impacts at the local level, where the nongovernmental organization Tsogang Water and Sanitation demonstrated community-led MUS in six diverse rural communities in two of the poorest districts of South Africa, Sekhukhune and Vhembe districts - Ga Mokgotho, Ga Moela and Phiring in the Sekhukhune District Municipality, and Tshakhuma, Khalavha and Ha Gumbu in Vhembe District Municipality. In conventional water infrastructure projects, external state and non-state agencies plan, diagnose, design and prioritize solutions, mobilize funding, and implement the procurement of materials, recruitment of workers and construction. However, this MUS project facilitated decision-making by communities, and provided technical and institutional advice and capacity development. Based on IWMI’s evidence, tools and manuals, the project team organized learning alliances and policy dialogues from municipal to national level on the replication of community-led MUS by water services authorities; government departments of water, agriculture, and others; employment generation programs; climate and disaster management; and corporate social responsibility initiatives. This working paper reports on the local findings of Ga Mokgotho and Ga Moela villages, which had completed construction works. The paper presents an in-depth analysis from the preproject situation to each of the steps of the participatory process, and highlights the resulting benefits of more water, more reliable and sustainable supplies, and multiple benefits, including a 60% and 76% increase in the value of irrigated produce in Ga Mokgotho and Ga Moela, respectively. Women were the sole irrigation manager in 68% and 60% of the households in Ga Mokgotho and Ga Moela, respectively. The user satisfaction survey highlighted communities’ unanimous preference of the participatory process, capacity development and ownership compared to conventional approaches. |
| Keywords: | Multiple use water services; Community management; Water supply; Communal irrigation systems; Participatory approaches; Innovation; Access and benefit-sharing; Water availability; Water demand; Integrated management; Water resources; Water management; Water storage; Infrastructure; Pumps; Wells; Boreholes; Maintenance; Geohydrology; Groundwater; Water distribution; Water use; Domestic water; Livestock; Irrigated farming; Financing; Water users; Households; Livelihoods; Income; Women's participation; Capacity building; State intervention; Nongovernmental organizations; Rural areas; Villages |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:worppr:h050123&r= |
| By: | James Bishop (Reserve Bank of Australia); Emma Greenland (Reserve Bank of Australia) |
| Abstract: | The way in which wages respond to very low rates of unemployment remains a key source of uncertainty in Australia, partly due to the lack of historical evidence to draw upon. To help fill this gap, we study data on unemployment rates and wages growth across local labour markets over the past 20 years. The considerable variation in economic conditions across local labour markets allows us to infer the strength of the relationship between unemployment and wages growth (i.e. the wage Phillips curve) at very low unemployment rates that are rarely seen at the national level. We find strong evidence that the wage Phillips curve is indeed a curve, rather than a straight line. When the unemployment rate exceeds 7½ per cent, the Phillips curve is flat and wages growth is unresponsive to changes in unemployment. Wages growth then becomes increasingly responsive to changes in the unemployment rate as the unemployment rate falls to lower and lower levels, most notably below 4 per cent. These findings have implications for monetary policy, particularly at the current juncture given the Reserve Bank of Australia's central forecast for the unemployment rate to fall to multi-decade lows in the next few years. |
| Keywords: | Phillips curve; unemployment; inflation; wages growth |
| JEL: | E24 E31 E52 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rba:rbardp:rdp2021-09&r= |
| By: | Magorzata Rymarzak; Alexandra den Heijer; Monique Arkesteijn |
| Abstract: | In all advanced economies, there is a general tendency toward reforms of higher education institutions (HEIs) and education systems. In addition to their traditional educational role, and their second mission of conducting scientific research, they are expected to participate in various types of innovation initiatives as part of their third mission. With the transformation of the universities, the campus usage for innovation processes is also changing. From being the grounds where university buildings are providing settings for basic and applied research, it has become both the birthplace and test ground of innovations. Many universities want to practise what they preach on their own campuses: what is invented here is also applied here. On top of that, they want to set a good example of being innovative institutions, not only academically, but also in campus management and services. However, the scope and dynamics of the implementation of their own innovative ideas vary significantly. It is clear that universities need to develop their campus according to their own conditions/needs and features. But while some universities take the opportunity for wider adoption of on-campus innovations to support university performance, others are not as successful in the innovation implementation for many reasons. In this article both the drivers and the barriers that may hinder the implementation of campus innovations at Dutch research universities are studied. |
| Keywords: | Campus Management; Innovation; universities |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_62&r= |
| By: | Betts, Caroline |
| Abstract: | This paper develops a quantitative framework to evaluate the sectoral origins of economic growth. First, I decompose growth in aggregate growth accounting variables–GDP per working age person, a capital factor, an hours’ worked factor, and an implied total factor productivity factor–into sectoral contributions. I decompose the TFP factor growth contribution of a sector into 1) sector-share weighted, within-sector TFP factor growth, and 2) several residual allocative effects. Second, I interpret structurally the observed sectoral contributions by comparing them to those predicted by a multi-sector neoclassical growth model. Using the framework to account for Japan’s economic growth slowdown I find that, empirically, two factors quantitatively dominated Japan’s slowing GDP per working age person in the 1990s. First, a large decline in aggregate TFP growth relative to the 1980s, driven by 1) slower within-industrial sector TFP growth, and 2) negative residual effects due to faster value-added reallocation towards services which mediated a larger impact of the sector for aggregate capital deepening. Second, a large fall in hours worked per working age person, originating mainly in smaller industrial sector contributions. In the 2000s, continued GDP per working age person and aggregate TFP growth decay were due largely to slower within-service sector TFP growth. In the 2010s, anemic aggregate TFP factor growth equal to just 18 percent of its 1980s value was depressed by zero service sector TFP growth; a modest growth rate recovery in GDP per working age person originated in rapid increases in hours worked per working age person, via roughly equal increases in industrial and service sector contributions. A calibrated three-sector growth model absent frictions, featuring sectoral TFP time series as inputs, reproduces closely the time-series from 1980–2018 of a) hours shares of sectors, b) GDP per working age person, and c) the aggregate TFP factor. It captures quite well a) sample-average aggregate TFP growth, b) aggregate TFP growth rate changes across decades, c) the decomposition of aggregate TFP factor growth into total “within-sector” TFP and total residual contributions of sectors, and d) “within-sector” TFP growth contributions of agriculture, industry, and services. The model cannot replicate the sources of, or sectoral contributions to, observed–albeit small–TFP growth residual effects. More importantly, the model’s predicted hours factor (hours per working age person): 1) captures only 46 percent of the decline in industry’s contribution to the fall in aggregate hours factor growth in the 1990s; 2) declines in the 2000s, while hours factor growth is positive in the data; 3) captures only 47 percent of observed average hours factor growth in the 2010s; and 4) allocates too much of the 2010s increase in aggregate hours factor growth to industry. A higher intertemporal elasticity of substitution, a higher Frisch elasticity, and an aggregate labor (policy) wedge resolve some, but exacerbate other, model failures. |
| Keywords: | Economic Growth, Neoclassical Growth Model, Structural Change, Total Factor Productivity, Japan. |
| JEL: | E13 O41 O47 O53 |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109285&r= |
| By: | Song Ma; Justin Murfin; Ryan D. Pratt |
| Abstract: | Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older firms to younger firms. Start-ups purchase a disproportionate share of old physical capital previously owned by more mature firms. The evidence is consistent with financial constraints driving differential demand for vintage capital. The local supply of used capital influences start-up entry, job creation, investment choices, and growth, particularly when capital is immobile. Conversely, incumbents accelerate capital replacement in the presence of more young firms. The evidence suggests previously undocumented benefits to co-location between old and young firms. |
| JEL: | G3 L2 R1 R4 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29189&r= |
| By: | Ann-Christin Sreball |
| Abstract: | Stereotypes of the „dull municipality“ vs. the „cash-hungry developer“ persist and hamper the collaboration – especially if municipal administrations tend to focus on problems rather than solutions or if developers disregard local specifics and focus solely on their return expectations. Yet, it seems municipalities and developers repositioning themselves in Germany: While municipal administrations digitize and keep design processes in-house again, developers shift their focus from specific asset classes to development of entire neighbourhoods. Moreover, planning tasks to design sustainable projects are becoming increasingly complex requiring more coordination between both parties. Therefore, understanding the perspectives and needs of both stakeholders will promote a more constructive collaboration. A qualitative study with more than 30 experts from planning agencies, councillors, project development companies, services providers and organisations, revealed 3 types of factors shaping the project collaboration: Unique soft, unique hard and generalising factors, with unique referring to factors applicable to one specific person or project context only. Some examples for “unique hard factors” are urban planning framework conditions or local real estate market structures, and “unique soft factors” such as local decision-making structures, the professional background or past experiences of the persons involved as well as the matter of mutual trust. Generalising factors can be grouped into promoting and impeding, such as frequent and transparent communication or vague objectives of urban planning. One of the areas of tension lies, e.g., in the detail level of information. If the developer approaches the administration with already made concepts and the final floor plan, the necessary room to jointly develop the project is lacking from the very beginning. Municipalities admit that they need to articulate their urban development objectives more clearly to provide developers with the appropriate framework conditions for the project. The conference contribution will highlight more findings of the interviews in detail. Drawn conclusions and recommended actions will be put up for discussion. |
| Keywords: | Collaboration; Communication; Sustainable Urban Development |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_152&r= |
| By: | Theissen, Erik; Westheide, Christian |
| Abstract: | Many equity markets combine continuous trading and call auctions. Oftentimes designated market makers (DMMs) supply additional liquidity. Whereas prior research has focused on their role in continuous trading, we provide a detailed analysis of their activity in call auctions. Using data from Germany's Xetra system, we find that DMMs are most active when they can provide the greatest benefits to the market, i.e., in relatively illiquid stocks and at times of elevated volatility. Their trades stabilize prices and they trade profitably. |
| Keywords: | Designated market makers,Call auctions |
| JEL: | G10 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:safewp:319&r= |
| By: | Davide Debortoli; Jordi Galí |
| Abstract: | We study the role of idiosyncratic income shocks for aggregate fluctuations within a simple heterogeneous household framework with no binding borrowing constraints. We derive analytically an Euler equation for (log) aggregate consumption, and show that the impact of idiosyncratic risk on aggregate consumption works through two channels: (i) changes in average consumption uncertainty and (ii) changes in the cross-sectional dispersion of consumption. We show that these two channels are related and tend to offset each other. Their net effect is captured by a sufficient statistic, the consumption-weighted average of changes in uncertainty. We apply this framework to two example economies -an endowment economy and a New Keynesian economy- and show that the net effect of heterogeneity is quantitatively small. By contrast, that effect becomes more significant when considering that borrowing constraints are binding for a sizable fraction of the population. |
| Keywords: | heterogeneous agents, economic fluctuations, aggregate shocks, idiosyncratic shocks, monetary policy, HANK models. |
| JEL: | E21 E32 E50 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1796&r= |
| By: | Bruce Fallick; John C. Haltiwanger; Erika McEntarfer; Matthew Staiger |
| Abstract: | Who is harmed by and who benefits from worker reallocation? We investigate the earnings consequences of changing jobs and find a wide dispersion in outcomes. This dispersion is driven not by whether the worker was displaced, but by the duration of joblessness between job spells. Job movers who experience joblessness suffer a persistent reduction in earnings and tend to move to lower-paying firms, suggesting that job ladder models offer a useful lens through which to understand the negative consequences of job separations. |
| JEL: | E32 J3 J63 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29187&r= |
| By: | Benjamin Schoefer |
| Abstract: | I propose a financial channel of wage rigidity. In recessions, rather than propping up marginal (new hires’) costs of labor, rigid average wages squeeze cash flows, forcing firms to cut hiring due to financial constraints. Indeed, empirical cash flows and profits would turn acyclical if wages were only moderately more procyclical. I study this channel in a search and matching model with financial constraints and rigid wages among incumbent workers, while new hires’ wages are flexible. Individually, each feature generates no amplification. By contrast, their interaction can account for much of the empirical labor market fluctuations—breaking the neutrality of incumbents’ wages for hiring, and showing that financial amplification of business cycles requires wage rigidity. |
| JEL: | E2 G3 J01 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29201&r= |
| By: | Nicol, Alan (International Water Management Institute (IWMI)); Abdoubaetova, A.; Wolters, A.; Kharel, A.; Murzakolova, A.; Gebreyesus, A.; Lucasenco, E.; Chen, F.; Sugden, F; Sterly, H.; Kuznetsova, I.; Masotti, M.; Vittuari, M.; Dessalegn, Mengistu (International Water Management Institute (IWMI)); Aderghal, M.; Phalkey, N.; Sakdapolrak, P.; Mollinga, P.; Mogilevskii, R.; Mogilevskii, R.; Naruchaikusol, S. |
| Abstract: | This working paper was produced under the European Union Horizon 2020 funded AGRUMIG project and traces the impact of Covid-19 on migration trends in seven project countries – China, Ethiopia, Kyrgyzstan, Moldova, Morocco, Nepal and Thailand. The context of global migration has changed dramatically due to the coronavirus pandemic. Both within and between countries there has been a substantial curtailment of movement. As a result of multiple lockdowns, economic activity has severely declined and labor markets have ground to a halt, with mass unemployment in industrialized economies looming on the horizon. For both migrant hosting and origin countries – some are substantially both – this poses a set of complex development challenges. Partners of the AGRUMIG project undertook a rapid review of impacts across project countries, exploring the impacts on rural households but also identifying the persistent desire to migrate in spite of restrictions. |
| Keywords: | Migration; COVID-19; Pandemics; Labour market; Migrant labour; Unemployment; Livelihoods; Health hazards; Income; Remittances; Economic activities; Poverty; Social inequalities; Food supply; Households; Rural areas; State intervention; Governance; Quarantine; Travel restrictions; Border closures; Policies; Assessment; Uncertainty |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:worppr:h050125&r= |
| By: | Martin, Elliot; Cohen, Adam; Yassine, Ziad; Brown, Les; Shaheen, Susan |
| Abstract: | The Mobility on Demand (MOD) Sandbox Demonstration Program provides a venue through which integrated MOD concepts and solutions, supported through local partnerships, are demonstrated in real-world settings. For each of the 11 MOD Sandbox Demonstration projects, a MOD Sandbox Independent Evaluation was conducted that includes an analysis of project impacts from performance measures provided by the project partners and an assessment of the business models used. This document presents the Evaluation Report for the BART Integrated Carpool to Transit Access Program project. The project tested a number of hypotheses that explored the project impacts on carpooling, costs, enforcement, ridership, parking, and vehicle miles of travel (VMT). The evaluation generally found that the project increased overall carpooling to BART, commensurately increased the utilization of parking spaces by carpooling vehicles, and increased the number of people per vehicle parking at BART stations. The evaluation determined that the overall cost of enforcement per carpool space declined, primarily because spaces used for carpools increased without significantly increased enforcement burden. The evaluation did not have data available to determine whether illegal use of carpool spaces had changed significantly as a result of the project. On the related matter of enforcement, the evaluation did not have data to quantify changes in fraudulent use of carpool spaces and, instead, relied on discussions with enforcement staff, which suggested that fraudulent use had dropped as a result of the project. The evaluation did find that the project produced a wider distribution of arrival times to carpool spaces, which was an objective of BART, to permit greater flexibility of travel times in the morning for carpooling riders. The evaluation found that the project likely increased BART ridership, although not by margins large enough to be statistically noticeable within normal fluctuations of station ridership. Data were not available to determine whether this increase in ridership raised revenue that exceeded the costs of the project. However, users reported reduced personal transportation costs a result of the project. The project found that overall VMT very likely declined as result of the project due to the reduced driving alone to stations. Finally, expert interviews with project personnel produced lessons learned on implementation and policy that may inform similar projects in the future. |
| Keywords: | Engineering, Mobility on Demand, MOD, sandbox, shared mobility, mobility as a service, independent evaluation, transit, carpooling |
| Date: | 2020–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt20k5m10d&r= |
| By: | Jenn, Alan PhD; Brown, Austin PhD |
| Abstract: | California has many aggressive climate policies, primarily aimed at individual sectors. This study explores untapped policy opportunities for interactions between sectors, specifically between the transportation and the electricity grid. As electric vehicles become more prevalent, their impact on the electricity grid is directly related to the aggregate patterns of vehicle charging. Even without vehicle-to-grid services, shifting of charging patterns can be a potentially important resource to alleviate issues such as renewable intermittency. This study compares, through modeling, projected emissions reductions from managed vs. unmanaged charging. The lion’s share of emissions reduction in the light-duty transportation sector in California will come from electrification, with a cumulative 1 billion tons of CO2 reduction through 2045. Decarbonization of the current grid leads to an additional savings of 125 million tons of CO2 over the same time-period. Potential state policies to exploit synergies between transportation electrification and grid decarbonization could reduce cumulative emissions by another 10 million tons of CO2. These policies include strategic deployment of charging infrastructure, pricing mechanisms, standardizing grid interaction protocols, and supporting grid infrastructure requirements. |
| Keywords: | Social and Behavioral Sciences, Decarbonization, electric grids, electric vehicles, electric vehicle charging, emissions, carbon dioxide, policy analysis |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt2rv3h345&r= |
| By: | Amat Adarov (The Vienna Institute for International Economic Studies, wiiw); Mario Holzner (The Vienna Institute for International Economic Studies, wiiw); Branimir Jovanovic (The Vienna Institute for International Economic Studies, wiiw); Goran Vukšić |
| Abstract: | This paper revisits the relationship between labour taxation and international trade, focusing on the role of domestic labour value added. Using sectoral data from 41 EU and OECD economies over the period 2005-2014, we assess how labour taxes affect exports and imports and how domestic labour value added shapes this relationship. We find that higher labour taxes reduce exports but that the effect depends to a large extent on the share of domestic labour value added, which differs by industries, countries and time periods. Imports do not seem to be affected. This implies that changes in labour taxes will not affect all sectors and countries in the same way and that policy makers should be aware of this when deciding on labour taxes. We also calculate the contribution of labour tax changes to the export dynamics in the analysed period and sample of countries, finding that in general the contribution is small. |
| Keywords: | taxation, labour, international trade, exports, imports, labour share |
| JEL: | F14 F16 H24 J32 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:wii:wpaper:205&r= |
| By: | Thabelo Ramantswana; Tsepiso Mote |
| Abstract: | Companies over the years embarked on initiatives intended to ensure that building designs and techniques enhance office environments that also enhance productivity and attract more employees. As a result, buildings are designed in such a way that they reduce downtime and the office designs consider employees as the main users of space. Previous studies conducted have emphasised on the impact of the physical office environment on occupants, and as such, a wide range of variables must be taken into account while ensuring comfort and well-being of occupants (Haynes, 2007; Martens, 2011; Parkin, et al., 2011). The focus on the physical office environment has predominately given attention to the design of office layouts that promote comfort to the occupants (Haynes, 2008). The aim of this research is to explore the effects of workspace design and performance of employees in green buildings as compared to those in conventional offices (buildings). The work environment has been identified to influence employee satisfaction and work performance. In order to develop and provide work environments that meet the preferences of as many employees as possible, more information about user preferences and possible preference differences between different kinds of users is required. The purpose of this paper is to increase the understanding concerning office users' work environment preferences. The aim is to investigate whether there are differences in the preferences of office users based on their age, gender, their mobility, and whether they work individually or with others. A mixed-method-approach was used consisting of interviews, observations and a survey. Thematic analysis was used to analyze the interviews while statistical analysis was used for the survey. The analysis gives an indication that green buildings generally outperform conventional buildings in most of the aspects of IEQ. By virtue of a better level of satisfaction by occupants in green buildings, there is a justification in literature that occupants’ satisfaction leads to employees productivity and perform without hesitation due to an environment that encourage pleasant workspaces. The research is limited to City of Johannesburg the findings may not apply to other areas. Further studies is needed in other areas to see if there will be similarities or differences. The paper provides useful information to developers, space planners and Human Resources in knowing some of the issues that affect employees’ productivity and the importance of green buildings. |
| Keywords: | employees' perfomance; employees' preferences; Green Buildings; workspace design |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_91&r= |
| By: | Lawrence Souza; Regina Cuevas; Kayla Moniz; China Martin; Alicia Becker |
| Abstract: | With the development and advances in life science over the past 10 years, this real estate market has seen rising demand for space due to the development of new drugs and diagnostics on a worldwide basis, particularly in the San Francisco Bay Area. The challenge for life science start-up companies are rising costs of tools to carry out experiments, need for proper security equipment, and limited availability of working spaces. Small companies are facing significant challenges to developing and delivering new products and drugs to market. As stated by Cushman and Wakefield (2019), people over 65 years old are forecast to double over the next 10 years, driving the urgency to create potential cures; this is projected to have a direct impact on profitability of life science businesses. Life science profit margins can be enhanced directly through the use of life science incubators. According to the Georgia Department of Public Health, COVID-19/SARS-CoV-2 (Severe Acute Respiratory Syndrome), also known as the Coronavirus Disease (2019), is a disease that was identified in Wuhan, China. This disease has spread rapidly throughout the world, and at this point has encouraged individuals to take multiple precautions throughout their daily life. According to the Center for Disease Control (CDC), just in the United States as of August 2020, there are over 5.8 million infections and 180,000 deaths, with no vaccines or drug treatments anticipated until 2021. With this new and unpredictable pandemic, declared by the World Health Organization (WHO) as of March 11th of 2020, significantly impacting the role of life science as a target investment property sector for the real estate industry. The pandemic will drive significant demand for life science space from the funding of new and legacy biotechnology companies, as they fight the disease with the development of new testing, vaccinations, and potential treatments. The pandemic is projected to attract significant capital to the analytic and life science sectors, as investors (venture capitalists) understand the importance of life science investments. However, there will be certain real estate sectors that will suffer, particularly the office sector as reflected in low and falling occupancy rates, negative net absorption, falling rents and values. This is an opportunity to convert existing and fully functionally obsolete and physically deteriorated space to the highest-best-use of life science campuses and incubators. This paper explores and defines the life science incubator concept, as well as the market opportunities, comparative advantage, employment, venture capital flows, and commercialization. Based on this research we recommend investment in life science real estate. The following section discusses the impact of COVID-19 on the life science marketplace. |
| Keywords: | Agglomeration Economies and Clustering Effects; Life Science; Life Science Technology Impact on Real Estate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_201&r= |
| By: | Maarten De Ridder; Basile Grassi; Giovanni Morzenti |
| Abstract: | How do estimates of firm-level markups that rely on production function estimations depend on common data limitations? With a tractable analytical framework, simulation from a quantitative model, and firm-level administrative production and pricing data, we study biases due to the use of revenue instead of quantity, and due to production function misspecification. Estimates from revenue mismeasure the level of markups, but do contain useful information about true markups. Conversely, misspecified production functions have little effect on the estimated average markup but reduce its information content. Finally, revenue and quantity markups display similar correlations with variables such as profitability and market share in our data. Keywords: Macroeconomics, Production Functions, Markups, Competition |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:igi:igierp:677&r= |
| By: | Peter Q. Blair (Harvard University and NBER); Bobby W. Chung (St. Bonaventure University) |
| Abstract: | We develop a model of statistical discrimination in occupational licensing. In the model, there is endogenous occupation selection and wage determination that depends on how costly it is to obtain the license and the productivity of the human capital that is bundled with the license. Under these assumptions, we find a unique equilibrium with sharp comparative statics for the licensing premiums. The key theoretical result in this paper is that the licensing premium is higher for workers who are members of demographic groups that face a higher cost of licensing. The intuition for this result is that the higher cost of licensing makes the license a more informative labor market signal. (This is a similar insight to Spence 1973). The predictions of the model can explain, for example, the empirical finding in the literature that occupational licenses that preclude felons close the racial wage gap among men by conferring a higher premium to black men than to white men (Blair and Chung 2018). Moreover, we show that in general the optimal cost of licensing is nonzero: an infinitely costly licenses screens out all workers, while a costless license is no screen at all. |
| Keywords: | statistical discrimination, occupational licensing, labor market signal, equilibrium |
| JEL: | D45 D82 D83 J44 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:upj:weupjo:21-351&r= |
| By: | Adam, Cohen; Susan, Shaheen |
| Keywords: | Social and Behavioral Sciences |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt3mg6z1wf&r= |
| By: | Mikhail Zhitlukhin |
| Abstract: | We construct a diffusion approximation of a repeated game in which agents make bets on outcomes of i.i.d. random vectors and their strategies are close to an asymptotically optimal strategy. This model can be interpreted as trading in an asset market with short-lived assets. We obtain sufficient conditions for a strategy to maintain a strictly positive share of total wealth over the infinite time horizon. For the game with two players, we find necessary and sufficient conditions for the wealth share process to be transient or recurrent in this model, and also in its generalization with Markovian regime switching. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11998&r= |
| By: | Jan Philipp Fritsche; Lea Steininger |
| Abstract: | Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock decreases firms' labor share by 0.4 percent, on average. However, reactions are heterogeneous along two dimensions: The labor share is most informative to discriminate firms by their response in payroll expenses, firms' leverage is most informative to discriminate by their response in value added. We inform the policy debate on transmission and redistribution effects of monetary policy. |
| Keywords: | Monetary policy, firm heterogeneity, labor share, financial frictions, DSGE model validatio |
| JEL: | D22 D31 E23 E32 C52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1967&r= |
| By: | Mariam Hussain |
| Abstract: | Large-scale urban development projects in the post Global Financial Crisis (GFC) era are often assessed with a substantial focus on financially driven decision making by property market actors, above other considerations. In this contemporary period of constant renovation of cities anchored in deindustrialization, this focus is quickly interpreted as commodification a result of financial globalization and common associates, without thorough consideration of post crisis development from the market actor perspective, and their relative relationship to urban planning actors. The following research study assess the transition of the identity of the South Axis (Zuidas) financial business district in Amsterdam to a mixed-use neighbourhood that accelerated after the GFC, and examines what catalysts were in place for a more ‘flexible’, yet large scale, mixed-use development project to emerge. This location is distinct for two key reasons: the first, that Amsterdam has concentrated a record share and volume of foreign commercial real estate investment in the post-GFC era, and secondly that plans for high density Class A office space have been quickly replaced by residential complexes of a similar variety, maintaining a degree of standardization. This can be used to highlight that during this same period the commercial real estate sector has shifted from mono-functional nodes and single asset classes, to mixed-use and multi-asset portfolios, demonstrating that property market actors are actually moving closer to urban planning paradigms. Further trends such as walk-ability and human-scale design are also attributes that are appearing in the world of commercial real estate, principles that have been long advocated by the world of urban planning. The following research paper sets a qualitative analysis using actor interviews and planning documents along an evolving backdrop to dissuade the archetypal pure financial motivations of actors involved in the business of city building. |
| Keywords: | Mixed-use; Property Market; Real Estate Investment; Urban Planning |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_103&r= |
| By: | Dat Thanh Tran; Juho Kanniainen; Moncef Gabbouj; Alexandros Iosifidis |
| Abstract: | Data normalization is one of the most important preprocessing steps when building a machine learning model, especially when the model of interest is a deep neural network. This is because deep neural network optimized with stochastic gradient descent is sensitive to the input variable range and prone to numerical issues. Different than other types of signals, financial time-series often exhibit unique characteristics such as high volatility, non-stationarity and multi-modality that make them challenging to work with, often requiring expert domain knowledge for devising a suitable processing pipeline. In this paper, we propose a novel data-driven normalization method for deep neural networks that handle high-frequency financial time-series. The proposed normalization scheme, which takes into account the bimodal characteristic of financial multivariate time-series, requires no expert knowledge to preprocess a financial time-series since this step is formulated as part of the end-to-end optimization process. Our experiments, conducted with state-of-the-arts neural networks and high-frequency data from two large-scale limit order books coming from the Nordic and US markets, show significant improvements over other normalization techniques in forecasting future stock price dynamics. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00983&r= |
| By: | Gordon Stobart (University College London) |
| Abstract: | Scotland’s Curriculum for Excellence (CfE) is a pioneering example of curriculum reform, but the qualifications for upper-secondary school students have seen far less reform. Exam cancellations in 2020-21, and the debates generated provide an opportunity to radically reconsider the assessment system. This paper compares the Scottish system to four other British legacy systems and five other legacy traditions, to offer insight for how Scotland could improve the alignment between CfE and upper-secondary assessments. Theoretical considerations further guide the analysis on what constitutes a dependable and trustworthy assessment system, to refine the reflection around options for the Scottish system. Three major themes emerge from this comparative review: external assessments could be more innovative to capture a wider range of student capabilities; the role of teacher assessment could be reconsidered; and the academic and vocational strands could be better integrated with the assessment system to offer a broader range of curriculum options. |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduaab:253-en&r= |
| By: | David S. Miller |
| Abstract: | Treating nominal government bonds like other bonds leads to a new theory of sudden inflations and currency crises. Holmstrom (2015) and Gorton (2017) describe bonds as having costly-to-investigate opaque backing that consumers believe is sufficient for repayment. Government bonds' nominal return is their face value, their real return is determined by the government's surplus. In normal times, consumers are confident of repayment but ignorant of the true surpluses that will fund that repayment. When consumers' belief in real repayment wavers, they investigate surpluses. If consumers learn surpluses will be insufficient to repay bonds in real terms, the price level jumps. This explains why we observe inflationary crises, but never deflationary. |
| Keywords: | Currency Crises; Price Level Determination; Monetary Fiscal Interaction; Fiscal Theory of the Price Level |
| JEL: | E31 E51 E52 E63 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-57&r= |
| By: | \c{C}a\u{g}{\i}n Ararat; M\"ucahit Ayg\"un |
| Abstract: | Motivated by the problem of finding dual representations for quasiconvex systemic risk measures in financial mathematics, we study quasiconvex compositions in an abstract infinite-dimensional setting. We calculate an explicit formula for the penalty function of the composition in terms of the penalty functions of the ingredient functions. The proof makes use of a nonstandard minimax inequality (rather than equality as in the standard case) that is available in the literature. In the second part of the paper, we apply our results in concrete probabilistic settings for systemic risk measures, in particular, in the context of Eisenberg-Noe clearing model. We also provide novel economic interpretations of the dual representations in these settings. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12910&r= |
| By: | Geraldine Dany-Knedlik; Alexander Kriwoluzky; Sandra Pasch |
| Abstract: | Using a wide variety of business cycle dating and filtering techniques, this paper documents the cyclical behavior of the post-tax income distribution in the US. First, all incomes are cyclical and co-move with the business cycle. Second, lower and higher income individuals experience significantly larger fluctuations across the business cycle than middle-income individuals. Third, these fluctuations have become smaller over the course of the Great Moderation for the bottom and the very top income individuals. With the financial crisis starting in 2009 and its repercussions, the volatilities are again increasing; however, not significantly. These findings are independent from the method to extract the business cycle component. |
| Keywords: | Cyclicity of the income distribution, business cycle |
| JEL: | E01 E32 D31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1964&r= |
| By: | Idowu, Ayodele; Collins, Tomisin |
| Abstract: | The study investigates the influence of manufacturing sector performance and disaggregated government expenditure on economic performance in Nigeria. Government expenditure is disaggregated into social and community services and economic services. The study employed and makes use of time series data from 1981 to 2020. Data on manufacturing sector performance, government expenditure on social, government expenditure on community services and economic services, foreign direct investment, interest rate, population and economic growth were sourced from Central Bank of Nigeria statistical bulletin, World Development Indicators and Nigeria Bureau of Statistics. The Unit root test shows that all variables except foreign direct investment and population are stationary at first difference and the bounds test confirms existence of long run relationship among the variables at 5% significant level. The econometric technique used in estimating the VAR model to run the causality test is the Toda-Yamamoto model while Autoregressive Distributed Lag Model (ARDL) model was the estimation technique used to analyze the main objective of the study to generate short run and long run result. The econometric model estimated reveals that manufacturing sector performance, foreign direct investment, government expenditure on community and social services have a positive and significant impact on economic performance while government expenditure on economic services have a negative and significant impact on economic performance while interest rate does not have a significant impact on economic performance. |
| Keywords: | Manufacturing Sector performance, Government expenditure, Economic growth, Modelling. |
| JEL: | E2 E62 O1 O4 |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109245&r= |
| By: | Ncib, Adel; khalfallah, Fatma |
| Abstract: | The goal of our research is to see how governance systems affect the performance of Tunisian businesses. Empirical validation of a panel of 100 Tunisian companies over a 10-year period from 2008 to 2018 demonstrates that the board of directors' makeup, compensation system, shareholder rights, and disclosure of financial information are all important factors. |
| Keywords: | Corporate Governance, Performance, Board of directors, BVMT |
| JEL: | M19 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109239&r= |
| By: | Tije van Casteren; Ioulia Ossokina; Theo Arentze |
| Abstract: | In the coming decades, many countries need to improve the energy efficiency of their building stock, to realize the climate and renewable energy goals. In the Netherlands, this involves more than 5 million dwellings and many billions euros in costs. A considerable part of these costs has to be carried by home owners, and the challenge is to motivate them to timely invest in energy retrofitting. Households experience various barriers on their way to energy retrofitting of homes. Most prominent are: a high cost of gathering and verifying the information, financial constraints, risk aversion (Gerarden et al, 2017, Busse et al., 2013, Allcott and Wozny, 2014, Cattaneo, 2019). In the recent years various attempts have been made to address these barriers exploiting the possibilities of new digital communication technologies. Supported by (local) governments, new online platforms provide home owners looking for energy-efficiency investments with different services. These include: tailor-made advice on best energy-efficiency investments in specific homes; preselection of suppliers of a certain chosen technology (e.g. insulation, solar panels, high return boilers); setting up a collective purchase campaign for a neighbourhood, etc. There exists a small literature studying the effectiveness of online platforms in reducing consumer search and verification costs for products (Goldfarb and Tucker, 2019). For various domains (airlines, book stores, holiday homes) studies show that digital environments increase the share of successful matches between customers and suppliers. Still, not much is known yet to what degree this also holds for digital platforms that support purchasing of new home energy technologies. Further, little attention has been given so far to the heterogeneity of the consumers: for which groups of customers online platforms work well or for which not. Our study aims to fill these two knowledge gaps. We exploit unique data from a Dutch online platform that supports home owners in their collective purchase of various energy efficient home technologies. The data include information on some 10.000 platform participants and 300 collective purchase campaigns during the period 2013-2020. The data are merged on household level to the restricted access information about the socio-economic characteristics of the households and to their energy consumption. We study the determinants of the energy-efficiency investment choices households make on the platforms. These determinants include: the socio-economic characteristics of the households, their energy consumption pattern, the type of energy-efficient technology that is being purchased, etc. This paper has practical implications. Research shows that households differ in their energy consumption patterns and in their attitude towards energy transition (e.g. Albert and Maasoumy, 2016; Motlagh et al., 2019; Ossokina et al., 2020). It is therefore important to provide customized information to the consumers and select precise tools for specic household groups. Our study provides insights on how to do this using online environments that are being used more and more to support and stimulate energy transition in homes. |
| Keywords: | digital environments; effect measurement; energy-efficient investments in homes; microeconometrics |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_110&r= |
| By: | Van, Tien Linh Cao; Barthelmes, Lukas; Gnann, Till; Speth, Daniel; Kagerbauer, Martin |
| Abstract: | Electric vehicles (EVs) can help to reduce greenhouse gas emissions of the transportation sector. Therefore, the German government has defined various measures and targets to promote the diffusion of EVs. However, factors influencing the market diffusion of EVs as well as interdependencies between policy measures and vehicle diffusion are often unclear and hence, diffusion simulations are probably inaccurate. At the same time, a precise simulation of EV diffusion is a relevant parameter in travel demand models building the base for transportation planning. This paper addresses the gaps in current market diffusion models for EVs with a particular focus on environmental effects as additional influencing factors of the market diffusion. Results will be drawn for the German car market with a market diffusion simulation until 2050. The market diffusion model ALADIN is applied and energy prices are extended by a CO2 price to improve the consideration of environmental factors in the market diffusion modelling. The effectiveness of environmental policy measures is assessed in scenarios with three different CO2 prices and their impact on the diffusion of EVs. The results show that the market diffusion is highly dependent on the evolution of external factors. A CO2 price of at least 150 €/t of CO2 by 2030 can have a significant impact on the market diffusion of EVs and may as well lead to changes in the drive mix for both, electric and conventional drives within the German passenger car fleet. The German government's target of seven to ten million EVs registered by 2030 seems in general achievable, if currently adopted purchase bonuses and expected cost degression for EVs also take effect. Until 2050, we find large effects with CO2 prices up to 500 €/t, yet limited growth in market share above that threshold. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:s052021&r= |
| By: | Bazzana, Davide; Menoncin, Francesco; Vergalli, Sergio |
| Abstract: | The catastrophic events are characterized by “low frequency and high severity”. Nevertheless, during the last decades, both the frequency and the magnitude of these events have been significantly rising worldwide. In 2021, the European Commission adopted a new Strategy on Adaptation to Climate Change aiming to reinforce the adaptive capacity and minimize vulnerability to the effects of climate change and natural catastrophes. In a continuous time framework over an infinite horizon, we solve in closed form the problem of a representative consumer who holds a production technology (firm) and who optimises with respect to both the intertemporal consumption and the mix between an insurance (adaptation) against the magnitude of the catastrophic losses, and an effort strategy (mitigation) aimed at reducing the frequency of such losses. The catastrophic events are modelled as a Poisson jump process. We then propose some numerical simulations calibrated to the country-specific data of the five main European economies (Germany, France, Italy, Spain, and Netherlands). Our model demonstrates that an optimal mix of mitigation/effort strategies allows to reduce the volatility of the economic growth rate, even if its level may be lowered due to the effort costs. Simulations allow us to also conclude that different countries must optimally react differently to catastrophes, which means that a one-for-all policy does not seem to be optimal. |
| Keywords: | Environmental Economics and Policy, Risk and Uncertainty |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemwp:313283&r= |
| By: | Blanchflower, David G.; Piper, Alan |
| Abstract: | Kassenboehmer and DeNew (2012) claim that there is no well-being age U-shape effect for Germany, when controlling for fixed effects and respondent experience and interviewer characteristics in the German Socio-Economic Panel, 1994-2006. We re-estimate with a longer run of years and restrict the age of respondents to those under seventy and find the well-being age U-shape effect is neither flat nor trivial. |
| Keywords: | age,ageing,life satisfaction,interviewer characteristics,interviewee experience,fixed effects,panel analysis,GSOEP |
| JEL: | I31 J14 C42 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:921&r= |
| By: | Martin Ravallion; Shaohua Chen |
| Abstract: | The path of income inequality in post-reform China has been widely interpreted as “China’s Kuznets curve.” We show that the Kuznets growth model of structural transformation in a dual economy, alongside population urbanization, has little explanatory power for our new series of inequality measures back to 1981. Our simulations tracking the partial “Kuznets derivative” of inequality with respect to urban population share yield virtually no Kuznets curve. More plausible explanations for the inequality turning points relate to determinants of the gap between urban and rural mean incomes, including multiple agrarian policy reforms. Our findings warn against any presumption that the Kuznets process will assure that China has passed its time of rising inequality. More generally, our findings cast doubt on past arguments that economic growth through structural transformation in poor countries is necessarily inequality increasing, or that a turning point will eventually be reached after which that growth will be inequality decreasing. |
| JEL: | D31 I32 O15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29199&r= |
| By: | Matthias Soot; Sabine Horvath; Hans-Berndt Neuner; Alexandra Weitkamp |
| Abstract: | In this work, we compare the results of multiple linear regression analysis (MLR) with spatial analysis method (geographically weighted regressions (GWR)) and an artificial neural network (ANN) approach deriving a state-wide model for property yields. The database consists of approx. 3000 purchase prices in the market of multi-family houses collected in the purchase price database of Lower Saxony (Germany). The purchases occurred between 2014 and 2018. The locational quality as well as the theoretical age (deprecation) of the real estates are the influencing variables in the analysis. In the GWR, different fixed and variable kernels are used. The approaches are evaluated using cross-validation procedure with quality parameters like the root mean square error (RMSE), the mean absolute error (MAE) and the error below 5% (eb5). The first analysis shows that GWR leads to better results in comparison to classical approaches (MLR) because local phenomena can be modelled. Also, the approach of ANN is superior in comparison to the classical regression analysis because of its ability of nonlinear modelling. In this dataset, the ANN cannot reach the accuracy of GWR which leads to the conclusion, that the spatial inhomogeneity has a bigger influence than a data non-linearity. Further investigation shows that the complexity of the data and the amount of available data plays a key role in the performance of ANN. |
| Keywords: | ANN; GWR; Multi family houses; property yields |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_44&r= |
| By: | Yadav, Sandeep |
| Abstract: | Purpose - What is the role of the home country institutional environment in emerging market small and medium firms (SMEs) internationalization? Drawing from strategy tripod perspective, this study tests the proposed theoretical model on the impact of institutional harshness on SMEs internationalization. This study also demonstrates the moderating role of firm resources and industry informal competition on the relationship between home country institutional harshness and SMEs internationalization. Design/methodology/approach – This study tests the proposed theoretical model on a survey sample of 5129 Indian and Chinese SMEs from World Bank Enterprise Surveys (WBES). This study uses the Tobit regression model and Logit regression model as estimation techniques. Findings - Based on the institution-based view, the author finds that institutional harshness in the home country increases SMEs internationalization as escape to home country institutional challenges. The findings show that SMEs international quality certificate possession and informal industry competition strengthen the institutional harshness and internationalization relationship. The findings also support the negative moderating effect of SMEs global linkages on institutional harshness and internationalization relationship. Originality/value – This study contributes to institutional theory and international business literature by showing emerging market SMEs international expansion as a response to owner/manager perception of high institutional harshness. The study extends the boundaries of the home country institution escape-based internationalization argument by examining the heterogeneous impact of institutional harshness on SMEs internationalization based on firm resources and industry context. |
| Keywords: | Emerging market, Internationalization, Institutional harshness, SMEs, Exporting, Institutional theory, Industry context, Firm resources |
| JEL: | F2 L1 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109255&r= |
| By: | Felix Gauger; Benjamin Wagner; Andreas Pfnür |
| Abstract: | Economic changes, increasing competitive pressure, and growing dynamics in organizations require flexible and efficient provision of space. These altered occupier requirements lead to changes within the office sector. In today's knowledge work, the purpose of office space is extending from a place of pure space provision and productivity to a social place that allows social interaction, creativity, and more space for informal meetings. To address these new requirements, corporate real estate no longer measures the provision of space in terms of pure costs, but increasingly includes factors such as employee satisfaction, quality and service, collaboration, and social interaction. Flexible Office Spaces, or so-called “Coworking Spaces,” are characterized by the provision of temporally and spatially flexible space with a high service orientation. This operator model has the potential to change the real estate value chain. The operator leases larger areas on a long-term basis, (sub)leases individual managed workplaces to the user and thus provides a risk and maturity transformation. With an operator as an intermediary, the way in which commercial space is provided is changing. This process within the real estate industry is driven by the occupiers. This research project investigates to what extent Flexible Office Space meets the (new) requirements of the occupiers for provision of space. We apply a model of requirements and value contribution of space provision on the provision of flexible office space. For an empirical analysis, 59 corporate real estate managers from large German companies were surveyed. Correlation and bivariate regression analyses were used to show which of these requirements are related to the use of Flexible Office Space. The results indicate that Flexible Office Space is an alternative form of space provision for large companies. We find that requirements for flexibility, innovation, collaboration, and creativity as well as employee well-being and satisfaction correspond with Flexible Office Space. However, they do not associate Flexible Office Space with an increase in work productivity, corporate identity, corporate social responsibility, or a strengthening of employer branding. The results enable CRE managers to assess which requirements for space provision are addressed by Flexible Office Space. This helps in deciding whether it is appropriate to use Flexible Office Space within the real estate strategy. |
| Keywords: | Coworking; CREM; flexible office space; space provision |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_47&r= |
| By: | Franz Fuerst; Yana Akhtyrska |
| Abstract: | The commercial real estate sector contributes a sizable share to greenhouse gas emissions from the built environment due to its structural characteristics. The existence of an energy efficiency gap (EEG) between potential cost-effective measures and the actions being undertaken by the property industry has been subject to debate in the extant literature. Proponents of the EEG point to principal-agent problems, regulatory and technological risk and uncertainty over future energy prices as important drivers. Despite government-led efforts to decarbonise the sector through incentivisation of energy efficiency retrofits, evidence has emerged that a simple “fix and forget” approach will not suffice for large air-conditioned properties with complex systems and numerous stakeholders involved. Specifically, several studies have found that there is relatively little correlation between the proven energy efficiency of a building in operation and its energy performance certificate. This study tests if US office buildings with proactive energy management practices 1) consume less energy and, as a result, 2) command higher rental premia. Hence, the suggested study sets out to first survey and classify the efficiency of operational practices of a building, which past studies have not taken into account. These components can be found in the existing LEED dataset and include the frequency of commissioning and implementation of capital measures to upgrade energy efficiency equipment, the presence of building automation systems and advanced metering infrastructure. These measures are then analysed with a difference-in-difference approach and more advanced techniques. The results of this analysis will be valuable to policymakers, particularly in the UK and other European countries that are about to embark on an ambitious net zero carbon policy for commercial and domestic buildings. Information on achieved rents, as available from the CompStak database, is regressed on the constructed operational efficiency variable while controlling for a number of confounding variables. The insights shed light onto the potential financial returns to these measures in the office sector. |
| Keywords: | Energy Consumption; Green Buildings; Office Buildings; Proactive Energy Management |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_124&r= |
| By: | Pompeo Della Posta,; Roberto Tamborini |
| Abstract: | The lesson of the sovereign debt crises of the 2010s, and of the outbreak of the COVID- 19 pandemic is that EMU irreversibility, if not to remain a wishful statement in the founding treaties, necessitates to be completed by carefully designed ramparts for extraordinary times beside regulations for ordinary times. In this paper we wish to contribute to this line of thought in two points. First, we highlight that when exposed to large, systemic shocks the EMU faces a trilemma: its integrity can only be saved by relaxing either monetary orthodoxy, or fiscal orthodoxy, or both. We elaborate this concept by means of a fiscal target-zone model, where EMU member governments are willing to abide with the commitment to debt stability under the no-bailout clause only up to an upper bound of their feasible fiscal effort. Second, we show that EMU completion means providing a monetary and/or fiscal emergency backstop to the irreversibility principle. Drawing on the target-zone literature, we show how these devices can be designed in a consistent manner hat minimises their extension and mitigates the moral hazard concerns. The alternative to these devices is not retaining both the EMU irreversibility and the twin orthodoxies, but reformulating the treaties with explicit and regulated exit procedures. |
| Keywords: | COVID-19 pandemic, Fiscal Target Zone, Public Debt, Speculative Attacks, Fiscal Orthodoxy, Monetary Orthodoxy |
| JEL: | E65 F34 F36 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:trn:utwprg:2021/10&r= |
| By: | François Gardes (Centre d'Economie de la Sorbonne & Université Catholique de l'Ouest) |
| Abstract: | L'examen critique du cours de Pierre Bourdieu sur les fondements sociaux de l'action économique et sa comparaison à la méthodologie suivie par Simon Langlois dans ses analyses des choix de consommation des ménages, engendrent une discussion des méthodologies de test des hypothèses et des conclusions des analyses théoriques dans les diverses sciences sociales et l'exposé succinct de nouveaux modèles qui élargissent la théorie économique des choix individuels, répondant ainsi partiellement aux critiques de Bourdieu |
| Keywords: | Don; marché; rationalité; test; consommation |
| JEL: | A14 C52 C62 D11 D41 J52 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21021&r= |
| By: | Nicolas Mellinger; Lutz Eichholz; Wilko Manz |
| Abstract: | Autonomous vehicles are going to transform the peaceful coexistence of means of transport in urban areas. This development hat multiple effects on participants of the urban transport and the city itself. Overall, four trends can be observed: an increasing autonomous traffic in cities, a growing bicycle traffic due to adapted planning and social development, a revival of the living city and a technical upgrade of the vehicle fleet. These trends necessitate new concepts of planning and technic. This is where the research projects comes in. Project goals and contents: The goal of the project is to investigate and develop solutions for the coming challenges of bicycle traffic in cities in interaction with autonomous vehicles. In doing so, concerns of transport, urbanistic and technic are taken into account. Essential components are transport-related methods as surveys and test drives to recognize and avoid conflicts between bicycles and autonomous vehicles, urbanistic concepts to design cycle paths in urban areas with autonomous vehicles, technical systems in autonomous vehicles based machine learning to detect and predict movements of bicycles and algorithm development to track and predict trajectories of bicycles in urban infrastructure. Aspired project outcomes: Within the scope of the research project, the following outcomes are aspired. Based on the survey outcomes, recommendations to recognize and avoid conflicts are given. The survey outcomes themselves are also essential results of the project. Furthermore, a guideline for traffic an urban planning will be developed. The algorithm to track and predict trajectories of bicycle movements as well as the technical systems in autonomous to detect and track bicycles vehicles will be other important project outcomes. Target groups are planning and engineering offices as well as road construction and urban planning offices, vehicle constructors and startups. Present state of affairs: At the current state, different scenarios for interactions of bicycles with autonomous vehicles are developed and discussed in a project related advisory board. Based on the conclusions, the online survey was designed and completed. The survey is currently in an evaluation process. The outcomes of the survey evaluation will be presented on the ERES conference. Also different scenarios for urban design of bicycle paths are investigated and can be presented and discussed. The suitability of different road types for traffic with cyclists and autonomous vehicles is another important result. Furthermore, the algorithm to detect and track bicycles and other participants in traffic is created. First results of tests with the developed algorithm can be presented as well. |
| Keywords: | autonomous vehicles; bicycle traffic; road design; traffic safety |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_176&r= |
| By: | Gizem Hayrullahoglu; Yeim Aliefendio Tanrvermi |
| Abstract: | In Ankara, capital of Turkey, the neoliberalism in the 1980’s has differentiated the manner of housing supply. The period of housing for all segments of society have begun besides affordable housing. Such an economic development has caused urban sprawl with the impacts of land speculation, increase in transportation facilities and some incorrect public policies. All these drivers of urban sprawl are most closely associated with the housing market, so housing demand dynamics in particular are become the main determinants of uncontrolled urban growth. The leapfrog development of Ankara’s western corridor in the last four decades remains a challenge for central-local governments. Land consumption, insufficient public transport for the expanding urban area, socio-spatial segregation, and urban infrastructure imposing additional financial burden threaten both environmental and economic sustainability. Today, although there are enough vacant lots in the city center, the city is growing outward and there is great pressure on the rural-urban fridge where farming still occurs. Furthermore, spatial development in this region and upper scale plan decisions are in conflict with each other. It is obvious that the driving forces of urban sprawl will be better understood by determining the housing demand dynamics. In this study, a hedonic model is established to analyze the dynamics of housing demand, which is the hidden driving force of urban sprawl in Ankara. The in-situ study including 303 face-to-face surveys is conducted in Alacaatli and Yasamkent Neighborhoods -approximately the size of 2,420 hectares- on June 2018 and data obtained as a result of the survey are used as variables in the hedonic model. The findings reveal that factors such as security and crime that reduce welfare in the city center and low-quality or traditional housing types in the city center stimulate the urban expansion towards large open spaces. The results show that socioeconomic status and lifestyles are related with the preference to live in urban sprawl areas, and the city center is not preferred for residential purposes since it is seen as unsafe and chaotic. It is proposed that the domain-specific housing demand dynamics in urban sprawl areas must be considered in spatial planning assumptions for the sustainable development of Ankara. |
| Keywords: | Hedonic Pricing; Housing demand; Urban Sprawl |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_174&r= |
| By: | Chakraborty, Debapriya; Hardman, Scott; Tal, Gil |
| Keywords: | Social and Behavioral Sciences, electric vehicles, zero emission vehicles, vehicle miles traveled |
| Date: | 2021–08–31 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt2214q937&r= |
| By: | Joao Galindo da Fonseca (University of Montreal) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:21-63&r= |
| By: | Wei Cheng; Bruce A. Weinberg |
| Abstract: | The rapid diffusion and use of new ideas are critical for advancing and realizing the value of innovation. This paper explores the impact of demographic characteristics of innovators and potential adopters on the adoption of important new scientific ideas through networks. Using rich, population-level data on the biomedical researchers and their networks, natural language processing, and a novel two-way fixed effects strategy, we find that new ideas introduced by female scientists are under-utilized, which can be explain by two factors. First, female innovators are not as well-connected in networks; second, even at a short network distances, researchers (especially men) are less likely to adopt women’s ideas. Ideas from underrepresented racial and ethnic minorities are also less widely used. |
| JEL: | D85 J71 O31 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29179&r= |
| By: | Sylvie Occelli (IRES - Istituto di Ricerche Economico Sociali del Piemonte); Stefania Bellelli (IRES - Istituto di Ricerche Economico Sociali del Piemonte); Chiara Campanale (IRES - Istituto di Ricerche Economico Sociali del Piemonte); Marco Dalmasso; Bibiana Scelfo (IRES - Istituto di Ricerche Economico Sociali del Piemonte) |
| Abstract: | To strengthen management capability of Medical Imaging Equipment (MIE) in the Piedmont region, an approach is proposed which considers MIE distribution across regional sub areas together with their actual use (including utilisation rate, travel distance and waiting times). A number of regional information sources are used consisting of the health technology platform FITeB, the Health Registry and geo-spatial data. First, an overview of the spatial coverage of MIE in the regional local areas (provinces) is presented. Then, patient flows using MIE are examined and travel/time distance to access MIE discussed. The analysis makes reference to a period of time (2013-2017) in which, in order to improve the sustainability of the regional health system, a re-organisation of heath service delivery took place. Results of this study provide some evidence of the change which occurred in the access to MIE medical examinations. |
| Abstract: | Pour mieux gérer les équipements d'imagerie médicale (medical imaging equipment, MIE) dans la région du Piémont, cette étude propose une approche qui prend en compte la distribution des MIE dans les provinces ainsi que leur utilisation (y compris le taux d'utilisation, la distance de déplacement et le temps d'attente). Différentes sources de données régionales sont utilisées, la plateforme des technologies médicales (FITeB), le registre des soins de santé et des données géo-spatiales. D'abord, on donne un aperçu de la couverture spatiale des MIE dans les provinces du Piémont. Ensuite, on examine les flux de patients utilisant les MIE et les distances de voyage /temps pour accéder aux services qui les offrent. L'analyse fait référence à une période, les années 2013-2017, pendant laquelle les services régionaux ont été réorganisés. Quelques aspects des changements dans l'accès aux MIE qui se sont produits suite à cette réorganisation sont discutés. |
| Keywords: | Medical Imaging Equipment,Health regional registry,Health journeys,Accessibility,Health technology management and assessment,équipement pour l’imagerie médicale,archive des données des soins de santé,déplacements pour les soins de santé,accessibilité,gestion des technologies médicales,évaluation des technologies de la santé |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114696&r= |
| By: | Kafle, Kashi (International Water Management Institute (IWMI)); Omotilewa, Oluwatoba (International Water Management Institute (IWMI)); Leh, Mansoor (International Water Management Institute (IWMI)) |
| Abstract: | Despite increasing popularity of farmer-led irrigation in Ethiopia, little is known about socio-economics of farmers who receive public support in accelerating its expansion. We investigate this question by combining spatial land suitability for groundwater- and solar irrigation with pre-existing socioeconomic data. We find that if public support in farmer-led irrigation expansion were to be provided to farmers who own land areas that are also spatially highly suitable for irrigation, high-value crop cultivators and wealthier farmers would most likely benefit from such investments. Specifically, we find evidence that farmers in land areas more suitable for groundwater irrigation cultivated more high value crops such as vegetables, fruits, and cash crops. Cultivation of staple crops such as cereals, oilseeds, legumes and root crops were negatively associated with groundwater irrigation suitability. In addition, we find a positive correlation between farmers’ wealth status (measured by consumption expenditure, asset index, and land size) and groundwater irrigation suitability. Controlling for regional differences and current irrigation coverage, one percent increase in irrigation suitability score was associated with 0.2% increase in per-capita consumption expenditure. Land areas that were suitable for irrigation were more likely to belong to large-holders than smallholders. Results imply that policies which aim to facilitate farmer-led irrigation development in Ethiopia should not rely only on spatial suitability for irrigation. Household socio-economics and existing agricultural practices are equally important. |
| Keywords: | Groundwater irrigation; Farmer managed irrigation systems; Socioeconomic environment; Land suitability; Solar energy; Agricultural practices; Crops; Diversification; Cultivation; Land use; Pumps; Households; Living standards; Population density; Farmer-led irrigation; Investment |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:worppr:h050118&r= |
| By: | Arrighetti, Alessandro; Landini, Fabio |
| Abstract: | The stagnation of investments and its causes have attracted great attention in the recent economic debate. In this paper we show that the flattening of the capital formation rate at the firm level is not due to lower average propensity to invest. Rather, it is the result of growing heterogeneity of choices among firms. While a subset of firms is oriented towards increasing investments, another group substantially divest. The result is a polarization of conducts that tend to cancel each other out, resulting in a flattening of aggregate investment. We argue that this asymmetry in firm's decisions depends on two main factors. The first one is the diversity of corporate strategies, which firms have developed in the past. The second driver is managerial discretion, that play an important role in the adoption of specific investment / divestment trajectories when faced with a recession. The results of our empirical analysis provide strong supports for our hypotheses: after controlling for contextual and firm-specific structural, financial and demographic variables, corporate strategies and managerial discretion in the allocation of liquid assets explain large part of the heterogeneity in investment decisions during the recession. Policy implications are discussed. |
| Keywords: | Fixed investments,Capital formation,Corporate strategies,Resorce based view,Firms heterogeneity,Managerial discretion,Great Recession,Manufacturing,Italy |
| JEL: | D22 D25 L22 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:238739&r= |
| By: | Liu, Dungang; Li, Shaobo; Yu, Yan; Moustaki, Irini |
| Abstract: | Partial association refers to the relationship between variables Y1,Y2,...,YK while adjusting for a set of covariates X = {X1, . . . , Xp}. To assess such an association when Yk’s are recorded on ordinal scales, a classical approach is to use partial corre- lation between the latent continuous variables. This so-called polychoric correlation is inadequate, as it requires multivariate normality and it only reflects a linear associa- tion. We propose a new framework for studying ordinal-ordinal partial association by using surrogate residuals (Liu and Zhang, JASA, 2018). We justify that conditional on X, Yk and Yl are independent if and only if their corresponding surrogate residual variables are independent. Based on this result, we develop a general measure φ to quantify association strength. As opposed to polychoric correlation, φ does not rely on normality or models with the probit link, but instead it broadly applies to models with any link functions. It can capture a non-linear or even non-monotonic association. Moreover, the measure φ gives rise to a general procedure for testing the hypothesis of partial independence. Our framework also permits visualization tools, such as par- tial regression plots and 3-D P-P plots, to examine the association structure, which is otherwise unfeasible for ordinal data. We stress that the whole set of tools (measures, p-values, and graphics) is developed within a single unified framework, which allows a coherent inference. The analyses of the National Election Study (K = 5) and Big Five Personality Traits (K = 50) demonstrate that our framework leads to a much fuller assessment of partial association and yields deeper insights for domain researchers. |
| Keywords: | covariate adjustment; multivariate analysis; partial regression plot; polychoric correlation; rating data; surrogate residual |
| JEL: | C1 |
| Date: | 2020–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:105558&r= |
| By: | Alexander J. Stewart; Antonio A. Arechar; David G. Rand; Joshua B. Plotkin |
| Abstract: | The spread of misinformation and "fake news" continues to be a major focus of public concern. A great deal of recent research has examined who falls for misinformation and why, and what can be done to make people more discerning consumers of news. Comparatively little work, however, has considered the choices of those who produce misinformation, and how these choices interact with the psychology of news consumers. Here we use game-theoretic models to study the strategic interaction between news publishers and news readers. We show that publishers who seek to spread misinformation can generate high engagement with falsehoods by using strategies that mix true and false stories over time, in such a way that they serve more false stories to more loyal readers. These coercive strategies cause false stories to receive higher reader engagement than true stories - even when readers strictly prefer truth over falsehood. In contrast, publishers who seek to promote engagement with accurate information will use strategies that generate more engagement with true stories than with false stories. We confirm these predictions empirically by examining 1,000 headlines from 20 mainstream and 20 fake news sites, comparing Facebook engagement data with 20,000 perceived accuracy ratings collected in a survey experiment. We then use our model to analyze possible ways to disincentivize fake news, finding that reducing the capacity of news sources to microtarget readers, and increasing readers' level of attention, reduces the efficacy of coercion. Finally, we show that if a publisher incorrectly assumes that readers prefer falsehoods, their resulting publication strategy can manufacture greater engagement with false news - leading to a self-reinforcing cycle of false news promotion. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13687&r= |
| By: | Wright, Liam |
| Abstract: | The document describes a Stata algorithm for producing working-life histories for participants in the British Household Panel Survey (BHPS) and the United Kingdom Household Longitudinal Study (UKHLS). It also describes in detail questionnaire items related to working lives from the two studies. |
| Date: | 2020–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:g6exr&r= |
| By: | Jörgensen, Christian (AgriFood economics centre) |
| Abstract: | This paper adds to the scarce literature on the empirical economic evaluation of the costs and the effect from stimulating environmentally friendly production by public procurement. Green public procurement (GPP) is increasingly promoted as a policy tool to increase environmentally friendly production by both the European Commission and individual EU member states. Action has not at least been called for to increase the area of organically farmed land through the consumption of organic food. This study evaluates with detailed data the budgetary costs and potential limitations associated with stimulating an input in primary production with the consumption of final goods. By decomposing food consumption into different food categories, we found that both the cost and the effect from GPP critically depends on which food items procurers choose to buy. Additionally, we found that the prospect of stimulating organically farmed land by GPP inversely depends on yield growth as less farmland is needed to produce organic food as yields per hectare increase. Finally, our study illustrates that the leakage of funds from public procurement to domestic organic farmers hampers the cost effectiveness of GPP. |
| Keywords: | Public procurement; organic food; price transmission |
| JEL: | H57 Q02 Q11 Q58 |
| Date: | 2021–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luagri:2021_002&r= |
| By: | Yamashita, Takuro; Zhu, Shuguang |
| Abstract: | We study a mechanism design problem where the principal can also manipulate the agent’s information about a payoff-relevant state. Jointly designing information and allocation rule is proved equivalent to certain multi-dimensional screening problem. Based on this equivalence, when the agent’s types are positively-related, full disclosure is proved optimal under regularity conditions; while with negatively-related types, the optimal disclosure policy takes the form of a bad-state alert, which is in general a type-contingent disclosure policy. In a binary environment, we fully charac- terize the optimal mechanisms and discuss when type-contingent disclosure strictly benefits the principal and its welfare consequences. |
| Keywords: | Information design ; Bayesian persuasion; Mechanism design |
| JEL: | C72 D82 D86 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125878&r= |
| By: | International Monetary Fund |
| Abstract: | Selected Issues |
| Keywords: | Kingdom of the netherlands Curaçao; Sint maarten monetary union; Dollarized economy; monetary union of Curaçao; financial system oversight; Dollarization; Monetary unions; Currencies; Exchange rate arrangements; Lender of last resort; Caribbean; Europe |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2021/187&r= |
| By: | Blanchflower, David G.; Bryson, Alex |
| Abstract: | Unemployment is notoriously difficult to predict. In previous studies, once country fixed effects are added to panel estimates, few variables predict changes in unemployment rates. Using panel data for 29 European countries - Austria; Belgium; Bulgaria; Croatia; Cyprus; Czechia; Denmark; Estonia; Finland; France; Germany; Greece; Hungary; Ireland; Italy; Latvia; Lithuania; Luxembourg; Malta; Netherlands; Poland; Portugal; Romania; Slovakia; Slovenia; Spain; Sweden; Turkey and the UK - over 439 months between January 1985 and July 2021 in an unbalanced country*month panel of just over 10000 observations, we predict changes in the unemployment rate 12 months in advance based on individuals' fears of unemployment, their perceptions of the economic situation and their own household financial situation. Fear of unemployment predicts subsequent changes in unemployment 12 months later in the presence of country fixed effects and lagged unemployment. Individuals' perceptions of the economic situation in the country and their own household finances also predict unemployment 12 months later. Business sentiment (industry fear of unemployment) is also predictive of unemployment 12 months later. The findings underscore the importance of the "economics of walking about". The implication is that these social survey data are informative in predicting economic downturns and should be used more extensively in forecasting. We also generate a 29 country-level annual panel on life satisfaction from 1985-2020 from the World Database of Happiness and show that the consumer level fear of unemployment variable lowers wellbeing over and above the negative impact of the unemployment rate itself. Qualitative survey metrics were able to predict the Great Recession and the economic slowdown in Europe just prior to the COVID pandemic. |
| Keywords: | unemployment,fear,sentiment,social attitudes,life satisfaction,recession,COVID |
| JEL: | J60 J64 J68 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:922&r= |
| By: | Kozlov, Roman (Dept. of Business and Management Science, Norwegian School of Economics) |
| Abstract: | A model for the effect of an interest rate change on household consumption is developed. The approach is age-structured: households reconsider their consumption patterns at the moment of the interest rate change and the changes of the consumption patterns are age dependent. These changes for different age groups contribute to the modification of aggregate consumption. Numerical simulation shows that a decrease of the interest rate leads to a consumption boost (a substantial increase of consumption in the short run), which diminishes as time passes and consumption gets fully adjusted to the new interest rate value. The consumption boost is achieved by an increase of the debt load. |
| Keywords: | Interest rate change; consumption; aggregate consumption; debt load |
| JEL: | E20 E21 E43 G51 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nhhfms:2021_008&r= |
| By: | David Rojo-Arjona (The George L Argyros School of Business and Economics, Chapman University.); R. Stefania Sitzia (School of Economics and Centre for Behavioural and Experimental Social Science, University of East Angle, Norwich.); Jiwei Zheng (School of Economics and Centre for Behavioural and Experimental Social Science, University of East Anglia, Norwich) |
| Abstract: | Focal points (Schelling, 1960) have shown limitations as coordination devices in games with conflict, such as the battle of the sexes games. We experimentally test whether an increase in their salience can counteract the negative impact of conflict on coordination. The intuition is that, in the presence of conflict, the solution to the coordination dilemma offered by the focal point loses importance. Increasing its salience increases its relevance and therefore coordination success. Our results provide strong support for this conjecture. Furthermore, when games feature outcomes with different degrees of payoffs’ inequality (i.e. the difference of players’ payoffs) and efficiency (i.e. the sum of players’ payoffs), increasing salience does not lead to an obvious increase in coordination, unless the salience of the focal point is maximal. |
| Keywords: | coordination games, focal points, salience, conflict of interests, battle-of-thesexes, intermixed-blocked effect. |
| JEL: | C72 C78 C91 D91 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:uea:wcbess:21-02&r= |
| By: | Sylvette Monier-Dilhan (US ODR - Observatoire des Programmes Communautaires de Développement Rural - INRA - Institut National de la Recherche Agronomique); Thomas Poméon (US ODR - Observatoire des Programmes Communautaires de Développement Rural - INRA - Institut National de la Recherche Agronomique); Michael Böhm (ECOZEPT, Freising, Germany); Ruzica Brečić (University of Zagreb); Peter Csillag (ECO-SENSUS Research and Communication Non-profit Ltd., 7100 Szekszárd, Hungary); Michele Donati (University of Parma); Hugo Ferrer-Pérez (Center for Agro-Food Economics and Development - UPC - Universitat Politècnica de Catalunya [Barcelona] - IRTA - Institute for Agrifood Research and Technology); Lisa Gauvrit (Ecozept - Partenaires INRAE); José M. Gil (CREDA - CREDA - Centre de Recerca en Economia i Desenvolupament Agroalimentaris); Việt Hoàng (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Apichaya Lilavanichakul (Agro-Industrial Technology, Faculty of Agro-Industry - KU - Kasetsart University); Edward Majewski (Institute of Economics and Finance, Warsaw University of Life Sciences—SGGW, 02-787 Warsaw, Poland); Agata Malak-Rawlikowska (Department of Economics and Organisation of Entreprises, Institute of Economics and Finance - SGGW - Warsaw University of Life Sciences); Konstadinos Mattas (Department of Agricultural Economics, School of Agriculture - Aristotle University of Thessaloniki); Orachos Napasintuwong (Department of Agricultural and Resource Economics, Faculty of Economics - KU - Kasetsart University); an Quỳnh Nguyễn (School of Economics, University of Economics Ho Chi Minh City, Ho Chi Minh City 700000, Vietnam); Kallirroi Nikolaou (Aristotle University of Thessaloniki); Ioannis Papadopoulos (Aristotle University of Thessaloniki); Stefano Pascucci (University of Exeter); Jack Peerlings (WUR - Wageningen University and Research Centre); Bojan Ristic (Faculty of Economics - University of Belgrade [Belgrade]); Kamilla Steinnes (SIFO - National Institute for Consumer Research - National Institute for ConsumerResearch); Zaklina Stojanovic (University of Belgrade); Marina Tomić Maksan (University of Zagreb); Áron Török (Department of Agricultural Economics - Corvinus University of Budapest); Mario Veneziani (University of Parma); Gunnar Vittersø (SIFO - National Institute for Consumer Research - National Institute for ConsumerResearch); Valentin Bellassen (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Date: | 2020–12–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03102266&r= |
| By: | Brochu, Pierre; Créchet, Jonathan |
| Abstract: | With the advent of the Covid-19 pandemic, labour-force survey non-response rates have surged in many countries. We show that in the case of Canada, the bulk of this increase can be explained by the suspension of in-person interviews following the adoption of telework in Federal agencies, including Statistics Canada. Individuals with vulnerabilities to the Covid-19 economic shock-i.e., the young, low-educated, lowsalary, low job-tenure individuals, and those working in occupations with low telework potential-have been harder to reach and have been gradually less and less represented in the Canadian Labour Force Survey (LFS) during the pandemic. Using exogenous variation in the assignment of individuals to the different LFS rotations, we present evidence suggesting that the decline in employment and labour-force participation have been underestimated over the March-July 2020 period. We believe, however, that these non-response biases have been moderate when contrasted with the unprecedented severity of the Covid-19 disruption. Furthermore, since attrition only represents a minor part of the non-response increase, we argue that one should not expect additional difficulties when using panels as compared to cross-sectional samples, and when using public-use LFS files instead of restricted-access files. All in all, the LFS remains a reliable data source for analyzing the economic impact of Covid-19 in a timely manner. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:clefwp:38&r= |
| By: | Jenn, Alan; Brown, Austin |
| Abstract: | California has goals of achieving 100% renewable energy by 2045 and 100% zero-emission vehicle sales by 2035. Electric vehicles will introduce significant new demand for electricity at the same time the state’s electricity grid is incorporating more intermittent energy sources, raising concerns about grid reliability. However, the flexibility of electric vehicle charging provides a potentially powerful asset in mitigating the challenges of a renewable energybased electricity grid. Smart charging—adapting electric vehicle charging based on the conditions of the power system and the needs of the vehicle user—can take advantage of this flexibility by charging vehicles when renewable energy is readily available. Researchers at UC Davis simulated 100% electric vehicle adoption and a 100% renewable energy-powered electricity grid by 2045 in California. They then compared a scenario of regular electric vehicle charging behavior with a scenario of advanced, flexible, smart charging under which charging is aligned with renewable energy availability, to understand how smart vehicle charging could benefit the electricity grid. |
| Keywords: | Social and Behavioral Sciences |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt5rf8b4hz&r= |
| By: | Osvaldo Larranaga; Benajamin Echecopar; Nicolas Grau |
| Abstract: | Este trabajo cuestiona la practica comun de estimar la evolucion de la desigualdad de ingresos en Chile utilizando como unica fuente de informacion a la Encuesta de Caracterizacion Socioeconomica Nacional (CASEN). El planteamiento es que los ingresos que son capturados por la CASEN no solo son una fraccion de los ingresos totales, sino que tal fraccion no es estable en el tiempo. Para abordar este potencial sesgo, en este articulo utilizamos distintas fuentes de informacion con el fin de corregir los datos de la CASEN: (i) la cuenta de ingreso de cuentas nacionales, que informa del total de ingresos que se generan en la economia cada ano; (ii) registros administrativos, que informan de la distribucion de ingresos entre los individuos, sin estar afectos al sub-reporte que caracteriza a la informacion recolectada por encuestas. Nuestros resultados muestran que la desigualdad medida con los ingresos corregidos no disminuye en el periodo 2003 a 2017, a diferencia de la tendencia decreciente que muestran los datos de ingresos no corregidos de la Casen. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp523&r= |
| By: | Julian Seger; Eduard Gaar; Benjamin Wagner; Andreas Pfnür |
| Abstract: | Structural and dynamic changes, intensified by the current pandemic situation, con-front companies with high levels of uncertainty. This becomes a challenge especially when deci-sions have to be made about resources that are critical to success and difficult to revise, such as ownership of corporate real estate. This article examines how uncertainty affects the holding of specific property and whether corporate real estate ownership has a positive or negative impact on firm performance under consideration of business uncertainty. Two studies have been conducted. In the first study, multivariate cross-sectional regression analysis is used to test the link between specificity and corporate real estate (CRE) ownership under business uncertainty. Balance sheet data of non-property companies of the six biggest European economies is used. For the second study, the sample was expanded to all companies listed in Europe and their capital market data to investigate the influence of the corporate real estate ownership on firm performance under uncertainty. The empirical results show a positive link between specificity and CRE ownership. Additionally, companies seem to adjust their investment behaviour in specific properties under uncertainty by avoiding or postponing investments or even writing-off specific real estate assets due to their transfer to a new use. Furthermore, the results show that the excess returns decrease in the medium term as CRE ownership under uncertainty increases. Our findings also indicate that regardless of the uncertainty situation, CRE ownership reduces the systematic risk. Thus, ownership seems to have a diversifying effect. This paper expands the scientific discourse by explicitly linking real estate specificity with the choice between ownership, leasing or rental solutions and firm performance. The article clarifies that in order to avoid inefficiencies, the irreversibility of specific real estates should be considered in the CRE ownership decision especially by firms operating in a structurally chang-ing business environment. |
| Keywords: | business uncertainty; Corporate real estate ownership; Firm Performance; real estate specificity |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_87&r= |
| By: | Witold Więcek; Amrita Ahuja; Esha Chaudhuri; Michael Kremer; Alexandre Simoes Gomes; Christopher Snyder; Alex Tabarrok; Brandon Joel Tan |
| Abstract: | Millions of people are being vaccinated against SARS-CoV-2 every day, but the virus is also mutating and spreading fast. Vaccine production is increasing, but supply still constrains vaccinations worldwide. Using lower doses of vaccines could dramatically accelerate vaccination. Available evidence on efficacy is not dispositive but suggests half- or even quarter-doses of some vaccines could be almost as effective as currently-used doses. Even if fractional doses are less effective than standard doses, an epidemiological model suggests they could significantly reduce total infections and deaths. The social value of testing dwarfs the costs. However, firms do not internalize the full social value, a market failure that could be addressed with public funding. Governments could support either experimental or observational evaluations of fractional dosing. |
| JEL: | F62 F68 I1 I15 I18 I31 I38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29180&r= |
| By: | Esra Keskin; Yeim Tanrvermi; Harun Tanrivermis |
| Abstract: | The need for housing has continued to increase rapidly due to migration and population growth. The excess demand for urban centres in particular has led to an increase in land prices and therefore the transition to tall buildings has accelerated. The housing ownership rate for households in the urban areas is observed to be 60%, and investment in housing acquisition has been rapidly increased over the last 10 years. In addition, households with more than one residence in cities or second housing investments had increased continually. With the increase in high-rise buildings over time, management problems also began to arise. In order to meet the social needs of the owners sitting in high-rise buildings, special arrangements were needed to address the problems arising from the existence of areas subject to common area use of real estate. In order to solve the existing problems, the Law No. 634 dated 23.06.1965 were enacted and come into force and then the amendment of the Law No. 5711 with the title of “Special Provisions Concerning Condominium Buildings” together with the Law No. 634 article 66 and other clauses have been added. Management of detached housing, multi-storey housing and sheltered sites and co-operative sites is carried out by the management chosen by the floor owners board according to the Law No. 634.Nevertheless, there are significant problems in the management of common areas by floor owners in terms of service delivery, quality of service and compliance with legislation. It is not possible for floor owners to be experts in real estate law, facility, and real estate management in general and to provide management services in accordance with the legislation. In the last two decades, it is observed that different models are applied together in the management of housing structures due to the increasing management problems and the changing of nature of housing investments. These are such as sites managed by floor owners, real estate in which management services are partially or completely outsourced, and facilities managed by cooperatives. In according to building regulations such as; parking, elevator, waste water discharge, energy performance, thermal insulation, shelter, central heating, fire protection, annual management fee payment, notification law and work times regulations, professional practices in building management is missing and need to be implemented to fil the gap. In the field study, the results of in-depth interviews, surveys and observations made with the buildings and site managers in the northern part of Ankara Urban Transformation Project and Dikmen Valley Urban Transformation Project were evaluated. In the buildings and site managers’ survey; questions were asked regarding the demographic characteristics of the interviewees, the formation of the management bodies, the management model of the site, management problems and development opportunities. In this way, attention was paid into analyzing the management of condominium buildings in the transformation areas, identifying the problems that restrict development opportunities, and conducting interviews within the framework of questions prepared to analyze the approaches of managers and users to management of condominium buildings. In the case of Turkey, it is observed that managers were chosen by the floor owners in many housing projects. The chosen manager is usually coming from one of the floor owners, but in some cases he or she may come from outside and usually a non-professional. However, the management of condominium buildings is also an area that requires some expertise to deal with. Leaving the management of many floor owners and structures with common and joint ownership areas to persons with no legal expertise raises many problems in practice. As a result of poor management practices, there are losses in collection management fees and value losses due to the increase in vacancy rates. In the projects where management is carried out by a facility management firm and expertise, it is seen that existing problems are resolved easily and the demand for the projects increases. Particularly in the complex buildings or super structure with social facilities, different security gates and personnel, it has encountered that there is a problem of high dues and costs which must be reduced from execution of management by a facility management company makes an effective difference in solving existing problems. The fact that the management of the mass housing by a facility management company brings a higher burden in terms of cost, it is seen that the management of these real estate by facility managers provides higher profit gains in the long run. However, in small housing projects, the difference in the tax rate is a deterrent to the transfer of management to a professional facility management company. Lack of adequate knowledge and experience of managers chosen among floor owners or from outside; personnel and heating costs, leasing of common areas, etc., causes wrong decisions in many aspects and causes cost increases in the long run. When the selected two large mass housing settlements in Ankara province were examined, it is concluded that the success of the facility management has an important role in the formation of brand value. In recent years, the demand for brand housing has increased. It is observed that the success in facility management was influential in the increase in demand of housing investment. In addition, the management of facilities by professional companies is important to ensure the sustainability of residential buildings. It has been found that facility management, which is seen as an interdisciplinary field of study, has become a requirement in residences and additional social and commercial buildings within the framework of the examples studied, has a direct effect on raising the satisfaction ratings of residents and in particular increasing the value of investment. |
| Keywords: | economics of housing investments; facility management and urban transformation area; housing; Housing management |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_173&r= |
| By: | Klug, Thorsten; Mayer, Eric; Schuler, Tobias |
| Abstract: | We investigate, in the case of Germany, the positive correlation between the cyclical components of the corporate saving glut in the non-financial corporate sector and the current account surplus from a capital account perspective. Employing sign restrictions, our findings suggest that mostly labor supply, world demand and financial friction shocks account for the joint dynamics of excess corporate saving and the current account surplus. Household saving shocks, by contrast, cannot explain the correlation. We conclude that, explained through these factors, the corporate saving glut is an important driver of the cyclical component of the current account. JEL Classification: E32, F32, F45 |
| Keywords: | corporate saving, current account, macro shocks |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20212586&r= |
| By: | Giovanni Coinu (Universita degli Studi di Cagliari [Cagliari]); Gianmario Demuro; Francesco Pigliaru |
| Abstract: | In this paper, we want to analyse the level of disadvantage that comes from the island condition and the tools for its equalisation. We will refer in particular to the situation of Sardinia, the third largest region in Italy and the island furthest from its mainland in the Mediterranean Sea. However, the disadvantages resulting from the island status can be extended mutatis mutandis to all islands because they derive first and foremost from the insularity status. We will try to tackle the problems associated with insularity through a multidisciplinary approach: First, we identify and analyse the issues at stake from an economic point of view, then we try to contextualise them from a legal point of view, including a multilevel governance perspective. In the last paragraph, we will propose possible solutions for the mitigation of the disadvantages of islands. |
| Abstract: | Dans ce document, nous voulons analyser le niveau de désavantage qui découle de la condition insulaire et les outils pour leur égalisation. Nous nous référerons en particulier à la situation de la Sardaigne, la troisième plus grande région d'Italie et l'île la plus éloignée de son continent dans la mer Méditerranée. Toutefois, les désavantages résultant du statut d'île peuvent être étendus, mutatis mutandis, à toutes les îles car ils découlent avant tout du statut d'insularité. Nous essaierons d'aborder les problèmes liés à l'insularité avec une approche multidisciplinaire : d'abord, nous identifierons et analyserons les questions en jeu d'un point de vue économique, puis nous essayerons de les contextualiser d'un point de vue juridique, y compris dans une perspective de gouvernance à plusieurs niveaux. Dans le dernier paragraphe, nous tenterons de proposer des solutions pour atténuer les désavantages des îles. |
| Keywords: | Equality issues,Regulatory perspective,Adequacy and differentiation,Policies,questions d’égalité,perspective réglementaire,adéquation et différenciation,politiques |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114128&r= |
| By: | Bratu, Cristina; Harjunen, Oskari; Saarimaa, Tuukka |
| Abstract: | We study the city-wide e ects of new, centrally-located market-rate housing supply using geo-coded total population register data from the Helsinki Metropolitan Area. The supply of new market rate units triggers moving chains that quickly reach middle- and low-income neighborhoods and individuals. Thus, new market-rate construction loosens the housing market in middle- and low-income areas even in the short run. Market-rate supply is likely to improve affordability outside the sub-markets where new construction occurs and to benefit low-income people. |
| Keywords: | Housing supply, Housing affordability, Filtering, Local public finance and provision of public services, R31, R21, R23, |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:fer:wpaper:146&r= |
| By: | Dini, Marco; Heredia Zurita, Andrea |
| Abstract: | The institutions that support micro-, small and medium-sized enterprises (MSMEs) in Latin America have demonstrated their capacity to react to the challenges posed by the coronavirus disease (COVID-19) pandemic, making unprecedented efforts to adapt support instruments and adjust their management modalities to new needs. This document summarizes the experiences of nine countries in the region (Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama and Uruguay), highlighting good practices and methodological lessons learned that can be leveraged to improve the performance of the development system once the pandemic is over. There are three areas of particular importance for economic recovery: support for the incorporation of digital technologies, incentives for formalizing companies and biosafety protocols. There are also signs of a shift in the way policies are formulated, towards adaptive management models that focus on accountability and the strengthening of public institutions, the deepening of partnerships with the business sector and the consolidation of decentralization dynamics that provide space for participation by local and regional actors. |
| Keywords: | PEQUEÑAS EMPRESAS, EMPRESAS MEDIANAS, LIQUIDEZ, EMPLEO, FINANCIAMIENTO DE EMPRESAS, DESARROLLO DE EMPRESAS, COVID-19, VIRUS, EPIDEMIAS, ASPECTOS ECONOMICOS, POLITICA DE DESARROLLO, POLITICA INDUSTRIAL, PRODUCTIVIDAD, INNOVACIONES, TECNOLOGIA DIGITAL, ESTRATEGIA EMPRESARIAL, ESTUDIOS DE CASOS, INCLUSION FINANCIERA, SMALL ENTERPRISES, MEDIUM ENTERPRISES, LIQUIDITY, EMPLOYMENT, BUSINESS FINANCING, ENTERPRISE DEVELOPMENT, COVID-19, VIRUSES, EPIDEMICS, ECONOMIC ASPECTS, DEVELOPMENT POLICY, INDUSTRIAL POLICY, PRODUCTIVITY, INNOVATIONS, DIGITAL TECHNOLOGY, CORPORATE STRATEGIES, CASE STUDIES, FINANCIAL INCLUSION |
| Date: | 2021–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col022:47145&r= |
| By: | Zhang, Yiran |
| Abstract: | In this paper, I first document several novel stylized facts from Chinese patent transaction data matched with manufacturing firm data. A key finding is that Chinese patent market is significantly less developed than the U.S. To understand the causes and consequences, I build a model that endogenizes firm R&D investment, patent trading decision and productivity growth. I structurally estimate the model and find the following two main results. First, Chinese patent market plays a small role in growth. It only accounts for 5% of China’s GDP growth rate, as opposed to 17% in the U.S. Second, I evaluate the importance of three frictions calibrated to Chinese patent market: search cost, fixed transaction cost and information asymmetry. Search cost turns out to be the main friction to explain the gap of patent market size. If search cost was reduced to the US level, China’s productivity growth would increase by 0.16 percentage points. |
| Keywords: | Under-developed Patent Market, patent quality, search cost, fixed cost, information asymmetry |
| JEL: | O3 |
| Date: | 2021–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109470&r= |
| By: | Kwame Addae-Dapaah; Kristian Scrase |
| Abstract: | Foreign buyers of residential properties in London have been rightly or wrongly blamed for rising residential property prices in the city. Similarly the perceived social impact of the presence of foreign buyers in the London Housing market, such as gentrification and ghost neighbourhoods, has been a “celebrated” news in the media and one of the topical discourses in previous research on foreign buyers in the London market. Notwithstanding, there has been no rigorous study to establish that the presence of foreign buyers in the market indeed causes housing price inflation. This paper is therefore aimed at ascertaining the prevalence of foreign buyers housing price premium, if any, attributable to asymmetry of information between informed and uninformed residential property sellers, and whether any such premium is sustainable over time. The study leverages on the concepts and theories of information asymmetry and uses econometric models to analyse housing transaction data from the Land Registry and the Private Eye over the period of 2000 to 2014 inclusive. The analyses are based on the Broad Rental Market Areas and Post Code Sectors of London to ensure comparability of the houses under investigation. The preliminary results show that the presence of foreign buyers in the London housing market creates information asymmetry between informed and uninformed sellers to lead to statistically significant foreign buyers house price premium for virtually all the Broad Rental Market Areas of London. However the premium reduces over time as information gradually trickles through the market mechanism to the uninformed sellers group at the entry point of foreign buyers in the market. The results of the study would be of interest to developers, investors, fund providers and policy makers related to the London housing market as well as practitioners and researchers. |
| Keywords: | foreign buyersâ premium; Information Asymmetry; informed and uninformed sellers; London housing market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_209&r= |
| By: | Jin Li; Ye Luo; Xiaowei Zhang |
| Abstract: | In this paper, we study endogeneity problems in algorithmic decision-making where data and actions are interdependent. When there are endogenous covariates in a contextual multi-armed bandit model, a novel bias (self-fulfilling bias) arises because the endogeneity of the covariates spills over to the actions. We propose a class of algorithms to correct for the bias by incorporating instrumental variables into leading online learning algorithms. These algorithms also attain regret levels that match the best known lower bound for the cases without endogeneity. To establish the theoretical properties, we develop a general technique that untangles the interdependence between data and actions. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12547&r= |
| By: | Philipp Pfeiffer; Janos Varga; Jan in 't Veld |
| Abstract: | Next Generation EU (NGEU) is an unprecedented tool that provides significant financial support for reforms and investment, resulting in a coordinated fiscal expansion across the EU in response to the COVID-19 pandemic. Thus, fiscal spillovers are relevant for the assessment of its overall macroeconomic effects. We quantify the effects of the additional investment expenditure for each Member State by extending a standard macro model with a rich trade structure. Our model suggests that the EU-wide GDP effects are around one third larger when explicitly accounting for the spillover effects from individualcountry measures. A simple aggregation of the national effects of individual investment plans would thus substantially underestimate the growth effects of NGEU. For small open economies with smaller NGEU allocations, spillover effects account for the bulk of the GDP impact. We also quantify the role of key transmission channels, such as the zero lower bound, productivity effects and different assumptions on the disbursement speed. However, the paper does not quantify the impact of structural reforms, which can further enhance the growth impact of NGEU. |
| JEL: | E61 E62 F17 F41 F42 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:euf:dispap:144&r= |
| By: | Bolte, Jérôme; Glaudin, Lilian; Pauwels, Edouard; Serrurier, Matthieu |
| Abstract: | We present a new algorithm to solve min-max or min-min problems out of the convex world. We use rigidity assumptions, ubiquitous in learning, making our method applicable to many optimization problems. Our approach takes advantage of hidden regularity properties and allows us to devise a simple algorithm of ridge type. An original feature of our method is to come with automatic step size adaptation which departs from the usual overly cautious backtracking methods. In a general framework, we provide convergence theoretical guarantees and rates. We apply our findings on simple GAN problems obtaining promising numerical results |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125888&r= |
| By: | Selim Banabak |
| Abstract: | Although there exists some scientific literature concerned with pricing on the Austrian real estate market (Helbich, W. Brunauer, et al., 2014; Kuntz and Helbich, 2014; W. Brunauer, Lang, and Umlauf, 2013), there is surprisingly little quantitative research on housing rents, their spatial structure and drivers. Expanding the existing literature beyond house price prediction is especially important in the Viennese case, where according to the Austrian Mikrozensus, 77.5% of the population live in a rented flat (Statistik Austria, 2020). Thus, quantitative research on the Austrian housing market cannot primarily focus on price formation regarding private real estate property but needs to also consider rental markets. W. A. Brunauer et al. (2010) provide a notable exception from the lack of quantitative research on the Viennese rental case as well as an interesting approach using a Generalized Additive Model with spatial scaling. Fortunately, there is also a growing body of econometric literature on housing rents and their drivers onthe international stage where one could draw ideas from. Recent examples can be found in Tomal (2020); McCord et al. (2014) or Efthymiou and Antoniou (2013.) Usually in the spirit of hedonic house price models, housing rents are regressed onto certain characteristics of the respective flat as well as some indicators measuring the quality of location. However, the Viennese housing market has several special features which have not been properly addressed in housing rent modeling up till now. An important feature of the Viennese accommodation market is the fact that roughly 43% of households live in a flat provided by the social sector, which consists of municipal as well as cooperative (non-profit) housing. The private rental sector on the other hand accommodates about a third of the households (Tockner, 2017). Thus, dynamics in the comparatively small free market segment cannot be adequately understood if considered independent from the larger social sector (Kemeny,Kersloot, and Thalmann, 2005). A further important aspect is the strong regulation of rent prices through the Mietrechtsgesetz (MRG) that basically constitutes two regulatory regimes within the private market segment. On the one hand flats located in buildings erected before 1945 or built with state subsidies experience strong price controls. On the other hand, flats that do not fulfill the previously mentioned criteria as well as single family houses do not experience any such price controls. However, the introduction of location bonuses to the price-controlled segment led to spatially very uneven price increases over the last years (Kadi, 2015). We propose a hierarchical generalized additive model (HGAM) to model squaremeter prices by smooth functions of flat characteristics such as size, age, and time within the sample. Additionally, various dummy variables enter the model as linear predictors and random effects are used to model subdistrict specific location bonuses in the baseline model. Going beyond the existing hedonic housing rent literature this study also proposes several extensions to model, addressing the aforementioned special features of the Viennese rental market. Thus, the baseline HGAM is modified to incorporate regulatory-regime heterogeneity in its parameters as well as spatial heterogeneity with respect to time trends in order to properly address the differences in the development of location bonuses. Varying degree of competition from the social sector in each subdistrict is also tested as a potential impacting factor onto rents. As spatial autocorrelation might be an issue given the spatial nature of the data, we do not only use random effects for the location bonuses but also add a spatially structured predictor using markov-random-fields. The Data available for this study was kindly provided by the DataScience Service GmbH and consists of over 84,000 observations of flats offered on the Viennese rental market between 2012 and 2020 with a very high coverage rate during the more recent years. Asking prices, GIS data, very detailed real estate characteristics including size, age, furnishing and many more, as well as a multitude of socio-economic variables on the respective area such as share of academics, proximity to medical infrastructure or accessibility of public transport are available for the given dataset. Due to the constant excess demand on the accommodation market in Vienna for the given period, asking prices are assumed to hardly deviate from market prices and can be seen, as a legitimate approximation. First results suggest that all proposed extensions to the baseline model add significant predictive power. |
| Keywords: | HGAM; Housing Rents; Rent Regulation; Vienna |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_167&r= |
| By: | Tea Lönnroth; Pauliina Krigsholm; Tuulia Puustinen; Heidi Falkenbach; Elias Oikarinen |
| Abstract: | Increasing amount of empirical evidence has shown that the local land use regulatory environment has substantial effects on the housing market. It is widely acknowledged, however, that measuring the degree of land use restrictiveness is challenging. The heterogeneity of regulations, as well as the unavoidable difficulty of assessing the relative importance of different types of regulations, are the primary reasons for that. Another often brought up shortage of the existing land use regulation measures is the lack of temporal dimension, which makes it difficult to separate the effects of regulation from other local characteristics that might correlate with land use regulation. This study is set to reassess how to measure the local land use regulatory environment, and possibly, to address some of the shortcomings previous studies have reported. Empirically, the focus of this study is on the Finnish planning system, where land policy and planning decisions made at the municipal level most strongly control land use. Within a set of legal boundaries, each municipality independently decides which land policy instruments to employ, and further, by utilizing the so-called planning monopoly, lays planning restrictions that guide the (residential) development of land. To construct a measure of the restrictiveness of local land use, this study combines data on municipal land use planning and policy decisions for some 30 largest cities in Finland derived from multiple sources. Interviews with key municipal representatives responsible for local land policy actions are used as a primary data source. The interviews covered several themes with the aim to capture differences in the land use policy and planning actions across cities. The study also utilizes official statistics and municipal documents, such as strategies of land use and development, land use agreements and financial documents for measuring and modeling the degree of local land use restrictiveness. Measuring the impact of land use regulation and planning on housing markets has been a significantly growing topic and the local land use regulatory environment is understood as an important contributor to the elasticity of housing supply. Yet, the formulation of a quantified measure for the restrictiveness of local regulation has received less attention, especially in the context of statutory planning systems. This study addresses this gap and outlines a new kind of approach to measure local land use environments that builds on data from multiple sources. |
| Keywords: | Housing Markets; Land use regulation; Restrictiveness measure |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_52&r= |
| By: | GARZON DELVAUX Pedro; RIESGO ALVAREZ Laura; GOMEZ Y PALOMA Sergio (European Commission - JRC) |
| Abstract: | The report assesses the relationship between land size and performance in the developing world. Farm and plot performance data were gathered through an exhaustive review of mostly peer-reviewed publications over the last 22 years (1997-2018) in English, French and Spanish. Following the screening of the material, a selection of 472 papers was reviewed, creating a pool of over 1100 individual observations or cases. Both specific and general agricultural economics studies using land area as explaining variable in their performance estimates were explored. Three groups of indicators (i.e. gross output, net value and efficiency) were analysed according to area size in an effort to capture global indicators of performance, beyond the too often used partial indicators (e.g. yield or gross value per area). Analyses based on farm data show that there has been a revival of interest on the question particularly on sub-Saharan Africa (SSA) agriculture, given the increased rate of specific literature publications. The review looked for evidence documenting the various possible relationships that could relate the size of an agricultural holding to its performance (i.e. direct, inverse and non-monotonic). The main explanations shaping the size-performance relationship were explored, namely: the contextual rural input market (i.e. labour, land, input, etc.) imperfections but also methodological shortcomings of the existing literature. On the one hand, inverse relationship (IR) is clearly the dominant type of interaction between cropped land area and agricultural performance using the most common performance indicator group used (gross output mainly populated by studies using yield or total value). However, the economic literature has clearly demonstrated that the use of this type of indicator of performance is generally ill-advised in assessing the farm size performance relationship. On the other hand, the less frequent but more global productivity indicator group of "efficiency" and "net values" do not report such a clear-cut relationship. As a matter of fact, cases using "efficiency" performance indicators are more likely to record a direct relationship than IR. Moreover, the emergence of non-monotonic relationships needs to be highlighted showing that the relationship may not be constant. Tests conducted on the existing material clearly associate a number of rural factor market imperfections with the prevalence of the IR. Hence, IR is more likely to be a symptom of imperfections and lack of opportunities for rural labour than an advantage of a given type of farms. In turn, methodological reasons explored also indicate that narrower ranges of farm size in a given study increase the reporting of IR, particularly in SSA and when analysing partial performance indicators. From being an established stylised “fact” in development economics, IR may not be taken for granted because of empirical complexities in accurately assessing it but also because there is evidence that such a relationship depends on the performance indicator analysed. Hence, IR may not necessarily be considered systematic, continuous, stable through time, irreversible or universal. From a broader development intervention perspective, and based on the review results, the recommended performance indicators (i.e. net value and efficiency) show that larger farms tend to be more performant than the smaller farms. However, this does not suggest the abandonment of smallholders by policy as there are both critical economic and social justifications for the direct improvement of the living conditions of a large share of the population in most of the developing world. It rather advocates a revisited and expanded development role for medium sized ones. |
| Keywords: | farm size-performance relationship, inverse relationship, developing countries, Africa, Asia, Latin America and the Caribbean, Middle-east and North Africa |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc120526&r= |
| By: | Marcin Bielecki; Michał Brzoza-Brzezina; Marcin Kolasa |
| Abstract: | This paper investigates the distributional consequences of monetary policy across generations. We use a life-cycle model with a rich asset structure as well as nominal and real rigidities calibrated to the euro area using both macroeconomic aggregates and microeconomic evidence from the Household Finance and Consumption Survey. We show that the life-cycle profi les of income and asset accumulation decisions are important determinants of redistributive effects of monetary shocks and ignoring them can lead to highly misleading conclusions. The redistribution is mainly driven by nominal assets and labor income, less by real and housing assets. Overall, we find that a typical monetary policy easing redistributes welfare from older to younger generations. |
| Keywords: | monetary policy, life-cycle models, wealth redistribution |
| JEL: | E31 E52 J11 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:sgh:kaewps:2021064&r= |
| By: | Prüfer, Jens (Tilburg University, School of Economics and Management); Xu, Y. (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:bf17c5e5-ed33-4e3b-a52b-e059878c133c&r= |
| By: | Prüfer, Jens (Tilburg University, School of Economics and Management); Xu, Y. (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:237785b1-929d-40db-872f-dd96a27da5da&r= |
| By: | Chrysanthopoulou, Xakousti |
| Abstract: | This paper extends the standard New Keynesian model to allow for the presence of large banks, when the cost channel of monetary policy matters. It is shown that once the presence of large banks is taken into account the severity of the firms’ credit constraints, the aggressiveness of the central bank in stabilizing inflation and the degree of loan setting centralization jointly affect the steady state output. Moreover, it turns out that the indeterminacy region is not only shrunk due to the presence of a finite number of large banks but also dependent – among others - on the way in which the central bank and the macroprudential authority systematically behave. |
| Keywords: | Large banks; Cost channel; Indeterminacy; Countercyclical capital buffer |
| JEL: | E32 E44 E52 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109275&r= |
| By: | Paul Greenhalgh; Kevin Muldoon-Smith; Jane Stonehouse |
| Abstract: | Before the global pandemic a lot of the hype surrounding new offices was around flexibility, proximity (co-working) and agility. The Covid-19 pandemic has accelerated changes in office markets that were already established including hybridity. Post pandemic, office occupiers have been re-calibrating their office requirements and re-imagining what the 'new normal' office looks like. Proximity is less favoured in our new socially distanced world. Flexibility is still important in accommodating new or adjusted ways of working, with an emerging emphasis on creating spaces that support value-added activities that require people to meet and work together (safely) instead of the more routine, solitary or other activities that can be conducted remotely. The research explores the changing demands of occupiers through case studies of organisations that procured new office accommodation pre-covid only to have their office move delayed when the pandemic and subsequent lock downs were imposed. This permitted organisations the opportunity to re- evaluate their pre-covid office layout plans and adapt them in anticipation of returning to a 'new normal' mode of office occupation. The research will explore the extent of and rationale for adjustments made to pre and post pandemic office layouts to identify the subtle changes that are emerging in corporate office occupation. |
| Keywords: | Flexibility; leasing; occupation; Offices |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_206&r= |
| By: | Cinzia Bonaldo (Department of Economics and Management and Department of Civil Environmental and Architectural Engineering, University of Padua, Italy); Massimiliano Caporin (Department of Statistical Sciences, University of Padua, Italy); Fulvio Fontini (Department of Economics and Management, University of Padua, Italy) |
| Abstract: | We evaluate the relationship between electricity day-ahead and future prices following the hedging pressure theory, which explains the difference between future prices and expected spot prices in terms of market players’ risk aversion. We calculate the sign and intensity of the risk premia ex-post in the electricity market of Italy, France, Switzerland and Germany during the last decade and for all products traded, namely, monthly, quarterly, yearly futures and distinguishing between base-load and peak-price futures. We show that in all the countries there is no convergence of future prices to the underlying day ahead ones; moreover, for most of future contracts, the premium rises as contracts approach the delivery. For Italy and Switzerland this means that an inversion of the sing occurs, since on average risk premia are negative at the beginning of the trading period but become positive as the delivery period approaches. The hedging pressure theory implies that in these Countries premia are on average paid by power producers at the beginning of the period and by suppliers (i.e. power buyers) when coming close to the delivery. On the contrary, in France and Germany risk premia are both positive at the begging and at the end of the trading period, signaling that on average buyers are relatively more risk averse during the whole trading period. In addition, when considering the duration of the delivery period, contracts with longer delivery periods have, on average, higher negative risk premia. |
| Keywords: | electricity, prices, futures, spot, risk premium |
| JEL: | D46 G12 G13 L94 Q41 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:pad:wpaper:0272&r= |
| By: | Lesch, Hagen; Winter, Luis |
| Abstract: | In Deutschland war zuletzt nur noch jeder sechste Arbeitnehmer Mitglied einer Gewerkschaft. Eine Analyse der Mitgliederstruktur lässt befürchten, dass sich der schon länger bestehende Abwärtstrend auch in den nächsten Jahren fortsetzen wird. Die Gewerkschaften haben ausgerechnet unter den Beschäftigtengruppen den geringsten Zuspruch, deren Bedeutung für den Arbeitsmarkt künftig weiter zunehmen dürfte: bei Angestellten, Jüngeren und Akademikern. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkkur:502021&r= |
| By: | Sumit Agarwal; Yi Fan; Wenlan Qian; Tien Foo Sing |
| Abstract: | This paper investigates how a public housing policy with pro-marriage design impacts the rise and fall of marriage and explores a consumption channel interacted with parents’ housing status. In 2001, Singapore launched a Build-to-Order (BTO) scheme to build and allocate new public housing, with a pre-requisite of forming family nucleus. Using administrative data and government records from 1996 to 2019, we first show stylized facts on the rising number of marriage and divorce, which coincide with the launching and expanding of the BTO scheme. Couples living in the BTO flats are significantly younger and more likely to have short marriages compared to those under non-BTO schemes. Using supervised machine learning, we find that BTO and private consumption have the strongest impacts on marriage decisions. To explore possible channels, using high-quality consumption data between 2010 and 2012 and a propensity score matching method, we find that married BTO residents under 35 years old consume 7% less monthly—especially on necessity goods—compared to singles in non-BTO public housing. Evidence on mortgage reveals a possible trade-off between personal expenditure and housing mortgage. The consumption drop is more severe for married BTO residents born to parents in public housing. However, no evidence is shown among singles above 35 living in BTO flats, who are no longer bound by the purchase pre-requisite of forming family nucleus. It is likely that the BTO scheme spurs early marriage; though the consumption friction due to budget constraint induces dissolution of marriage in short span, especially for those born in humble families. Our paper sheds light on the spill-over effects of public policy between housing and marriage market. |
| Keywords: | Consumption; intergenerational impact; marriage friction; Public Housing |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_222&r= |
| By: | Jorge A Bonilla; Alejandro Lopez-Feldman, Paula Pereda, Nathaly M. Rivera, J. Cristobal Ruiz-Tagle |
| Abstract: | Ambient air pollution is a major problem in many countries of the developing world. This study examines the relationship between long-term exposure to air pollution and COVID-19-related deaths in four countries of Latin America that have been highly affected by the pandemic: Brazil, Chile, Colombia, and Mexico. Relying on historical satellite-based measures of fine particulate matter concentrations and official vital statistics, our results suggest that an increase in long-term exposure of 1 μg/m3 of fine particles is associated with a 2.7 percent increase in the COVID-19 mortality rate. This relationship is found primarily in municipalities of metropolitan areas, where urban air pollution sources dominate, and air quality guidelines are usually exceeded. Our findings support the call for strengthening environmental policies that improve air quality in the region, as well as allocating more health care capacity and resources to those areas most affected by air pollution. |
| Keywords: | COVID-19; SARS-CoV-2; coronavirus; air pollution; particulate matter; Latin |
| JEL: | I18 Q52 Q53 O13 |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2021wpecon23&r= |
| By: | International Monetary Fund |
| Abstract: | It is generally difficult to measure revenue not collected due to noncompliance, but a growing number of countries now regularly produce and publish estimated revenue losses. Good tax gap analysis enables the detection of changes in taxpayer behavior by consistent estimates over time. This Technical Note sets out the theoretical concepts for personal income tax (PIT) gap estimation, the different measurement approaches available, and their implications for the scope and presentation of statistics. The note also focuses on the practical steps for measuring the PIT gap by establishing a random audit program to collect data, and how to scale findings from the sample to the population. |
| Keywords: | Tax Administration; Tax Compliance; Personal Income Tax; Tax Gap; Tax Avoidance; Tax Evasion; Random Audit Program; Shadow Economy; Non-Observed Economy; PIT gap; Personal Income Tax gap estimation; publication order; gap estimate; taxpayer registry data; Auditing; Revenue Administration Gap Analysis Program (RA-GAP) |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imftnm:2021/009&r= |
| By: | Pfohl, Hans-Christian; Moraitakis, Nikos |
| Date: | 2021–08–03 |
| URL: | http://d.repec.org/n?u=RePEc:dar:wpaper:128190&r= |
| By: | Mohammad, Abdul Malek (Asian Development Bank Institute); Truong, Hoa T. (Asian Development Bank Institute); Sonobe, Tetsushi (Asian Development Bank Institute) |
| Abstract: | We offer a comprehensive picture of the rural economy in Bangladesh during the first three months of the lockdown period in comparison with the pre-COVID-19 situation. Using a nationally representative sample (of 2,312 rural households from 62 villages in 56 districts) known as the Mahbub Hossain Survey sample, we conducted a telephone survey in June 2020. Our descriptive and regression analyses suggest that, during the survey period, the rural economy experienced several adverse impacts from the containment measures, such as a delayed harvest, difficulty in selling farm produce, labor and material input disruptions and cost increases, and reductions in remittance receipts and non-farm business sales. Rural households had to reduce their food consumption and receive food support from the government and cash support from the private sector. Vulnerability was especially apparent in households with a head who was female, less educated, young, or casual labor. Livelihoods varied significantly among geographic areas according to the concentration of the infection and less significantly according to the stringency of the lockdown measures. We also found that rural households preferred cash or product support, rural work or employment support, and cash assistance or soft loans for farm inputs and business inputs at the time of the survey. |
| Keywords: | rural households; production economy; livelihoods; COVID-19 lockdown measures; Bangladesh |
| JEL: | D10 I38 Q12 R20 |
| Date: | 2021–03–19 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1235&r= |
| By: | Arun, Thankom; Girardone, Claudia; Piserà, Stefano |
| Abstract: | We explore the most relevant forces impacting the shift towards more ESG-related strategies in emerging markets. These include the challenges of climate change, social inequalities, and stakeholder-oriented corporate governance. We focus on banks’ role in BRICS countries that are the biggest and fastest growing emerging markets economies over 2009-2020. We also discuss how the ESG agenda has been pushed by the United Nations (UN) and by regulators. Our evidence shows that banks’ specific adoption of international sustainability frameworks and agreements such as the Global Reporting Initiative (GRI) are significant drivers of ESG engagement. Moreover, we find that a stronger ESG regulatory approach enhances banks’ sustainability practices in BRICS countries, especially for those that have lower average ESG scores. Two main implications can be drawn from our study: (i) banks should be encouraged to adopt international frameworks which provide universal minimum standards for corporate responsibility; and (ii) to improve the overall ESG information environment, mandatory disclosure rules should be introduced at country level. |
| Keywords: | ESG Ratings; Environmental, Social and Governance Performance; Emerging Markets; BRICS Countries; Sustainable Practices Regulation |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:esy:uefcwp:30947&r= |
| By: | Martin Borowiecki; Jon Pareliussen; Daniela Glocker; Eun Jung Kim; Michael Polder; Iryna Rud |
| Abstract: | This paper analyses the role of intangibles and digital adoption for firm-level productivity in the Netherlands drawing on a newly constructed panel data set of Dutch enterprises. It provides robust evidence on productivity effects of intangibles and digital adoption using firms’ exposure to sector-wide advances in intangible intensity and digital adoption as an instrument. Results show that intangibles as measured by levels of digital skill intensity have a positive and statistically significant impact on firm-level productivity growth in the service sector and for younger firms. Productivity benefits from software investment are strong for low productivity firms. Together, these findings highlight the potential of intangibles to support the productivity catch-up of laggard enterprises. The evidence also suggests that productivity benefits from ICT hardware investment and the uptake of high-speed broadband are positive and sizeable. |
| Keywords: | digitalisation, intangibles, productivity, skills |
| JEL: | D24 E22 J24 O33 |
| Date: | 2021–09–08 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1680-en&r= |
| By: | Moleka, Pitshou |
| Abstract: | The kuluna phenomenon is a social pathology having many causal factors in multidimensional systems such as the microsystem and the macrosystem. So the changing process requires first the prevention by elaborating a public policy with a multisector impact. But many times reaction is applied instead of preventing to avoid gangsters among young in the city of Kinshasa by the public managers. In this article, we give some prerequisites for the elaboration of a multisector public policy and the praxis, concerning legal authorities and the Christian social workers through the churches and other Christian social organizations which are called to work in the sense of a contextual mission, and deal with spiritually in addition to the psycho-sociological questions. The findings of this research show evidence in the hyper military environment of Kinshasa city and the Kuluna phenomenon. Demilitarization of the city is imperative |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:africa:yaq5v&r= |
| By: | Katsushi S. Imai; Nidhi Kaicker; Raghav Gaiha |
| Abstract: | This is one of the first econometric analyses of severity of COVID-19 pandemic in India measured using two related but distinct measures of mortality up to 31 October 2020 based on the Cumulative Severity Ratio (CSR). The CSR measures the additional pressure on our fragile and ill-equipped healthcare system, while its first difference helps monitor the progression of fatalities. These measures are supplemented by a measure of infection cases. Another important contribution of this analysis is the use of rigorous econometric methodologies drawing upon random effects models and Tobit models for the weekly panel of 32 states/union territories. Although the rationales vary, they yield a large core of robust results. The specifications are rich and comprehensive despite heavy data constraints. The factors associated with the CSR and infection cases include income, gender, multi-morbidity, urbanisation, lockdown and unlock phases, weather including temperature and rainfall, and the retail price of wheat. Given the paucity of rigorous econometric analyses, our study yields policy insights of considerable significance. |
| JEL: | C23 I18 N35 O10 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:man:sespap:2016&r= |
| By: | Kunnathuvalappil Hariharan, Naveen |
| Abstract: | Rethinking Budgeting Process in times of Uncertainty |
| Keywords: | Budgeting; minimized budgeting; relative targeting; rolling forecast |
| JEL: | G3 G31 G32 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109513&r= |
| By: | Braesemann, Fabian; Stephany, Fabian; Teutloff, Ole; Kässi, Otto; Graham, Mark; Lehdonvirta, Vili |
| Abstract: | The Covid-19 pandemic has led to the rise of remote work with consequences for the global division of work. Remote work could connect labour markets, but it could also increase spatial polarisation. However, our understanding of the geographies of remote work is limited. Specifically, does remote work bring jobs to rural areas or is it concentrating in large cities, and how do skill requirements affect competition for jobs and wages? We use data from a fully remote labour market - an online labour platform - to show that remote work is polarised along three dimensions. First, countries are globally divided: North American, European, and South Asian remote workers attract most jobs, while many Global South countries participate only marginally. Secondly, remote jobs are pulled to urban regions; rural areas fall behind. Thirdly, remote work is polarised along the skill axis: workers with in-demand skills attract profitable jobs, while others face intense competition and obtain low wages. The findings suggest that remote work is shaped by agglomerative forces, which are deepening the gap between urban and rural areas. To make remote work an effective tool for rural development, it needs to be embedded in local skill-building and labour market programmes. |
| Keywords: | Remote work,Online labour,Platform economy,Geography,Polarisation |
| JEL: | F6 F16 J24 J31 L14 O15 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:238189&r= |
| By: | Daniel Szopinski (Paderborn University) |
| Abstract: | Successful business model innovation is dependent upon the generation of new ideas that can challenge traditional mechanisms of value creation, delivery, and capture. However, during the cognitive process of idea generation, individuals tend to overlook the majority of potentially valuable business model ideas, and there is currently hardly any software available to facilitate the ideation process. Drawing on cognitive psychology, creativity, and information systems research, I address this issue by proposing a creativity feature for a software-based business model development tool, as well as a randomized controlled experiment to evaluate its effectiveness. This innovative creativity feature is intended to enhance business model development tools, both quantitatively and qualitatively, by guiding individuals through their exploration of the solution space for business model ideas. Measuring business model idea quality was not possible because the experts consulted for this experiment did not reach a sufficient consensus. The findings on business model idea quantity indicate that the creativity feature was not able to enhance the creativity of business model ideas significantly. I additionally discuss implications for future experimental research on features of business model development tools. In the long run, I hope that other researchers will benefit from the experiences and that prescriptive knowledge can be derived that will benefit both academics and practitioners interested in the development of software-based tools for business model innovation. |
| Keywords: | business model innovation, business model development tool, creativity support system, idea generation, experiment, search for ideas in associative memory, chance configuration theory |
| JEL: | O3 L86 M15 D83 C91 C88 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pdn:dispap:82&r= |
| By: | Marcelo Cajias; Willwersch Jonas; Lorenz Felix; Franz Fuerst |
| Abstract: | Machine Learning (ML) can detect complex relationships to solve problems in various research areas. To estimate real estate prices and rents, ML represents a promising extension to the hedonic literature since it is able to increase predictive accuracy and is more flexible than the standard regression-based hedonic approach in handling a variety of quantitative and qualitative inputs. Nevertheless, its inferential capacity is limited due to its complex non-parametric structure and the ‘black box’ nature of its operations. In recent years, research on Interpretable Machine Learning (IML) has emerged that improves the interpretability of ML applications. This paper aims to elucidate the analytical behaviour of ML methods and their predictions of residential rents applying a set of model-agnostic methods. Using a dataset of 58k apartment listings in Frankfurt am Main (Germany), we estimate rent levels with the eXtreme Gradient Boosting Algorithm (XGB). We then apply Permutation Feature Importance (PFI), Partial Dependence Plots (PDP), Individual Conditional Expectation Curve (ICE) and Accumulated Local Effects (ALE). Our results suggest that IML methods can provide valuable insights and yield higher interpretability of ‘black box’ models. According to the results of PFI, most relevant locational variables for apartments are the proximity to bars, convenience stores and bus station hubs. Feature effects show that ML identifies non-linear relationships between rent and proximity variables. Rental prices increase up to a distance of approx. 3 kilometer to a central bus hub, followed by steep decline. We therefore assume tenants to face a trade-off between good infrastructural accessibility and locational separation from the disamenities associated with traffic hubs such as noise and air pollution. The same holds true for proximity to bar with rents peaking at 1 km distance. While tenants appear to appreciate nearby nightlife facilities, immediate proximity is subject to rental discounts. In summary, IML methods can increase transparency of ML models and therefore identify important patterns in rental markets. This may lead to a better understanding of residential real estate and offer new insights for researchers as well as practitioners. |
| Keywords: | Explainable Artifical Intelligence; housing; Machine Learning; Non parametric hedonic models |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_104&r= |
| By: | Ng, Matthew Kok Ming (University of New South Wales); Roper, Josephine; Pettit, Christopher; Lee, Chyi Lin |
| Abstract: | This paper explores the relationships between accessibility, income segregation, and house prices in the Greater Sydney Area. Sydney is found to have reasonably even employment accessibility, reflecting the increasingly polycentric nature of the modern city; however, it also shows considerable income segregation and variance in property prices between different parts of the city. Entropy is used to examine the diversity and mixing of different income groups. Finally, hedonic price models using ordinary least square and geographically-weighted regression techniques to show the differing effects of employment accessibility on house prices in different parts of the city. The results show that accessibility has small to negative effects on prices in the most valuable areas, suggesting that other effects such as recreational access and employment type/quality may be important to investigate further in this context. |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:2psk5&r= |
| By: | LOMEMBE, Jacques; NGEWAMPADIO, Remy |
| Abstract: | Since the beginning of 2020, the global economy and, in particular, the DRC’s, have been shaken by the effects of Covid-19 pandemic. However, this pandemic has affected countries asymmetrically. In advanced economies, the slowdown of GDP is accompanied by a decline in main raw materials prices and low inflation. But, in developping countries, such as the DRC’s, an increase of inflation has been associated to the slowdown. This paper analyses the transmission mechanism of the Covid-19 crisis on the inflation in DRC and suggest some ways of mitigation covid-19 economic impacts. An analysis of availlable data’s in DRC’s economy did not identify clearly the link between Covid-19 crisis an money supply from fiscal deficit which is usually the main cause of inflation, maybe because of fiscal maturities in the end of the month, that hide transitory negative fiscal shock which are observe in the middle of each month. The effect of those transitory fiscal deficits is an increase of liquidity and prices pressure. |
| Keywords: | COVID-19 crisis, shock on economy, liquidity, inflation |
| JEL: | E30 E61 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109294&r= |
| By: | Philipp Maximilian Mueller; Björn-Martin Kurzrock |
| Abstract: | Due to numerous documents and the lack of widely acknowledged standards, the capture and provision of information in transaction processes frequently remains challenging. Since construction and maintenance come with substantial costs, the evaluation of the structural condition and maintenance requirements as well as the assessment of contracts and legal structures are important in real estate transactions. The quality and completeness of digital building documentation is increasingly becoming a factor as deal maker and deal breaker. Artificial intelligence can well assist in the classification of documents and extraction of information This research provides fundamentals for generating a (semi-)automated standardized technical and legal assessment of buildings. Based on a large building documentation set from (institutional) investors, the potential for digital processing, automated classification and information extraction through machine learning algorithms is demonstrated. For this purpose, more than 400 document classes are derived, reviewed, prioritized and principally checked for machine readability. In addition, key information is structured and prioritized for technical and legal due diligence. The paper highlights recommendations for improving the machine readability of documents and indicates the potential for partially automating technical and legal due diligence processes. The practical recommendations are relevant for investors, owners, users and service providers who depend on specific real estate information as well as for companies that develop or use software tools. For policymaking, the research offers some guidance for standardizing documents to support digital information processing in real estate. The recommendations are helpful for improving information processing and in general, promoting the use of automated information extraction based on machine learning in real estate. |
| Keywords: | digital building documentation; Due diligence; Machine Learning; property research trust |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_65&r= |
| By: | Woods, John E |
| Abstract: | Surprisingly, Benjamin Graham, the acknowledged “Father of Value Investing”, considered his most important work to be the invention of the Commodity Reserve Currency Plan during the 1930s and 1940s. Previous studies of the Plan have overlooked the fact that, of its three main components (buffer stocks, price stability and currency–backing), Graham regarded the first as the most important and the other two as “secondary” or “subsidiary”. By focusing on the buffer–stock aspect, we demonstrate, first, the breadth and depth of Graham’s overall conception in terms of both micro– and macro-economics and, second, the considerable overlap with Keynes’s ideas developed around the same time, which are manifested particularly in their common conclusion that the inefficiency of commodity markets could be rectified only by government intervention. We also comment on Mehrling’s assessment of Graham as “not any kind of economist at all” (JHET, 2011). |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:qdv3n&r= |
| By: | Bateman, Bradley W. |
| Abstract: | Introduction to Symposium: Celebrating the Centenary of Keynes’s Treatise on Probability |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:ftr5g&r= |
| By: | Muhammad Najib Azali; Ainur Zaireen Zainuddin; Rohaya Abdul Jalil; Norhidayah Mohd Yunus |
| Abstract: | Land registration requires complex of sensitive data which require decentralise environment. As land registration system requires complexities and challenges in term of land tenure security at high risk scale, the security level of land registration system need to be put at the highest level. Fraud is one the major problem as well as long process problem. This is due to the centralised transaction system which resulted bottlenecks at the processing system. The blockchain technology by using Digital Security Offering (DSO) able to create public ledgers from all complex transactions that has high potential to replace the complicated systems with one simple database. Therefore, objectives of this research are (1) To identify characteristics in blockchain technology by using DSO for the land registration system in Malaysia (2) To investigate the blockchain technology by using DSO that is able to solve the problems in the Malaysian land registration system. By using systematic literature approach, this paper will assess the innovative method to enhance land registration system in Malaysia. The innovation in land registration system will bring Malaysia meet the challenge in digital economy in Industrial Revolution 4.0. |
| Keywords: | blockchain; Land; Malaysia; Technology |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_8&r= |
| By: | Zhaojun Wang; Amanda M. Countryman; James J. Corbett; Mandana Saebi |
| Abstract: | The Ballast Water Management Convention can decrease the introduction risk of harmful aquatic organisms and pathogens, yet the Convention increases shipping costs and causes subsequent economic impacts. This paper examines whether the Convention generates disproportionate invasion risk reduction results and economic impacts on Small Island Developing States (SIDS) and Least Developed Countries (LDCs). Risk reduction is estimated with an invasion risk assessment model based on a higher-order network, and the effects of the regulation on national economies and trade are estimated with an integrated shipping cost and computable general equilibrium modeling framework. Then we use the Lorenz curve to examine if the regulation generates risk or economic inequality among regions. Risk reduction ratios of all regions (except Singapore) are above 99%, which proves the effectiveness of the Convention. The Gini coefficient of 0.66 shows the inequality in risk changes relative to income levels among regions, but risk reductions across all nations vary without particularly high risks for SIDS and LDCs than for large economies. Similarly, we reveal inequality in economic impacts relative to income levels (the Gini coefficient is 0.58), but there is no evidence that SIDS and LDCs are disproportionately impacted compared to more developed regions. Most changes in GDP, real exports, and real imports of studied regions are minor (smaller than 0.1%). However, there are more noteworthy changes for select sectors and trade partners including Togo, Bangladesh, and Dominican Republic, whose exports may decrease for textiles and metal and chemicals. We conclude the Convention decreases biological invasion risk and does not generate disproportionate negative impacts on SIDS and LDCs. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13315&r= |
| By: | Brams, Steven J.; Kilgour, Marc; Klamler, Christian |
| Abstract: | Suppose two players wish to divide a finite set of indivisible items, over which each distributes a specified number of points. Assuming the utility of a player’s bundle is the sum of the points it assigns to the items it contains, we analyze what divisions are fair. We show that if there is an envy-free (EF) allocation of the items, two other desirable properties—Pareto-optimality (PO) and maximinality (MM)—can also be satisfied, rendering these three properties compatible, but other properties—balance (BL), maximum Nash welfare (MNW), maximum total welfare (MTW), and lexicographic optimality (LO)—may fail. If there is no EF division, as is likely, it is always possible to satisfy EFx, a weaker form of EF, but an EFx allocation may not be PO, BL, MNW, MTW, or LO. Moreover, if one player considers an item worthless (i.e., assigns zero points to it), an EFx division may be Pareto dominated by a nonEFx allocation that is MNW. Although these incompatibilities suggest that there is no “perfect” 2-person fair division of indivisible items, EFx and MNW divisions—if they give different allocations when there is no EF-PO-MM division—seem the most compelling alternatives, with EFx, we conjecture, satisfying the Rawlsian objective of helping the worse-off player and MNW, a modification of MTW, suggesting a more Benthamite view. |
| Keywords: | Two-person fair division; indivisible items; envy-freeness |
| JEL: | C7 C71 D6 D61 D63 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109395&r= |
| By: | Martin, Elliot; Stocker, Adam; Cohen, Adam; Shaheen, Susan |
| Abstract: | The Mobility on Demand (MOD) Sandbox Demonstration Program provides a venue through which integrated MOD concepts and strategies, supported through local partnerships, are demonstrated in real-world settings. For the 11 MOD Sandbox Demonstration projects, an independent evaluation was conducted that includes an analysis of project impacts from performance measures provided by the project partners and an assessment of the business models used. This document presents the results from the independent evaluation of the Dallas Area Rapid Transit (DART) First and Last Mile Solution MOD Sandbox Demonstration project. Evaluated were hypotheses that explored project impacts on travel behavior, user experiences, first and last mile to public transit accessibility, service quality for passengers with disabilities, and costs. The project improved first and last mile connectivity to DART transit, increased satisfaction among DART transit users, enhanced service for passengers with disabilities, and increased the geographic scope of DART transit service in the Plano area. In addition, wait and travel times for passengers with and without disabilities reflected similar distributions. The subsidy per rider of GoLink services was lower than the low-ridership fixed-route transit services that it replaced in Plano, but it was not lower than the subsidy for DART fixed-route transit in the overall Dallas region. DART project team members were interviewed to better understand challenges, barriers, successes, and broader lessons learned from the project, representing agency personnel from the offices of Innovation, Service Planning, Scheduling, Paratransit Operations, and Marketing. Lessons learned revealed the importance of having pre-planned, ready-to-go projects with committed partners, flexible contracting terms, metrics for adjusting spatial and temporal service coverage (including terminating service if appropriate), vehicle right-sizing, and understanding customer needs. |
| Keywords: | Engineering, Mobility on Demand, MOD, sandbox, shared mobility, mobility as a service, independent evaluation, public transit, first and last mile, microtransit, transportation network companies, TNC |
| Date: | 2021–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsrrp:qt7hz5r5zr&r= |
| By: | Daniel Fried |
| Abstract: | Since 1982, growth in the value of foreign investments in the United States has exceeded growth in the value of U.S. investments abroad and, as a result, the U.S. net international investment position has been negative and trending lower. Even though the value of foreign investments in the United States has exceeded the value of U.S. investments abroad, the total income earned by U.S. investors on their foreign asset holdings has historically exceeded the total income earned by foreign investors on their U.S. holdings. The United States is able to earn positive net |
| JEL: | F21 F23 F37 |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:cbo:wpaper:57326&r= |
| By: | Cath Jackson; Victoria Lawson; Allison Orr |
| Abstract: | There is a large and diverse range of stakeholders with interests in the city centre. Yet, despite this diversity, they are seen to share a common desire, or aspiration, for resilience. There is diversity in how aspirations for resilience are envisioned, including, variously, the city centre as a hub for economic growth; a capital investment opportunity providing returns to meet obligations; commercial accommodation to enable sustainable business opportunities; a community hub for socialising; an attractive environment for visiting and spending time; a focus for local identity; and so on. Despite this diversity in interests, and the increasing challenges faced by all stakeholders, the common aspiration for resilience serves to bind the components into an assemblage. This research, therefore, sees the city centre through assemblage thinking and seeks to apply this theory to explore the ways that city centre assemblages may function to foster economic growth, or to hinder adaptive capacity. An assemblage approach has not been utilised in the commercial real estate discipline previously. It is adopted here to best reflect the complexities of the real estate market and wider environment, and to explore relationships between components of the assemblage (both human and non-human), to identify characteristics and capacities of elements and relationships that can hinder, and those that can enable, the adaptive capacity of city centres. Here we present insights into how the city centre can be explored using assemblage thinking, what insights are enabled by adopting this approach and some preliminary results of empirical analyses. Utilising examples of change across five UK case study cities (Edinburgh, Glasgow, Hull, Liverpool and Nottingham) the involvement of land and property owners and developers are explored to reveal the ways that social structures may work to create unique retailing destinations, or to hinder adaptive capacity. |
| Keywords: | assemblage theory; case studies; retail sector |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_68&r= |
| By: | Mahmood, Haider |
| Abstract: | inancial development market (FMD) may have positive or negative environmental consequences. This research investigated the effects of FMD and income on CO2 emissions in Gulf Cooperation Council (GCC) countries during 1980-2018. We found that income had positive effect but FMD had insignificant impact on emissions in GCC panel. Then, we tested these effects in the individual country time series and found that income had positive impact in Saudi Arabia, Kuwait and Oman and had insignificant effect in other GCC countries in long run. Effect of FMD was positive in Oman, was negative in UAE and was insignificant in rest of GCC countries. Effect of income was positive in Saudi Arabia and Kuwait and was insignificant for other countries in short run. The effect of FMD was positive in Kuwait and was negative in UAE. We recommend UAE to expand the financial market and suggest Oman and Kuwait to have a check on the financially supported pollution-oriented activities. |
| Keywords: | financial market development, CO2 emissions, GCC |
| JEL: | Q53 |
| Date: | 2020–06–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109134&r= |
| By: | Matthes, Jürgen |
| Abstract: | Chinas Anteile an den Warenimporten der EU-Länder stiegen im Zeitraum 2000 bis 2019 sehr deutlich, mit einem Schwerpunkt auf der ersten Dekade. Deutschlands Anteile waren dagegen seit 2005 im Trend rückläufig. Bei den in dieser Studie betrachteten anspruchsvollen industriellen Produktgruppen insgesamt ist dieser Gegensatz noch stärker ausgeprägt als bei allen Warenimporten. Zudem haben sich die chinesischen Exporte sehr deutlich in Richtung dieser anspruchsvollen Industriewaren verschoben. Deren Anteil an den EU-Importen aus China in allen Produktgruppen stieg von 50,7 Prozent (2000) auf 68,2 Prozent (2019). In fast allen einzelnen zweistelligen Produktgruppen, die grob den bekannten deutschen Industriebranchen zuzurechnen sind, baute China seine Anteile aus, auch hier mit einem Schwerpunkt auf den 2000er Jah-ren. Dagegen war der Anteil der EU-Importe aus Deutschland ganz überwiegend moderat rückläufig, ging aber meist erst in den 2010er Jahren zurück. Diese Entwicklung fand parallel zu einer Abwertung des Euro gegenüber dem chinesischen Yuan statt. Deutschland verlor also Marktanteile in Europa, obwohl sich seine wechselkursbedingte preisliche Wettbewerbsfähigkeit gegenüber China tendenziell verbesserte. Das macht den Anteilsrückgang noch relevanter. Chinas Exporterfolge lassen sich zudem nicht mehr mit dem früher gültigen Hinweis relativieren, dass sie überwiegend aus importierten Vorprodukten bestehen, die in China - sozusagen auf einer verlängerten Werkbank - nur zusammengebaut werden. Im Gegenteil, der Anteil heimischer Wertschöpfung in den Exporten Chinas stieg zwischen 2005 und 2016 stark an und liegt inzwischen in den meisten Branchen sogar höher als der deutsche Anteil. Wären chinesische und deutsche Produkte komplementär zueinander, sollte ein steigender Anteil Chinas an den EU-Importen in den einzelnen Produktgruppen tendenziell nicht mit einem rückläufigen Anteil Deutschlands einhergehen, sondern zulasten der Anteile anderer Staaten mit weniger anspruchsvollen Produkten gehen. Auf der vierstelligen Produktebene zeigt sich jedoch eine - allerdings nur geringfügig - negative Korrelation von rund -0,2 zwischen den Anteilsveränderungen Chinas und Deutschland. Tendenziell, aber keinesfalls durchweg geht also ein steigender Importanteil Chinas mit einem sinkenden Anteil Deutschlands einher. Bei den Top-25-Importgütern aus deutscher Sicht liegt die negative Korrelation in der Größenordnung von -0,3 in den 2000er Jahren und -0,5 in den 2010er Jahren. Diese Ergebnisse sind aus verschiedenen Gründen mit Vorsicht zu interpretieren und als ein Indiz von mehreren Indizien für einen zunehmenden Konkurrenzdruck zu werten. In den 2010er Jahren gab es unter den Top-25-Produktgruppen deutlich mehr Gruppen, bei denen ein Anteilsanstieg Chinas mit einem Anteilsrückgang aus deutscher Sicht zusammenfiel. In zwölf von 25 Produktgruppen mit steigendem chinesischem Anteil sanken die deutschen Importanteile in den 2010er Jahren, während sie in den 2000er Jahren noch gestiegen waren. Der Wert der EU-Importe aus Deutschland in diesen zwölf Produktgruppen betrug 242 Milliarden Euro im Jahr 2019. Auch hierin liegt damit ein wichtiges Indiz dafür vor, dass die chinesische Konkurrenz in den Produktgruppen zuzunehmen scheint, die für Deutschland wichtig sind. Auch in den fünf aus deutscher Sicht wichtigsten Produktgruppen sind in den 2010er Jahren deutlich mehr negative Anteilsveränderungen zu erkennen als in den 2000er Jahren. Hierzu zählen die Produktgruppen Kraftwagen, Kraftwagenteile, pharmazeutische Spezialitäten, Kunststoffe in Primärformen sowie Luft- und Rahmfahrzeuge. In fünf der zehn wichtigsten Produktgruppen ist die approximierte Qualität der Importe aus China in jüngerer Zeit zumeist deutlich gestiegen. |
| JEL: | F1 O1 Y1 L6 P4 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkrep:302021&r= |
| By: | Kensuke Ohtake |
| Abstract: | We consider the extension of the mathematical models presented by Pfl\"{u}ger (2004) and Gasper et al. (2018) in new economic geography to continuous space, and investigate the behavior of its solution mathematically. The model is a system of nonlinear integral and differential equations describing the market equilibrium and the time evolution of the spatial distribution of population density. The stability of homogeneous stationary solution with evenly distributed population is shown to be unstable. Furthermore, it is shown numerically that the destabilized homogeneous stationary solution eventually forms spiky spatial distributions. The number of the spikes decreases as the preference for variety increases or the transport cost decreases. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12217&r= |
| By: | Goodness C. Aye (Department of Economics, University of Pretoria, Pretoria, 0002, South Africa); Christina Christou (School of Economics and Management, Open University of Cyprus, 2252, Latsia, Cyprus); Rangan Gupta (Department of Economics, University of Pretoria, Pretoria, 0002, South Africa); Christis Hassapis (School of Economics and Management, Department of Economics, University of Cyprus, P.O. Box 20537, CY-1678 Nicosia, Cyprus) |
| Abstract: | This study examined contagion involving the aggregate and regional housing markets of the United States (US) with other asset markets using multichannel tests during the 2007-2008 global financial crisis based on a unique high-frequency, i.e., daily data set. To arrive at bias free results several contagion tests: the Forbes and Rigobon (FR) correlation test for contagion, the Fry, Martin and Tang coskewness (CS) test for contagion, the Hsiao cokurtosis (CK) test for contagion and the Hsiao covolatility (CV) test for contagion were employed. At the country level, the linear (correlation) channel indicates that contagion is present from (to) average housing returns to (from) the S&P500, with the correlation contagion also running from average housing returns to REITs. Moreover, the coskewness, cokurtosis and covolatility channels are strongly active with contagion running only from average housing returns to the S&P500, bond returns and REITs. At the Metropolitan Statistical Area (MSA) level, our results indicate that the linear (correlation) channel of contagion is relatively inactive, but the coskewness, cokurtosis and covolatility channels are strongly active with contagion running mostly from housing returns to the S&P500. Our results have important implications for investor and policymakers, given the possibility of differential results based on tests and whether we rely on regional or aggregate data. |
| Keywords: | Contagion, real estate, multichannel tests, United States |
| JEL: | C12 C58 E44 G01 |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:202159&r= |
| By: | Martien Lamers; Thomas Present; Rudi Vander Vennet; Nicolas Soenen (-) |
| Abstract: | We investigate the effectiveness of the Bank Recovery and Resolution Directive (BRRD) in mitigating the bank-sovereign nexus in the Euro Area. Using CDS spreads to measure bank and sovereign credit risk and a DCC-MIDAS model capturing the long-term component of bank-sovereign interconnectedness, we document that the dynamic correlation between banks and sovereigns has decreased in Euro Area countries since the introduction of the BRRD. Panel data analysis reveals that the decline in interconnectedness is not driven by the banks’ capital adequacy, size or holdings of domestic sovereign securities. |
| Keywords: | BRRD; Bank-sovereign nexus, CDS spread, Dynamic correlation, DCC-MIDAS |
| JEL: | C58 G28 G32 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:21/1024&r= |
| By: | Richard Jaimes |
| Abstract: | This paper studies the effects of aggregate shocks to government spending and to the available abatement technology in an economy with a polluting intermediate goods sector and nominal rigidities. The model implies that an abatement cost shock leads to a decline in both output and consumption regardless the type of climate regulation in place. Nonetheless, it turns out that these negative responses are attenuated when environmental policy revenues are used to diminish either consumption or labor income taxes instead of rebating them via lump-sum transfers. On the other hand, the positive effects of a government spending shock on output are maximized when both prices and wages are rigid, there is a carbon tax scheme instead of a cap-and-trade system, and the expansion in public expenditures is financed through lump-sum taxation. |
| Keywords: | New Keynesian model, environmental policy, macroeconomic dynamics, and fiscal policy |
| JEL: | E32 E50 Q58 |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:col:000416:019466&r= |
| By: | Sokolovskyi, Dmytro |
| Abstract: | The work is devoted to research government tax behavior in tax competition conditions. In detail we study followed issues: is necessarily tax competition lead to Race to the bottom & is possible a simultaneous optimum of tax rate for both economies? This work is the continuation of research about, is it necessarily a Race to the bottom Prisoner’s dilemma. Available studies of tax competition generally focus on the analysis, which countries are inherent the trend to tax rate decrease, can this trend be considered a Race to the bottom, but if not, what are the reasons, that a Race to the bottom is not observed? The difference of the proposed work is that we do not consider additional, though important factors. The optimization model of tax competition for 2 economies evidence that even for one factor – the generalized tax burden, without the separation of income tax and “compensatory” taxes, such as taxes on consumption, labor, environment – a Race to the bottom is not necessarily. Under different conditions, the trend can be directed as to decrease as to increase of tax rate. So, it can be argued that tax competition not necessarily leads to Race to the bottom, as well as Race to the bottom is not necessarily modeled by Prisoner’s dilemma. The obtained results can help understand why some countries do not always follow the general trend to tax rate decrease. In addition, it explains not always the optimal tax behavior of some countries those in this way cause a change in the trend in competitors. |
| Keywords: | tax competition; race to the bottom; prisoner’s dilemma; tax rate trajectory; modelling |
| JEL: | C6 E62 H30 |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109284&r= |
| By: | Suah, Jing Lian |
| Abstract: | This paper offers two points on the impact of uncertainty and exchange rate shocks on output. (1) A conceptual model where behavioural frictions --- rational inattentiveness and bounded expectations --- interact with uncertainty, generating aggregate fluctuations. Central banks can target these behaviourial frictions to stabilise output and prices. (2) Empirical findings from a panel of advanced and emerging economies. Output and inflation slow in response to uncertainty shocks. Government bond yields moderate and exchange rates depreciate, suggesting within-country and between-country flight-to-safety respectively. Exchange rate appreciation shocks generate similar responses. The Malaysia-specific analysis finds divergent responses in employment and output, likely reflecting compositional effects in more productive tradable and less productive non-tradable sectors. In a panel fixed effects and quantile regression setting, I find indicative interaction between output, exchange rate and uncertainty, and a distributional dimension. |
| Keywords: | Uncertainty, Rational Inattention, Bounded Rationality, VAR |
| JEL: | E00 E03 |
| Date: | 2020–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109087&r= |
| By: | Holden, Stein T. (Centre for Land Tenure Studies, Norwegian University of Life Sciences); Tilahun, Mesfin (Centre for Land Tenure Studies, Norwegian University of Life Sciences) |
| Abstract: | The risky investment game of Gneezy and Potters (1997) has been a popular tool used to estimate risk tolerance and myopic loss aversion. Holden and Tilahun (2021) tested and found that the simple one-shot version of this game that is attractive as a simple tool to elicit risk tolerance among respondents with limited education, produce significant endowment effects in two variants of the game where alternatively safe and risky initial monetary endowments are allocated. In this paper, we use an alternative treatment that does not induce endowment effects. This allows us to establish a benchmark to assess the relative size of the endowment effects when initial safe and risky endowments are provided (contribution 1). While Prospect Theory could predict endowment effects in the game, it fails to explain the dominance of interior choices (partial investment). We propose an alternative endowment effect theory that gives predictions that are more consistent with the observed partial investment behavior (contribution 2). |
| Keywords: | Risky investment game; Endowment effects; Loss aversion; Utility curvature; Field experiment; Ethiopia |
| JEL: | C93 D91 H23 |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:nlsclt:2021_004&r= |
| By: | Yassien Bachtal; Felix Gauger; Andreas Pfnür; Benjamin Wagner |
| Abstract: | The way work is physically organized in a society is subject to constant change. While life and work took place in one place before industrialization (First Place), work shifted to the office with a growing proportion of knowledge-intensive activities (Second Place). Due to the Corona-Pandemic, work for many knowledge workers shifted back home quickly. Before COVID-19 work from home was limited to individual cases or to a few days. While some studies have looked at the office real estate factors influencing work success, there are hardly any studies analyzing real estate factors and their effects on work success when working from home. The contact restrictions since March 2020 now allow large-scale examinations of how knowledge workers work from home. The aim of the paper is to identify dependency structures between real estate factors and success factors in working from home. Specifically, the direction and size of the effects of the individual real estate factors on satisfaction and productivity in working from home are quantified. Based on a literature research, important real estate related factors are identified that influence the success of work in general. This is followed by a quantitative survey of knowledge workers in Germany who have already gained experience in working from home. Multivariate analyzes are carried out, focusing on satisfaction and productivity as success factors for work from home. First results, by using mean value comparisons and correlation analyzes, suggest that property-related factors of the home in particular are closely related to the success in working from home. While the office workplace is explicitly developed for the purpose of efficient work, work from home takes place in a location that is not designed for this purpose. The study provides important implications on how future housing should be planned and designed to make working from home sustainable. |
| Keywords: | Real Estate Factors; Satisfaction; Work from Home; Work Success |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_36&r= |
| By: | Pietro Ortoleva; Evgenii Safonov; Leeat Yariv |
| Abstract: | Goods and services -- public housing, medical appointments, schools -- are often allocated to individuals who rank them similarly but differ in their preference intensities. We characterize optimal allocation rules when individual preferences are known and when they are not. Several insights emerge. First-best allocations may involve assigning some agents "lotteries" between high- and low-ranked goods. When preference intensities are private information, second-best allocations always involve such lotteries and, crucially, may coincide with first-best allocations. Furthermore, second-best allocations may entail disposal of services. We discuss a market-based alternative and show how it differs. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12025&r= |
| By: | Bibiana Scelfo (IRES - Istituto di Ricerche Economico Sociali del Piemonte); Marco Grosso (Città della Salute e della Scienza University-Hospital); Marco Dalmasso; Stefania Bellelli (IRES - Istituto di Ricerche Economico Sociali del Piemonte); Chiara Rivoiro (IRES - Istituto di Ricerche Economico Sociali del Piemonte); Valeria Romano (IRES - Istituto di Ricerche Economico Sociali del Piemonte); Sylvie Occelli (IRES - Istituto di Ricerche Economico Sociali del Piemonte) |
| Abstract: | Telemedicine (TM) allows health professionals to evaluate, diagnose and treat patients in remote locations using Information and Communications Technology (ICT) thus enabling healthcare access and equity. However, the process of digitalisation strongly depends on local contexts. With the ultimate aim of planning an accre-ditation path for TM services, the Regional Health Direction of Piedmont conducted, in 2017, an investigation through a questionnaire to the local Health Units, which explored several domains as defined by the national guidelines. This survey returned a picture of the implementation status of TM services over the regional territories. The results show that a rich experience exists in Piedmont, however the maturity levels of the different services are wide-ranging, suggesting that central governance is needed to ensure a solid framework for appropriate and sustainable services and to make their integration feasible in the regional Health System. |
| Abstract: | La télémédecine (TM) permet aux professionnels de la santé d'évaluer, diagnostiquer et traiter des patients éloignés des services de santé. Toutefois, le processus de numérisation dépend fortement des contextes locaux. Dans le but de mettre en place la procédure pour accréditer les services de TM, la Direction régionale de la santé du Piémont a mené, en 2017, une enquête en soumettant un questionnaire aux agences locales de santé, qui a exploré plusieurs domaines de service comme définis par les directives nationales. Cette enquête a permis de dresser un tableau sur l'état de la mise en œuvre des services de TM sur le territoire régional. Les résultats montrent qu'il existe en Piémont une riche expérience, mais que le niveau de maturité des services est très différent. Ils suggèrent qu'une gouvernance est nécessaire pour assurer des services appropriés et durables, et rendre possible leur intégration dans le système de santé régional. |
| Keywords: | Telemedicine,Policy making,eHealth,Public health,Socio-technical systems,télémédecine,élaboration des politiques,santé numérique,santé publique,systèmes sociotechniques |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114718&r= |
| By: | François Gardes (Centre d'Economie de la Sorbonne, Paris School of Economics & Western Catholic University) |
| Abstract: | Economic agents decide often under different price conditions (named endogenous prices), and moreover these individual price systems may depend on their previous choices. Such a situation appears for instance for consumers' choices under constraints which imply virtual costs or when non-monetary resources add to the monetary budget constraint. In case where no market exist which regulates these prices and make them converge toward a common price for all agents, observed differences appear between the social distribution of consumer expenditures and their change over time which are modelized here using Riemannian geometry. Observations in a cross-sectional survey are supposed to constitute a Riemannian surface (where each point is associated with a particular price system). Social differences are measured along the geodesics of the Riemannian surface, while changes over time correspond to movements along their tangent spaces (characterized by constant endogenous prices). The Riemannian curvature of the consumptiion space is thus estimated comparing the derivatives over the surface (corresponding to cross-section differences) to those of the tangent plane (corresponding to the time changes). The Riemannian curvature being shown to be non-null for the Polish consumers surveyed in a four years Polish panel, implies that usual econometric methods based on a unique metric over the (cross-sectional) consumption space are inadequate to estimate geodesics (corresponding to optimal choices) on the Riemannian surface. The curvature of the survey can be linked to changes in latent endogenous prices over the Riemannian surface, which are for instance full prices in a domestic production framework. Finally, the Riemannian structure is used to study the path dependency of consumers' choices |
| Keywords: | Spatial autocorrelation, Riemannian geometry; curvature; virtual price; full price; path dependency |
| JEL: | C31 C33 C55 D11 D12 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21026&r= |
| By: | Laura Gabrielli; Aurora Ruggeri; Massimiliano Scarpa |
| Abstract: | In order to plan and manage low-carbon investments in wide real estate assets, thereby meeting the European energy efficiency requirements recently presented in EU Directive 2018/844, a methodological change in both research and practice is now necessary. Since a sharp increase in retrofit rates of large building stocks is going to be promoted, new strategic approaches should take into consideration building portfolios as a whole, overcoming the single-building perspective, so that to identify the level of energy retrofit leading to the overall maximum benefit. In this contribution, a decision support system is developed for the automatic assessment of both the monetary and non-monetary benefits produced by a retrofit investment, and determine the optimal efficiency program over a large building stock. The core idea is to consider the energy enhancement as an optimization issue and identify the configuration of retrofit design that brings to the greatest possible benefit, by balancing conflicting objectives, and within several constraints. As far as the monetary benefit is concerned, we estimate the savings produced by the investment over a life-cycle perspective. Among the non-monetary values, we first consider the environmental benefit in terms of avoided CO2 emissions. We also assess the value of the improved indoor comfort and the value of the safeguard of the building, when the energy efficiency is also intended as a measure to protect the heritage. To this end, a set of different and interdisciplinary techniques has been employed, such as parametric energy modelling, neural network analysis, economic and financial feasibility assessment, calculation of thermal comfort indexes (Fanger), multi-criteria approaches (Analytic Hierarchy Process), and multi-objective constrained optimization analysis. Among the results of this research, the extreme flexibility in comparing countless design scenarios and the simplicity of application of the model developed are the most important contributions obtained. The effectiveness of the decision-making tool was then verified through the implementation on a case study of an interesting and heterogeneous portfolio of buildings located in Northern Italy. |
| Keywords: | automatic assessment; building stock; low carbon investment; Neural network analysis |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_126&r= |
| By: | Lucas Hafemann (Justus-Liebig-University Giessen); Peter Tillmann (Justus-Liebig-University Giessen) |
| Abstract: | The Fed's Senior Loan Officer Opinion Survey (SLOOS) is widely considered a good indicator of banks' lending conditions. We use the change in corporate bond spreads on SLOOS release days to instrument changes in lending standards. A series of estimated IV local projections shows that lending standards have highly significant effects on macroeconomic and financial variables. A relaxation of standards expands economic activity and eases financial conditions. We then use the change in spreads and the change in the VIX index on release days to identify a pure credit supply shock and a risk-taking shock using sign restrictions in a Bayesian VAR model. We find that an easing in lending has different consequences for both types of shocks. While the VIX, the excess bond premium and stock prices decrease after a pure credit supply shock, they increase after a risk-taking shock. |
| Keywords: | loan survey, credit supply, risk-taking, instrumental variable local projections, shock identification |
| JEL: | E32 E44 G14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202131&r= |
| By: | Haaris Mateen ⓡ; Joseph E. Stiglitz ⓡ; Jungyoll Yun |
| Abstract: | Imperfections in risk and capital markets imply that individuals who lose jobs suffer from imperfect smoothing of consumption across states and times. Compared to the first best, there will be too little search. Optimal unemployment programs, which balance the marginal benefit of consumption smoothing vs. the marginal cost of the insurance externality, increase welfare and may even increase GDP. Our analytical results suggest that welfare is higher if the unemployment benefits program includes income-contingent unemployment loans (ICL), where the amount repaid depends on the individual’s future income. Such loans can be financed by a risk premium imposed on the unemployed who avail themselves of the loans, and partially substitute for unemployment insurance (UI) benefits. Optimal unemployment benefits programs (UB) with ICL do a better job of smoothing consumption across states and time, and in particular total benefits when unemployed increase. We analyze how changes in key parameters, such as the degree of risk aversion and the nature of post-employment work, affect the design of the optimal UB program and the magnitude of the incremental benefits from including income-contingent loans. |
| JEL: | D15 H53 H81 I38 J64 J65 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29198&r= |
| By: | Miriam Kohl (Johannes Gutenberg University Mainz); Philipp M. Richter (TU Dresden) |
| Abstract: | This paper examines the effects of a unilateral reform of the redistribution policy in an economy open to international trade. We set up a general equilibrium trade model with heterogeneous agents allowing for country asymmetries. We show that under international trade compared to autarky, a unilateral tax increase leads to a less pronounced decline in aggregate real income in the reforming country, while income inequality is reduced to a larger extent for sufficiently small initial tax rates. We highlight as a key mechanism a tax-induced reduction in the market size of the reforming country relative to its trading partner, resulting in a firm selection effect towards exporting. From the perspective of a non-reforming trading partner, the unilateral redistribution policy reform resembles a unilateral increase in trade costs leading to a deterioration of terms-of-trade and a decline in both aggregate real income and inequality. |
| Keywords: | Income inequality, Redistribution, International trade, Heterogeneous firms |
| JEL: | D31 F12 F16 H24 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:jgu:wpaper:2113&r= |
| By: | Sonobe, Tetsushi (Asian Development Bank Institute); Takeda, Asami (Asian Development Bank Institute); Yoshida, Susumu (Asian Development Bank Institute); Truong, Hoa Thi (Asian Development Bank Institute) |
| Abstract: | Soon after the outbreak of the COVID-19 pandemic, many governments began extending financial and other forms of support to micro, small, and medium-sized enterprises (MSMEs) and their workers because smaller firms are more vulnerable to negative shocks to their supply chain, labor supply, and final demand for goods and services than larger firms. Since MSMEs are diverse, however, the severity of the pandemic’s impact on them varies considerably depending on their characteristics. Using online survey data of MSMEs from eight developing economies in South, Southeast, and Northeast Asia, we attempt to deepen our understanding of the impact of the pandemic on MSMEs, especially their employment, sales revenue, and cash flow. We characterize those firms that began participating in online commerce and try to determine how their use of online commerce and their employment are related in this difficult time. We also examine the government support that MSMEs have received and the extent to which it has satisfied their support needs. |
| Keywords: | COVID-19; micro; small; and medium enterprises (MSMEs); layoffs; cash shortage; digitalization |
| JEL: | D22 J63 L25 O53 |
| Date: | 2021–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1241&r= |
| By: | Michael White; Kevin Cutsforth |
| Abstract: | Periods of high volatility in house prices increasingly occur synchronously in the housing markets of different countries and also at a disaggregated level within countries. Such contagion, or volatility spillovers are often captured by ARCH type. While many studies have examined international patterns in house price movements or considered regional housing market relationships, relatively few have researched how house prices diffuse over local housing markets. In this paper we employ data at local authority level in the UK for major cities and their surrounding areas to examine not only potential connectedness between cities but particularly focusing on price diffusion and spillovers between cities and their neighbouring local authority areas as well as considering price leadership and the ripple effect, or contagion. Specifically, we examine volatility spillovers between housing markets in different local authority areas following Diebold and Yilmaz (2014). Our analysis will permit a dynamic analysis as over time, any local authority can be both a net transmitter and a net receiver of shocks. Furthermore, Attanasio et al., (2009) noted that there may be some form of common causality that links regions therefore leading to significant correlations. This may be prevalent at a more disaggregated level and linking to previous studies on ripple effects (Meen, 1990, 1999), may imply contagion spreading from leading housing market areas to followers. In this paper we test for contagion between housing markets using house price data from the local authorities. We consider different approaches such as extreme value theory and ARCH based models. |
| Keywords: | Contagion; Housing Economics; Interconnectedness; Spillovers |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_178&r= |
| By: | Weissman, Shmuel L.; Kelly, James M. |
| Abstract: | One of the most important contributors to the environmental impacts from use of highways is the energy exerted by vehicles, particularly routes that carry higher volumes of traffic. Part of this energy is consumed by response of the vehicle’s tires and suspension to pavement surface roughness and macrotexture. Another part of the energy consumed is by energy dissipation due to the structural response of the pavement itself under the moving load. This document is the theoretical and validation manual tor tBeam, standalone software for the analysis of energy dissipation in pavements under moving vehicles. tBeam was developed as part of the improvement of modeling capabilities for environmental life cycle assessment of pavements being conducted the University of California Pavement Research Center for the California Department of Transportation. The energy consumed due to structural response are controlled by the structural properties of the pavement which are dependent on the time of day, the season, and the condition (damage) of the pavement. The energy dissipation also depends on the speed and weight of each moving wheel load. As a result, estimating the lifetime energy dissipated in a pavement structure requires multiple analyses considering the thousands of permutations of these variables for a given segment of the highway network. Therefore, models for pavement-vehicle energy dissipation must balance two opposing needs: obtaining a reasonably accurate estimate of the dissipated energy, and high numerical efficiency. For numerical efficiency, the tBeam software employs a one-dimensional finite-element based solution of a wheel traveling at a constant velocity on a viscoelastic beam-foundation system, and a further reduction of numerical effort is obtained by formulating the model relative to a moving coordinate system attached to the wheel. The one-dimensional solution is, by nature, an approximation to the three-dimensional world. This approximation can be improved by incorporating a “correction factor,” which is based on comparisons with pavement simulations accounting for the double curvature observed in loaded pavements. In this report prediction disparity for a single structure is studied. The results show a clear trend where the correction factor decreases with rising temperature, and increases with higher velocity. The present study was insufficient to establish a law for the correction factor even for the single case studied. The correction factor ranged from about 1.25 at low temperature and high velocity to about 0.6 for high temperature and low velocity. The first part of this report presents the underlying theory for tBeam and implementation details. The second part presents closed form solutions for specialized pavement-foundation systems. The third component of the report presents some of the validation simulations undertaken to demonstrate the performance of tBeam, including comparisons with closed form solutions provided in this report, and recommendations for further development of tBeam. |
| Keywords: | Engineering |
| Date: | 2021–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt3bz9c13f&r= |
| By: | Juan Wang; Gamze Dane; Harry Timmermans |
| Abstract: | Car commuters contribute significantly to carbon emissions and seem largely insensitive to dedicated modal shift transportation policy initiatives. Therefore, integrated policies that target multiple life domains may be more effective. In this study, we investigate commuters’ preferences for carsharing facilitating neighborhoods as well as their potential travel behaviors shift if they move to such neighborhoods. This policy, combining real estate, sustainable planning and transportation, aims to reduce neighborhoods parking needs and therefore parking facilities. In compensation, residents are provided convenient access to shared vehicles against lower costs and a better living environment, reflected in more green space or safer children playing areas or larger flats. To examine the potential interest in moving to such neighborhoods, a stated choice experiment is designed that systematically varies attributes of carsharing facilitating neighborhoods to elicit the utility of a carsharing facilitating neighborhood for commuters with a particular socio-demographic profile and commuting behavior. In total, 369 valid responses from commuters who currently live in urban areas in The Netherlands were gathered for the analysis. To derive the utility of carsharing facilitating neighborhoods of a particular profile, a mixed logit model is estimated. Results indicate that the utility of a carsharing facilitating neighborhood primarily depends on carsharing cost, housing costs and housing size. The utility varies with socio-demographic characteristics, such as living city, educational level, monthly income, work status and commuting behavior, measured in terms of private car ownership, carsharing subscription, commuting mode and commuting time. Regarding shifts in travel mode, 25.5% of the respondents stated that they would reduce private car ownership if they would live in a carsharing facilitating neighborhood. 32.8% of the respondents stated that they would use shared vehicles in such neighborhoods for travelling to the office, and 18.7% stated they would use them to access transit. These results can help real estate developers and policy makers understanding how to develop appealing carsharing facilitating neighbourhoods for targeted commuters groups. |
| Keywords: | Carsharing facilitating neighborhoods; Commuting; mixed logit model; Stated Choice Experiment |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_10&r= |
| By: | Nordström, Jonas (AgriFood economics centre); Hammarlund, Cecilia (AgriFood economics centre) |
| Abstract: | The increased urbanization and human population growth of recent decades have resulted in the loss of urban green spaces. One policy used to prevent the loss of urban green space is ecological compensation. Ecological compensation is the final step in the mitigation hierarchy; compensation measures should thus be a last resort, after all opportunities to implement the earlier steps of the hierarchy have been exhausted. The compensation should balance the ecological damage, aiming for a “no net loss” of biodiversity and ecosystem services. In this study, we develop a simple model that can be used as tool to study the welfare effects of applying ecological compensation when green space is at risk of being exploited, both at an aggregate level for society and for different groups of individuals. Our focus is on urban green space and the value of the ecosystem service – recreation – that urban green space provides. In a case study we show how the model can be used in the planning process to evaluate the welfare effects of compensation measures at various sites within the city. The results from the case study indicate that factors such as population density and proximity to green space have a large impact on aggregate welfare from green space and on net welfare when different compensation sites are compared against each other. |
| Keywords: | Urban green space; Ecological compensation; Recreational value; Wellbeing; Utility; Welfare effects; Distributional effects |
| JEL: | D60 Q26 Q50 Q57 R52 R58 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luagri:2021_003&r= |
| By: | Wolfgang Briglauer (Vienna University of Economics and Business (WU)); Michał Grajek (ESMT European School of Management and Technology) |
| Abstract: | The deployment of new broadband networks (NBNs) based on fiber-optic transmission technologies promises high gains in terms of productivity and economic growth, and has attracted subsidies worth billions from governments around the world in the form of various state aid programs. Yet, the effectiveness and the efficiency of such programs remains largely unstudied. We employ panel data from 32 OECD countries during 2002-2019 to provide robust empirical evidence of both. We find that state aid significantly increases NBNs by facilitating the deployment of new connections to 22% of households in the short term and 39.2% in the long term. By comparing the actual amounts of state aid support to the estimated impact on GDP growth, we also find it to be highly cost efficient, as the programs break even after three years on average. |
| Keywords: | Fiber optic technology, state aid, ex-post evaluation, efficiency, OECD countries |
| JEL: | C51 C54 H25 L52 O38 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:esm:wpaper:esmt-21-01&r= |
| By: | Simon Thaler; David Koch; Miroslav Despotovic |
| Abstract: | Real estate images contain a lot of valuable information and are broadly used for marketing purposes in property sales. However, until now, photos of the exterior of a house have not been processed systematically to use the information contained in hedonic pricing models. In this paper we examine to what extent the present information in images can be utilised to derive the influence of the building condition on the value of a house. Thereby, we analyse (i) if we can extract the condition of the building directly from the picture and shows the corresponding expected influence and (ii) to which extend we can improve a hedonic pricing model with the additional information. We classified 949 single-family houses into four classes according to a uniform condition variable. A regression analysis shows that the created variable together with the year of construction are the key influencing variables. This is in accordance with the theory and the valuation using the cost approach where these variables are also the decisive variables. It can be shown that if the condition variable is added to a baseline model consisting of the square meter of the plot and the building, as well as the price of the land per square meter the new model improves (R-squared: from 0.649 to 0.741, n = 949). This is result is comparable to a model incorporating all variables considered in our examination excluding the condition variable (R-squared: 0.741, n = 360) and yields a better prediction than the baseline model including construction year (R-squared: 0.729, n = 686). |
| Keywords: | Hedonic Property Pricing; Real Estate Valuation; Visual Assessment |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_45&r= |
| By: | Carsten Schröder |
| Abstract: | The aim of the project SOEP-RV is to link data from participants in the German Socio-Economic Panel (SOEP) survey to their individual Deutsche Rentenversicherung (German Pension Insurance) records. For all SOEP respondents who give explicit consent to record linkage, SOEP-RV creates a linked dataset that combines the comprehensive multi-topic SOEP data with detailed cross-sectional and longitudinal data on social security pension records covering the individual’s entire insurance history. This article provides an overview of the record linkage project, highlights potentials for analysis of the linked data, compares key SOEP and pension insurance variables, and suggests a re-weighting procedure that corrects for selectivity. It concludes with details on the process of obtaining the data for scientific use. |
| Keywords: | record linkage, SOEP, SOEP-RV, pension records, consent |
| JEL: | C89 C18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1137&r= |
| By: | Fabian Braesemann; Fabian Stephany; Ole Teutloff; Otto K\"assi; Mark Graham; Vili Lehdonvirta |
| Abstract: | The Covid-19 pandemic has led to the rise of remote work with consequences for the global division of work. Remote work could connect labour markets, but it could also increase spatial polarisation. However, our understanding of the geographies of remote work is limited. Specifically, does remote work bring jobs to rural areas or is it concentrating in large cities, and how do skill requirements affect competition for jobs and wages? We use data from a fully remote labour market - an online labour platform - to show that remote work is polarised along three dimensions. First, countries are globally divided: North American, European, and South Asian remote workers attract most jobs, while many Global South countries participate only marginally. Secondly, remote jobs are pulled to urban regions; rural areas fall behind. Thirdly, remote work is polarised along the skill axis: workers with in-demand skills attract profitable jobs, while others face intense competition and obtain low wages. The findings suggest that remote work is shaped by agglomerative forces, which are deepening the gap between urban and rural areas. To make remote work an effective tool for rural development, it needs to be embedded in local skill-building and labour market programmes. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.13356&r= |
| By: | Shenoy, Ajay; Zimmermann, Laura V. |
| Abstract: | Local politicians can function as crucial intermediaries between voters and party bosses in a clientelistic network. We study their role by matching data on 300 million welfare payments in the Indian state of West Bengal to village-level election returns. Local politicians systematically misallocate resources based on party loyalty and successfully deliver votes to their national co-partisans. Politicians are compensated for successful mobilization through a performance bonus immediately after the national election. The (promise of) increased compensation from government funds induces opposition candidates to switch to the ruling party in strategically important local councils, bringing them under its control. |
| JEL: | D72 D73 H53 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:916&r= |
| By: | Balana, B.; Mekonnen, D.; Haile, B.; Hagos, Fitsum (International Water Management Institute (IWMI)); Yimam, S.; Ringler, C. |
| Abstract: | Credit constraint is considered by many as one of the key barriers to adoption of modern agricultural technologies, such as chemical fertilizer, improved seeds, and irrigation technologies, among smallholders. Past research and much policy discourse associates agricultural credit constraints with supply-side factors, such as limited access to credit sources or high costs of borrowing. However, demand-side factors, such as risk-aversion and financial illiteracy among borrowers, as well as high transaction costs, can also play important roles in credit-rationing for smallholders. Using primary survey data from Ethiopia and Tanzania, this study examines the nature of credit constraints facing smallholders and the factors that affect credit constraints. In addition, we assess whether credit constraints are gender-differentiated. Results show that demand-side credit constraints are at least as important as supply-side factors in both countries. Women are more likely to be credit constrained (from both the supply and demand sides) than men. Based on these findings, we suggest that policies should focus on addressing both supply- and demand-side credit constraints, including through targeted interventions to reduce risk, such as crop insurance and gender-sensitive policies to improve women’s access to credit. |
| Keywords: | Agricultural credit; Loans; Smallholders; Farmers; Supply balance; Constraints; Households; Gender; Women; Socioeconomic environment; Technology transfer; Adoption; Microfinance; Financial institutions; Risk factors; Policies; Small scale systems; Irrigation; Econometric models |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:worppr:h050170&r= |
| By: | Myhre, Andreas |
| Abstract: | While kinks are prevalent in tax and transfer systems, the fiscal revenue and behavioral responses are not fully understood. In disability insurance (DI) programs, for instance, kinks help balance the moral hazard effects from the induced entry with the provision of work incentives for recipients who regain their ability to work. Using quasi-random variation in kink points in the benefit schedule for Norwegian DI recipients, I identify intensive and extensive margin earnings responses to the implicit tax on earnings as DI benefits are phased out above the kink. To identify the intensive margin responses, I implement a non-parametric bunching design that does not require functional form assumptions or deciding an excluded region around the kink. Responses correspond to an earnings elasticity with respect to the implicit net-of-tax rate of about 0.18. Using a regression discontinuity design, I further show that the kink in the benefit schedule induces significant responses at the extensive margin. I use the estimated earnings responses to evaluate how the benefit offset affects program costs, and find that relaxing the benefit offset reduces public expenditures only if program entry is very inelastic. My findings speak to recent policy-proposals aiming to improve work incentives of DI recipients. |
| Keywords: | labor supply, disability insurance, policy evaluation, bunching |
| JEL: | H53 H55 I38 J21 |
| Date: | 2021–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109547&r= |
| By: | Mehta, Diva (Joint Commissioner, State Tax Department, Government of Rajasthan); Mukherjee, Sacchidananda (National Institute of Public Finance and Policy) |
| Abstract: | Adopted in 2017, the Goods and Service Tax (GST) marked the beginning of a new era in the history of indirect taxation of India - an era aspiring to realize the dream of `One Nation, One Tax' for one of the biggest federal democracies in the world. In line with the fiscal federalism prevalent in India, GST has not only branched into IGST, CGST and SGST with different tax rates, but also has a provision for Centre-to-State compensations to make up for the losses incurred by the States during the transition phase of GST. For such an elaborate taxation arrangement to face bottlenecks, both at the time of roll-out and its subsequent expansion, is not unusual. A range of tailbacks are observed, ranging from the difficulties of transitioning from the earlier regimes, difficulties in the understanding the GST law(s), various technical, procedural and administrative glitches, and above all the complexity of Centre-State relationships. On the fourth year of the adoption of GST in India, we revisit the big Indian dream of national integration via a single-spine tax system. We explore the issues in the existing GST systems to suggest probable solutions that can smoothen the way forward. |
| Keywords: | Goods and Services Tax (GST) ; Value Added Tax (VAT) ; Input Tax Credit (ITC) ; Reverse Charge Mechanism (RCM) ; Input Service Distributor (ISD) |
| JEL: | H20 H71 H73 H77 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/347&r= |
| By: | Filipe de Oliveira Bello; Onofre Alves Simões |
| Abstract: | We assess the investor base impact on government borrowing costs and examine how investors react to shocks in sovereign bond yields, across 24 countries and 3 maturities between 2004Q1-2019Q2. Our VAR approach has the advantage of modelling bidirectional causality between yields and investor base. We find that higher foreign holdings are associated with lower yields but link these effects exclusively to foreign banks and mainly to 10-years maturity. Yields in GIIPS and EA core countries react in opposite directions to foreign holdings shocks. Foreign investment is procyclical, namely at the long end and where fundamentals are weaker. Thus, an EA sovereign debt crisis re-run cannot be dismissed requiring readiness to use supporting mechanisms to prevent contagion and an escalation that may jeopardize the monetary union itself. Yields’ response to domestic investment shocks is heterogeneous and seems to bear no significant relation with home bias. No cyclical trading pattern can be clearly associated to each type of domestic investor. |
| Keywords: | Brazil; Pensions Reform; Defined Benefit; Defined Contribution; Notional Defined Contribution. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01912021&r= |
| By: | Vsevolod Nikolaiev; Andrii Shcherbyna |
| Abstract: | The report reflects the authors' viewpoint in discussions concerning New Housing Policy Concept in Ukraine. The housing sector in Ukraine has the following specific features: residents of apartment buildings have received their flats mainly through free privatization: 99,2% of households owns a housing; 89% of households live in buildings constructed before 1990-th which are in need of expensive major repair; the financial sources of major financing are not identified; professional home management is only emerging and focused on current needs; joint shared ownership on building and unidentified land property rights are not effective. Such housing management system shows a conflict of interests between residents as consumers of services as well as homeowners. The vast majority of Ukrainian households are insolvent in paying for utilities. Government subsidies have increased from UAH 19 billion in 2015 to UAH 74 billion in 2018 and must be reduced to UAH 39 billion in 2021. The population housing utilities debt remains still UAH 66 billion at the end of 2020 (73% of the national monthly wages fund). The provision of massive housing subsidies to almost half of the households contradicts with their real property value and leaves the problem of financing the renovation of the housing stock unresolved. The Government of Ukraine should develop and approve a New Housing Policy Concept. We have proposed to take into account the following recommendations for improving housing management in the document. The state, as well as the local government bodies must participate in the financing of the first major repair of houses constructed before 1990, in a proportion to be determined according to the age and technical condition of the house. To retain ownership of the home, another share must be funded by the home co-owners. This provides for the right to determine the ownership or use of land and to include in the management of the homes of a reasonable component for further repairs. Alternatively, the possibility of denying homeowners the rights to own a house that will pass to the community or other efficient private owners is offered. In order to carry out the functions of building management and facilities management, it is proposed to consolidate the co-owners' organizations in the associations, to create a fund for capital repairs and to use it for the gradual financing of buildings renovation. To manage the real estate assets of co-owners, it is proposed to introduce and support by the managers the services of insurance, loans and other asset operations. In addition, it is necessary to establish requirements for the capitalization of housing companies as assets managers, enhancing their role in providing payment for housing and communal services using financial instruments of asset management. As a large number of apartment buildings do not have the necessary documentation, it is suggested that inventory and periodic inspection of the buildings to be carried out digitally by managers. At the same time, it is planned to develop information models of typical houses, reuse projects of their repair. For developers and house managers the implementation of life cycle costing and revenue accounting are planned and their reporting to data bases. In order to withdraw the rental housing market from the shadows, it is suggested to introduce accounting and reporting of owners for renting apartments (premises) and monitoring by the managers of the use of the premises of the house. In addition, to keep the control of uninhabited housing and determine the rules for its maintenance. In the implementation of these proposals, management companies, in the case of investing their own funds in major repairs, modernization and reconstruction of buildings can acquire, in the long term, into the ownership of the houses under their management. |
| Keywords: | Financing; Ownership; Policy; repair |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_50&r= |
| By: | Heijmans, Roweno J.R.K. (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:bf63c5db-9095-47be-b338-ab46c8bbc1aa&r= |
| By: | Biagio Bossone |
| Abstract: | In line with JMK’s liquidity preference theory, this article holds that in a world of highly internationally financially integrated economies the exchange rate between any two currencies is determined by the financial market views as to what its value is expected to be in the future. These views are influenced by the policy credibility that markets themselves attribute to the currency-issuing countries. After briefly reviewing the established theories of the exchange rate, the article proposes a very simple, aggregate model of equilibrium exchange rate determination based on market views and discusses its basic features and policy implications. It shows that whereas macro policy shocks in highly credible countries affect mostly real output with only a moderate impact on the exchange rate, the same shocks in poorly credible countries dissipate almost entirely in exchange rate movements. The exchange rate ultimately reflects the space that markets make available to national authorities for effective macro policies. |
| Keywords: | Credibility; Exchange rate; Global investors and capital; Inflation; Macroeconomic policy |
| JEL: | F41 F62 G15 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2113&r= |
| By: | Domenico Colucci; Chiara Franco; Vincenzo Valori |
| Abstract: | The central issue of the wide literature about the endowment effect is the search for an explanation of the fact that the selling price of a good will be higher than that at which a person is willing to buy that same good, once they own it. The experimental evidence is not unanimous in replicating the results found by Kahneman et al. (1990 and 1991). The challenge is that of disentangling the several determinants that may be at work in generating the final effect, as the loss aversion is not considered the only explanation. We dig deeper by examining two of these likely determinants which remain understudied: the first is the impact that the amount of time of ownership can have on the endowment effect. The second is the type of item (non-material good and exchange goods) used to test the effect. Through an online questionnaire we investigate these aspects by using three different goods: a mug, an Amazon Gift Card and a quarterly subscription to Spotify. We also test whether the endowment effect occurs in different time scenarios, that is if participants imagine to own the good for one day, one week or one month. We find that the endowment effect clearly appears for all types of goods while less clear results take shape when considering the duration of the ownership. |
| Keywords: | WTA/WTP gap, endowment effect, ownership experience, fungible goods, services, exchange goods |
| JEL: | D12 D91 |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:pie:dsedps:2021/279&r= |
| By: | Montserrat Crespi-Vallbona (UB - Universitat de Barcelona, Facultat d'Economia i Empresa [Barcelona] - UB - Universitat de Barcelona) |
| Abstract: | The rise of the tourist phenomenon in the city of Barcelona has its momentum in the 1992 Olympic Games. At that time, it is placed on the map of potential visitors as a destination of interest, and then number of international tourists increases year after year. Such a volume of temporary population also becomes a priority for the local administration, being a subject of debate in the city's municipal action plans, at first to promote and attract interest in the city, thus, to develop it touristically. However, from the Strategic Plans of 2015 and 2020, the main objective has been to limit touristification among other negative impacts, and to find a way to reconcile the temporality of visitors with the daily life of residents. Since, tourism impacts expand not only on the destination itself, but also on its immediate environment, the purpose of this study is to analyse the impact of the tourism activity on a consolidated destination as Barcelona metropolitan area, specifically in the so-called AMB (Metropolitan Area of Barcelona) |
| Abstract: | El auge del fenómeno turístico en la ciudad de Barcelona tiene su impulso en los Juegos Olímpicos de 1992. En ese momento, se sitúa en el mapa de los visitantes potenciales como destino de interés, y la cifra de turistas internacionales se incrementa año tras año. Tal volumen de población temporal deviene también una prioridad para la administración local, siendo objeto de debate en los planes de actuación municipal. En un primer momento, para promocionar y atraer el interés hacia la ciudad, y así desarrollarla turísticamente. A partir de los Planes Estratégicos de 2015 y 2020, el objetivo principal ha sido limitar la turistificación entre otros impactos negativos, y buscar la manera de conciliar la temporalidad de los visitantes con la vida cotidiana de los residentes. Puesto que, una de las características del turismo es que sus impactos se expandan no solo en el propio destino, sino que tengan también un efecto en el entorno inmediato, el objeto de este estudio es analizar la repercusión que la actividad turística de un destino consolidado como Barcelona tiene en su área metropolitana, concretamente en la denominada AMB (Área Metropolitana de Barcelona). |
| Abstract: | La hausse du phénomène touristique dans la ville de Barcelone prend son essor lors des Jeux olympiques de 1992 : alors placée dans l'esprit des visiteurs potentiels comme destination d'intérêt, elle voit son nombre de touristes internationaux augmenter d'année en année. Un tel volume de population temporaire devient une priorité pour l'administration locale, provoquant de constants débats dans les plans d'action municipaux. Dans un premier temps, ils visaient à promouvoir et susciter l'intérêt pour la ville, et ainsi développer son tourisme. À partir des plans stratégiques de 2015 et 2020, l'objectif principal a été de limiter la touristification entre autres impacts négatifs, et de concilier la temporalité des visiteurs avec la vie quotidienne des résidents. Étant donné que les impacts du tourisme s'étendent non seulement sur la destination, mais aussi sur l'environnement immédiat, le but de cette étude est d'analyser l'impact de l'activité touristique d'une destination consolidée comme Barcelone sur sa zone métropolitaine, en particulier l'AMB (zone métropolitaine de Barcelone). |
| Keywords: | Metropolitan Area of Barcelona (AMB),Sustainable tourism,Strategic plan,Housing,Área Metropolitana de Barcelona (AMB),turismo sostenible,plan estratégico,vivienda,zone métropolitaine de Barcelone (AMB),tourisme durable,plan stratégique,logement |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114870&r= |
| By: | Mahamat Ibrahim Ahmat Tidjani (UFHB - Université Félix Houphouët-Boigny) |
| Abstract: | This paper aims to explore the state of financial inclusion in Chad. Adopting a Multiple Correspondence Analysis (MCA) on a sample of 1000 individuals from the Global Findex (2017), the study measured the inclusiveness of financial systems in Chad through a Financial Inclusion Index (FII). Furthermore, it assessed the distribution of the FII using the factor decomposition of the Gini coefficient. The findings showed that the average FII was low, 24.89%, and it varied between 7.43% and 60.35%. Financial institution account, deposit, withdrawal, and debit card ownership were the most influential indicators of financial inclusion in Chad. Moreover, the paper revealed that, despite its low level, financial inclusion was not smoothly distributed among the Chadian population (Gini coefficient of 0.196). The analysis of the financial inclusion inequality profile showed that there was a persistent financial inclusion gender gap in Chad, exacerbated by discriminations in education and income. Thus, policy interventions should target the provision of formal accounts, a reduction of costs of financial services (withdrawal and debit cards), and promoting formal savings by developing adequate savings products, to foster financial inclusion in Chad. Furthermore, these policies should be gender-responsive while considering its interaction with education and income. |
| Keywords: | Financial inclusion index,multiple correspondence analysis,inequality decomposition,Chad |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03322905&r= |
| By: | Merrey, D. J.; Schmitter, Petra (International Water Management Institute (IWMI)); Namara, R.; McCornick, P. G. |
| Keywords: | Irrigated farming; Investment; Smallholders; Farmer managed irrigation systems; Sustainable agriculture; Rural economics; Business models; Innovation; Technology; Water management; Groundwater; Pumps; Water resources; Institutions; Farmer-led irrigation; Policies |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:worppr:h050163&r= |
| By: | Amanov, Shatlyk |
| Abstract: | This paper examines the voting behavior of the member states of the Eurasian Economic Union (EAEU) in the United Nations General Assembly (UNGA) to find out their preference similarities on foreign policy issues. Based on a specific data set of UNGA resolutions from 2000 to 2020 and using two different indexes of voting cohesion, the present research addresses two empirically motivated questions: to what extent does the EAEU speak in unison externally in the context of UNGA plenary? And secondly, what was the impact the formation of the EAEU in 2015 had upon common foreign policy? The results reveal that the EAEU scores a “medium” level of cohesion as measured within the UNGA context which may indicate that members oftentimes speak with one voice while defections still occur on controversial votes. Besides, the findings suggest that no meaningful cohesion difference exists between pre- and post-EAEU periods. Finally, the study finds that the Eurasian nations are most cohesive on developmental resolutions, but least cohesive on security and human rights issues as expressed in their recorded voting behavior. |
| Date: | 2021–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:6xfyu&r= |
| By: | Mani Bayani |
| Abstract: | In this study, I propose a five-step algorithm for synthetic control method for comparative studies. My algorithm builds on the synthetic control model of Abadie et al., 2015 and the later model of Amjad et al., 2018. I apply all three methods (robust PCA synthetic control, synthetic control, and robust synthetic control) to the answer the hypothetical question, what would have been the per capita GDP of West Germany if it had not reunified with East Germany in 1990? I then apply all three algorithms in two placebo studies. Finally, I check for robustness. This paper demonstrates that my method can outperform the robust synthetic control model of Amjad et al., 2018 in placebo studies and is less sensitive to the weights of synthetic members than the model of Abadie et al., 2015. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12542&r= |
| By: | Zhorayev, Olzhas |
| Abstract: | Understanding what shapes public trust in the police is an important policy issue for both developed and developing countries. Exploiting an advantage of panel research design, I provide new evidence on this question. Using data from the European Social Survey, I show that in 38 (mainly European) nations confidence in police agencies is significantly associated with citizens’ general attitudes toward state institutions (government, parliament, political parties, and the legal system). These findings hold for countries outside of Europe as well. Using data from the Life in Transition Survey, I find that procedural justice aspects (individuals’ satisfaction with the quality of services, their experience of corruption during interaction with the road police) are important determinants of confidence in the police in 26 transition economies. The results are robust, even after controlling for individual characteristics. |
| Keywords: | Confidence in police, procedural justice, political trust |
| JEL: | C01 P16 Z18 |
| Date: | 2020–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109068&r= |
| By: | Chiara Künzle; Sven Bienert; Cay Oertel; Werner Gleißner |
| Abstract: | This paper aims to show that the value of a real estate portfolio can be increased through systematic diversification. This value contribution can, on the one hand, be proven within a portfolio and, on the other hand, by including the owner's remaining assets. A quantification would be a comprehensible proof that a portfolio can generate an investor-specific value contribution through diversification beyond the sum of the individual market values. The basic research approach is proven using an alternative valuation method. In particular a DCF valuation is used, which is extended by a Monte Carlo Simulation. This method addresses all risks that can arise from real estate investments. This approach can help portfolio managers with transaction decisions. Moreover, it is an instrument that demonstrates the competence of the initiator and helps to achieve better financing conditions by showing professional investors the efficiency of the planned fund or portfolio. The paper presents an alternative approach to the prevailing Modern Portfolio Theory, which focuses only on the expected return on the one hand and the corresponding risk on the other. With the method applied in this paper, the value contribution of such a diversification strategy is demonstrated for the first time using market data. |
| Keywords: | Direct Property Investment; Discounted Cash Flow; Diversification; Risk Management |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_82&r= |
| By: | Ionut Cotoc; Alok Johri; César Sosa-Padilla |
| Abstract: | Using data from 56 nations over 45 years, we find that nations that are more likely to elect left wing governments face higher (and more volatile) sovereign spreads. To explain these facts, we build a sovereign default model in which two policymakers (left and right) alternate in power. The probability of an incumbent staying in power is increasing in the share of government spending. We parametrize the left policymaker as having a higher marginal political gain from increasing government spending than the right does, a feature found in our data. Model economies in which the left is more frequently in power face worse borrowing terms due to higher default risk, a greater reluctance for fiscal austerity in bad times, and a higher share of government spending on average. These features imply large welfare losses for households. |
| JEL: | F34 F41 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29197&r= |
| By: | Okwuchi Juliet Akalemeaku; Ifeanyichukwu Valentine Nwafor; Obinna Collins Nnamani |
| Abstract: | The contractual obligations of a property manager to a property owner in property management include but are not limited to the selection of good tenants who can pay initial and subsequent rents for occupied property, thus ensuring that there are no voids, and also take decision on appropriate rents for different properties based on location, services provided, type of accommodation etc. The property manager is also obligated to conduct routine inspections of the properties, collect rents and render account of such to the property owner and conduct routine inspections. With the outbreak of COVID-19, the work of the property manager is expected to become more tasking though may vary from country to country and from region to region as a result of anticipated job losses, drop in income of businesses and informal workers etc. which may in turn affect the ability of some tenants to pay due rent and add to the property managers task of effective rent collection. There is also the challenge of businesses shifting to online transactions The study which is quantitative in nature adopted the survey approach in addition to desk review of relevant literatures. The study population consists of estate surveying and valuation firms in Nigeria. It was revealed that the usual method of collecting rents and carrying out routine management inspections by property managers in Nigeria will no longer be obtainable as social distancing methods are now adopted. This in turn will result to more expenses for the property manager and property owner who are already grasping under the pains of delay and non payment of rents by tenants. The study proposes that rather than allowing properties to remain void during the COVID-19 periods thereby leading to loss of income to the property owners, moratoriums should be offered to tenants and tenants should be encouraged to pay partial payments. The property manager should also communicate with the tenants regularly through affordable means that encourage social distancing. |
| Keywords: | COVID-19; Property Management; Property Manager; Rent |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_66&r= |
| By: | Jeremy Celse (School of Management ESSCA); Alexandros Karakostas (School of Economics, University of Queensland, Brisbane, Australia); Daniel John Zizzo (School of Economics, University of Queensland, Brisbane, Australia) |
| Abstract: | We present an experiment providing (a) a horse race among different models combining social preferences and risk preferences, and (b) a test of whether agents are socially curious, that is wanting to know about the risk taking of others and the outcomes of their risk taking. We distinguish outcome driven models (that is, models where agents care about the earning outcomes for themselves and others) from action driven models (that is, models where agents care about one’s risk taking actions relative to the actions of others). We embed outcome and action driven competitive preferences, inequality aversion, conformism, and social loss aversion, within a single general theoretical framework. We find that competitive preferences models best explain investment decisions in our setting, with almost 50% of subjects influenced both by their co-participants’ actions and outcomes. About 90% of subjects seek social information when it is free. When it is costly, 30% of subjects seek social information if the information is instrumental for their own investment decision and about 15% seek social information even if it is not. Competitive preferences can help explain social curiosity. |
| Keywords: | Risk, curiosity, peer effects, social preferences, competitive preferences, social comparison. |
| JEL: | C91 D81 D91 G11 G22 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uq2004:648&r= |
| By: | Sam Levey |
| Abstract: | Many of the claims put forth by Modern Monetary Theory (MMT) center around the state's monopoly over its own currency. In this paper I interrogate the plausibility of two claims: 1) MMT’s theory of the price level--that the price level is a function of prices paid by government when it spends--and 2) the claim that the cause of deficient effective demand is the state's failure to supply government liabilities so as to meet the demand for net financial assets. I do so by building a model of "monopoly money" capable of producing these two outcomes. |
| Keywords: | Modern Monetary Theory; Price Level; Monopoly Money; Durapoly; Deficient Effective Demand |
| JEL: | E4 E62 B52 D42 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_992&r= |
| By: | Thomas Vogl |
| Abstract: | Time and again, after crises in the course of history, stricter building regulations occurred and not only had a sustained impact on the occupants but also the operator and the builders. For example, after the fire of 1942 in the Coconut Grove nightclub in Boston, outward-swinging doors and emergency exit signs were implemented and became the international standard. Unbreakable glass and concrete core constructions resulted from the experience of 9/11. The corona pandemic, which has been spreading since the end of 2019, presented unforeseen challenges and uncertainties, not least for institutional investors of office properties or Corporate Real Estate Managers. The home office, which was previously often negative, had to be implemented rapidly on an unprecedented scale and led to very low occupancy rates in office buildings. Companies ran into cash flow problems and government assistance was necessary to cover the rental costs for unused workspaces. Despite positive developments for a vaccine, experts predict a permanent upheaval in the design and planning of workplace demands. This analysis of the latest literature is focusing on the physical and organizational provisions being debated in terms of infection-resistant work environments and the associated impacts on the real estate office market are deducted. As it's now well-established that COVID-19 transmission commonly occurs in closed spaces by particles containing the virus, the demands for stricter hygiene measures and effective heating, ventilation, and air-conditioning (HVAC) system could pave the way for a new type of office with a hospital-like character. The predicted increase of remote working concepts ensures (social) distancing, but increases the need for digitalization and leads to low occupancy rates and therefore reduced demand for office spaces. Alongside these aspects, physical implementations in existing office buildings like high-walled booths, wide corridors, one-way traffic, and air inlet systems could influence construction costs and office fit-outs. The line of discussion will focus on the predicted solutions for infection-resistant offices and the impact on the real estate office market which are associated with their implementations. |
| Keywords: | Costs; Office; Pandemic; Workplace |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_116&r= |
| By: | Maxime Thorigny (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne); Victor Duchesne (USPC - Université Sorbonne Paris Cité) |
| Abstract: | Regionalisation and democratisation are two phenomena that have been driving the evolution of health policies in France since the 1990s. In spite of this, it was not until the reform of the Projet Régional de Santé (PRS) in 2016 that their combination and concrete implementation became effective within the contractual tools of health planning. The study carried out in the case of the Centre-Val de Loire region seeks to identify the extent to which the initial co-construction ambitions of the second generation PRS are effectively respected in the final document. The analysis reveals that citizens' concerns are taken into account in a global manner but little at the operational level and that health professionals and the administration dominate the renovated co-construction process to the detriment of users. |
| Abstract: | La régionalisation et la démocratisation sont deux phénomènes qui président à l'évolution des politiques de santé en France depuis les années 1990. Malgré cela il faut attendre la réforme du projet régional de santé (PRS) en 2016 pour que leur combinaison et leur mise en œuvre concrète deviennent effectives au sein des outils contractuels de la planification sanitaire. L'étude menée dans le cas de la région Centre-Val de Loire cherche à identifier dans quelles mesures les ambitions de co-construction initiales du PRS de seconde génération sont effectivement respectées dans le document final. L'analyse révèle que les préoccupations des citoyens sont prises en compte de manière globale mais peu sur le plan opérationnel et que les professionnels de santé et l'administration dominent le processus de co-construction rénové au détriment des usagers. |
| Keywords: | Health democracy,Administration,Co-construction,Citizen,Territorial governance,démocratie sanitaire,administration,co-construction,citoyens,gouvernance territoriale |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114136&r= |
| By: | Olkhov, Victor |
| Abstract: | Asset pricing crucially depends on an averaging time interval Δ of the market trade time-series. The choice of Δ changes the basic pricing equation and determines Taylor series of investor’s utility functions over current and future values of consumption. We present current and future values of random consumption as sums of the mean values during the interval Δ and perturbations determined by random variations of the price at current moment t and the payoff at day t+1. Linear and quadratic Taylor series’ approximations of the basic pricing equation describe mean price, mean payoff, their volatilities, skewness and the amount of asset ξmax that delivers max to investor’s utility. We believe that the stochasticity of the market trade time-series must define the random properties of the price and introduce the new price probability measure entirely determined by the probability measures of trading value and volume. We define the set of nth statistical moments of the price as ratio of the nth statistical moment of the value to nth statistical moment of the volume of the market trades performed during the averaging interval Δ. The set of price statistical moments determines the price characteristic function and its Fourier transform defines the new price probability measure. Prediction of the price probability measure requires forecasts of all statistical moments of the trades. Definition of the price probability expresses the catch phrase “You can’t beat the market”. |
| Keywords: | asset pricing, volatility, price probability, market trades |
| JEL: | C02 D40 D53 G10 G12 |
| Date: | 2021–07–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109238&r= |
| By: | Gordon John Anderson; Teng Wah Leo |
| Abstract: | Following the increasing use of discrete ordinal data for well-being analysis, this note builds on Hammond (H−) dominance concepts developed in Gravel et al. (2020) for discrete ordinal variables by observing and exploiting the fact that the coefficients associated with successive sums of cumulative distribution functions are Binomial coefficient functions of the order of dominance under consideration. Drawing first on notions of stochastic dominance relations for continuous variables to develop analogous concepts for discrete ordinal variables, it highlights the important limitation that increasing orders of dominance lead to loss of degrees of freedom which can be significant when the number of categories is low, as is common among ordered categorical variables, effectively bounding the maximum order of dominance. However, expanding on H− dominance by utilising the Binomial coefficients facilitates sequential consideration of higher orders of H− dominance without this loss, thereby surmounting the limitation. |
| Keywords: | Stochastic Dominance; Discrete Variables; Ordinal Variables; Hammond Transfers |
| JEL: | C14 I3 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:tor:tecipa:tecipa-705&r= |
| By: | Lucas Hafemann (Justus-Liebig-University Giessen) |
| Abstract: | The contribution of this paper is twofold. First, we introduce a daily vector autoregression (VAR) model for the US economy that allows discerning between lockdown shocks and a real business cycle shocks. With this methodology at hand, we then evaluate the impact of lockdown measures on economic uncertainty in a second step. Overall, we only find a moderate positive impact on uncertainty levels that is, in particular, weaker than the impact of the real business cycle shock. Taking a more granular perspective, we observe that in particular uncertainty related to entitlement programs increases and monetary policy uncertainty decreases after a lockdown shock. |
| Keywords: | COVID-19, lockdown, shock identification, market uncertainty |
| JEL: | E60 E62 E65 G01 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202132&r= |
| By: | Alberto Palermo (Institute for Labour Law and Industrial Relations in the European Union (IAAEU), Trier University); Clemens Buchen (WHU – Otto Beisheim School of Management) |
| Abstract: | We relax the common assumption of homogeneous beliefs in principal-agent relationships with adverse selection. Principals are competitors in the product market and write contracts also on the base of an expected aggregate. The model is a version of a cobweb model. In an evolutionary learning set-up, which is imitative, principals can have different beliefs about the distribution of agents' types in the population. The resulting nonlinear dynamic system is studied. Convergence to a uniform belief depends on the relative size of the bias in beliefs. |
| Keywords: | Evolutionary game theory, imitation equilibrium, heterogeneous beliefs, adverse selection, cobweb model |
| JEL: | C61 C73 D82 D83 E32 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:iaa:dpaper:202103&r= |
| By: | Bryan, E.; Hagos, Fitsum (International Water Management Institute (IWMI)); Mekonnen, D.; Gemeda, D. A.; Yimam, S. |
| Abstract: | Small-scale irrigation (SSI) provides great benefits to farmers in terms of increased yields and profits, better food and nutrition security and greater resilience to climate shocks. Ethiopia has high potential for expanding SSI and has invested considerably in this area in recent years. Despite these investments, several challenges to further expansion of irrigation technologies remain. Different stakeholders in the country play important roles in overcoming these barriers to further scale technologies for SSI. This paper explores institutional arrangements for the diffusion of small-scale irrigation technologies by mapping the landscape of key actors involved, their interconnections, and their influence. This paper draws on an analysis of stakeholder data collected through two participatory workshops in Ethiopia, one at the national level and one at the Oromia regional level, using the Net-Map approach. Results show the dominance of government actors in the diffusion of SSI at both the national and regional levels, while most private sector and NGO actors remain in the periphery. Participants in both workshops highlighted the need for increased financing services to support the adoption of SSI and measures aimed at increasing the supply of high-quality irrigation equipment, such as modern water lifting technologies. One notable difference between the national and regional results was that at the regional level, farmers, and to some extent traders and input suppliers, were considered to be more influential in the diffusion of irrigation technologies, while they were considered marginal actors at the national level. |
| Keywords: | Irrigation; Small scale systems; Technology; Stakeholders; Participatory approaches; Institutions; Government agencies; Private sector; Nongovernmental organizations; Donors; International organizations; Funding; Smallholders; Farmers; Financing; Policies |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:worppr:h050169&r= |
| By: | Youngsoo Jang (Shanghai University of Finance and Economics); Minchul Yum (University of Mannheim) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:20-443&r= |
| By: | Chris Mitchell |
| Abstract: | Taxes on capital gains are deferred until realization, whereas dividends are taxed upon accrual. This often makes dividends tax-disadvantaged relative to share repurchases, which leads to the payout puzzle: why do firms pay dividends? This paper demonstrates that tax deferment can also provide a solution to the payout puzzle: if shareholders demand repurchase premiums when selling equity back to a firm - as compensation for accelerated realizations - then dividends can become tax-efficient. This mechanism is appealing because it explains dividend payments without appealing to asymmetric information, incomplete contracts, repurchase constraints, or shareholder irrationality. |
| Date: | 2019–12 |
| URL: | http://d.repec.org/n?u=RePEc:dpr:wpaper:1070r&r= |
| By: | Andres, Antonio Rodriguez; Otero, Abraham; Amavilah, Voxi Heinrich |
| Abstract: | Applications of machine learning techniques to economic problems are increasing. These are powerful techniques with great potential to extract insights from economic data. However, care must be taken to apply them correctly, or the wrong conclusions may be drawn. In the technology clubs literature, after applying a clustering algorithm, some authors train a supervised machine learning technique, such as a decision tree or a neural network, to predict the label of the clusters. Then, they use some performance metric (typically, accuracy) of that prediction as a measure of the quality of the clustering configuration they have found. This is an error with potential negative implications for policy, because obtaining a high accuracy in such a prediction does not mean that the clustering configuration found is correct. This paper explains in detail why this modus operandi is not sound from theoretical point of view and uses computer simulations to demonstrate it. We caution policy and indicate the direction for future investigations. |
| Keywords: | Machine learning; clustering, technological change; technology clubs; knowledge economy; cross-country |
| JEL: | C45 C53 O38 O57 P41 |
| Date: | 2021–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109138&r= |
| By: | Sylla Maldini; Andrée De Serres; Ahlem Hajjem |
| Abstract: | The limitation of the global warming caused by the greenhouse gases (GHG) emissions is one of the majors stake of the XXI century. Numerous international agreements have been released toward this topic as the Earth Summit of Stockolm in 1972, the one of Rio in 1992, the Kyoto’s protocol in 1997, the Climate energy package of the European Union in 2008, the Paris Agreement in 2015 or the 2030 agenda for sustainable development of the United Nations. 15% of these GHG emissions on a global level are caused by road transportation (International energy agency, 2016). However, when an individual mooves it is the most of the time to go from a building to another building in order to enjoy the services that it offers. Thus, what is the role of the real estate in the coconstruction of the sustainable mobility? The interest of this research is to answer this question by focusing on the perception the actors of the mobility and the real estate have of this role. In fact, even if the literature is rich concerning the “real estate” and the “sustainable mobility” concepts, it is very scarce once looking for the study of these two concepts combined. In order to proceed to this research, the study of different types of materials has been made. Firstly, there has been the creative material coming from the cocreative workshop which has taken place during the 2018 edition of the Movin’On Summit. Secondly, there has been the survey distributed during the 2018 ans 2019 editions of the Movin’On Summit and during the 2019 edition of the Journées de l’Innovation (Innvation days) of the University of Quebec in Montreal School of Management (ESG UQAM). The results show on one hand that the pair “real estate-mobility” has a potential that should be better exploited, on the other hand it found a subconcious knowledge that exists toward this domain. |
| Keywords: | Climate Change; Real estate manager; Sustainable mobility; Sustainable Real Estate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_107&r= |
| By: | Niklas Uliczka |
| Abstract: | Hurricane Katrina devastated the state of Louisiana in 2005. Using the syn- thetic control method, we evaluate the effect of this disaster on income inequality in Louisiana. The findings suggest that the disaster has an inequality-increasing impact on the income shares of the top 0.1% and top 1% of income earners in the immediate year following its occurrence. We find evidence of heterogeneous effects of the disaster among income earners on the top decile. The effect of the disaster is positive and statistically signficant for the top 1% income share, but it is negative and insignificant for the income shares of the next 9%. Our empirical exercise also indicates that the effect from the first year is not persistent and evolves into a highly volatile pattern in the medium-term. We also find that Hurricane Katrina has a negligible effect on inequality in the long-term. Our results are robust to various specification checks and to the inclusion of a rich set of inequality measures. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:toh:tupdaa:6&r= |
| By: | María Isabel Ayuda; Pablo Gómez; Vicente Pinilla |
| Abstract: | The aim of this paper is to investigate to how the characteristics of the different types of human settlements explain their demographic dynamics and therefore which of these have been affected to a greater extent by depopulation processes. For this purpose, we analyze the evolution of the population of Aragon (northeastern Spain) in the period 1900-2001, according to the different types of existing population settlements. Our results show that access to public services has played an essential role, especially when the construction of the welfare state made the rural population feel that there was a penalty for residing in settlements with problems of accessibility to them. The provincial capitals benefited the most from their greater provision of services. The main settlements, headquarters of the municipal administration, also had advantages over the secondary settlements. Finally, the scattered population was the most affected and, therefore, the one that emigrated to a greater extent, until this form of residence practically disappeared. The advantages of a better geographic location also were important, as well as the greater proximity to railway networks. The initial size was also relevant, favoring a greater growth or a lesser decrease (when there was) of the larger settlements. |
| Keywords: | Rural human settlements, depopulation, demographic dynamics |
| JEL: | J11 N14 N34 N94 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:seh:wpaper:2104&r= |
| By: | Wilson, Bart J.; Marese, Gian Marco |
| Abstract: | Following Adam Smith’s line of argument, we examine the semantics of four economic principles in Chapter III of the Wealth of Nations that compose his famous proposition “that the division of labour is limited by the extent of the market.” We apply the Natural Semantic Metalanguage framework in linguistics to produce a series of explications that are clear and plain, cross-translatable into any language, intelligible to twenty-first century readers, and faithfully close to the original text. Our paper explicates Smith’s logical argument in Chapter III and demonstrates how his ideas can be shared among speakers with different linguacultural backgrounds in line with the truly global view of economics that, we argue, Adam Smith had in mind: economics intended as the science of all people living and doing things together with other people to live well and to feel good. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:gx9cr&r= |
| By: | Thomas Coutrot (DARES - Direction de l'animation de la recherche, des études et des statistiques - Ministère du Travail, de l'Emploi et de la Santé); Coralie Perez (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Exposed to numerical targets, rigid procedures and frequent reorganisation, employees often feel that their work loses its meaning. How do they react to these difficulties? Do they seek to leave to find a better job, or do they act collectivity to influence management practices? What is the link between changes in the meaninfulness of work and the number of days of sick leave? Economists have only recently begum to address the question of meaningful work, and do not have a consensus definition. After reviewing the literature in economics and management, we propose an original definition of meaningful work with reference to the critical theory of "living work" and the psychodynamics of work. The analysis of the 2013-2016 panel of the Working Conditions survey (which includes nearly 17,000 employees), shows that a meaningless work in 2013 is clearly associated with a change of job (exit) between 2013 and 2016. When endogeneity issues are taken care of meaningless work is also associated with collective voice (joining a union) over the same period. Changes in the meaning of work also have a very significant impact on the variation in the number of days of sickness absence. |
| Abstract: | Soumis à des objectifs chiffrés, des procédures rigides et des réorganisations fréquentes, les salariés considèrent souvent que leur travail perd son sens. Comment réagissent-ils à ces difficultés ? Cherchent-ils plutôt à partir pour trouver un meilleur emploi, ou bien à agir collectivement pour influencer les pratiques managériales ? Quel est le lien entre l'évolution du sens du travail et le nombre de jours d'absence pour maladie ? Les économistes ne s'intéressent que depuis peu de temps à la question du sens du travail, et n'en ont pas de définition consensuelle. Après avoir examiné la littérature en économie et en gestion, nous proposons une définition originale du sens du travail en référence à la théorie critique du « travail vivant » et à la psychodynamique du travail. L'analyse du panel 2013-2016 de l'enquête Conditions de travail (qui comporte près de 17 000 salariés), montre qu'un faible sens du travail en 2013 est nettement associé à un changement d'emploi (l'exit) entre 2013 et 2016. Quand on corrige les problèmes d'endogénéité, il est également associé à la prise de parole collective (voice, ici l'adhésion à un syndicat) sur la même période. L'évolution du sens du travail a également un impact très significatif sur la variation du nombre de jours d'absence pour maladie. |
| Keywords: | meaningful work,working conditions,organizational changes,exit,voice,absenteism,psychosocial risks,sens du travail,conditions de travail,changements organisationnels,absentéisme,risques psycho-sociaux |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03324454&r= |
| By: | Thomas Coutrot (DARES - Direction de l'animation de la recherche, des études et des statistiques - Ministère du Travail, de l'Emploi et de la Santé); Coralie Perez (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Exposed to numerical targets, rigid procedures and frequent reorganisation, employees often feel that their work loses its meaning. How do they react to these difficulties? Do they seek to leave to find a better job, or do they act collectivity to influence management practices? What is the link between changes in the meaninfulness of work and the number of days of sick leave? Economists have only recently begum to address the question of meaningful work, and do not have a consensus definition. After reviewing the literature in economics and management, we propose an original definition of meaningful work with reference to the critical theory of "living work" and the psychodynamics of work. The analysis of the 2013-2016 panel of the Working Conditions survey (which includes nearly 17,000 employees), shows that a meaningless work in 2013 is clearly associated with a change of job (exit) between 2013 and 2016. When endogeneity issues are taken care of meaningless work is also associated with collective voice (joining a union) over the same period. Changes in the meaning of work also have a very significant impact on the variation in the number of days of sickness absence. |
| Abstract: | Soumis à des objectifs chiffrés, des procédures rigides et des réorganisations fréquentes, les salariés considèrent souvent que leur travail perd son sens. Comment réagissent-ils à ces difficultés ? Cherchent-ils plutôt à partir pour trouver un meilleur emploi, ou bien à agir collectivement pour influencer les pratiques managériales ? Quel est le lien entre l'évolution du sens du travail et le nombre de jours d'absence pour maladie ? Les économistes ne s'intéressent que depuis peu de temps à la question du sens du travail, et n'en ont pas de définition consensuelle. Après avoir examiné la littérature en économie et en gestion, nous proposons une définition originale du sens du travail en référence à la théorie critique du « travail vivant » et à la psychodynamique du travail. L'analyse du panel 2013-2016 de l'enquête Conditions de travail (qui comporte près de 17 000 salariés), montre qu'un faible sens du travail en 2013 est nettement associé à un changement d'emploi (l'exit) entre 2013 et 2016. Quand on corrige les problèmes d'endogénéité, il est également associé à la prise de parole collective (voice, ici l'adhésion à un syndicat) sur la même période. L'évolution du sens du travail a également un impact très significatif sur la variation du nombre de jours d'absence pour maladie. |
| Keywords: | meaningful work,working conditions,organizational changes,exit,voice,absenteism,psychosocial risks,sens du travail,conditions de travail,changements organisationnels,absentéisme,risques psycho-sociaux |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03324454&r= |
| By: | Cris Beauchemin; Adrien Vandenbunder; Tanguy Mathon Cécillon; Zélia Goussé- Breton; Mourtada Dieng; Myriam Yahyaoui |
| Abstract: | Cet article veut tester l’hypothèse selon laquelle le statut légal des migrants n’influence pas seulement leurs conditions de vie pendant leur séjour dans le pays de destination, mais également leurs conditions de réintégration dans leur pays d’origine après leur retour. Plus spécifiquement, il étudie l’effet des trajectoires légales en Europe des migrants sénégalais sur leur réintégration socio-économique au Sénégal. En utilisant les données de l’enquête TEMPER, nous tenons compte de la dimension longitudinale du statut légal des individus pour mieux cerner l’association entre différentes formes d’irrégularité et différents indicateurs d’intégration au pays d’origine. Les résultats des régressions montrent que seuls les migrants qui connaissent les situations d’irrégularité les plus extrêmes (expulsion, irrégularité permanente) se trouvent en situation de désavantage par rapport aux autres migrants de retour et aux non migrants. L’effet négatif du statut légal s’explique en partie par les difficultés d’accumulation de capital social, humain ou économique pendant le séjour en Europe. |
| Keywords: | Migration de retour, Réintegration des migrants, statut légal, migration irrégulière, expulsion, Sénégal, MIGRATION DE RETOUR / RETURN MIGRATION, INTEGRATION DES IMMIGRES / INTEGRATION OF IMMIGRANTS, STATUT JURIDIQUE / LEGAL STATUS, IMMIGRE EN SITUATION IRREGULIERE / IRREGULAR MIGRANTS, EXPULSION / EXPULSION, IMMIGRATION SENEGALAISE / SENEGALESE IMMIGRATION, SENEGAL / SENEGAL |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:idg:wpaper:axt5e4c-kgkzhr-bmdha&r= |
| By: | François Gardes (Centre d'Economie de la Sorbonne, Paris School of Economics & Western Catholic University) |
| Abstract: | Using a generalization of the Becker's time allocation model to estimate the shadow price of time, the article proposes to evalutate the component of home production which could be substituted by market goods and services. An enlarged households' total expenditure including the production of the informal sector and the value of domestic production and the corresponding enlarged GDP are compared to their monetary counterparts in five developed and under-developed countries. Domestic production substituable to market goods corresponds to 23 to 41% of the GDP in Canada, France, Poland and the US, but much less in Burkina Faso because of much lower opportunity cost of time and elasticity of substitution. Finally, the enlarged GDP including the informal sector is larger by 40% than the official GDP in the three developed countries, 34% in Poland and by 54% in Burkina Faso |
| Keywords: | Domestic Production; Time Allocation; GDP; Opportunity Cost of Time |
| JEL: | D31 J22 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21024&r= |
| By: | German Cubas (Department of Economics, University of Houston); Pedro Silos (Department of Economics, Temple University); Vesa Soini (Department of Economics, Hanken School of Economics and Helsinki Graduate School of Economics) |
| Abstract: | With risk-averse workers and uninsurable earnings shocks, competitive markets allocate too few workers to jobs with high earnings uncertainty. Using an equilibrium Roy model with incomplete markets we show that risky occupations are inefficiently small and hence talent is misallocated. We obtain analytical expressions for the compensation for risk in the labor market, and for the aggregate level of human capital and output. Misallocation is positively related to the correlation between a worker’s abilities in different occupations. Quantitatively we find that market incompleteness can by itself generate permanent output and welfare losses in the order of one percent of GDP. |
| Keywords: | Misallocation, Human Capital, Occupations, Risk, Incomplete Markets, Frèchet, Roy Model. |
| JEL: | E21 D91 J31 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tem:wpaper:2103&r= |
| By: | Gordon John Anderson; Teng Wah Leo |
| Abstract: | In response to the increasing use of discrete cardinal data with limited numbers of outcomes, Stochastic Dominance Theory is here extended to facilitate its application. Formulae, convenient for analysis, along with necessary and sufficient conditions for different orders of dominance are derived which reveal some key facts which have eluded general attention. In this paradigm, there is a loss of degrees of freedom as the dominance order increases with a concomitant upper bound to the order of dominance that can be considered, both engendered by the restrictions on finite differences between utility functions and the limited number of outcomes. Simple formulae for computing successive sums of cumulative distributions are found, and the relationship between lower and higher order dominance is proven in this discrete cardinal case. |
| Keywords: | Stochastic Dominance; Discrete Variables; Cardinal Variables |
| JEL: | C14 D63 I32 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:tor:tecipa:tecipa-704&r= |
| By: | Gene M. Grossman; Ezra Oberfield |
| Abstract: | A vast literature seeks to measure and explain the apparent decline in the labor share in national income that has occurred in recent times in the United States and elsewhere. The culprits include technological change, increased globalization and the rise of China, the enhanced exercise of market power by large firms in concentrated product markets, the decline in unionization rates and the erosion in the bargaining power of workers in labor markets, and the changing composition of the workforce due to a slowdown in population growth and a rise in educational attainment. We review this literature, with special emphasis on the pitfalls associated with using cross-sectional data to assess this phenomenon and the reasons why the body of papers collectively explains the phenomenon many times over. |
| JEL: | E25 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29165&r= |
| By: | Harun Tanrivermis; Parla Gunes |
| Abstract: | Urban development, growth, sprawl, expansion and fringe issues have gained special importance both in spatial planning and infrastructure investments and in the analysis of real estate markets. Approaches based on Geographic Information Systems and fractal analysis are often used in the analysis of urban growth and spatial change, and the states of compact (concentrated) or fringed (spread) are measured as an indicator of urban space use efficiency. Fractal analysis, based on fractal geometry, contributes to the quantitative study of the morphology of objects. In this sense, by determining fractal dimension and lacunarity index the change in space over time and especially by analysing the change in land use and land cover, the structure of spatial organization, urban growth and development of the built environment can be analysed. Although many research has been conducted on the analysis of urban development processes and analysis of urban morphology, it has been found that there are no studies on spatial pattern in Ankara by using fractal analysis. This paper will contribute to the questioning of urban spatial dynamics and to the assessment of its possible effects on real estate market and location choice of landowners. In addition, in the process of historical development in the city, it is necessary to determine the orientation of urban sprawl, real estate investments and, in particular, the land ownership change or the evaluation of speculative trends depending on the mobility of zoning in the immediate vicinity of the city. The determination of the time between the acquisition of land in the city and the date of sale and the determination of the main factors that affect the relocation of people in the city between places were evaluated according to the results of the survey applied to owners, real estate market intermediaries and other stakeholders. When the observations and research results conducted in the studied settlements are put together, it was determined that there were similarities between the fractal dimension values and the physical structure specificities of the space. The values obtained as a result of computation through software show that urban spaces containing elements that contribute to urban life have fractal dimensions at different scales. In addition to the distribution analysis depending on the spatial planning process in the districts and neighbourhoods selected from the city of Ankara, the transfer of hands of land and the time of possession were also examined during the planning process. By analysing Land Registry records, zoning plans and survey data together, the existence of speculation in land markets in selected settlements was examined on the basis of mobility in land markets during planning periods. In the study, urban sprawl, change in land use and mobility analysis of landowners (mobility) were discussed according to the results of the general situation analysis and fieldwork conducted in selected neighbourhoods. It has been observed that there is a strong relationships between spatial planning studies and infrastructure investments and urban sprawl in the selected neighbourhoods of the city, and the characteristics of areas that landowners prefer to the results of planning studies. Based on the outcomes related to the development of spaces in cities it has been shown that planning carried out with future predictions can significantly contribute to the sustainability. |
| Keywords: | Landowners; Mobility and Fractal analysis; Sprawl and fringe; Urban Growth |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_169&r= |
| By: | Mattea Stein (Università di Napoli Federico II and CSEF) |
| Abstract: | Micro-enterprise owners in developing country industrial clusters interact through networks of horizontal business collaboration, information-sharing, and friendship links, despite the potential for close competition inherent in this setting. This paper explores how such business links change, and specifically whether they can be endogenous to a public policy intervention that provides training to some network members but not others. Using a randomized training for micro-entrepreneurs in Kampala, Uganda, together with novel panel network data, I find a positive effect on linking likelihoods, driven by untreated entrepreneurs to whom links with treated entrepreneurs become more desirable. As predicted by a bilateral network formation framework, it is the relatively lower-status treated who attract new connections with relatively higher-status untreated. Furthermore, links within clusters of treated enterprises are strengthened, which is not due to a strategic replacement of untreated with treated partners out of a competition motive but seems to be an effect of jointly attending the training. Together, my findings show that public policy interventions can cause networks to re-wire, with important implications both for research and policy. |
| Keywords: | network formation, network change, social networks, firms, micro-enterprises |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:622&r= |
| By: | Eyno Rots (Magyar Nemzeti Bank (Central Bank of Hungary)); Barnabas Szekely (Goethe University) |
| Abstract: | We develop a DSGE model to analyze a macroprudential policy framework. We use it to describe the Hungarian economy and the key regulatory constraints implemented there: the loan-to-value and the debt-service-to-income caps imposed on mortgage borrowers and the minimum capital requirement imposed on banks. Our model is novel in the way it treats the borrowing caps as soft constraints, which makes it easy to analyze multiple non-redundant borrowing constraints. We also show an estimation strategy that involves a variation of impulse-response matching and accounts for the lack of historical data concerning the conduct of macroprudential policy, a common problem. |
| Keywords: | DSGE, macroprudential, DSTI, LTV, capital requirement, Covid†19. |
| JEL: | E37 E44 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mnb:wpaper:2021/3&r= |
| By: | Lorenzo Lionello; Emilie Counil; Emmanuel Henry |
| Abstract: | The Global Burden of Disease (GBD) project represents one of the most comprehensive initiatives of health quantification to date. The Institute of Health Metrics and Evaluations (IHME), its hosting organization, produces estimates that have become increasingly influential in global health, with a clear ambition to inform policies. The following working paper, first of two volumes included in this research, provides a thorough examination of the historical development of the GBD by looking at its conceptual, methodological, and organizational evolutions. In this first volume, we will focus on the main measurement of the study, the disability-adjusted life years (DALY), and its two components: years of life lost (YLL) and years lost to disability (YLD). The work will then explore some of the most prominent critiques of the project and will try to understand how the GBD has addressed these issues methodologically. Finally, the work ponders on the institutional influences that could have affected the project, while trying to trace the most important actors in the development of its estimates. The research relies on a literature review (non-structured) of published studies and commentaries. It follows a chronological development of the GBD estimates since their first publication in 1993 to the version released in 2019. |
| Keywords: | Global Burden of Disease, Institute of Health Metrics and Evaluations (IHME), disability-adjusted life years (DALY), years lost to disability (YLD), Years of life lost (YLL), global health, health metrics, epidemiology, public health, Gates Foundation, health policy, MALADIE / DISEASES, EPIDEMIOLOGIE / EPIDEMIOLOGY, SANTE PUBLIQUE / PUBLIC HEALTH, SANTE / HEALTH, ESPERANCE DE VIE EN SANTE / HEALTH EXPECTANCY |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:idg:wpaper:axt5adl4kgkzhr-bmdg5&r= |
| By: | Tabaee Damavandi, Pardis |
| Abstract: | How psychopaths are accessing certain businesses and how they are damaging to real professionals. |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:wd47h&r= |
| By: | Markus Kirchner; Malte Rieth |
| Abstract: | This paper examines the role of sovereign default beliefs for macroeconomic fluctuations and stabilization policy in a small open economy where fiscal solvency is a critical problem. We set up and estimate a DSGE model on Turkish data and show that accounting for sovereign risk significantly improves the fit of the model through an endogenous amplification between default beliefs, exchange rate and inflation movements. We then use the estimated model to study the implications of sovereign risk for stability, fiscal and monetary policy, and their interaction. We find that a relatively strong fiscal feedback from deficits to taxes, some exchange rate targeting, or a monetary response to default premia are more effective and efficient stabilization tools than hawkish inflation targeting. |
| Keywords: | Small open economies, sovereign risk, monetary policy, exchange rates, business cycles, DSGE models |
| JEL: | E58 E63 F41 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1966&r= |
| By: | Lawrence Souza; Olga Koroleva; Alicia Becker; China Martin; Nate Derrick |
| Abstract: | Goal of this paper is to present a roadmap for real estate operating companies to transform themselves into tech-centric enterprises. The research focuses on the impact of technology on physical real estate assets and organizational structures. The revolution in real estate technologicalization will come from new ideological thought and management paradigms. Over the last 20 years, the real estate industry has been affected by the introduction of new technologies; however, over the last 5 years, and the last 5 months due to COVID-19, has seen a massive transformation in the use and utilization of space. New technologies are rapidly changing how investors, tenants and managers use, invest, and finance property. The introduction of Artificial Intelligence/Machine Learning, blockchain, virtual reality, tablets, cell phones, apps, 5G, etc. is putting pressure on real estate organizations to change. These changes are long overdue and the future, modern real estate company, will take a hybrid proptech form. A company focused on delivering high quality products and services to its clients in real time. The revolutionary change for the industry will be in its organizational and industry structure, away from the traditional hierarchical-mechanistic form, to a virtual-open-agile-innovative organizational form. Due to the current state of the economy, effects of the pandemic, and rapid adoption of new technologies will radically change the way real estate companies are organized, how they add value and innovate, and how they are led by management. The revolution in real estate technologization will not come from the application of these technologies, but from the rapid change of ideological thought and management-leadership style and culture. |
| Keywords: | Applications of Technology to Real Estate; Real Estate Technology; Real Estate Technology Case Studies; Real Estate Technology Company Organizational Structure |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_200&r= |
| By: | Roberto Fazioli; Francesca Pantaleone |
| Abstract: | The aim of this paper is to analyze the factors affecting Hydrogen and CCUS policies, taking into considerations Fossil Fuel Consumption, Oil Reserves, Debt/GDP Ratio, Trilemma Index and other variables with respect to OECD countries. STATA 17 has been used for the analysis. Results confirmed the hypothesis that countries with big fossil fuel consumption and oil reserves are investing in Blue Hydrogen and CCUS towards a “zero-carbon-emission†perspective. Moreover, countries with good Debt/GDP ratio are most favorable to Green policies by raising their Public Debt, since Foreign Direct Investments are negatively correlated with those kinds of policies. Blue Hydrogen combined with CO2 capture seems to be the most favorable policy in the short-term. Future research should exploit Green Finance policy decisions criteria on Green and Blue Hydrogen. |
| Keywords: | blue; green; hydrogen; CCS; green finance |
| Date: | 2021–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:udf:wpaper:20210510&r= |
| By: | Drago, Carlo |
| Abstract: | The analysis and measurement of poverty is a crucial and unsolved issue in the field of social science. This work aims to measure poverty as a multidimensional notion using a new composite indicator. However, subjective choices as different weighting schemes on the indicator's construction could affect their interpretation and policy. It is necessary to consider the possible weighting configurations randomly to overcome this problem, and it is proposed in this work as interval-based composite indicators based on the results. This work aims to obtain robust and reliable measures based on a relevant conceptual model of poverty we have identified, considering various factors as weightings. Methodologically speaking, it is proposed an original procedure for measuring poverty in which it is computed a different composite indicator for each simulated weighting scheme of the identified factors. The weighting scheme in the Monte-Carlo simulation randomly creates an interval-based composite indicator based on the results. The different intervals are compared using different criteria (upper bound, center, and lower bound), and various rankings help analyze extreme scenarios and policy hypotheses. Critical situations are identified in Sicilia, Calabria, Campania and Puglia. The results demonstrate a relevant and consistent indicator measurement and the shadow sector's relevant impact on the final measures. |
| Keywords: | Research Methods/ Statistical Methods |
| Date: | 2021–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemwp:313282&r= |
| By: | Alejandro Bayas; Nicolas Grau |
| Abstract: | To what extent should young people be normatively held responsible for committing a crime? To contribute to this debate, we study the role of inequality of opportunity in juvenile crime behavior. Drawing on Roemer’s theoretical framework and using administrative data from Chile, we empirically evaluate how much of the responsibility for the crime was determined by structural factors (i.e., circumstances) and how much was determined by decisions taken by the perpetrator (i.e., agency). Overall, we find evidence of substantial inequality of opportunity in this context. Specifically, we find that the contribution of circumstances varies between 46.44% and 32.10%, when explaining crime among males. As a benchmark analysis, we find that the role of circumstances in high school completion is less relevant than in criminal behavior, with levels between 34.80% and 18.54%. Finally, our study contradicts previous literature— suggesting that a different conception of equality of opportunity does change the conclusion regarding the relative contribution of agency versus circumstances. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp524&r= |
| By: | Mohammad Hamida; Tuuli Jylha; Hilde Remoy |
| Abstract: | Purpose – Building adaptation has been viewed as a strategy towards the sustainable development and circular economy, as it contributes to the reuse of the built assets and reduce their environmental impacts in the long term. Relevant research focused on defining the determinants of the sustainable building adaptation, while the comprehension of that from the perspective of the circularity is still needed. Thus, this paper intends to present a reconceptualisation of the built environment adaptability through incorporating determinants of circularity. Design/methodology/approach – An integrative literature review, using systematic search, was conducted on relevant sources to the adaptability and circularity domains, to identify potential determinants of circular building adaptation and incorporate them in a novel conceptualisation. Integrative literature, as a research approach, was followed to critically analyse the components of both concepts, and thus, conceptually synthesis their determinants in an integrated formulation. Two matrices were developed to depict the determinants of both concepts with their brief description, and thus, the conceptual incorporation was accordingly conducted. Findings – Based on the initial literature review, it was concluded that circular adaptability of buildings comprise a series of technical, physical, legal, legislative functional and spatial determinants that should be incorporated with a set of the R-strategies to efficiently closing the loop of the resource consumption. The R-strategies could encompass the reuse, refurbish, recycle and remanufacture of the building components. Research limitations/implications – The paper provides a basic comprehension of the building adaptation within the context of the call for circular built environment, which can be a foundation for the development of pragmatic strategies towards achieving the circular economy prospects. |
| Keywords: | Adaptability; Built Environment; Circular economy; Circularity |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_142&r= |
| By: | Luis Ayala (UNED); Elena Barcena-Martin (Universidad de Málaga); Jorge Martinez-Vazquez (Georgia State University) |
| Abstract: | The passage of the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) in 1996 devolved responsibility for the design of welfare programs from the federal to state governments in the U.S. The strategies implemented to achieve some of the main goals of the reform might have had the effects of reducing the protection received by the most vulnerable households and increasing differences in benefit levels across states. We estimate these effects using Temporary Assistance for Needy Families data covering the two decades after the PRWORA's enactment. We find that inequality levels across states increased and that a general process of degradation in the adequacy of these cash bene?ts took place ensuing devolution of welfare reform in the U.S. |
| Keywords: | adequacy rates, devolution, re-ranking, TANF benefits, ?-convergence, ?-divergence |
| JEL: | D31 H73 I38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2021-587&r= |
| By: | Engels, Barbara |
| Abstract: | Mit Corona hat das Homeoffice an Bedeutung gewonnen. Für die Cybersicherheit von Unternehmen ist das herausfordernd, denn durch die zunehmende Zahl an mit dem Firmennetzwerk verbundenen Systemen vergrößert sich die Angriffsfläche. 2020 waren allein 52,5 Mrd. Euro Schaden auf Angriffe im Homeoffice zurückzuführen, 31 Mrd. Euro mehr als vor der Pandemie. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkkur:532021&r= |
| By: | Hao Dong (Southern Methodist University); Taisuke Otsu (London School of Economics and Political Science); Luke Taylor (Aarhus University) |
| Abstract: | We propose two novel bandwidth selection procedures for the nonparametric regression model with classical measurement error in the regressors. Each method is based on evaluating the prediction errors of the regression using a second (density) deconvolution. The first approach uses a typical leave-one-out cross validation criterion, while the second applies a bootstrap approach and the concept of out-of-bag prediction. We show the asymptotic validity of both procedures and compare them to the SIMEX method of Delaigle and Hall (2008) in a Monte Carlo study. As well as enjoying advantages in terms of computational cost, the methods proposed in this paper lead to lower mean integrated squared error compared to the current state-of-the-art. |
| Keywords: | Bandwidth selection, nonparametric regression, deconvolution, classical measurement error. |
| JEL: | C14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:smu:ecowpa:2104&r= |
| By: | Lei Fang (Federal Reserve Bank of Atlanta); Anne Hannusch (Department of Economics, University of Mannheim); Pedro Silos (Department of Economics, Temple University) |
| Abstract: | We develop and estimate a novel framework for thinking about the allocation of time by revisiting Becker’s notion that the opportunity cost of time is determined by activities other than market work. These activities are produced by combining time and goods. We document that households engage in two types of activities: luxuries and necessities. An increasing share of time and goods is allocated to luxuries as wages rise. The opposite is true for necessities. To rationalize these facts, we estimate a model with non-homothetic preferences in time use. We use the model to study the effect of wage changes and price changes on hours worked, the allocation of time and goods to activities, and welfare. Our results show that households compensate rises in activity prices or reductions in wages by shifting fromluxuries to necessities. Since activities are highly substitutable and the activity production inputs time and goods can be substituted to a lesser extent, households are able to absorb some of the reduction in income by shifting to time-intensive necessities. As a result, household welfare declines less than income. We argue that these findings have novel implications for thinking about cross-sectional differences in hours worked and the relation between income and welfare inequality. |
| Keywords: | Time Allocation, Consumption Expenditures, Elasticity of Substitution, Labor Supply, Non-homothetic Preferences |
| JEL: | J22 E21 D11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tem:wpaper:2102&r= |
| By: | Claire Rimbaud (Univ Lyon, Universite Lumiere Lyon 2, GATE UMR 5824, F-69130 Ecully, France, France); Alice Soldà (Heidelberg University, Department of Economics, Bergheimer Str. 20, 69115 Heidelberg, Germany.) |
| Abstract: | Pro-social individuals face a trade-off between their monetary and moral motives. Hence, they may be tempted to exploit the uncertainty in their decision environment in order to reconcile this trade-off. In this paper, we investigate whether individuals with belief-dependent preferences avoid the monetary cost of behaving according to their moral standards by strategically acquiring information about others'expectations. We test the predictions of an information acquisition model in an online experiment. We use a modified trust-game in which we introduce uncertainty about the second movers' beliefs about first-movers' expectations. Our design enables to (i) identify participants with belief-based preferences and (ii) investigate their information acquisition strategy.Consistent with our predictions of subjective preferences, we find that most individuals classified as belief-dependent strategically select their source of information to avoid the cost of their conscience. |
| Keywords: | Belief-dependent preferences, illusory preferences, information acquisition, self-serving biases, experiment |
| JEL: | C91 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:2114&r= |
| By: | Eichacker, Nina |
| Abstract: | The Routledge Handbook of Heterodox Economics and Democratizing the Economics Debate: Pluralism and Research Evaluation, two recently published books about heterodox economics and its role in broader academic and policy discourses, serve as an antidote to some recent popular narratives equating economics and economists with policies that are inherently pro-market, anti-regulation, and based in neoclassical theories. These texts illuminate challenges in current economic discourse about (1) the place of economic pluralism, (2) the role economics and economists should play in guiding policy relative to other social science disciplines, and (3) the consequences of the reliance of policy-makers on economists that train at the most elite institutions that are likely to recommend a narrow band of policies informed by a restricted range of economic theories. The Routledge Handbook of Heterodox Economics, edited by Tae-Jee Ho, Lynne Chester, and Carlo D’Ippoliti, presents positive visions for new questions that heterodox economists are researching, alternative explanations for global economic dynamics, and a counter-narrative to the notion that economists are bound to propose neoliberal policies based on neoclassical and new classical economic theories, and that economic analysis must demonstrate causality using different statistical methodologies to validate its rigor. Carlo D’Ippoliti’s Democratizing the Economics Debate examines the dialectical process by which economic rankings prioritize economic work informed by a narrow range of theories, and serve as a springboard for economists studying and working at the most elite institutions to land in powerful government advisory positions. D’Ippoliti highlights the stakes for governments that continue to hire economic policymakers from these top-tier programs with limited demonstrated curiosity in theories that might be considered heterodox, and the benefits for the economics discipline as a whole for better engagement with pluralist economics writ large. |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:j4vmc&r= |
| By: | Kapsalyamova, Zhanna (Asian Development Bank Institute); Mishra, Ranjeeta (Asian Development Bank Institute); Kerimray, Aiymgul (Asian Development Bank Institute); Karymshakov, Kamalbek (Asian Development Bank Institute); Azhgaliyeva, Dina (Asian Development Bank Institute) |
| Abstract: | The transition to sustainable energy requires an assessment of drivers of the use of clean and dirty fuels for cooking. Literature highlights the importance of access to modern fuel for switching from dirty fuels. Though access to cleaner fuels such as electricity promotes clean fuel use, it does not necessarily lead to a complete transition to the use of modern fuels. Households continue using traditional fuels in addition to modern fuels. We explain the choice of dirty cooking fuels even when access to electricity is provided. We use nationally representative household survey data to study the household energy use decisions in three middle-income countries, India, Kazakhstan, and the Kyrgyz Republic. We discuss the role of access to natural gas, free fuel, convenience or multi-use of fuels determined by the heating system installed, built-in environment, and other socioeconomic factors in household fuel choice for cooking. The results show that access to natural gas increases the likelihood of opting for natural gas, while the availability of free fuel in rural areas and the coal-based heating system promote the use of solid fuels. |
| Keywords: | cooking fuel; fuel choices; energy access; multiple fuel use; Sustainable Development Goals (SDGs); Zhanna Kapsalyamova |
| JEL: | Q31 Q41 Q48 |
| Date: | 2021–03–18 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:1234&r= |
| By: | Herrera-Gómez, Marcos; Cid, Juan Carlos |
| Abstract: | The relationship between fertility and its determinants may be conditioned by social behaviors at the local level. Using geographic information as an approximation of social interactions, this paper analyzes the heterogeneity of the impact of socioeconomic conditions on departmental fertility in Argentina. Using Census data for 2001 and 2010, the fertility among women between 25 and 29 years of age is dependent on socioeconomic variables such as educational level, poverty situation and degree of urbanization, among others. The most significant contribution is the use of geographically weighted regressions (GWR), a technique that makes it possible to detect the presence of a non-stationary spatial process. This means that the linear relationship investigated is not homogeneous throughout the territory, but that the intensity of the effect of the explanatory factors varies locally. The evidence found highlights the need to use econometric techniques that incorporate geographical heterogeneity. Additionally, our results make it possible to distinguish the stage of the demographic transition achieved in different regions of Argentina, highlighting the restrictions posed by material well-being and educational level; and also serve as an input to public policies that seek to include population growth within their objectives. |
| Keywords: | fertility; social interactions; spatial heterogeneity; GWR |
| JEL: | C21 J13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109282&r= |
| By: | Menzie D. Chinn; Hiro Ito; Robert N. McCauley |
| Abstract: | Do central banks rebalance their currency shares? The answer matters because the dollar’s predominant role in large official reserve holdings means that widespread rebalancing requires central banks to buy (sell) a depreciating (appreciating) dollar, stabilising its value against other major currencies. We hypothesise that larger reserve holdings have led central banks to approach their investment more systematically and to make rebalancing in the face of exchange rate changes the norm. We illustrate the choice with two polar case studies: the US clearly does not rebalance its small FX reserves; Switzerland does rebalance its very large reserves, so that changes in exchange rates do not move its currency allocation. Our hypothesis finds partial support in global aggregated data. They reject both no rebalancing and full rebalancing and point to emerging market economies as the source of the aggregate result. We also test for rebalancing with panel data and find that our sample economies on average again behave in intermediate fashion, partially but not fully rebalancing. However, when observations are weighted by the size of reserves, the panel analysis finds full rebalancing. A variety of control variables and splits of the panel sample do not alter the thrust of these findings. Central banks rebalance their FX reserves extensively but not uniformly. |
| JEL: | F31 F42 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29190&r= |
| By: | Abdulkader Mostafa; Colin Jones |
| Abstract: | Unlike many other countries Britain had a weak private rented sector (PRS) for most of the twentieth century. After long term decline for almost a century private landlordism in Britain began a revival from the turn of the millennium. This recovery has still not arguably established a mature sector and this paper examines the steps in its progress by reference to changing returns over time. The platform for this rebirth was the removal of regulation of the sector and the arrival of buy to let (BTL) mortgages that enabled private individuals to invest in property to let, without being penalised by high (previous) interest rates. The number of BTL landlords expanded dramatically in the property boom of the noughties, supported by high debt gearing and a favourable tax position. The downturn in the economy/housing market following the global finance crisis had important consequences for the still fragile BTL sector. The subsequent experience of the sector has seen its growth stabilise and it has seen increased taxation. The financial attractiveness of BTL appears severely diminished and raises questions about the viability of the sector. It also begs the question as to whether if these tax changes were in place from 1996 whether the BTL boom could have happened at all. The paper assesses these questions by a series of financial simulations that examines changing returns through the boom, bust, and recovery from the global financial crisis. In doing so this research technique offers insights into the changing economics of BTL. The research, in particular, considers the role of different levels of gearing through this cycle. It also explores to what extent outright acquisitions would have yielded significantly different returns. It considers the return differentials across eleven regions in Britain and examines the implications of recent tax changes on returns. |
| Keywords: | Britain; Buy-to-let; landlords; Returns |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_199&r= |
| By: | Matthes, Jürgen |
| Abstract: | Die deutsche Wirtschaft setzt mehr als viele andere vergleichbare Volkswirtschaften auf den Export. Darin liegen große Chancen, aber auch zunehmend Risiken, etwa weil die deutsche Wirtschaft zuletzt häufig auftretende Krisen im Ausland stärker zu spüren bekommt. Die starke Exportorientierung könnte sich sogar als Schwäche erweisen, wenn Protektionismus und Abkoppelungstendenzen dazu führen, dass heutige Exportmärkte in Zukunft durch Produktion vor Ort bedient werden. Das gilt gerade auch für den Wachstumsmarkt China. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwkkur:522021&r= |
| By: | Nordin, Martin (AgriFood economics centre) |
| Abstract: | This study uses Swedish data to examine if the availability of nearby manure is an important determinant of organic uptake. We calculate farms’ N balance of manure (animals production of N relative to N use in crop and forage production) and use coordinates to aggregate neighbors’ N balances. In plain districts, we find that a standard deviation change in the within-1km N balance of manure increases the probability of being organic with 11%. A smaller impact is found for other districts and for the within-2-3km N balance of manure. Thus, our findings suggest that a further expansion of organic farming relies, partly, on an expansion of livestock production. Paradoxically, however, to alleviate the environmental impact of agriculture − the goal of organic production − livestock production is, preferably, reduced. |
| Keywords: | organic farming; manure; N availability; regional analysis |
| JEL: | N50 |
| Date: | 2021–02–18 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luagri:2021_001&r= |
| By: | Jan Schaaf |
| Abstract: | The debate about urban production has been fanned by various drivers. Thanks to the new technologies of the fourth industrial revolution, the merger of the production and service sectors, and advances in environmental engineering leading to reduced harmful emissions, it is now feasible for certain areas of production to return to towns and cities. Apart from technological innovations, this departure from the usual ‘greenfield’ sites is also favoured by economic, ecological and social trends. They include reurbanization and demographic change, not to mention a growing awareness of sustainability. Above all, however, what makes urban production so appealing, possibly even imperative, is the growing trends towards individualization coupled with the desire for a better balance between family, private life and work, which is part of the vision for the European city. Urban production currently lacks a conclusive definition. Generally speaking, urban production combines modern production techniques with modern urban locations where smart production is enabled by product diversity. Urban production can mean quite a lot, namely: urban manufacturing, urban industries, and also urban agriculture or urban farming. The paper is concentrated on urban industry. This is partly because central Germany has an industrial background, and partly because there are already a number of research projects on urban manufacturing by artisan businesses. Furthermore, it is important to distinguish between whether a production site has become urban by chance or by design. Urban production poses very different challenges depending on which situation applies. The Paper is focused primarily on urban production locations that were consciously developed as such and on the following questions: What industrial sectors are suitable for (conscious) urban settlement? How can existing areas like industrial and commercial estates be suitably upgraded? How can business networks be established for the smart, sustainable use of commercial sites? How relevant are these findings for real estate management, for example for the revitalization and redevelopment of existing real estate and in particular of derelict industrial buildings? Furthermore aims are the initiation of ‘Industry and Sustainability’ transformation laboratories, the reorientation of technology and business incubators and Professionalization in the management of corporate real estate. For all these approaches, it is essential to be aware of the processes behind urban production. Only then can the right concepts and measures be applied in real estate management to create attractive urban locations. |
| Keywords: | Corporate real estate; redevelopment; urban industries; Urban production |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_189&r= |
| By: | Yadav, Sandeep |
| Abstract: | This study explores the interrelatedness between the various temporal concept of internationalization. Using organizational learning perspective, this study explores the impact of foreign entry timing, time since first foreign entry on the speed of internationalization. The author tests the proposed hypotheses on a sample of 11291 Small and medium-sized enterprises (SMEs) from 118 countries based on World Bank Enterprise Survey (WBES) data. The results show that foreign entry timing reduces the speed of internationalization while time since first foreign entry increases the speed of internationalization. Further, the author finds that manager prior domestic industry experience reduce disadvantages associated with the late start of internationalization and increase speed of internationalization. In contrast, the author finds support for the negative moderating effect of manager domestic industry experience on the time since first foreign entry and internationalization speed relationship. |
| Keywords: | foreign entry timing; time since first foreign entry; time in internationalization; speed of internationalization; SMEs; organizational learning; manager experience; temporality; absorptive capacity |
| JEL: | F23 M12 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109160&r= |
| By: | David Pichler; Robert Stehrer (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | The impact of ICT capital accumulation and digitisation on labour demand and wage structures has changed in recent years, according to some of the literature on the subject. We analyse the impact of ICT capital accumulation based on recent data differentiating between the period before and after the global financial crisis. Methodologically, we draw on Michaels, Natraj and van Reenen (2014) and are able to corroborate their findings for the period 1980-2004, whereas we find distinctly different patterns since 2011. Results suggest a negative relationship between changes in ICT intensity and the wage share for high-skilled workers, whereas medium-skilled workers were the main beneficiaries in sectors that experienced a more intensive digitisation process. These results are chiefly driven by the dynamics in the Central and Eastern European economies and the service industries. The effect of digitisation on low-skilled workers does not reveal any robust significant impact. |
| Keywords: | ICT capital, skill polarisation, wage patterns |
| JEL: | J31 O33 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:wii:wpaper:207&r= |
| By: | Drydakis, Nick |
| Abstract: | Τhe study examines whether adverse working conditions for immigrants in Greece bear an association with deteriorated physical health and increased levels of depression during 2018 and 2019. Findings indicate that workers with no written contract of employment, receiving hourly wages lower than the national hourly minimum wages, and experiencing insults and/or threats in their present job experience worse physical health and increased levels of depression. The study found that the inexistence of workplace contracts, underpayment, and verbal abuse in the workplace may coexist. An increased risk of underpayment and verbal abuse reveals itself when workers do not have a contract of employment and vice versa. Immigrant workers without a job contract might experience a high degree of workplace precariousness and exclusion from health benefits and insurance. Immigrant workers receiving a wage lower than the corresponding minimum potentially do not secure a living income, resulting in unmet needs and low investments in health. Workplace abuse might correspond with vulnerability related to humiliating treatment. These conditions can negatively impact workers' physical health and foster depression. Policies should promote written employment contracts and ensure a mechanism for workers to register violations of fair practices. |
| Keywords: | Adverse Working Conditions,Physical Health,Depression,Immigrants,Refugees, Minimum Wages,Written Contracts of Employment,Threats in job,Workplace precariousness |
| JEL: | J81 O15 E24 I14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:925&r= |
| By: | Manfred Klaus; Alexandra Weitkamp |
| Abstract: | Many different factors influence the market value of real estate. These include the general location as well as the areas of the land and the living space, the type of building and the year of construction, etc. In Germany, publicly derived standard land values, property interest rates or marked adjustment factor (in the cost approach) describe the structural differences in location. Investigations on the relationship to socio-economic indicators and facilities of social services of general interests (e.g. family doctors, primary school, supermarkets), especially regarding their accessibility, do not exist. But an indirect relationship does exist. The standard land values and other required data also reflects the supply situation close to the place of residence. This research gap will be closed by examining corresponding data for their value relevance. In Germany, a major problem is the availability and associated with this the investigability of relevant data. The Atlas of Services of General Interest of the Federal State of Lower Saxony (DVAN) will address this problem in the future. The DVAN is under development in a research project of the authors. For the first time, various map layers on infrastructure facilities in the areas of education (kindergartens, schools, libraries), health care (family doctors, ophthalmologists, psychotherapists, hospitals, etc.) and retail will be available in an internal administrative web application, which can be combined with population and accessibility data for the means of transport pedestrians, bicycles, pedelecs, cars and public transport. Further topics and different analysis methods for describing the supply situation will be integrated in the future. For the valuation, it is important that the neighbourhood of a residential real estate ensures at least basic services. The following applies: A high quality of life implies good accessibility to public social services. The better the supply situation, the higher the quality. Also, the demand on the location is higher. Therefore, a value relevance for the access to social services of general interest can be assumed. For the presented investigation, the processed data and other generated variables of the DVAN, as well as the purchase cases of the last few years from the purchase price collection, were analysed in regard of their market value relevance. After the theoretical consideration of possible value relevance, the modelling is carried out in factor analysis and then using structural equation models. We would like to present the interim results and discuss the research question: Does a parameter 'social service of general interest close to home' improve the understanding of the composition of the market value of residential real estate? In the future, the results are compared with the established hedonic models and validated through expert interviews. |
| Keywords: | Accessibility; social economic indicators; social services of general interests; Valuation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_40&r= |
| By: | Matson, Erik W. |
| Abstract: | Smith’s discourses aim to encourage mores, practices, and public policies in service to the common good, or that which a universally benevolent spectator would approve of. The Wealth of Nations illustrates how in pursuing our own happiness within the bounds of prudence and commutative justice we may be said, literally or metaphorically, to cooperate with God in furthering the happiness of humankind. The Theory of Moral Sentiments elaborates an ethic, here called “focalism,” that instructs us to proportion our beneficent efforts to our knowledge and ability. The relationship between political economy and focalism is bidirectionally reinforcing. In one direction, the ethic of focalism contributes to the moral authorization of self-love, thereby invigorating and dignifying honest commercial activities. In the other direction, the insights of political economy reinforce the ethic of focalism by elaborating how through prudent commerce and focal beneficence we cooperate, even if only metaphorically, in a grand social enterprise. |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:uye54&r= |
| By: | Teegawende H. Zeida (Brock University) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:19-358&r= |
| By: | Thomas Worschech; Thomas Lützkendorf |
| Abstract: | An essential task for residential property companies to maintain their long-term viability is to secure the future rentability/marketability of their buildings. In this context, the property and real estate industry is currently facing the challenges of a dynamically changing environment (megatrends such climate change, shift in social values, further development of political framework conditions). On top of that, they should and want to assume more responsibility for the environment and society to contribute to sustainable development. Both tasks are closely interlinked. The question that arises is which current and future requirements for location and building characteristics result from a changing environment and which instruments companies should use to control the further development of their building stocks? Dealing with the requirements arising from megatrends, in particular the derived opportunities and risks, plays a decisive role in the management of institutional building stocks (portfolio). Instruments for portfolio analysis and portfolio management that link location and building characteristics with rental success provide one approach. These traditional instruments for managing the development of building stocks, however, have so far not - or only inadequately - taken sustainability aspects and changing user requirements into consideration. The paper describes a concept that supports the advancement of portfolio analysis methods, which integrates, in addition to traditional aspects, those characteristics of a building that may influence the (risk) assessment of the building in the future and have not or only inadequately been considered in traditional analyses. In particular, the paper presents and discusses the interdependencies between the dimensions 'environment' / 'location' / 'building' on the one hand and 'location' / 'building' on the other hand. In addition, interdepencies within the individual dimensions are analyzed and modeled. Thus, the predictable consequences of climate change (climate risks) at the respective location lead to increased demands on technical quality of the buildings, in terms of resilience of the buildings' construction to the consequences of climate change as well as on the quality of summer thermal protection. At the same time, the increase in the relative importance of these characteristics is taken into account in the aggregate assessment of the dimension 'building characteristic'. In Addition, indicators (KPI's) are identified that are directly related to sustainable development goals (SDGs). The paper describes a model for integrating sustainability aspects into portfolio & risk analysis of building stocks, visualized by a two-dimensional matrix which can capture the required level of complexity by introducing additional sub-dimensions into the analysis. The model intents to improve the transparency of the opportunity - risk profile of buildings, considering a changing environment and changing user requirements for location & building characteristics. By modelling the correlation between the impact of the respective megatrend and the underlying building assessment, the model can support portfolio managers of residential property and real estate companies in their work. In addition, the dynamic approach of the model enables to adapt to a changing market environment and a changing demand, which could result from changing stakeholder preferences. The results of a dynamic analysis can serve as an early warning indicator and build the basis for recommendations for action on the portfolio strategy. |
| Keywords: | assessment model; Portfolio Management; Risk Analysis; sustainability |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_15&r= |
| By: | Carlos Alberto Piscarreta Pinto Ferreira |
| Abstract: | We assess the investor base impact on government borrowing costs and examine how investors react to shocks in sovereign bond yields, across 24 countries and 3 maturities between 2004Q1-2019Q2. Our VAR approach has the advantage of modelling bidirectional causality between yields and investor base. We find that higher foreign holdings are associated with lower yields but link these effects exclusively to foreign banks and mainly to 10-years maturity. Yields in GIIPS and EA core countries react in opposite directions to foreign holdings shocks. Foreign investment is procyclical, namely at the long end and where fundamentals are weaker. Thus, an EA sovereign debt crisis re-run cannot be dismissed requiring readiness to use supporting mechanisms to prevent contagion and an escalation that may jeopardize the monetary union itself. Yields’ response to domestic investment shocks is heterogeneous and seems to bear no significant relation with home bias. No cyclical trading pattern can be clearly associated to each type of domestic investor. |
| Keywords: | Public Debt, Government Bonds, Debt Structure, Investor Base, Sovereign Risk, VAR |
| JEL: | C32 C33 E43 G12 F34 G11 G12 H63 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01902021&r= |
| By: | BARATHOVA Katarina; CACCHIARELLI Luca; DI FONZO Antonella; LAI Mara; LEE Hyejin; MENAPACE Luisa; POKRIVCAK Jan; RAHBAUER Sebastian; RAJCANIOVA Miroslava; RUSSO Carlo; SORRENTINO Alessandro; SWINNEN Johann; VANDERVELDE Senne |
| Abstract: | This report presents the results of the research project “Pass-Through of Unfair Trading Practices in EU Food Supply Chains: Methodology and Empirical Application”. The purpose of the project is to design and test a monitoring system of unfair trading practices (UTP) along the agri-food supply chain. The investigation has special focus on assessment of the “pass-through effect”, defined as the consequences for the entire supply chain of UTPs adopted in a specific transaction. The report includes: (i) a review of the economic literature for a better understanding of the economic principles of UTPs; (ii) a review of available data sources and past experiences in UTP monitoring; (iii) the illustration of two alternative approaches for UTP monitoring: B-SEA (broad-scope empirical analysis) and IDEA (in-depth analysis); (iv) a test application of the two approaches to the EU fresh fruit sector; (v) a comparative analysis of the IDEA and B-SEA results and (vi) a discussion of the implications of our research. |
| Keywords: | Unfair Trading Practices, Food Chain, pass-through effect, fresh fruits, EU |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc120994&r= |
| By: | Seema Jayachandran |
| Abstract: | Reducing global poverty and addressing climate change and other environmental crises are among the most important challenges facing humanity today. This review article discusses one way in which these problems are intertwined: economic development affects the environment. I synthesize recent microempirical research on the environmental effects of economic development in low- and middle-income countries. The studies that I discuss identify the causal effects of specific aspects of economic development such as greater household purchasing power, expanded access to credit, more secure property rights, technological progress, and stronger regulatory capacity. I conclude by outlining some gaps in the literature. |
| JEL: | O13 Q56 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29191&r= |
| By: | Shazmin Shareena Zis; Muhammad Najib Razali; Hishamuddin Mohd. Ali; Ibrahim Sipan; Nurul Hana Adi Maimun |
| Abstract: | An impervious surface generates high storm water runoff volumes which overwhelm drainage systems caused frequent urban flash flood episodes. Green roof is a highly efficient green infrastructure in reducing urban storm water runoff. Studies have agreed on most important green roof characteristics that contributed in reducing storm water runoff are substrates depth, type of vegetation, and roof slope. However, to date, no study has drawn a connection between these performances and cost that contributes to the performance. This is important as cost is the utmost barrier for green roof implementation. Therefore, this study motivates to assess cost and benefit of substrates depth, type of vegetation, and roof slope for intensive and extensive green roof. Roof slope is the utmost cost-efficient green roof characteristics for storm water runoff reduction at 1: 1.5 and 1: 2.2 for extensive and intensive green roof. Type of vegetation contributes to the highest cost for both green roofs. Substrate depth is only cost-efficient for intensive green roof at ratio 1: 1.4. This study is significant in encouraging building owner and investor to implement green roof by providing substantial evidence on it efficiencies and cost that contributes to the effectiveness. This will eventually promote the growth of green building within building sectors. |
| Keywords: | Cost; Flash flood; Green Roof; Runoff |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_4&r= |
| By: | Martin Berchtold; Detlef Kurth; Andreas Beulich; Lutz Eichholz; Marie Turgetto |
| Abstract: | The Corona Pandemic made it very clear that the city in which we live today, unexpectedly can no longer be used as we were used to. The “traditional” and long-accepted zoning and design of public spaces, such as squares, street spaces, parks or green spaces, has to be rethought, and adapted almost overnight. Distancing rules, quantity restrictions or behavior codes determine the new space usage and movement behavior in public spaces. It turns out that many places and situations are not designed for this new situation: Sidewalks are too narrow for the necessary distance, footprints in front of shops are too small, there is hardly any space between the parking spaces for the outdoor dining tables, which now must be further apart. Meanwhile, the wide lanes of car traffic are orphaned. Parks and green areas offer attractive employment opportunities in the fresh air with less risk of infection, but hardly manage to adequately distance groups of the permitted number of people from each other. The objective of the BMI-funded 'Nationale Stadtentwicklungspolitik'-project 'Open public space' is to analyze which potentials from current movement patterns and space usage in times of the pandemic can be used to create new open public spaces, streets and green spaces for resilient, liveable and walkable neighborhoods. Based on case studies and detailed image and movement data analysis, we analyze and create guidelines for urban design and public space design. The guidelines will be implemented in city centers, in a combination of digital and real-life designed tools, to create well-designed public spaces, which can be used by intuition and orientation, not by barriers and prohibition signs – and far beyond the pandemic. In the project, (geo) data and image specialists work together with scientists from the fields of urban planning and architecture, thereby creating an innovative and direct link and interaction between pattern analyzes of different data sources and practical scientific knowledge of urban planning and design. Various institutions are currently working on spatial science and planning issues relating to the corona epidemic . A broad-based derivation and development of design guidelines for public space from the systematic examination of image, video and tracking data with the aim of finding permanent solutions for cities worth living in, beyond the pandemic to research, however, is pending. The approach implements the question of what idea of a city we pursue - regarding the requirements for usage and movement behavior in public spaces upcoming now. Urban quality is based in particular on complexity, a high density of encounter and communication, as well as functional, social and cultural diversity – aspects that are being pushed back by the changing requirements, and which could be innovatively supported by “crisis-proof” design, with new approaches, concepts and instruments. Developing urban spaces that can synchronize “distant behavior” with the rich, complex, integrative idea of the city. |
| Keywords: | Design Guidelines; Public spaces; Resilient City; Space usage pattern analysis |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_160&r= |
| By: | Jason Sandvik; Richard Saouma; Nathan Seegert; Christopher T. Stanton |
| Abstract: | While formal mentorship programs are ubiquitous, less is known about who gains from receiving mentorship. In this paper, we report the outcome of a Randomized Controlled Trial (RCT) carried out in a US-based inbound sales call center where one branch of the experiment assigned a random subset of new hires to mentors (Broad-Mentoring), whereas a second branch (Selective-Mentoring) gave new hires the opportunity to opt into a mentoring relationship before assigning a random subset to mentors. In the Broad-Mentoring branch, mentored sales agents outperformed non-mentored agents by over 18% in the first six months on the job. Among agents who opt into the program in the Selective-Mentoring branch, those who received mentorship had negligible performance gains. The differences between the two branches indicates that formal mentorship program treatment effects are largest for workers who would otherwise opt out of these programs. Demographic and personality characteristics are relatively weak predictors of selection into the program, suggesting broad-based programs are likely more effective than alternative targeting rules. |
| JEL: | J24 L23 L84 M5 M53 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29148&r= |
| By: | Marko Kryvobokov; Sébastien Pradella |
| Abstract: | The energy performance of rented dwellings is a crucial aspect of energy policy in the Walloon region in Belgium, where one quarter of households are tenants on the private market. The paper deals with the imperfect information problem that concerns the energy performance certificates (EPCs) and its impact on rental market. Four aspects of the problem reported in the literature are discussed, namely: 1) different energy evaluations of the same dwelling; 2) performance gap between theoretically estimated and real energy consumption; 3) insufficient coverage of the rental market by EPCs; 4) often weak appreciation of official EPCs on the rental market. The originality of the paper is that it compares the official EPC labels with the labels reported by tenants in a recent survey (N=2.892). While an existing EPC is often unknown for tenants, their awareness depends on the households’ socio-economic characteristics. Four groups of tenants are distinguished: those with correct answers, “dreamers” overestimating their energy performance, “complainers” underestimating their energy performance, and “indifferent” tenants who don’t know the existing label. The differences between groups are analyzed with descriptive statistics and a discrete choice model. According to the hedonic regression, the impact of an official EPC on housing rents varies for households with different perceptions of energy performance. In particular, the “dreamers” more severely penalize the worst energy classes, while the “indifferent” tenants a bit undervalue good EPCs and a bit overvalue bad EPCs. The indifference concerning the EPC slows down a progressive introduction of the impact of the energy performance on a residential rental market. In a policy context, the availability of a clear information on EPC for all tenants is an important condition of the functioning of the residential rental market in a manner that stimulates the renovation of old housing stock and the maintenance of high energy standards. |
| Keywords: | Energy Performance Certificate; Energy policy; Hedonic Model; residential rental market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_144&r= |
| By: | Agnieszka Malkowska; Malgorzata Uhruska |
| Abstract: | The valuation profession is relatively young in Poland compared to Western European countries. Its beginnings are related to the transformation period and the introduction of free market economy. Since its formal foundation, the profession has been strictly regulated by law. The regulations govern candidate preparation and access to the profession, as well the manner in which valuations are conducted. The most significant restriction is the limited access to the profession, which requires passing a state exam and obtaining a license. For many years this profession has been considered in Poland as an attractive career path. This is influenced by both the prestige of the profession built on entry barriers and the level of professionalization, as well as the nature of the work performed. In common view, the advantages of this occupation include: the variety of tasks performed, their importance, independence of valuer, the ability to combine this work with other professional and non-professional commitments as well as the opportunity to earn a satisfactory income. These qualities result in approximately 300 candidates becoming licensed each year, bringing the number of licensed valuers in Poland to 7794 by the end of 2020. The research presented here is one of a few we have conducted in recent years concerning the real estate valuation. The main objective was to determine the factors that attract new applicants, but also to assess the job satisfaction of those in the profession. For this purpose we have carried out two surveys. The first was among students enrolled in postgraduate studies in real estate valuation at three separate universities in Poland. The questions focused on the candidate's current career setting, their main motivations for going into professional certification, and their vision of how they would run their business in the first few years. The second survey focused on the level of job satisfaction of those who are active real estate valuers. We examined overall job satisfaction, but also selected facets of it. The data collected allowed us also to examine the influence of individual characteristics of the real estate valuer and the nature of his/her professional activity on the level of job satisfaction. This research primarily adds to the knowledge of the evolving real estate valuation services market in terms of the inflow of new practitioners into it. They allow us to learn and understand the motives that attract new candidates to the profession, and the factors that contribute to professional satisfaction. |
| Keywords: | job attractiveness; Job Satisfaction; real estate valuer; valuation profession |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_118&r= |
| By: | Annette Kaempf-Dern |
| Abstract: | In Germany only 45,5% of all residential units were inhabited by their owners in 2014 while more than 80% of households would prefer to live in their own home. One of the stated reasons for the latter is that property is perceived as a good investment opportunity, especially with regard to pensions and old-age provision. While it can strongly be doubted – especially in today’s market conditions in Germany – that residential investments of non-professional individuals will ever reach the risk-adjusted profitability of diversified investment funds, the decision to invest in real estate has strong positive effects on the discipline regarding payments for private pension provision. Another reason speaking for home ownership is the perceived freedom, while the lack of flexibility in relation to changing life circumstances, including mobility requirements for work, speak against it. Last, but not least, the majority of Germans has only below-average net assets and thus simply lacks the equity for a solid real estate acquisition. The question arises whether there are alternative models that keep the advantages of residential ownership for non-professional individuals while minimizing the disadvantages of the ‘traditional’ model? To answer this question, the ‘traditional’ model of residential acquisition and operation over the life cycle is depicted, as are upcoming alternatives, including a new ownership concept that creatively combines established legal, financial and operational constructs with new considerations. Based on empirical research and financial models for typical family constellations, the advantages and disadvantages of traditional and new residential ownership models are compared and discussed. The predominantly conceptual paper indicates that the traditional model of residential ownership for non-professional individuals is not well suited for the current and expectable conditions, including individual flexibility and mobility requirements of people living in multi-storey housing in cities. New models are needed that require some major changes, maybe even legal adaptations, but offer very promising results, not only for the affected individuals but also for the society. |
| Keywords: | home ownership in Germany; housing profitability; private pensions; tenement syndicate |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_106&r= |
| By: | Siming Liu (Shanghai University of Finance and Economics); Hewei Shen (University of Oklahoma) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:18-490&r= |
| By: | Farley Ishaak; Ron van Schie; Jan De Haan |
| Abstract: | In official real estate price statistics it is common to consider only actual asset deals as real estate transactions. These are, for instance, transfers of real estate ownership as recorded by Land Registry Offices or real estate sales documented in purchase agreements by real estate agents. In these cases the transfer refers to the reallocation of legal ownership of a real estate object. In the real estate trading market however, there is another way to transfer property. Real estate can be accommodated into a separate company, referred to as a Single Purpose Entity (SPE), that is specifically established to legally own the real estate. If using an SPE and if company A intends to transfer real estate to company B it may transfer shares of the SPE instead. In this scenario there is no shift of legal ownership of the property, but merely a shift of economic ownership as the SPE gets a new shareholder. These sales are not registered as real estate transactions and are therefore omitted from ‘traditional’ commercial property price indicators (CPPIs). Statistics based on either share or asset deals could therefore be distorted if the aim is to reflect market developments. In this research the size of real estate share deals in the Netherlands is studied to evaluate to what extent share deals should be included in CPPIs. Various official key registers in the Netherlands were linked to estimate sales numbers, total sales values and price developments of share deals. The results were compared to similar figures of asset deals. The outcomes will show the contribution of share deals to the volume and value of real estate transactions, and indicate possible price differences between share and asset deals. |
| Keywords: | asset deal; Commercial Property Price Indicator (CPPI); share deal; Single Purpose Entity (SPE) |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_148&r= |
| By: | Silvia Angerer; E. Glenn Dutcher; Daniela Glätzle-Rützler; Philipp Lergetporer; Matthias Sutter |
| Abstract: | Large, macroeconomic shocks in the past have been shown to influence economic decisions in the present. We study in an experiment with 743 subjects whether small-scale, seemingly negligible, events also affect the formation of risk preferences. In line with a reinforcement learning model, we find that subjects who won a random lottery took significantly more risk in a second lottery almost a year later. The same pattern emerges in another experiment with 136 subjects where the second lottery was played more than three years after the first lottery. So, small-scale, random, events affect the formation of risk preferences significantly. |
| Keywords: | Reinforcement learning, risk preferences, preference formation, experiment |
| JEL: | C91 D01 D83 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:inn:wpaper:2021-24&r= |
| By: | Escaith, Hubert |
| Abstract: | This article proposes a new formulation of constant market share (CMS) trade analysis inspired by the statistical principles supporting revealed comparative advantages (RCA). This novel approach is methodologically consistent and rooted in information theory. It also avoids the discrete-form residuals that plague traditional CMS analysis, while remaining simple to compute. The new “comparative market share analysis decomposition” (CMSD) is applied to the changes in the structure and origin of United States imports after the implementation of the North American Free Trade Agreement (NAFTA). It is shown in this exercise that both CMSD and RCA can be paired together in order to shed light on the dynamics of competitiveness and comparative advantages in international trade. |
| Keywords: | COMERCIO INTERNACIONAL, MERCADOS, PARTICIPACION EN EL MERCADO, EXPORTACIONES, COMPETITIVIDAD, ANALISIS COMPARATIVO, NAFTA, POLITICA COMERCIAL, INTERNATIONAL TRADE, MARKETS, MARKET SHARE, EXPORTS, COMPETITIVENESS, COMPARATIVE ANALYSIS, NAFTA, TRADE POLICY |
| Date: | 2021–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col031:47123&r= |
| By: | Moleka, Pitshou |
| Abstract: | Ubuntu as an African philosophy and culture is very important for the transformation of many cities. In this paper, I will show how the notion of Ubuntu can lead to sustainability in African cities especially in Kinshasa, characterized by poverty, marginality, exclusion, and the degradation of the environment.I will begin with an introduction to give an essay of the comprehension of the notion of Ubuntu and sustain cities. My second point will be the explanation of the methodology used in this paper, the third point will be a brief diagnosis of Kinshasa city, the next point underlines how Ubuntu has many implications in the transformation of Kinshasa, and the fifth point will be the conclusion. |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:j63ye&r= |
| By: | Axel A. Araneda |
| Abstract: | The Generalized fractional Brownian motion (gfBm) is a stochastic process that acts as a generalization for both fractional, sub-fractional, and standard Brownian motion. Here we study its application into the option pricing problem by means of the valuation of a European Call option. By the derivation of the generalized fractional Ito's lemma and the related Fokker-Planck equation, a closed-form pricing formula for both Black-Scholes and CEV models driven by gfBm is obtained. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12042&r= |
| By: | Olayiwola Oladiran; Anupam Nanda |
| Abstract: | In the last decade, IT and digital systems have silently become pervasive in traditional real estate markets, creating a contemporary branch of real estate typically referred to as “PropTech” (property technology). Despite the advancement of property technology and innovations over the last few decades, there has been a disproportionate growth in related scholarly work, particularly in the area of PropTech education. Furthermore, there is no evidence-based approach to developing a Property Technology and innovation educational framework for higher institutions. This research, therefore, develops a practical and pedagogical framework to enhance and sustain the integration and delivery of technology and innovation in real estate higher education. Using a stakeholder and analytical approach, we conduct several interviews and focus group sessions with senior managers and CEOs of leading real estate and PropTech firms in the UK. In addition to these, we conduct further interviews with heads of real estate departments, senior real estate educators and professional bodies (RICS and UK PropTech Association). We thereafter design a practical and pedagogical framework for PropTech and real estate innovation in real estate higher education (referred to as PEIF). The PEIF proposes a blended approach of integration, involving the development of a module to introduce property technology and innovation in the real estate higher education curriculum, while simultaneously incorporating technology and innovation in the already existing real estate modules. This framework, to the best of our knowledge, is the first PropTech education integration framework that has been developed using extensive empirical evidence; it is thus valuable to real estate educators and higher education institutions. |
| Keywords: | Higher Education; proptech; real estate innovation; Technology |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_218&r= |
| By: | Nils Neukranz |
| Abstract: | This study examines the impact of municipal land use planning on land values in Hamburg, Germany during the time period 2010-2018. While the study of zoning has been well documented in the United States (McDonald & McMillen, 1993 & 1998; Asbere & Huffmann, 1991; Glaeser & Ward, 2009; Kok et al., 2014), this is the first study that directly examines zoning in Germany. Since the principles of municipal zoning vary considerably between traditional American and German applications (Hirt, 2007), this study aims to bridge the prevailing literature gap and extend the research to Europe. Unlike most previous studies, this research also examines the impact of rezoning as opposed to initial zoning (Munneke, 2005). The German land use plan (Flächennutzungsplan) discloses the long-term land use and forms the basis of the legally binding development plans (Bebauungspläne) of the city. Over the 2010-2018 time frame, the city of Hamburg has issued 53 changes to its land use plan that have resulted in adaptations to the development plans of the city. These changes can be broken down to 115 individual changes by type, which are grouped to determine the overall impact of different types of land use changes. They range from new green spaces to residential, commercial and mixed zones. Since the zoning classification is provided by one source, a comparable definition of zoning is applied throughout. Fixed-effects panel estimation is used to identify the impact of 4 different types of land-use changes on adjacent land values. The impact analysis is done for land values of different property types, including single and multiple family homes, stores and office buildings, and for different distance buffers. Using time lags the responses at different periods in time after the announcement are explored. |
| Keywords: | Land use regulation; Land Values; Urban Economics; Urban Land Zoning |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_63&r= |
| By: | RICOME Aymeric (European Commission - JRC); ELOUHICHI Kamel; GOMEZ Y PALOMA Sergio (European Commission - JRC) |
| Abstract: | This report presents the results of an impact analysis of several reform options of the agricultural produce cess in Tanzania. The produce cess is a levy charged by Local Governments Authorities (LGAs) on the value of the marketed agricultural production. This analysis is achieved using a micro-economic model applied to a representative sample of 3134 farm-households spread out over all the country coming from the World Bank-LSMS-ISA surveys. The potential effects of the simulated reform options on land use, production, input use, farm income, LGAs revenues and some food security related indicators are presented and discussed. |
| Keywords: | Agriculture - Policy assessment - Tanzania |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc116791&r= |
| By: | Lawrence Souza; Tayln Mitchell; Alicia Becker; Hannah Macstata |
| Abstract: | Housing is an essential factor in determining the quality of lives, the stability of communities, and the health of national economies. Its importance to society is underscored by the fact that housing accounts for a significant portion of personal-public consumption expenditures and gross private domestic investment in most North American and European countries. The housing sector is a leading indicator of economic activity, and a lagging indicator of social welfare. The public and private housing sectors are extremely sensitive to changes in monetary and fiscal conditions, and social, political and welfare policies. In most industrialized countries housing quality is high; however, affordability and access have become a major issue. In developing countries, longstanding problems of low quality and high relative cost have been exacerbated by high rates of population growth and country-to-city migration, and by urban infrastructures that are ill equipped to accommodate residential growth. Direct government assistance for housing in both industrialized and developing countries generally has been more extensive than in the United States. With the adoption of housing acts (Housing Act of 1949), the United States and other North American and European countries have formally pledged itself to the goal of providing 'a decent home and a suitable living environment for every family.' Nevertheless, the definition of what is 'decent' has varied according to economic conditions, political climate, and prevailing tastes. Furthermore, in most European countries the responsibility for producing housing and delivering housing services relies on both the public and private sectors; while in the United States, the responsibility for producing housing and delivering housing services remains almost exclusively in the private sector. This first section of this paper will discuss housing policy and institutions under various theories: functionalism and stratification, modernization, neo Marxian, and institutionalism. The second section of this paper will categorize and explore similarities and differences between housing policy and performance under various welfare regimes: social democratic (Netherlands, Denmark, Sweden, and Norway), liberal (United States, Canada, and United Kingdom), conservative-corporatist (Germany and France), and Latin-conservative-corporatist (Italy and Greece) regimes. The last section of this report analyzes economic, demographic and housing statistics for each regime. The goal is to identify structural and fundamental differences between housing policies in various welfare state regimes. Discussion of results, conclusions and recommendations, and anticipated usefulness of results also follow. |
| Keywords: | Comparative Housing Economics; Comparative Housing Policy; Comparative Housing Politics; Urban Housing Policy and Economics |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_202&r= |
| By: | Isaac Baley; Laura Veldkamp |
| Abstract: | We survey work using Bayesian learning in macroeconomics, highlighting common themes and new directions. First, we present many of the common types of learning problems agents face-signal extraction problems-and trace out their effects on macro aggregates, in different strategic settings. Then we review different perspectives on how agents get their information. Models differ in their motives for information acquisition and the cost of information, or learning technology. Finally, we survey the growing literature on the data economy, where economic activity generates data and the information in data feeds back to affect economic activity |
| Keywords: | Bayes’ law, passive learning, active learning, signal extraction, information choice, sticky information, rational inattention, experimentation, data economy, coordination games. |
| JEL: | D80 D81 D83 D84 E20 E30 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1797&r= |
| By: | James G. MacKinnon (Queen's University) |
| Abstract: | Efficient computational algorithms for bootstrapping linear regression models with clustered data are discussed. For OLS regression, a new algorithm is provided for the pairs cluster bootstrap, and two algorithms for the wild cluster bootstrap are compared. One of these is a new way to express an existing algorithm, and the other is new. For IV regression, an algorithm is provided for the wild restricted efficient cluster (WREC) bootstrap, which up to now has been computationally burdensome for large samples. These algorithms are remarkably fast because all computations are based on matrices and vectors that contain sums over the observations within each cluster, which have to be computed just once before the bootstrap loop begins. Monte Carlo experiments are used to study the finite\tkk-sample properties of bootstrap Wald tests for OLS regression and of WREC bootstrap tests for IV regression. |
| Keywords: | clustered data, cluster-robust variance estimator, CRVE, robust inference, wild cluster bootstrap, WCR bootstrap, pairs cluster bootstrap, wild restricted efficient cluster bootstrap, WREC bootstrap, bootstrap Wald test |
| JEL: | C12 C15 C21 C23 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:qed:wpaper:1465&r= |
| By: | Hampus Engsner; Filip Lindskog; Julie Thoegersen |
| Abstract: | We study market-consistent valuation of liability cash flows motivated by current regulatory frameworks for the insurance industry. Building on the theory on multiple-prior optimal stopping we propose a valuation functional with sound economic properties that applies to any liability cash flow. Whereas a replicable cash flow is assigned the market value of the replicating portfolio, a cash flow that is not fully replicable is assigned a value which is the sum of the market value of a replicating portfolio and a positive margin. The margin is a direct consequence of considering a hypothetical transfer of the liability cash flow from an insurance company to an empty corporate entity set up with the sole purpose to manage the liability run-off, subject to repeated capital requirements, and considering the valuation of this entity from the owner's perspective taking model uncertainty into account. Aiming for applicability, we consider a detailed insurance application and explain how the optimisation problems over sets of probability measures can be cast as simpler optimisation problems over parameter sets corresponding to parameterised density processes appearing in applications. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00306&r= |
| By: | Fanny Duchaine (IRDES - Institut de Recherche et Documentation en Economie de la Santé - Institut de la Recherche et Documentation en Economie de la Santé); Guillaume Chevillard (IRDES - Institut de Recherche et Documentation en Economie de la Santé - Institut de la Recherche et Documentation en Economie de la Santé); Julien Mousques (IRDES - Institut de Recherche et Documentation en Economie de la Santé - Institut de la Recherche et Documentation en Economie de la Santé) |
| Abstract: | While healthcare supply in general practitioners is decreasing and healthcare needs are increasing, liberal nurses play a significant role in the French healthcare system. However, despite a steady growth of their number in latter years, they remain unequally distributed over the territory. On the one hand, our work will analyse the geographical spread of nurses' supply in France. By studying the evolution between 2006 and 2016, we display an improvement of their global distribution, as well as a reduction of territorial inequalities. On the other hand, we describe the impact of nurses' underserved areas defined by the government. Such areas are set up to attract nurses through financial incentives, while overserved territories limit facilities provided to nurses. We show a moderate effect of these measures, and the need to deploy new ones in order to make underserved areas more attractive to nurses. |
| Abstract: | Dans un contexte de diminution de l'offre médicale disponible en médecins généralistes libéraux et d'augmentation du besoin de soins, les infirmiers libéraux occupent une place importante au cœur du système de santé. Néanmoins, malgré une progression constante de leurs effectifs ces dernières années, ils restent inégalement répartis sur le territoire. Notre travail a pour objectif de venir enrichir les connaissances sur la répartition de l'offre de soins dispensés par des infirmiers libéraux sur le territoire français. Nous montrons, à travers un état des lieux de son évolution entre 2006 et 2016, une amélioration de la situation et une réduction des inégalités territoriales. L'impact de l'intervention des pouvoirs publics est mesuré à travers l'étude du zonage utilisé pour appliquer des incitations financières dans les zones déficitaires ou pour limiter les installations dans les zones surdotées. Nous mettons en évidence un effet positif, bien qu'à nuancer, de ces dispositifs et la nécessité de mesures complémentaires pour attirer davantage d'infirmiers libéraux dans les zones déficitaires. |
| Keywords: | Nurses,Territorial inequalities,Deficit zoning,Public policies,infirmiers,inégalités territoriales,zonages déficitaires,politiques publiques |
| Date: | 2020–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03114104&r= |
| By: | Manac, Radu-Dragomir; Banti, Chiara; Kellard, Neil |
| Abstract: | Focusing on the most liquid segment of the European CDS market, this paper studies the impact of key standardization reforms. We document that the introduction of an upfront fee to standardize the cash flow of CDS contracts created an initial capital cost for traders, leading to higher CDS prices. This relation holds after accounting for well-known determinants of spreads, suggesting a separate funding channel driven by the greater capital intensity of trading. This effect is stronger when dealers are likely to bear the initial capital cost and is present across all industries, except for swaps written on financials. |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:esy:uefcwp:30946&r= |
| By: | Albertazzi, Andrea; Ploner, Matteo; Vaccari, Federico |
| Abstract: | We perform a controlled experiment to study the welfare effects of competition in a strategic communication environment. Two equally informed senders with conflicting interests can misreport information at a cost that is increasing in the size of the lie. We compare a treatment where only one sender communicates with a treatment where both senders communicate simultaneously with a decision-maker. We find that the introduction of competition between senders decreases the welfare of all players. Competing senders reveal the truth less often and spend about twice the amount of resources to misreport information than their monopolistic counterpart. As a result, decision-makers take more informed choices when consulting one sender than when consulting both. |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:5j2w8&r= |
| By: | Roberto Censolo; Massimo Morelli |
| Abstract: | Industry, frugality and prudence can foster growth, and, in turn, growth can sustain individual beliefs that these virtues are the right recipe for the pursuing of happiness. This virtuous circle is an often emphasized contribution of Adam Smith. Equally important but neglected, is the Adam Smith's fear that the opposite vitious cycle can meterialize, especially at stages of development of commercial society characterized by stagnation, alienating working conditions and growming inequality: stagnation of wages, and the frustration coming from the perceived impossibility of trickle down effects from the growing wealth of the few, can degenerate moral sentiments, in ways that we can now associate to may of the current features of populism. |
| Keywords: | Adam Smith; Moral Sentiments; Secular Stagnation; Inequality |
| JEL: | B12 E71 |
| Date: | 2021–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:udf:wpaper:20210610&r= |
| By: | Balakina, Olga (Aarhus University and Danish Finance Institute); Balasubramaniam, Vimal (Queen Mary University of London, and CEPR); Dimri, Aditi (University of Warwick); Sane, Renuka (National Institute of Public Finance and Policy) |
| Abstract: | We present a welfare framework to evaluate the market effects of financial education interventions. Using this framework, we assess a new product-specific rules of thumb-driven consumer financial education program provided just before purchase decisions. While our intervention improves knowledge and outcomes for newly educated consumers, it is a Pareto-improvement only under a narrow set of conditions, as are other interventions in the literature. Our findings suggest that positive treatment effects for a small fraction of consumers may come at the cost of other uninformed consumers in retail financial markets, making positive effects necessary but not sufficient to adopt financial education policies. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/344&r= |
| By: | Tetsuji Okazaki (Faculty of Economics, The University of Tokyo) |
| Abstract: | After the World War I, the environment of the Japanese coal mining industry changed drastically concerning the labor market and the government regulation. While the wage increased around three times, working hours and labor conditions came to be strictly regulated according to the international treaty. To cope with the new environment, coal mining firms made great efforts to enhance productivity. While the basic measure was introducing labor saving technologies such as coal pick, coal cutter and belt conveyor, major firms with multiple coal mines tried to enhance average productivity by reallocating resources to relatively efficient mines. This paper explores the intrafirm resource reallocation and its productivity implication focusing on Mitsubishi Mining Co., one of the major coal mining firms, and compares it with the cases of the two other largest coal mining firms, Mitsui Mining Co. and Hokkaido Colliery & Steamship Co.. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tky:jseres:2021cj301&r= |
| By: | Thomas Coutrot (DARES - Ministère du travail); Coralie Perez (Centre d'Economie de la Sorbonne) |
| Abstract: | Exposed to numerical targets, rigid procedures and frequent reorganisation, employees often feel that their work loses its meaning. How do they react to these difficulties? Do they seek to leave to find a better job, or do they act collectively to influence management practices? What is the link between changes in the meaningfulness of work and the number of days of sick leave? Economists have only recently begum to address the question of meaningful work, and do not have a consensus definition. After reviewing the literature in economics and management, we propose an original definition of meaningful work with reference to the critical theory of "living work" and the psychodynamics of work. The analysis of the 2013-2016 panel of the Working Conditions survey (which includes nearly 17,000 employees), shows that a meaningless work in 2013 is clearly associated with a change of job (exit) between 2013 and 2016. When endogeneity issues are taken care of meaningless work is also associated with collective (joining a union) over the same period. Changes in the meaning of work also have a very significant impact on the variation in the number of days of sickness absence |
| Keywords: | meaningful work; working conditions; organizational changes; exit; voice; absenteism; psychosocial risks |
| JEL: | J01 J28 J63 M5 M54 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:21020&r= |
| By: | Vincent Roberdel; Ioulia Ossokina; Theo Arentze |
| Abstract: | In the coming decades, many countries need to improve the energy efficiency of their building stock, to realize the climate and renewable energy goals. In the Netherlands, this involves more than 5 million dwellings and many billions euros in costs. Around half of these costs will be carried by public housing providers who are required by regulation to radically improve the insulation and heating in their extensive dwelling stock. Existing research suggests that the energy savings from energy retrofitting in homes strongly depend on residents’ behavioural responses. Savings predicted by engineering models are often not realized due to the rebound effect – consumers tend to increase their energy consumption after retrofitting (e.g. Fowlie et al., 2018, Davis et al., 2014, Alcott and Greenstone, 2017, Aydin et al., 2017). Much less is known however about the determinants of the rebound on a household level: how does it differ by type of technology, type of household and dwelling. Our study aims to fill this knowledge gap, specifically for the public housing sector. We exploit unique dwelling-level data on some 2 thousand energy retrofitting investments performed by Dutch public housing providers between 2015 and 2018. Detailed longitudinal information on the energy efficiency measures per dwelling is merged to the restricted access data about the socio-economic characteristics, dwelling characteristics and energy consumption of the resident households. We identify econometrically the effect of retrofitting on energy savings with a propensity score matching methodology, by comparing the changes in the energy use in retrofitted dwellings and in similar non-retrofitted houses. Then, the rebound effect is derived and its determinants are examined. We extend the literature by providing new microdata-based evidence for a European country, comparing the behavioural effects of various energy-saving home technologies and looking specifically at the public housing sector. This paper has practical implications. Detailed insight in the size and determinants of household behavioural responses to retrofitting measures is crucial to optimally shape energy transition (e.g. Ossokina et al., 2020). Our paper will give public housing providers tools to anticipate on behavioural responses of tenants by customizing energy retrofitting measures and selecting tailored investments for specic household and dwelling groups. |
| Keywords: | behavioural responses; energy-efficient investments in homes; microeconometrics; Public Housing |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_117&r= |
| By: | Athanasios Orphanides (Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management (E-mail: athanasios.orphanides@mit.edu)) |
| Abstract: | When interest rate policy is hampered by the Zero Lower Bound (ZLB), quantitative easing and other balance sheet policies become essential tools for responding to a crisis or deflationary shock. By unleashing the power of their balance sheets at the onset of the pandemic, without the hesitation observed in past encounters with the ZLB, the Federal Reserve, the European Central Bank and the Bank of Japan provided monetary easing that cushioned the economic blow, served as a backstop to government securities and private assets that prevented a financial market meltdown and facilitated the financing of an essential fiscal expansion. This paper examines how this policy success materialized, drawing on lessons learned from previous encounters with the ZLB, and discusses policy challenges after the pandemic. |
| Keywords: | Zero lower bound, Balance sheet policies, Quantitative easing, Eligibility, Fiscal-monetary interactions |
| JEL: | E52 E58 E61 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ime:imedps:21-e-10&r= |
| By: | Lorenzo Lionello; Emilie Counil; Emmanuel Henry |
| Abstract: | The Global Burden of Disease’s (GBD) comparative risk assessment analysis (CRA) is a quantitative estimation of the contribution of known risk factors to the injuries and sequelae enumerated by the study each year. The CRA was introduced in 2002 and has a complex methodology that builds on the epidemiologic concept of attributable risk, or population attributable fractions (PAFs). This work, second of two volumes on the GBD’s evolution, is focused on explaining and tracing the methodological choices of its risk assessment component, with a specific focus on environmental and occupational risk factors. We explore the estimates provided by the Institute of Health Metrics and Evaluation (IHME) and understand how they were calculated. Then, we assess some of the most pressing critiques, and conclude by reflecting on its influence, methodological choices, and future outlook as the IHME sets itself a leading institution in health estimates. This work is part of a broader research analyzing the role of population health metrics, in particular PAFs, on the definition of public health problems and influencing their agendas. The research relies on a literature review (nonstructured) of published studies and commentaries. It follows a chronological development of the CRA estimates since their first publication in 2002 to the version released in 2019. |
| Keywords: | Global Burden of Disease, Institute of Health Metrics and Evaluations (IHME), Comparative Risk Assessment, risk factors, occupational health, environmental health, health metrics, epidemiology, public health, Gates Foundation, SANTE PUBLIQUE / PUBLIC HEALTH, ENVIRONNEMENT / ENVIRONMENT, PROFESSION / OCCUPATIONS, FACTEUR DE RISQUE / RISK FACTOR, SANTE / HEALTH, COMPARAISON INTERNATIONALE / INTERNATIONAL COMPARISON, ACCIDENT DU TRAVAIL / OCCUPATIONAL ACCIDENTS |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:idg:wpaper:axucny80kgkzhr-bmeo_&r= |
| By: | J. Isaac Miller (Department of Economics, University of Missouri); Kyungsik Nam (Energy Industry Research Group, Korea Energy Economics Institute) |
| Abstract: | We propose a novel method to model daily peak electricity demand using temperature and additional hourly and daily weather covariates, such as humidity and wind speed. Rather than enter into the temperature response function additively, the additional covariates may flexibly impact the demand response to temperature. Such flexibility allows differential responses to the actual temperature based on the heat index and wind chill factor, for example. Most notably, we find that ignoring humidity substantially underestimates the effect of high temperatures, while ignoring the effect of cloud cover overestimates the effect of low temperatures. Time of day also matters: a demand response to the same temperature may be different at different times of day. Moreover, accounting for weather-related covariates improves the model's explanation of the peak daily demand. |
| Keywords: | peak electricity demand, temperature response function, cross-temperature response function |
| JEL: | C32 C51 Q41 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:umc:wpaper:2112&r= |
| By: | Julian Granna; Wolfgang Brunauer; Stefan Lang |
| Abstract: | We a) compute a Time Dummy Method index based on a Generalized Additive Model allowing for smooth effects of the metric covariates on the price utilizing the pooled data set. We b) construct an Imputation Approach model, where we fit a regression model separately for each year. Our work aims at constructing a global model that captures relevant interactions of the covariates with time, where time intervals are selected on a model basis. We therefore c) fit a model-based recursive partitioning tree to partition the time span and to account for parameter instability. We d) fit a global model, in which we interact the covariates with the time periods obtained from the recursive partitioning tree. We analyze the respective performance and choose the optimal model with respect to out-of-sample prediction accuracy. We find that parameter instability over time plays a role as the Imputation Approach outperforms the Time Dummy Model. However by choosing model-based interactions with time, we are able to reduce both model complexity and out-of-sample prediction error. We find the interaction between location and time appears to be the most important. Our work provides a model-based approach to account for parameter instability over time in the context of hedonic price models and index construction. We are able to reduce bias compared with standard Time Dummy Method indices, and receive less volatile results compared with the typical Imputation Approach. Further, our assessment no longer naively selects time periods that are interacted with the other explaining variables. We expect these improvements to be useful especially for smaller, e. g. regional data sets. |
| Keywords: | Hedonic regression; house price measurement; parameter instability; semiparametric models |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_175&r= |
| By: | Hamed Amini; Maxim Bichuch; Zachary Feinstein |
| Abstract: | In this paper, we construct a decentralized clearing mechanism which endogenously and automatically provides a claims resolution procedure. This mechanism can be used to clear a network of obligations through blockchain. In particular, we investigate default contagion in a network of smart contracts cleared through blockchain. In so doing, we provide an algorithm which constructs the blockchain so as to guarantee the payments can be verified and the miners earn a fee. We, additionally, consider the special case in which the blocks have unbounded capacity to provide a simple equilibrium clearing condition for the terminal net worths; existence and uniqueness are proven for this system. Finally, we consider the optimal bidding strategies for each firm in the network so that all firms are utility maximizers with respect to their terminal wealths. We first look for a mixed Nash equilibrium bidding strategies, and then also consider Pareto optimal bidding strategies. The implications of these strategies, and more broadly blockchain, on systemic risk are considered. |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2109.00446&r= |
| By: | Hong Ngoc Nguyen (The University of Queensland, Australia); Christopher O'Donnell (The University of Queensland, Australia) |
| Abstract: | Public service managers generally make input choices in the face of uncertainty about the demand for their services. However, this is generally not taken into account when estimating cost efficiency. The conventional approach to estimating cost efficiency is based on the assumption that managers choose inputs to minimise the cost of producing observed outputs. However, when demand is unknown at the time input decisions are made, many managers will instead choose inputs to minimize the cost of meeting various output targets. This paper explains how data envelopment analysis (DEA) methods can be used to account for demand uncertainty when estimating cost, technical and allocative efficiency. In doing so, it explains how DEA can be used to estimate the effects of demand uncertainty on costs. The methodology is applied to data on hospital and health service providers in the Australian state of Queensland. We obtain estimates of cost, technical and allocative efficiency that are quite different from the estimates obtained using a conventional approach that ignores demand uncertainty. Our empirical results also indicate that demand uncertainty has a significant effect on hospital costs. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uqcepa:166&r= |
| By: | Iheanyi Nnodirim Alaka; Chika Clara Sam-Otuonye |
| Abstract: | Introduction: In the South-East of Nigeria, investors/ managers in real estate investing face diverse challenges which ought to be considered at the feasibility studies of the development project through to its completion, letting and management phases. The core target of these development and maintenance management activities is to minimize the development/maintenance costs to sustain the real estate in a manner as to generate reasonable returns. Labour costs variations is an inevitable item in real estate investing that defines the possible trend in rental value decisions, as well as determination of returns therefrom. Its supply and options therefore needs more insight to guide the direction of decision making/giving depending on the nature of labour involvement.Aim: This paper aims to demonstrate the application of labour constant model in weighing and selecting most satisfactory labour cost options during development stage and investment management stage in typical real estate investments within the South-East region of Nigeria.Methodology: This study takes experimentally exploratory approach to demonstrate the applicability of the Labour Constant model for purposes of labour cost minimization in real estate investments at development and operational stages. The operational conditions considered in the study are constrained to experiences obtainable within the study area (i.e. South-East States of Nigeria). Some raw data were sourced through interviews granted by sampled contractors within the study area.Findings: Sustainable real estate investment demands prompt but wise decisions especially in selecting between options on labour costs which can is better handled using labour costs model experimented in this study for better decision-making.Implications: This study has economic implications pertaining to cost minimization during development or operational stages on a real estate investment. The outcome of this study has strong implications to cost handling in relation to investment returns from commercial real estates. However the need for further exploration and expansion of this study is essential.Originality: The study is a nascent development which tends to explain how analysts and property/facility managers could more confidently guide real estate investors in making decisions regarding labour costs in managing real estate development projects or management. |
| Keywords: | Decision-making; Financing; Labour costs; Real Estate Investment |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_17&r= |
| By: | Ayad Assoil (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier); Ndéné Ka (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier); Jules Sadefo Kamdem (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier) |
| Abstract: | The aim of this paper is to analyze the dynamic evolution of six liquidity proxies ontime, and to find their causality with the French CAC 40 stock market index returns, overthe period from January 2007 to December 2018. For that, we use a vector autoregressiveapproach and the impulse response function, to do causality test between the CAC 40index returns and six differents liquidity proxies. Empirical results suggest a significantshort-term relationship between the returns and the liquidity. As for Granger's causalitytest, the results reveal that there is unidirectional causality running from equity returnsto liquidity. |
| Keywords: | Impulse response function,Granger causality,Liquidity risk,Market risk,VAR model,CAC 40 Market. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03282991&r= |
| By: | Suguru Otani |
| Abstract: | I present a structural empirical model of a one-sided one-to-many matching with complementarities to quantify the effect of subsidy design on endogenous merger matching. I investigate shipping mergers and consolidations in Japan in 1964. At the time, 95 firms formed six large groups. I find that the existence of unmatched firms enables us to recover merger costs, and the importance of technological diversification varies across carrier and firm types. The counterfactual simulations show that 20 \% of government subsidy expenditures could have been cut. Also, the government could have possibly changed the equilibrium number of groups between one and six. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.12744&r= |
| By: | Joana Passinhas; Tanya Araújo |
| Abstract: | The systematic differences of gender representation across occupations, gender-based occupational segregation, has been suggested as one of the most important determinants of the still existing gender wage gap. Despite some signs of a decreasing trend, there is evidence that occupational gendered segregation is persistent even though gender dierences in human capital variables have been disappearing. Using an agent-based model we provide a framework that introduces discriminatory behavior based on labour market theories of discrimination where workers and firms can exhibit gendered preferences. The introduction of discriminatory behavior transforms the otherwise random dynamics of occupational choice into a persistent gender-based occupational segregation consistent with empirical evidence. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp01922021&r= |
| By: | Kwong Wing Chau; Ervi Liusman |
| Abstract: | Previous studies suggest that there are many psychological, social and cultural motives for owning private cars in addition to using it as a means of transportation. In Hong Kong, the cost of car parking space is a very significant cost of car ownership. When a car owner buys a housing unit, he would also need a car parking space. If the motive to own a car is independent of the choice of location of the housing unit, car parking spaces and housing units are complementary goods. However, if car ownership is simply for the purpose of transportation, the decision to own a car and the choice of the location of the housing unit are joint decisions. A home purchaser will consider the cost of car ownership (including the cost of car parking spaces) an integral part of housing expenditure. An increase in the expenditure on the housing unit will mean less is available for car parking spaces and vice versa. Therefore car parking spaces and housing units are substitute goods. In Hong Kong car parking spaces inside in a residential development can be purchased in the secondary market. These car parking spaces are actively transacted so that we can construct car parking price indices for the urban and sub-urban areas. The complementary (substitute) goods argument implies that price trend of residential properties in the urban areas relative to those in the sub-urban areas is positively (negatively) correlated with the price trend of car parking spaces in the urban areas relative to those in the sub-urban areas relative. The empirical results suggest that car parking spaces and housing units are substitute goods. |
| Keywords: | Car parking spaces; Complementary goods; housing; Substitute goods |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_33&r= |
| By: | Matthias Kirsten; Florian Hackelberg |
| Abstract: | The classic department store properties (German: “Warenhaus”) have worked very well for decades, generated attractive returns and usually had a great magnetic effect in the central inner-city locations. The changing consumer behavior and the later emerging e-commerce trend led to a profound change in stationary retail. The death of numerous department stores was the result and let to the questions about possible re-use concepts. The presentation starts with a definition of the asset class and presents the conceptual, structural and architectural characteristics of department stores. The following points, which are currently being discussed in science and in practice, give the main part of the presentation its central theme: Based on the specific conceptual and structural characteristics of a department store property, which are the potential options for the property when the department store closes - demolition and redevelopment of the site or, perhaps better, conversion of the property? Analysis of successful redevelopment concepts of German department store properties - risks and opportunities for the real estate market. The findings are based on a quantitative analysis of re development concepts in over 50 closed department stores in Germany over the past ten years The real estate valuation of department stores before and after the department store closes Current practical valuator experiences and benchmarks on redeveloped department store properties Summary of the most important findings and an outlook on further research fields Prof. Dr. Florian Hackelberg MRICS, Professor for Real Estate Valuation at the HAWK University of Applied Sciences and Arts in Germany, will introduce the outlined topic from an academic perspective, while M.Sc. Dipl.-Ing. (FH) Matthias Kirsten MRICS, valuation expert of Value AG - the valuation group will share his view on the latest trends and developments in the market. |
| Keywords: | Appraisal; department store property; second use; Valuation |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_53&r= |
| By: | Lion Lukas Naumann; Holger Lischke |
| Abstract: | Social preservation areas, so-called 'milieu protection areas', are currently a popular instrument in urban policy of major German cities such as Berlin, Hamburg, or Munich, which promises to protect residents from displacement. Ownership rights are restricted here, e.g., through modernisation regulations and controls on conversions from rented to owner-occupied flats. In the popular Berlin district of Friedrichshain-Kreuzberg, for example, 40 % of the area has now been designated as a milieu protection area, with corresponding effects on the property markets. The federal government is currently planning an amendment to the Building Act with similar regulations. Therefore, we take a closer look at the effects of these restrictions on the property market for Berlin and address the central question How have purchase prices for condominium in Berlin's milieu protection areas developed and how does milieu protection affect them? We look at housing transactions from 2015 to 2019 provided by the Expert Committees for Property Values, relate these to further neighbourhood data and regress the transaction price using hedonic modelling in the various spatial submarkets inside and outside the milieu protection areas. We conclude that milieu protection areas are placed in areas where higher prices are paid beforehand and milieu protection itself does not reduce the attractiveness on the markets. In addition, modernisations are made more difficult, which in turn is associated with larger price increases for features (e.g., balconies) in the areas. The much-criticised converted flats cannot be associated with luxury refurbishment in the study. Our paper contributes to the discussion on urban development laws that focus on property restriction activities. |
| Keywords: | Gentrification; Housing Policy; policy evaluation; Residential Market |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_134&r= |
| By: | Chiara Tagliaro; Alessandra Migliore |
| Abstract: | Nowadays, the professional figure of “workplace manager” is achieving greater relevance due to changes affecting the nature of contemporary ways of working. Managing today’s workplace complexity requires professionals who can satisfy promptly a variety of user needs through an interdisciplinary approach ( World Economic Forum, 2018). Despite the emergent market demand, this profession is relatively young and its job description remains largely undefined in between many fields of knowledge (Appel-Meulenbroek, Clippard, & Pfnür, 2018). We undertook a large investigation of academic classes and professional courses in EU to understand the extent to which structured education programs are supporting the background of the future workplace managers. We compared about 490 academic classes in real estate and 20 professional courses through a desk research, and created a critical framework of the current educational offer. This analysis. Afterwards, data were cross-examined thanks to 10 interviews with workplace professionals. We found that few programs focus on workplace management, therefore educational courses cannot fully meet the market needs, yet. This lack is partially filled with professional courses, but they only consider some aspects of the workplace and miss a fundamental transdisciplinary approach. Consequently, our investigations suggest that education in workplace management should evolve and gain the relevance of an autonomous discipline. This would probably contribute to find a better match between the job market demand and the academic training. |
| Keywords: | Management; Real Estate Education; Transdisciplinary; Workplace |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_143&r= |