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Blog aggregator for economics research

2019-07-18

• What’s the story behind who’s working? : Disaggregating EPOP by race and gender
  by ? in FRED blog, 2019-07-18 13:00:18 UTC

  Back in 2016, a FRED Blog post discussed the volatility of the labor market for people of different races based on the employment-to-population ratio (EPOP). The Bureau of Labor Statistics defines this measure as “the number of employed people as a percentage of the civilian noninstitutional population.” So EPOP is basically the percentage of adults who are employed. The EPOPs for Hispanic and Black Americans have increased at roughly the same rates since the Great Recession of 2007-09, while the growth rate for White Americans has leveled off. This change occurred in spite of the decrease in [...]

2019-07-17

• Costs of recession
  by chris in Stumbling and Mumbling, 2019-07-17 13:03:49 UTC

  The Resolution Foundation’s James Smith has written a nice paper on the likelihood of recession and the fact that, with monetary less able to support the economy, we need to think about alternative ways of tackling recessions. I just want to amplify what he says in two ways. First, there’s increasing evidence that recessions can do long-term damage, even if the economy appears to bounce back in the short-term. There are at least three mechanisms here:  - Education. Bryan Stuart shows that the 1980-82 recession in the US “generated sizable long-run reductions in education and income.” Parents w [...]

2019-07-16

• The Technology of Tall (Part I): Skeletons, Outriggers, and Buttresses
  by Jason Barr in Building the skyline, 2019-07-16 12:22:22 UTC

  Jason M. Barr    July 16, 2019 Note this is Part I of what will be an on-going series on the evolution of skyscraper technology. The Birth of Height In 1900, the architect Cass Gilbert—who later designed the 55-story Woolworth Building (1913)—wrote an article to justify the existence of tall buildings. At the time, New Yorkers were witnessing their first skyscraper boom. They were curious and puzzled, and unsure of what to make of these new structures. Since the dawn of civilization, buildings for work and living were never more than six stories. Then, in a matter of a few short years, offices [...]

• A vueltas con los robots y con los algoritmos
  by Juan Francisco Jimeno in Nada Es Gratis, 2019-07-16 05:01:00 UTC

  Últimamente hay dos temas que surgen recurrentemente en (casi) todas mis conversaciones con colegas y amigos. Uno es, como no, futbolístico: la renovación del Real Madrid; otro se refiere a las consecuencias de la robotización y de la inteligencia artificial sobre el mercado de trabajo y el crecimiento económico. En cuanto al primero, dejaré mis opiniones para mejor ocasión, aun cuando esas conversaciones a veces derivan en una discusión "apasionante" sobre si veremos pronto "robots" en las alineaciones de nuestros equipos favoritos (algunos prototipos ya parecen cumplir algunos de los requisi [...]

2019-07-15

• Academic Health Economists’ Blog Journal Round-Up
  by Jason Shafrin in Healthcare Economist, 2019-07-15 16:38:21 UTC

  Today I put together the journal round-up for the Academic Health Economists’ blog , one of my favorite reads. I review three papers: Understanding price growth in the market for targeted oncology therapies . American Journal of Managed Care [ PubMed ]  Published 14th June 2019 Do cancer treatments have option value? Real‐world evidence from metastatic melanoma . Health Economics [ PubMed ] [ RePEc ]  Published 24th June 2019 Aggregate distributional cost-effectiveness analysis of health technologies . Value in Health [ PubMed ]  Published 1st May 2019 To see my thoughts on each o [...]

• Libra's dramatic call to regulatory action
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2019-07-15 12:10:12 UTC

  “I just think it cannot go forward without there being broad satisfaction with the way the company has addressed money laundering...data protection, consumer privacy….” FRB Chairman Jerome H. Powell, Testimony to House Financial Services Committee , July 10, 2019.  “We have an open mind, but not an open door.” Bank of England Governor Mark Carney , June 18, 2019. “A wider use of new types of crypto-assets for retail payment purposes would warrant close scrutiny by authorities to ensure that they are subject to high standards of regulation.” Letter to G20 Leaders , FSB Chair (and FRB Vice Chair [...]

• Jason Shafrin’s journal round-up for 15th July 2019
  by Jason Shafrin in The Academic Health Economists' Blog, 2019-07-15 11:00:05 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 . Understanding price growth in the market for targeted oncology therapies . American Journal of Managed Care [ PubMed ] Published 14th June 2019 In the media, you hear that drugs prices—particularly for on [...]

2019-07-12

• Just Released: Historical Reconstruction of the New York Fed Staff Nowcast, 2002-15
  by Blog Author in Liberty Street Economics, 2019-07-12 15:27:59 UTC

  Patrick Adams, Domenico Giannone, Eric Qian, and Argia Sbordone The New York Fed Staff Nowcast has been running for over three years. Each Friday at 11:15 a.m., we publish our updated predictions for real GDP growth based on the data released each week. When the Bureau of Economic Analysis (BEA) releases the first estimate of GDP growth, we stop updating our nowcast and archive it. We maintain these archives as part of our Nowcasting Report on the New York Fed’s public website to allow users to study the features of the nowcast and its accuracy. Now, to better understand the model [...]

• Interregional mobility and monetary policy
  by BankUnderground in Bank Underground, 2019-07-12 08:00:08 UTC

  By Daniela Hauser and Martin Seneca According to conventional wisdom , a currency area benefits from internal labour mobility. If independent stabilisation policies are unavailable, the argument goes, factor mobility helps regions respond to shocks. Reasonable as it sounds, few attempts have been made to test this intuition in state-of-the-art macroeconomic models. In a recent Staff Working Paper (also available here ), we build a DSGE model of a currency area with internal migration to go through the maths. So does the old intuition hold up? The short answer, we think, is yes. Interna [...]

2019-07-11

• Here Are 6 Ways a New Report Devastates the $15 Minimum Wage
  by Rachel Greszler in The Foundry, 2019-07-11 17:38:17 UTC

  Just in time for next week’s likely House vote on a federal $15 minimum wage, the nonpartisan Congressional Budget Office has come out with a caustic report on the consequences of the policy. The report confirms what even liberal economists caution : A $15 minimum wage would “risk undesirable and unintended consequences” and lead to a survival-of-the-fittest labor market, where only the highest-skilled workers come out on top.   Democrats are under the illusion that the government can force employers to artificially increase wages with no adverse consequences for American workers. But [...]

2019-07-08

• On the Instability of Banking and Other Financial Intermediation
  by Christian Zimmermann in NEP-DGE blog, 2019-07-08 18:29:12 UTC

  By Chao Gu, Cyril Monnet, Ed Nosal and Randall Wright http://d.repec.org/n?u=RePEc:szg:worpap:1904&r=dge Are financial intermediaries inherently unstable? If so, why? What does this suggest about government intervention? To address these issues we analyze whether model economies with financial intermediation are particularly prone to multiple, cyclic, or stochastic equilibria. Four formalizations are considered: a dynamic version of Diamond-Dybvig banking incorporating reputational considerations; a model with delegated investment as in Diamond; one with bank liabilities serving as payment in [...]

• Protecting the Federal Reserve
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2019-07-08 11:19:34 UTC

  “How can a dozen … people meeting eight times a year decide what the cost of capital should be versus some kind of organically, market supply determined rate? The Fed is not omniscient. They don’t know what the right rate should be. How could anyone?” Judy Shelton, Interview with James Politi , Financial Times , May 31, 2019. The Fed’s practice of paying banks to keep money parked at the Fed in deposit accounts instead of going into the economy is unhealthy and distorting; the rate should come down quickly as the practice is phased out.” “Other nations indulge in currency warfare through unfai [...]

• Rachel Houten’s journal round-up for 8th July 2019
  by Rachel Houten in The Academic Health Economists' Blog, 2019-07-08 11:00:07 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 . Adjusting for inflation and currency changes within health economic studies . Value in Health Published 13th June 2019 The purpose of the paper is to highlight the need for transparency in the reporting o [...]

• Spot Month Limits: Necessary, But Not Sufficient, to Prevent Market Power Manipulation
  by cpirrong in Streetwise Professor, 2019-07-08 00:50:41 UTC

  In my recent post on position limits, I suggested that at most spot month limits are justified as a means of constraining market power manipulation. It is important to note, however, that setting spot month limits at levels that approximate stocks in deliverable position may not be sufficient to prevent the exercise of market power during the delivery period, with the resultant deleterious effects on prices. The basic motivation for position limits equal to stocks is predicated on a model of manipulation that makes particular assumptions about market participants’ beliefs. I pointed out [...]

2019-07-07

• Females, the elderly, and also males: Demographic aging and macroeconomy in Japan
  by Christian Zimmermann in NEP-DGE blog, 2019-07-07 00:17:31 UTC

  By Sagiri Kitao, Minamo Mikoshiba and Hikaru Takeuchi http://d.repec.org/n?u=RePEc:een:camaaa:2019-37&r=dge The speed and magnitude of ongoing demographic aging in Japan are unprecedented. A rapid decline in the labor force and a rising fiscal burden to finance social security expenditures could hamper growth over a prolonged period. We build a dynamic general equilibrium model populated by overlapping generations of males and females who differ in employment type and labor productivity as well as life expectancy. We study how changes in the labor market over the coming decades will affect the [...]

2019-07-05

• Simplicity: smart & stupid
  by chris in Stumbling and Mumbling, 2019-07-05 12:41:20 UTC

  David Gauke has been rightly praised for this : Rather than recognising the challenges of a fast-changing society require sometimes complex responses, that we live in a world of trade-offs, that easy answers are usually false answers, we have seen the rise of the simplifiers. This echoes a fine piece by Ian Leslie who says : The disease of politics today is not populism, so much, as simplism: the oversimplification of complex problems. I want to quibble, though. There are – to simplify! – two different types of simplicity, the stupid and the smart. Stupid simplicity is the sort that Gauke [...]

• Olimpiadi 2026: non scivolare sulle stime come a Torino
  by Jerome Massiani e Matteo Modena in La Voce, 2019-07-05 07:00:29 UTC

  Quali saranno gli effetti delle Olimpiadi invernali 2026 a Milano e Cortina sull’economia locale e su quella italiana? Il confronto con Torino 2006 può essere fuorviante. Ma il rischio è soprattutto quello di fidarsi di stime troppo ottimistiche. Milano e Cortina hanno saputo convincere il Comitato olimpico della validità della loro candidatura per l’organizzazione delle Olimpiadi invernali 2026. La vittoria è accompagnata da importanti aspettative economiche. Diventa così inevitabile il confronto con i risultati di Torino 2006. Sono disponibili diverse stime dell’impatto di Milano-Cortina: 2, [...]

2019-07-01

• Skyscrapers, Housing, and Cities: A Q&A Interview with Ingrid Gould Ellen (Part II)
  by Jason Barr in Building the skyline, 2019-07-01 11:55:38 UTC

  Jason M. Barr     July 1, 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 Housing Supply JB: In your recent article, “ Supply Skepticism: Housing Supply and Affordability ,” in Housing Policy Debate , you discuss some of the reasons given by the oppone [...]

• Chris Gibbons’s journal round-up for 1st July 2019
  by Christopher Gibbons in The Academic Health Economists' Blog, 2019-07-01 11:00:08 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 . The economic case for the prevention of mental illness . Annual Review of Public Health [ PubMed ] [ RePEc ] Published April 2019 I’m a big fan of these annual reviews in public health, partly because the [...]

• Renewable Energy vs. Africa’s Renaissance
  by Vijay Jayaraj in MasterResource, 2019-07-01 06:00:53 UTC

  Thirteen of the world’s 20 least electrified countries are in Africa. Around 630 million people live without access to electricity in sub-Saharan Africa. “What will help Africa defeat energy poverty: glorified renewables or time-tested, dense, reliable conventional energies?” The African energy renaissance never happened. Most of the continent is still in the dark and far behind the rest of the world in energy production. Now, the challenges faced by Africa’s energy sector have only been complicated by European interests in climate policy-driven renewable energy . What will help [...]

2019-06-27

• Why Is Macro So Hard? Bias Against Emergence and Bias Against Understanding
  by Dave in voluntaryXchange, 2019-06-27 18:21:00 UTC

  Macro is hard because journalists (and many of the rest of us) overweight conscious action by individuals — decisions. If we overweight something, we must underweight something else — and that’s emergence: the idea that some things happen through the interaction of all of us rather than through conscious planning. Cold Spring Shops pointed me towards a couple of pieces and Stumbling and Mumbling that cover this well, in the context of Brexit and the rise of Boris Johnson. Not all of this is relevant here; I’ve emphasized the parts I like best . I fear that we have here is another example [...]

2019-06-24

• The Case for Strengthening Automatic Fiscal Stabilizers
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2019-06-24 11:56:55 UTC

  “[F]iscal stimulus should be timely, targeted and temporary.” Douglas Elmendorf and Jason Furman, “ If, When, How: A Primer on Fiscal Stimulus ,” The Hamilton Project, January 2008. “Somewhere, sometime a government policy worked in a way it was intended to .” Stanley Fischer, discussing John Taylor, “ The Swedish Investment Funds System as a Stabilization Policy Rule ,” 1982.  “[S]tabilizers are unlikely to pay for themselves.” Claudia Sahm, “Direct Stimulus Payments to Individuals,” in Heather Boushey, Ryan Nunn, and Jay Shambaugh (editors), Recession Ready: Fiscal Policies to Stabilize the [...]

• Simon McNamara’s journal round-up for 24th June 2019
  by sjmcnamara1 in The Academic Health Economists' Blog, 2019-06-24 11:00:22 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 . Manipulating the 5 dimensions of the EuroQoL instrument: the effects on self-reporting actual health and valuing hypothetical health states . Medical Decision Making [ PubMed ] Published 4th June 2019 EQ- [...]

• Prácticas anticompetitivas: un ejemplo de libro (de texto)
  by Juan Luis Jiménez in Nada Es Gratis, 2019-06-24 07:00:29 UTC

  de  Javier Campos y Juan Luis Jiménez . El próximo mes de septiembre, cuando comience el nuevo curso escolar, la tradicional queja de miles de familias españolas sobre la carestía de los libros de texto puede estar más justificada que nunca. En una resolución reciente , la Comisión Nacional de los Mercados y la Competencia (CNMC) ha multado a 34 editoriales de libros de texto no universitarios y a la Asociación Nacional de Editores de Libros y material de Enseñanza ( ANELE ) por coordinar políticas y condiciones comerciales para restringir la competencia. Como es habitual, lo interesante de es [...]

2019-06-23

• Cartographical, and ethical, literacy
  by Diane Coyle in The Enlightened Economist, 2019-06-23 13:43:18 UTC

  I love books about data visualisation – the oeuvre of Edward Tufte especially The Visual Display of Quantitative Information , anything by Howard Wainer eg Picturing the Uncertain World . So I’ve very much enjoyed How to Lie With Maps by Mark Monmonier. This is an update of a classic tetbook and has been an eye-opener. Although I love maps, and althoug software means they are used far more often, I’d never really thought about them in the same mental bucket as other forms of data visualisation. The book covers everything from choice of symbols to use of colour and shade to the influence of cul [...]

2019-06-22

• How to find a good restaurant? Economists can help
  by ? in Age of Engagement | Big Think, 2019-06-22 12:19:33 UTC

  Where to eat? It's a question you've probably pondered when visiting somewhere unfamiliar. Though it's fun to explore a strange suburb, town or city, when you're hungry you'd rather minimise the chance of paying exorbitant prices for an unpleasant experien [...]

• How to find a good restaurant? Economists can help
  by ? in Noozilla Top, 2019-06-22 08:53:20 UTC

  Where to eat? It's a question you've probably pondered when visiting somewhere unfamiliar. Though it's fun to explore a strange suburb, town or city, when you're hungry you'd rather minimise the chance of paying exorbitant prices for an unpleasant... [...]

2019-06-21

• Economics needs to do more than attract women to solve its gender problem
  by ? in Forum:Blog, 2019-06-21 06:49:43 UTC

  Economist Carolina Alves explains why she set up the Diversifying and Decolonising Economics initiative - to make economics free of discrimination, including sexism, racism, and discrimination based on approach and geography. [...]

2019-06-20

• Why GDP Still Matters
  by Bjørn Lomborg in Project Syndicate, 2019-06-20 13:21:26 UTC

  ALLINGE, DENMARK – New Zealand is being lauded for introducing the world’s first Wellbeing Budget , which aims to shift the focus from GDP toward the “wellbeing of people.” Those with a grudge against the GDP indicator – in particular greens, who blame economic growth for harming the environment – see this as an exciting new opportunity to stop chasing dollars and start caring about people. The pursuit of higher GDP is easy to malign. The measure was invented during the industrial era, and includes many things that are obviously not beneficial. As Robert F. Kennedy pointed out a half-century a [...]

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 [...]

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