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2019-06-18

• Économie informelle : cinq mythes à déconstruire à travers le monde
  by The Conversation in Contrepoints, 2019-06-18 02:30:11 UTC

  Par Cecilia Poggi, Anda David et Claire Zanuso. Un article de The Conversation À partir du 1 er juillet 2019, les Australiens pourront appeler une hotline dédiée au travail au noir pour dénoncer au fisc les entreprises frauduleuses. Ce nouveau service fait partie d’un plan gouvernemental plus large visant à lutter contre l’économie informelle. Dans un tout autre contexte, au Bangladesh où 87 % de jeunes sont engagés dans le secteur informel, le gouvernement lancera bientôt un programme afin d’aider ces travailleurs à être mieux insérés dans la croissance du pays rapporte le Global Times . Ces [...]

2019-06-17

• The Brave New World of Monetary Policy Operations
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2019-06-17 12:45:56 UTC

  “Ultimately, the size of the balance sheet will be determined by a number of factors, including demand for nonreserve liabilities, such as currency (which has been rising), and, importantly, the quantity of reserves necessary to remain reliably on the flat portion of the reserve demand curve.” Vice Chairman for Supervision Randal K. Quarles, February 22, 2019 . Prior to the Lehman failure in 2008, the Federal Reserve controlled the federal funds rate through open market operations that added to or subtracted from the excess reserves that banks held at the Fed. Because excess reserves typically [...]

• Skyscrapers, Housing, and Cities: A Q&A Interview with Ingrid Gould Ellen (Part I)
  by Jason Barr in Building the skyline, 2019-06-17 12:27:37 UTC

  Jason M. Barr       June 17, 2019 Ingrid Gould Ellen is the Paulette Goddard Professor of Urban Policy and Planning at New York University, and a Faculty Director at the NYU Furman Center for Real Estate and Urban Policy . She is the author of Sharing America’s Neighborhoods: The Prospects for Stable Racial Integration and editor of The Dream Revisited: Contemporary Debates About Housing, Segregation and Opportunity . On Skyscrapers and Housing JB: One of the vigorous current debates regarding tall building construction is about luxury residential towers in places like New York , San Francisc [...]

2019-06-12

• No title
  by MCG Blogs de Economía in Asociación de Estudios Euro-Americanos: Desarrollo internacional de América, Europa y otras áreas, 2019-06-12 17:58:00 UTC

  36. Informe de Economía de Europa, América y Mundial, 2019. Asociación de Estudios Euro-Americanos de Desarrollo Económico                                       Informe de Economía de Europa, América y Mundial, 2019                            AEEADE. Asociación de Estudios Euro-Americanos de Desarrollo Económico       Próximamente incluiremos un análisis de las secciones 2 y 3 del Informe Económico del año 2019, elaborado por la Presidenta de la Asociación, M.C. Guisán.     El informe consta de cuatro secciones: 1) Desarrollo económico de las regiones españolas. 2) Europa 2) América 3) Otras á [...]

• How to explain cost-effectiveness models for diagnostic tests to a lay audience
  by Rita Faria in The Academic Health Economists' Blog, 2019-06-12 06:00:28 UTC

  Non-health economists (henceforth referred to as ‘lay stakeholders’) are often asked to use the outputs of cost-effectiveness models to inform decisions, but they can find them difficult to understand. Conversely, health economists may have limited experience of explaining cost-effectiveness models to lay stakeholders. How can we do better? This article shares my experience of explaining cost-effectiveness models of diagnostic tests to lay stakeholders such as researchers in other fields, clinicians, managers, and patients, and suggests some approaches to make models easier to understand. [...]

2019-06-11

• Does Medical Marijuana Reduce Opioid-Related Deaths or Not?
  by Jacob Sullum in Hit & Run blog, 2019-06-11 21:15:01 UTC

  A widely cited  2014 study , reported in  JAMA Internal Medicine , found that medical marijuana laws were associated with lower rates of opioid-related mortality between 1999 and 2010. Supporters of marijuana reform have frequently invoked that study, written by University of Pennsylvania researcher Marcus Bachhuber and two co-authors, as evidence that letting people use cannabis for medical and/or recreational purposes helps reduce opioid-related deaths. Not so fast, say the authors of a study published yesterday in the  Proceedings of the National Academy of Sciences , who extended the analy [...]

• Risposta ai critici: proprio perché l'Italia è una bomba, è il momento di trattare al rialzo
  by Sergio Cesaratto in Politica&EconomiaBlog, 2019-06-11 16:47:00 UTC

  Indossato l'elmetto per le bombe che pioveranno, ecco una risposta più articolata alle critiche all'intervista al sussidiario.net Europeisti no, realisti sì Un mia recente intervista ha fatto sollevare più di un sopracciglio ai miei amici, per metterla all’inglese. Uno di questi, che ringrazio, mi ha dedicato addirittura un editoriale su Sollevazione (luogo appropriato per la detta espressione facciale). Leonardo Mazzei riassume quanto dico in quattro punti: 1)       « i parametri di Maastricht hanno perfettamente senso ». 2)     “alla lettera UE bisogna dare « una risposta ragionevole con pr [...]

2019-06-10

• Italeave: The Renewed Threat of a Parallel Currency
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2019-06-10 12:13:27 UTC

  “[T]he mini-BOTs… are either money and then they are illegal, or they are debt and then that stock goes up…. I don't think there is a third possibility.”   ECB President Mario Draghi, press conference, 6 June 2019 . In the March 2018 general election, two Italian political parties (the League and the Five Star Movement) that eventually formed the current government campaigned against many of the structures that are the foundation of the European Union. One part of their agreed policy program, a proposal that resurfaced in the past week , concerns the possibility of issuing mini-BOTs (which sta [...]

• Alastair Canaway’s journal round-up for 10th June 2019
  by captaincanaway in The Academic Health Economists' Blog, 2019-06-10 11:00:54 UTC

  Every Monday our authors provide a round-up of some of the most recently published peer reviewed articles from the field. We don’t cover everything, or even what’s most important – just a few papers that have interested the author. Visit our Resources page for links to more journals or follow the HealthEconBot . If you’d like to write one of our weekly journal round-ups, get in touch . Analytic considerations in applying a general economic evaluation reference case to gene therapy . Value in Health Published 17th May 2019 For fledgling health economists starting in the world of economic [...]

• En torno a una mesa: Facilitadores sociales en las negociaciones
  by Anxo Sánchez in Nada Es Gratis, 2019-06-10 05:07:51 UTC

  Esta entrada es conjunta con Pablo Brañas-Garza, Antonio Cabrales, Guillermo Mateu y Angela Sutan, y es una traducción de "Around a table: Social facilitators for negotiations", recientemente aparecido en VoxEu . Las negociaciones son fundamentales en la vida económica. Tanto empresas como gobierno se enfrentan a ellas, y también aparecen frecuentemente en entornos personales y sociales. Son enormemente importantes pero también muy estresantes. Brooks y Schweitzer mostraron en 2011 que "comparado con otros con sentimientos neutros, los negociadores que sienten ansiedad esperan beneficios más [...]

2019-06-07

• Bankkriser kan stärka demokratin
  by Niclas Berggren in Nonicoclolasos, 2019-06-07 04:28:03 UTC

  Bankkriser brukar betraktas som negativa händelser, innefattandes risker för det finansiella systemet och för den reala ekonomins funktionssätt. Nu visar det sig dock, enligt studien ”Do Banking Crises Improve Democracy?” , att bankkriser ibland kan ha en positiv effekt: We study the impact of banking crises on the level of democracy. We use an event-study method on a sample of up to 129 countries over the period 1975–2010 accounting for 94 systemic banking crises. We find that banking crises are followed by an improvement in democracy and report evidence suggesting that the relation is causal [...]

2019-06-05

• Reassessing Trade Barriers with Global Value Chains
  by Christian Zimmermann in NEP-DGE blog, 2019-06-05 19:34:26 UTC

  Yuko Imura http://d.repec.org/n?u=RePEc:bca:bocawp:19-19&r=dge This paper provides a systematic, quantitative analysis of the short-run and long-run effects of various trade-restricting policies in the presence of global value chains and multinational production. Using a two-country dynamic stochastic general equilibrium model with endogenous firm entry and exit in both exporting and multinational production, I compare the effects of (i) tariffs on final-good imports, (ii) tariffs on intermediate-input imports, and (iii) barriers to accessing foreign markets. I show that, in the long run, all [...]

2019-06-04

• The Economics of Skyscraper Height (Part IV): Construction Costs Around the World
  by Jason Barr in Building the skyline, 2019-06-04 12:26:40 UTC

  Jason M. Barr      June 4, 2019 Note this is Part IV of a series on the economics of skyscrapers. Part I can be read here , Part II here , and Part III here . Rise of the Skylines As we look around planet Earth, we can’t help but notice that skyscrapers are getting taller. In 2000, for example, the average height of the tallest 100 completed buildings was around 285 meters (935 feet). In 2018, that number was about 385 meters (1263 feet), for an average annual growth rate of 1.8%. What is causing this rise in building height? The Demand for Height First and foremost, skyscraper construction i [...]

• All bark but no bite? What does the yield curve tell us about growth?
  by BankUnderground in Bank Underground, 2019-06-04 08:00:14 UTC

  Carlo Favero, Sebastian Vismara and Iryna Kaminska The slope of the yield curve has decreased in the US and the UK over the last few years ( Chart 1 ). This development is attracting significant attention, because the yield curve slope (i.e. the difference between longer term government bond yields and shorter term government bond yields) is a popular business cycle indicator, and a fall of longer term yields below shorter term yields (i.e. an ‘inversion’ of the yield curve) has historically been considered as a powerful signal of recessions, particularly in the US. Chart 1: [...]

• ¿De qué hablamos cuando hablamos del PIB?
  by Antonia Díaz in Nada Es Gratis, 2019-06-04 05:07:20 UTC

  Cuando me preguntan acerca de mi profesión suelo decir que me dedico a estudiar el comportamiento humano más medible pero, tras leer el libro de la profesora Diane Coyle , “ GDP: a Brief but Affectionate History ”, me pregunto si, acaso, el adverbio “más” no es demasiado aventurado. Muchas veces se critica la osadía de los macroeconomistas a la hora de ofrecer predicciones y evaluar políticas (véase, como ejemplo, el reciente rifirrafe acerca del efecto del aumento en el Salario Mínimo Interprofesional sobre el empleo), a lo que suelo contestar que hacemos lo que podemos y que aprendemos sobre [...]

• Renewables VPPAs: An Interesting Pricing Problem For Aspiring Scholars
  by cpirrong in Streetwise Professor, 2019-06-04 01:13:11 UTC

  Virtual Power Purchasing Agreements (VPPAs) have been around for a while, and play a particularly important role in securing financing for renewable energy projects, as this article from Reuters regarding VPPAs in Europe indicates . They are essentially long term swaps whereby one party (e.g., a wind or solar operation) receives a fixed price for power, and pays a floating price, usually based (in the US) on the spot price in an RTO/ISO market (e.g., PJM, or MISO). These contracts present interesting pricing issues because of the unique nature of electricity as a commodity, and the uniqu [...]

2019-06-03

• Sam Watson’s journal round-up for 3rd June 2019
  by Sam Watson in The Academic Health Economists' Blog, 2019-06-03 11:00:40 UTC

  Every Monday our authors provide a round-up of some of the most recently published peer reviewed articles from the field. We don’t cover everything, or even what’s most important – just a few papers that have interested the author. Visit our Resources page for links to more journals or follow the HealthEconBot . If you’d like to write one of our weekly journal round-ups, get in touch . Limits to human life span through extreme value theory . Journal of the American Statistical Association [ RePEc ] Published 2nd April 2019 The oldest verified person to have ever lived was Jeanne Calment [...]

2019-05-30

• Employment protection reform in European labor markets: the collective bargaining regime matters.
  by Christian Zimmermann in NEP-DGE blog, 2019-05-30 22:26:26 UTC

  By Francesco De Palma and Yann Thommen http://d.repec.org/n?u=RePEc:ulp:sbbeta:2019-16&r=dge Policy advisers repeatedly call on Western European countries to reform their employment protection legislation (EPL) by adopting layoff taxes to finance unemployment insurance (UI). This new design, partly based on the existing “experience-rating” (ER) system in the U.S., would induce firms to internalize layoff fiscal costs and hence reduce unemployment. Its success remains uncertain in economies with a collective wage-setting system, as in many Western European countries. Using a matching model wit [...]

• Ferraris and Resource Stocks
  by sense.sustainability@gmail.com (Jisung Park) in Sense and Sustainability, 2019-05-30 12:00:43 UTC

  Probably the most famous economic indicator is Gross Domestic Product (GDP). GDP per capita gives us a measure of how much was produced in an economy per person. Most, if not all, governments use GDP per capita growth as a measure of their economic performance and a large branch in economic research focuses on understanding why some countries have such high GDP per capita while others do not. GDP is calculated as the sum of household consumption, investment (saving), government expenditures and net exports (net exports are total exports minus imports). GDP therefore is supposed to provide a su [...]

2019-05-28

• The Johnson puzzle
  by ? in Stumbling and Mumbling, 2019-05-28 12:32:03 UTC

  One of the puzzles of our time is why Boris Johnson is considered – not just by Tory members but by much of the media - to be a credible contender for Prime Minister when many of us regard him as a oafishbuffoon, serialliarandassociateof criminals. One ans [...]

2019-05-27

• Sam Watson’s journal round-up for 27th May 2019
  by Sam Watson in The Academic Health Economists' Blog, 2019-05-27 12:14:36 UTC

  Every Monday our authors provide a round-up of some of the most recently published peer reviewed articles from the field. We don’t cover everything, or even what’s most important – just a few papers that have interested the author. Visit our Resources page for links to more journals or follow the HealthEconBot . If you’d like to write one of our weekly journal round-ups, get in touch . Spatial interdependence and instrumental variable models . Political Science Research and Methods Published 30th January 2019 Things that are closer to one another are more like one another. This could be [...]

2019-05-23

• Volveré y seré 900 millones
  by Fernando Esponda in Razones y personas: repensando Uruguay, 2019-05-23 11:22:00 UTC

  Sobre el shock de austeridad de Lacalle Pou Por Fernando Esponda El grito de Túpac Katari Allá por noviembre de 1781 Julián Apaza, mejor conocido como Túpac Katari, líder del mayor levantamiento indígena del siglo XVIII, fue apresado en el Alto Perú por el ejército español. En una decisión digna de Gavazzo, el juez Francisco Tadeo Diez de Medina lo condenó a morir descuartizado por cuatro caballos que tiraban en direcciones opuestas. Antes de morir pronunció una frase que quedó para la posteridad: “Podrán matarme… pero volveré y seré millones”. Posteriormente, Howard Fast puso la expresión en [...]

2019-05-22

• Explorando los cambios de la pobreza en Argentina: 2003-2015
  by Leopoldo Tornarolli in Foco Económico, 2019-05-22 21:12:45 UTC

  Leopoldo Tornarolli, con Jessica Bracco y Leonardo Gasparini Introducción En las últimas décadas Argentina experimentó cambios marcados en sus niveles de pobreza. Conocer las razones de esa dinámica es de enorme relevancia, tanto desde un punto de vista académico, como para la política pública. Sin embargo, ciertas dificultades metodológicas impiden identificar con precisión los factores causales profundos de los cambios en la pobreza. En este trabajo aportamos evidencia empírica parcial que, leída en su conjunto y acompañada de teoría, contribuye a entender la dinámica de este fenómeno comple [...]

2019-05-21

• ¿Puede la política monetaria reducir la desigualdad reactivando el empleo?
  by admin in Nada Es Gratis, 2019-05-21 05:07:48 UTC

  de  Natalia Martín-Fuentes El pasado 10 de abril , Mario Draghi aparecía junto a Luis de Guindos para hacer la habitual comunicación que sucede a las reuniones del Consejo de Gobierno del BCE. En apenas diez minutos, las alusiones al empleo fueron varias. Como ya viene siendo costumbre, una de ellas se encargaba de recordar a los países de la eurozona la necesidad de aplicar reformas estructurales para reducir el desempleo (entre otros objetivos), y remarcaba las limitaciones de la política monetaria: “In order to reap the full benefits from our monetary policy measures, other policy areas mus [...]

2019-05-20

• 35. Futuro de la Unión Europea 2019: salario, empleo y calidad de vida
  by MCG Blogs de Economía in Asociación de Estudios Euro-Americanos: Desarrollo internacional de América, Europa y otras áreas, 2019-05-20 10:32:00 UTC

  Gráfico 1. Salario real medio en 7 países de la OCDE (Remuneración de asalariados dividida por el número de asalariados, en Dólares del año 2000, según tipo de cambio). Elaborado por Guisán, M.C. (2019) a partir de datos de la OCDE. Gráfico 2. Tasa de empleo (empleos por cada mil habitantes) en 7 países de la OCDE. Fuente: Elaborado por Guisán, M.C. (2019) a partir de datos de la OCDE Como se indica en el siguiente artículo, de acceso gratuito electrónico, las políticas económicas de la Unión Europea han estado muy equivocadas desde el año 2000. Mientras el período 1970-2000 supuso una evoluci [...]

2019-05-17

• How inequality makes us poorer
  by chris in Stumbling and Mumbling, 2019-05-17 12:31:43 UTC

  I welcome the Deaton report into inequality . I especially like its emphasis (pdf) upon the causes of inequality: To understand whether inequality is a problem, we need to understand the sources of inequality, views of what is fair and the implications of inequality as well as the levels of inequality. Are present levels of inequalities due to well-deserved rewards or to unfair bargaining power, regulatory failure or political capture? I fear, however, that there might be something missing here – the impact that inequality has upon economic performance. My chart shows the point. It shows th [...]

• El reparto de los ingresos por retransmisiones deportivas
  by admin in Nada Es Gratis, 2019-05-17 05:00:10 UTC

  de Gustavo Bergantiños y Juan D. Moreno-Ternero Someone said to me 'To you football is a matter of life or death!' and I said 'Listen, it's more important than that'.   Bill Shankly El nivel adecuado de intervencionismo estatal es siempre materia de agitados y tensos debates dentro y (sobre todo) fuera del ámbito académico. Multitud de actividades se someten al escrutinio de una posible intervención estatal por parte de detractores y defensores. No obstante, es plausible suponer que unos y otros estarían de acuerdo en excluir al negocio del fútbol como una de estas actividades susceptibles de [...]

2019-05-16

• Solving Traffic Congestion: A Plan for New York City
  by Jason Barr in Building the skyline, 2019-05-16 12:35:07 UTC

  Jason M. Barr          May 16, 2019 Congestion Pricing for Manhattan This past April, New York State passed a law allowing congestion pricing in Manhattan. It will take effect sometime by the end of 2020. Drivers will be charged a fee, likely around $14, to enter the island south of 60 th Street. The plan, similar to those already in effect in London and Stockholm, aims to reduce the number of cars and generate revenue for mass transit improvements. Implementation in European cities shows that it can work . And while the congestion pricing plan is reasonable and likely to succeed in its direct [...]

• Thesis Thursday: Kevin Momanyi
  by Chris Sampson in The Academic Health Economists' Blog, 2019-05-16 06:00:19 UTC

  On the third Thursday of every month, we speak to a recent graduate about their thesis and their studies. This month’s guest is Dr Kevin Momanyi who has a PhD from the University of Aberdeen . If you would like to suggest a candidate for an upcoming Thesis Thursday, get in touch . Title Enhancing quality in social care through economic analysis Supervisors Paul McNamee Repository link http://digitool.abdn.ac.uk/webclient/DeliveryManager?pid=240815 What are reablement and telecare services and why should economists study them? Reablement and telecare are two types of services within h [...]

• Elecciones Europeas 2019: Una nueva oportunidad para las políticas sociales y de empleo
  by Juan Francisco Jimeno in Nada Es Gratis, 2019-05-16 05:07:27 UTC

  En el pasado he escrito sobre la necesidad de reconsiderar las políticas sociales y de empleo de las instituciones europeas (ver, por ejemplo, aquí ,  aquí , aquí o aquí ).  Recientemente, en un breve comentario publicado en IZA World of Labor con motivo de las próximas elecciones europeas, he recordado cómo debería abordarse la reforma de dichas políticas. Lo que sigue es la traducción (liberal, que no literal) de ese comentario al castellano. ***************************************************************************** Después de las próximas elecciones europeas que se celebrarán el 26 de ma [...]

2019-05-15

• Yale. Undergraduate Economic History of Europe. Cohen, 1972
  by Irwin Collier in Economics in the Rear-View Mirror, 2019-05-15 21:04:08 UTC

    Today’s post is the course outline with readings for the undergraduate course on the economic history of Europe since the Industrial Revolution that I took at Yale during the Spring semester of my junior year (1972). The course was taught by assistant professor Jon S. Cohen .  From the perspective of today it is hard to imagine the sheer abundance of courses in economic history offered at that time. I have already posted the course outlines for Harry Miskimin’s course on the Economic History of Europe through the Industrial Revolution and William Parker’s course on U.S. Economic History, as [...]

2019-05-14

• Some thoughts on job creation in India
  by noreply@blogger.com (Urbanomics) in Urbanomics, 2019-05-14 21:34:00 UTC

  What can be done to enhance productive job creation in the Indian economy, across sectors or within specific targeted sectors (like textiles)?  The obvious immediate responses are infrastructure bottlenecks, enabling access to credit, and lower taxes. Policy response has been mainly in the form of establishing special economic zones and industrial parks, and offer fiscal concessions and input subsidies. In recent years, there has been a focus on enhancing the ease of doing business.  While these are all important, and all of them are works in progress, there is little to suggest that these are [...]

• A SUMMARY OF PAPERS ON FIELDEXPERIMENTS.COM: ALL FIELD EXPERIMENTS POSTED
  by maximorossi in NEP-LTV blog, 2019-05-14 14:47:07 UTC

  By: John List Date: 2019 URL: http://d.repec.org/n?u=RePEc:feb:artefa:00650&r= ltv [...]

• Do Economic Recessions ‘Squeeze the Middle-Class’?
  by maximorossi in NEP-LTV blog, 2019-05-14 14:46:16 UTC

  By: Alberto Batinti ;  Joan Costa-Font Abstract: We examine whether economic downturns reshape the distribution of population income giving rise to a “middle-class squeeze.” We test this hypothesis using alternative definitions of middle-class, such as income-based measures from the Luxembourg Income Study (LIS), and perceived measures from the Integrated Values Study (IVS). Our findings suggest that, although recessions do not produce a middle-class squeeze overall, the unanticipated shocks resulting from the Great Recession did. Furthermore, we find that recessions increase the share o [...]

• The Effects of Status Mobility and Group Identity on Trust
  by maximorossi in NEP-LTV blog, 2019-05-14 14:45:18 UTC

  By: Suchon, Rémi  (University of Lyon 2);  Villeval, Marie Claire  (CNRS, GATE) Abstract: In a laboratory experiment we test the interaction effects of status and group identity on interpersonal trust. Natural group identity is generated by school affiliation. Status (expert or agent) is awarded based on relative performance in a math quiz that is ex ante less favorable to the subjects from one group. We find that “promoted” trustors (individuals from the disadvantaged group that nevertheless achieve the status of expert) trust less both in-group and out-group trustees, compared to the o [...]

• New ways to measure well-being? A first joint analysis of subjective and objective measures
  by maximorossi in NEP-LTV blog, 2019-05-14 14:44:11 UTC

  By: Andrén, Daniela  (Örebro University School of Business);  Clark, Andrew E.  (Paris School of Economics);  D’Ambrosio, Conchita  (Université du Luxembourg);  Karlsson, Sune  (Örebro University School of Business);  Pettersson, Nicklas  (Örebro University School of Business) Abstract: Our study is, to our knowledge, the first joint analysis of subjective and objective measures of well-being. Using a rich longitudinal data from the mothers pregnancy until adulthood for a birth cohort of children who attended school in Örebro during the 1960s, we analyse in a first step how subjective (s [...]

• The Wrong Kind of AI? Artificial Intelligence and the Future of Labor Demand
  by maximorossi in NEP-LTV blog, 2019-05-14 14:30:41 UTC

  By: Acemoglu, Daron  (MIT);  Restrepo, Pascual  (Boston University) Abstract: Artificial Intelligence is set to influence every aspect of our lives, not least the way production is organized. AI, as a technology platform, can automate tasks previously performed by labor or create new tasks and activities in which humans can be productively employed. Recent technological change has been biased towards automation, with insufficient focus on creating new tasks where labor can be productively employed. The consequences of this choice have been stagnating labor demand, declining labor share i [...]

• Wages, Experience and Training of Women over the Lifecycle
  by maximorossi in NEP-LTV blog, 2019-05-14 14:29:39 UTC

  By: Richard Blundell ;  Monica Costa Dias ;  David A. Goll ;  Costas Meghir Abstract: We investigate the role of training in reducing the gender wage gap using the UK-BHPS which contains detailed records of training. Using policy changes over an 18 year period we identify the impact of training and work experience on wages, earnings and employment. Based on a lifecycle model and using reforms as a source of exogenous variation we evaluate the role of formal training and experience in defining the evolution of wages and employment careers, conditional on education. Training is potentially [...]

• The demand for bad policy when voters underappreciate equilibrium effects
  by maximorossi in NEP-LTV blog, 2019-05-14 14:28:31 UTC

  By: Dal Bó, Ernesto ;  Dal Bó, Pedro ;  Eyster, Erik Abstract: Most of the political-economy literature blames inefficient policies on institutions or politicians’ motives to supply bad policy, but voters may themselves be partially responsible by demanding bad policy. In this paper, we posit that voters may systematically err when assessing potential changes in policy by underappreciating how new policies lead to new equilibrium behavior. This biases voters towards policy changes that create direct benefits – welfare would rise if behavior were held constant – even if those reforms ulti [...]

• Economic inequality and subjective well-being across the world
  by maximorossi in NEP-LTV blog, 2019-05-14 14:27:42 UTC

  By: D’Ambrosio Conchita ;  Clark Andrew Abstract: We here use repeated cross-section data from the Afrobarometer, Asianbarometer Latinobarometer, and Eurobarometer to analyse the variables that are correlated with both current and future evaluations of standards of living. These are related not only to an individual†s own economic resources but also to the country distribution of resources.We consider resource comparisons (the gap in resources between richer and poorer individuals) and the normative evaluation of distribution (conditional on these gaps), given by the Gini coefficient. [...]

2019-05-13

• Leverage and Deepening Business Cycle Skewness
  by Christian Zimmermann in NEP-DGE blog, 2019-05-13 13:27:44 UTC

  By Henrik Jensen, Ivan Petrella, Soren Ravn and Emiliano Santoro http://d.repec.org/n?u=RePEc:wrk:wrkemf:21&r=dge We document that the U.S. and other G7 economies have been characterized by an increasingly negative business cycle asymmetry over the last three decades. This finding can be explained by the concurrent increase in the financial leverage of households and firms. To support this view, we devise and estimate a dynamic general equilibrium model with collateralized borrowing and occasionally binding credit constraints. Improved access to credit increases the likelihood that financial c [...]

• Rita Faria’s journal round-up for 13th May 2019
  by Rita Faria in The Academic Health Economists' Blog, 2019-05-13 11:00:26 UTC

  Every Monday our authors provide a round-up of some of the most recently published peer reviewed articles from the field. We don’t cover everything, or even what’s most important – just a few papers that have interested the author. Visit our Resources page for links to more journals or follow the HealthEconBot . If you’d like to write one of our weekly journal round-ups, get in touch . Communicating uncertainty about facts, numbers and science . Royal Society Open Science Published 8th May 2019 This remarkable paper by Anne Marthe van der Bles and colleagues, including the illustrious D [...]

2019-05-10

• Firm and Worker Dynamics in an Aging Labor Market
  by Christian Zimmermann in NEP-DGE blog, 2019-05-10 19:30:02 UTC

  By Niklas Engbom http://d.repec.org/n?u=RePEc:fip:fedmwp:756&r=dge I develop an idea flows theory of firm and worker dynamics in order to assess the consequences of population aging. Older people are less likely to attempt entrepreneurship and switch employers because they have found better jobs. Consequently, aging reduces entry and worker mobility through a composition effect. In equilibrium, the lower entry rate implies fewer new, better job opportunities for workers, while the better matched labor market dissuades job creation and entry. Aging accounts for a large share of substantial decl [...]

2019-05-09

• On media influence
  by chris in Stumbling and Mumbling, 2019-05-09 15:09:28 UTC

  Not everything that stinks causes disease. Yes, there is plenty wrong with the press and BBC, but how much influence does it actually have? I ask because of Simon’s recent post blaming the media for the sheer incompetence of this government. I’m not so sure about this. The press has always had a right-wing bias, but we haven’t always had a government as lousy as this one. This alone tells us that other factors are at work: mechanisms that select for fanatics and against competence have strengthened in recent years. Equally, it would be stretching things to blame the media for the rise of coar [...]

• Can regulation promote financial inclusion?
  by Raian Divanbeigi in Let's Talk Development, 2019-05-09 13:24:00 UTC

  Economic literature shows that financial systems support livelihood enhancement and economic development by offering savings, payment, credit and risk management services to households and firms. Saving accounts allow households to manage risk, absorb shocks, and plan for emergencies . Affordable financial services enable individuals to access health and education to improve their living standards. Access to payment mechanisms and checking accounts also support core business operations and boost productive investment and consumption. [...]

• Cleaning Up After Burns’s Mess
  by David Glasner in Uneasy Money, 2019-05-09 04:24:44 UTC

  In my two recent posts ( here and here ) about Arthur Burns’s lamentable tenure as Chairman of the Federal Reserve System from 1970 to 1978, my main criticism of Burns has been that, apart from his willingness to subordinate monetary policy to the political interests of he who appointed him, Burns failed to understand that an incomes policy to restrain wages, thereby minimizing the tendency of disinflation to reduce employment, could not, in principle, reduce inflation if monetary restraint did not correspondingly reduce the growth of total spending and income. Inflationary (or employment-redu [...]

2019-05-08

• Schumpeter on Knapp in his 1954 HEA
  by Dirk in econoblog101, 2019-05-08 09:12:33 UTC

  Having recently published a working paper on the academic reception of Knapp’s “ The State Theory of Money ” (1905), I was confused by the lack of good will shown by Joseph Schumpeter when he discussed the book. He claimed that Knapp did not examine the value of money, when Knapp explicitly rejected the concept of “value” in favor of talking about purchasing power. He also claimed that Knapp’s theory would be one of a monetary system when it was quite clearly not. So, I thought that maybe later in his life – his History of Economic Analysis appeared in 1954 – Schumpeter would be more reasonabl [...]

• Method of the month: constrained randomisation
  by Sam Watson in The Academic Health Economists' Blog, 2019-05-08 08:00:28 UTC

  Once a month we discuss a particular research method that may be of interest to people working in health economics. We’ll consider widely used key methodologies, as well as more novel approaches. Our reviews are not designed to be comprehensive but provide an introduction to the method, its underlying principles, some applied examples, and where to find out more. If you’d like to write a post for this series, get in touch . This month’s method is constrained randomisation . Principle Randomised experimental studies are one of the best ways of estimating the causal effects of an interven [...]

2019-05-07

• Child penalty to earnings
  by Inaki Villanueva in Applied economist, 2019-05-07 10:39:00 UTC

  This paper  ( here too ) adds empirical evidence onto the different impacts child penalties have in earnings on women and men. The earnings of men and women evolve similarly before parenthood — after adjusting for lifecycle and time trends — but diverge sharply after parenthood. Women experience a large, immediate and persistent drop in earnings after the birth of their first child, while men are essentially unaffected. Ten years after child birth, women have not recovered and at this point the series have plateaued. Countries differ on the impact on women but all of the analysed nations showe [...]

• Premio a la Macroeconomía joven: Emi Nakamura galardonada con la Clark Medal 2019
  by Juan Francisco Jimeno in Nada Es Gratis, 2019-05-07 05:07:14 UTC

  La American Economic Association (AEA) premia con la  John Bates Clark Medal a economistas menores de 40 años que hayan hecho una contribución relevante al pensamiento y al conocimiento económicos. Creado en 1947, este reconocimiento se concedió cada dos años hasta 2010 y anualmente desde entonces. Se trata del premio para economistas jóvenes de mayor prestigio y se considera una antesala del Premio Nobel de Economía. En otras entradas (por ejemplo,  aquí y aquí ) hemos presentado a ganadores de ediciones anteriores de la Clark Medal . En esta ocasión, la galardonada es Emi Nakamura , Ph.D. po [...]

2019-05-06

• HM Athens: Greeks bearing gifts
  by michael roberts in Michael Roberts Blog, 2019-05-06 13:19:32 UTC

  The first Historical Materialism conference held in Athens was very well attended – making it the biggest of such events in southern Europe and with mostly younger attendees.  As is usual with HM conferences, there was a plethora of papers and sessions on all sorts of subjects around the theme of the conference, Rethinking Crisis, Resistance and Strategy.  It is not possible to review these in this post.  Indeed, I am not even able to consider some very interesting papers in the political economy sessions in this review. I am going to concentrate on the issues raised in the plenary session whe [...]

2019-05-05

• What if air conditioners could help save the planet instead of destroying it?
  by ? in Grist, 2019-05-05 11:00:24 UTC

  This story was originally published by Wired and is reproduced here as part of the Climate Desk collaboration. Earth’s climate is full of terrifying feedback loops: Decreased rainfall raises the risk of wildfires, which release yet more carbon dioxid [...]

2019-05-04

• G20 ´Compact with Africa´: Audacity of Hope
  by Shifting Wealth in ShiftingWealth, 2019-05-04 13:00:00 UTC

  The Compact with Africa (CwA) [1] initiative is the main pillar of the G20 Partnership with Africa. It initially started in March 2017 as an initiative of the G20 Finance Track to promote private investment in the African continent, with a focus on levering private infrastructure finance via blended finance to facilitate subsequent foreign direct investment (FDI) flows. Ludger Schuknecht and coauthors, then affiliated at top positions with the German ministries of finance and cooperation ministries, have succinctly outlined paradigm, motivation, work mechanics and objectives of the CwA [2] . T [...]

2019-05-02

• Making Carbon Taxation a Generational Win Win
  by Christian Zimmermann in NEP-DGE blog, 2019-05-02 17:49:32 UTC

  By Laurence J. Kotlikoff, Felix Kubler, Andrey Polbin, Jeffrey D. Sachs and Simon Scheidegger http://d.repec.org/n?u=RePEc:nbr:nberwo:25760&r=dge Carbon taxation has been studied primarily in social planner or infinitely lived agent models, which trade off the welfare of future and current generations. Such frameworks obscure the potential for carbon taxation to produce a generational win-win. This paper develops a large-scale, dynamic 55-period, OLG model to calculate the carbon tax policy delivering the highest uniform welfare gain to all generations. The OLG framework, with its selfish gen [...]

• Quotation of the Day…
  by Don Boudreaux in Cafe Hayek, 2019-05-02 08:45:07 UTC

  (Don Boudreaux) Tweet … is from pages 23-24 of my Mercatus Center colleague Matthew Mitchell’s 2014 paper “ The Pathology of Privilege: The Economic Consequences of Government Favoritism ” (footnotes deleted; links added): For example, economist Chun-Lei Yang has shown that as rent-seeking activities grow more prevalent, firms have less of an incentive to invest in productivity-enhancing research and development. Thus, privileged firms are less likely to innovate. Empirical research supports this claim. For example economists Stefanie Lenway, Randall Morck, and Bernard Yeung studied a deca [...]

2019-05-01

• The Price of Everything, the Value of the Economy: A Nobel for Emi Nakamura!
  by afinetheorem in A Fine Theorem, 2019-05-01 17:03:58 UTC

  Fantastic and well-deserved news this morning with the Clark Medal being awarded to Emi Nakamura , who has recently moved from Columbia to Berkeley. Incredibly, Nakamura’s award is the first Clark to go to a macroeconomist in the 21st century. The Great Recession, the massive changes in global trade patterns, the rise of monetary areas like the Eurozone, the “savings glut” and its effect on interest rates, the change in openness to hot financial flows: it has been a wild twenty years for the macroeconomy in the two decades since Andrei Schleifer won the Clark. It’s hard to imagine what coul [...]

• Air Conditioners Could Help Save the Planet? Cool.
  by ? in Environment | Mother Jones, 2019-05-01 10:00:25 UTC

  This story was originally published by Wired and is shared here as part of the Climate Desk collaboration.  Earth’s climate is full of terrifying feedback loops: Decreased rainfall raises the risk of wildfires, which release yet more c [...]

2019-04-30

• La política de drogas y el contrato social en Colombia
  by Ana Arjona y Tatiana Martínez Ferro in Foco Económico, 2019-04-30 20:54:55 UTC

  Colombia enfrenta retos muy difíciles para lograr una paz sostenible. De un lado, el país debe lograr la recuperación de los territorios afectados por un largo conflicto armado. Aún si con la desmovilización de las FARC hubieran desaparecido por completo los actores armados ilegales, los retos serían enormes. Dado que diferentes grupos armados no estatales siguen operando en buena parte del país, tales como los grupos criminales, las disidencias de las FARC y el ELN, lograr la pacificación y la recuperación de los territorios que durante años han padecido los efectos de la violencia es aún más [...]

• What if Air Conditioners Could Help Save the Planet Instead of Destroying It?
  by ? in Webmonkey, 2019-04-30 15:00:00 UTC

  Scientists propose a framework for modifying AC units to suck in CO2 and spit out fuels for use in vehicles like cargo ships. [...]

• Revisiting 1916 (Part III): New York’s First Zoning Resolution and the Roots of NIMBYism
  by Jason Barr in Building the skyline, 2019-04-30 12:42:15 UTC

  Jason M. Barr      April 30, 2019 [Note that this is the third part of a three-part series on New York City’s first comprehensive land use regulations, enacted in 1916. Part I focuses on the history and thinking of the city’s reformers. Part II reviews this thinking through the lens of modern economic analysis. This post argues that the ideas and rules from 1916 set the stage for today’s NIMBYism and housing affordability problems.] Zoning looks to the future and is not so much intended to cure past errors as to prevent future invasions by improper buildings and uses. Zoning seeks to protect a [...]

• Perché le aziende non amano il part-time
  by Francesco Devicienti in La Voce, 2019-04-30 10:18:31 UTC

  Le statistiche rivelano che il lavoro part-time è meno produttivo ed è pagato di più: per questo le aziende spesso non lo concedono. Ma è uno strumento fondamentale di conciliazione vita-lavoro. Occorre perciò che lo stato lo agevoli con alcune misure. È una storia già sentita: un lavoratore richiede il passaggio da un orario di lavoro a tempo pieno a uno a tempo parziale e si vede negata la richiesta. A parte l’evidenza aneddotica, la conferma arriva da svariati studi . Perché le imprese non concedono contratti part-time a chi li richiede? Le spiegazioni sono molteplici, ma sostanzialmente ri [...]

• Política macroprudencial en Europa y el caso de España
  by Javier Ferri in Nada Es Gratis, 2019-04-30 05:07:23 UTC

  Por Margarita Rubio y Javier Ferri La crisis financiera apuntó con toda crudeza hacia la necesidad de reforzar las medidas para asegurar la estabilidad financiera y minimizar el riesgo sistémico en las economías. Ese es el origen de las políticas macroprudenciales que José Luis Peydró nos introdujo aquí . En esta entrada pretendemos dar una visión general del estado de las políticas macroprudenciales en Europa, dadas las circunstancias particulares que concurren en una unión monetaria, y comentar su aplicación en España. En una unión monetaria que se encamina hacia una unión bancaria, el cont [...]

2019-04-29

• The difference between two colourful bits of rectangular paper
  by JP Koning in Moneyness, 2019-04-29 15:06:00 UTC

  David Andolfatto had a provocative and open-ended tweet a few days back: The difference between money and debt. pic.twitter.com/CSQuLzUJPU — David Andolfatto (@dandolfa) April 26, 2019 We see two coloured pieces of paper, both with an old dead President on it. They each have a face value of $500. Both are issued by a branch of the government, the $500 McKinley banknote (at right) by the Federal Reserve while the $500 Treasury bond (at left) by the Treasury. Both are bearer instrument: anyone can use them. So why do we bestow one of them the special term "money" while the other is "credit"? I m [...]

• Female Earnings Inequality: The Changing Role of Family Characteristics on the Extensive and Intensive Margins
  by maximorossi in NEP-LTV blog, 2019-04-29 14:06:49 UTC

  By: David Card ;  Dean R. Hyslop Abstract: Although women make up nearly half the U.S. workforce, most studies of earnings inequality focus on men. This is at least in part because of the complexity of modeling both the decision to work (i.e., the extensive margin) and the level of earnings conditional on work (the intensive margin). In this paper we document a series of descriptive facts about female earnings inequality using data for three cohorts in the PSID. We show that inequality in annual earnings of women fell sharply between the late 1960s and the mid-1990s, with a particularly [...]

• Perspectives on Poverty in Europe
  by maximorossi in NEP-LTV blog, 2019-04-29 14:05:17 UTC

  By: Jenkins, Stephen P.  (London School of Economics) Abstract: I address four topics: how our capacities to monitor poverty in Europe have improved substantially over recent decades; how progress on EU poverty reduction has been disappointing and why this has been; conceptual and measurement issues; and the future direction of EU-level anti-poverty actions. I follow in the footsteps of a giant – my perspectives are essentially elaborations of points made by Tony Atkinson. Keywords: poverty, material deprivation, Europe, EU-SILC JEL: C81 D31 I32 URL: http://d.repec.org/n?u=RePE [...]

• Revealing Stereotypes: Evidence from Immigrants in Schools
  by maximorossi in NEP-LTV blog, 2019-04-29 14:04:37 UTC

  By: Alesina, Alberto  (Harvard University);  Carlana, Michela  (Harvard Kennedy School);  La Ferrara, Eliana  (Bocconi University);  Pinotti, Paolo  (Bocconi University) Abstract: If individuals become aware of their stereotypes, do they change their behavior? We study this question in the context of teachers’ bias in grading immigrants and native children in middle schools. Teachers give lower grades to immigrant students compared to natives who have the same performance on standardized, blindly-graded tests. We then relate differences in grading to teachers’ stereotypes, elicited throu [...]

• How Valid are Synthetic Panel Estimates of Poverty Dynamics?
  by maximorossi in NEP-LTV blog, 2019-04-29 14:02:10 UTC

  By: Nicolas Herault  (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne);  Stephen P. Jenkins  (London School of Economics, Institute for Social and Economic Research, University of Essex, Institute for the Study of Labor (IZA)) Abstract: A growing literature uses repeated cross-section surveys to derive ‘synthetic panel’ data estimates of poverty dynamics statistics. It builds on the pioneering study by Dang, Lanjouw, Luoto, and McKenzie (Journal of Development Economics, 2014) providing bounds estimates and the innovative refinement proposed by Dang a [...]

• Educational Upgrading and Returns to Skills in Latin America: Evidence from a Supply-Demand Framework, 1990-2010
  by maximorossi in NEP-LTV blog, 2019-04-29 14:00:46 UTC

  By: Leonardo Gasparini  (CEDLAS-FCE-UNLP & CONICET);  Sebastián Galiani  (University of Maryland);  Guillermo Cruces  (CEDLAS-FCE-UNLP & CONICET & IZA);  Pablo Acosta  (World Bank) Abstract: This paper documents the evolution of wage differentials and the supply of workers by educational level for sixteen Latin American countries over the period 1991- 2013. We find a pattern of rather constant rise in the relative supply of skilled and semiskilled workers over the period. Whereas the returns to secondary education fell over time, in contrast, the returns to tertiary education display a r [...]

• House Prices at Risk
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2019-04-29 12:35:08 UTC

  “The one thing that I don’t see now compared with 2005-2007 (when the housing market turned the last time) is a lot of talk about speculative excess. The financial crisis of 10 years ago was a record setter, and we don’t expect things like that to repeat.” Robert Shiller, Bloomberg Interview , April 5, 2019. “Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon.” Òscar Jordà, Moritz Schularick and Alan M. Taylor, Leveraged Bubbles , 2015. Following the boom and bust of the 2000s, there is widespread agreement that residential real estate is a key source of [...]

2019-04-27

• Labor Mobility in a Monetary Union
  by Christian Zimmermann in NEP-DGE blog, 2019-04-27 12:48:16 UTC

  By Daniela Hauser; Martin Seneca http://d.repec.org/n?u=RePEc:bca:bocawp:19-15&r=dge The optimal currency literature has stressed the importance of labor mobility as a precondition for the success of monetary unions. But only a few studies formally link labor mobility to macroeconomic adjustment and policy. In this paper, we study macroeconomic dynamics and optimal monetary policy in an economy with cyclical labor flows across two distinct regions that share trade links and a common monetary framework. In our New Keynesian dynamic, stochastic, general-equilibrium model calibrated to the Unite [...]

2019-04-25

• Fiscal Policy Multipliers in Small States
  by Christian Zimmermann in NEP-DGE blog, 2019-04-25 03:20:23 UTC

  By Ali Alichi, Ippei Shibata and Kadir Tanyeri http://d.repec.org/n?u=RePEc:imf:imfwpa:19/72&r=dge Government debt in many small states has risen beyond sustainable levels and some governments are considering fiscal consolidation. This paper estimates fiscal policy multipliers for small states using two distinct models: an empirical forecast error model with data from 23 small states across the world; and a Dynamic Stochastic General Equilibrium (DSGE) model calibrated to a hypothetical small state’s economy. The results suggest that fiscal policy using government current primary spending is i [...]

2019-04-24

• Europe Not Feeling Much Pain From Trump Tariffs, Central Bank Says
  by ? in Noozilla Top, 2019-04-24 07:30:13 UTC

  A study by the European Central Bank says that tariffs on steel and aluminum have caused only modest economic damage, but have rattled business confidence. Topics: European Central Bank [...]

• Living/minimum wage: what we know
  by aortmannphd in Core Economics, 2019-04-24 00:01:29 UTC

  Version 1.0 (April 24, 2019) A couple of weeks ago, I got ensnarled in one of these debates on Facebook that do not go anywhere; it was triggered by the Australian Labor Party’s recent Living Wage policy proposal and the related discussion about the merits of minimum wages, and there specifically whether increases in minimum wages have negative employment effects and even more specifically whether such detrimental employment effects hit those at the low end of the wage distribution. These debates tie into other current debates like the one about lacking wages growth  about which even the RBA i [...]

2019-04-23

• Vad media skriver om invandrare pÃ¥verkar väljare
  by Niclas Berggren in Nonicoclolasos, 2019-04-23 04:12:50 UTC

  Det har kommit en studie av vilken betydelse mediarapportering om invandrare hade i i en folkomröstning om att förbjuda minareter i Schweiz 2009. Forskarna bakom studien, ”The Logic of Fear: Populism and Media Coverage of Immigrant Crimes” , finner följande: The campaign, successfully led by the populist Swiss People’s Party, played aggressively on fears of Muslim immigration and linked Islam with terrorism and violence. We combine an exhaustive violent crime detection dataset with detailed information on crime coverage from 12 newspapers. The data allow us to quantify the extent of pre-vote m [...]

2019-04-22

• Communicating Monetary Policy Uncertainty
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2019-04-22 13:01:56 UTC

  “My recommendation for the presentation of economic projections and their use in policy explanations is to align them better with the rhetoric of uncertainty and data dependency and the true state of economic knowledge.” Former Federal Reserve Board Vice Chairman Donald Kohn, January 2019 . When it comes to forecasting, we usually cite famous Yankee catcher and baseball philosopher Yogi Berra , who reputedly said: “It's tough to make predictions, especially about the future.” For central bankers, this is more than just a minor headache. Given the lags between policy actions and their effects, [...]

2019-04-19

• When failure succeeds
  by chris in Stumbling and Mumbling, 2019-04-19 11:56:53 UTC

  In politics, failure sometimes works better than success. This is the message of this piece by Janan Ganesh, wherein he argues that it is in Trump’s interest to fail on his promise to control immigration, because if he does so it will remain a big issue which will attract voters to him. Janan says: It is perverse, I know, that a president could make so little progress on his number-one priority during four years in office, only to be rewarded for it.  Maybe not so perverse. There are other examples. One, as he says, is Brexit. If Brexiters get their way, voters will see that it is in fact no [...]

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