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2021-05-13

• How Does Applied Microeconomic Research Accelerate Climate Change Adaptation?
  by Matthew E. Kahn in Environmental and Urban Economics, 2021-05-13 14:39:00 UTC

  In May 2021, I am quite aware that I am now an "old guy" in the academic economics profession. While this has obvious costs, it offers at least one benefit.� I can blog and offer "big thoughts".�� With that preamble, let's begin.� �We face a serious climate change adaptation challenge.� How does economics research inform our path forward?� I encounter such pessimism among the young about their future.� �They are wrong to doubt the ability of our society to continue to flourish in the face of climate change.� Capitalism offers tremendous potential for coping with emerging risks.� This is the ma [...]

2021-05-12

• Fifth Francqui Lecture: Econometric Modeling of Climate Change
  by noreply@blogger.com (David Stern) in Stochastic Trend, 2021-05-12 02:03:00 UTC

  The video of my fifth and final Francqui lecture on the economic modeling of climate change is now on Youtube:   The lecture begins by introducing the issue of global climate change. The first image of the Earth's energy balance is from an IPCC assessment report. Probably, the 4th Assessment Report . The graph of global temperature is the Berkeley Earth combined land and sea series . The graph of CO2 concentration is based on the data we used in our Journal of Econometrics paper updated with recent observations from Hawaii . Teh original source of the global CO2 emissions series is the now [...]

• Public Policy Schools in the Asia-Pacific Ranked
  by noreply@blogger.com (David Stern) in Stochastic Trend, 2021-05-12 00:52:00 UTC

  I have a new paper with my Crawford School colleague Bjoern Dressel published in Asia & the Pacific Policy Studies (open access). The data and figures for the article are on Figshare . Bjoern has been interested for a while in ranking public policy schools in the Asia-Pacific region.� But a comprehensive ranking seemed hard to achieve. Recently, I came across an article by Ash and Urquiola (2020) that ranks US public policy schools according to their research output and impact. Well, we thought, if they can rank schools just by their research output and not by their education and public policy [...]

2021-05-11

• The Birth and Growth of Modern Zoning (Part I): From Utopia to FARtopia
  by Jason Barr in Skynomics Blog, 2021-05-11 12:18:12 UTC

  Jason M. Barr ( @JasonBarrRU )        May 11, 2021 Author’s note: This post is Part I of a four-part series on the birth and growth of modern zoning, focusing on the planning tool the Floor Area Ratio (FAR).  Part I is about the birth of the FAR in the 1920s. Part II will be about how the FAR was formalized and popularized during the Great Depression. Following that, Part III will cover how the FAR came to be adopted citywide in the 1961 New York City Zoning Resolution. Finally, Part IV will discuss how FAR regulations spread to the rest of the world. My three-part series on the 1916 New York [...]

2021-05-10

• Journal round-up: Social Science & Medicine 275
  by Will Sullivan in The Academic Health Economists' Blog, 2021-05-10 06:00:13 UTC

  Our authors provide regular round-ups of the latest peer-reviewed journals. We cover all issues of major health economics journals as well as other notable releases. Visit our journal round-up log to see past editions organised by publication title. If you’d like to write a journal round-up, get in touch . A journey into April’s edition of a journal that aims to provide an international and interdisciplinary forum for the dissemination of social science research on health … not a cost-effectiveness analysis in sight! Of the 15 original research articles comprising the body of this e [...]

2021-05-07

• 46. CO2 Total Emissions in the World 1970-2015 by geeographical areas
  by MCG Blogs de Economía in Euro-American Association: World Development, 2021-05-07 11:43:00 UTC

  Source: Guisan and Exposito(2020). Applied Econometrics and International Development, Vol.20-2� T he article shows that 87% of increase in Total World CO2 Emissions, for the period 1970-2015, were due to Population Growth while the World average of CO2 Emissions per capita explains only 13% of the total increase. Besides it is important to have into account the effects of Wild Fires, because excluding the effect of those fires, the average per capita diminished from 4.23 to 4.0 Tm per inhabitant. Accordingly to Guisan, Aguayo and Exposito (2001), Guisan and Neira(2006) and other studies, it i [...]

2021-05-06

• Workers with a disability : A closer look at disability in the U.S. civilian labor force
  by ? in FRED blog, 2021-05-06 13:00:00 UTC

  The Americans with Disabilities Act (ADA) was signed into law 31 years ago. The FRED Blog has used data from the U.S. Bureau of Labor Statistics (BLS) to show that the fraction of people outside of the labor force because of disability is approximately constant . Today we revisit the general topic by looking at the percentage of people with a disability inside the labor force. As a reminder, the civilian labor force is made up of workers who either (i) have a job or (ii) don’t have a job but are actively looking for one. And like it sounds, the civilian labor force doesn’t count those in the [...]

2021-05-04

• Center-periphery relationships of pharmaceutical value chains
  by Cristina Reis in Development Economics, 2021-05-04 09:30:00 UTC

  By Cristina Fróes de Borja Reis and José Paulo Guedes Pinto It is well known that, during the 20 th century, the pharmaceutical industry became extremely powerful at the international level, alongside financial, energy, technology, and manufacturing companies (Wells, 1984). The internationalization of the pharmaceutical industry only rose after the internationalization of patent protection in the Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPs Agreement) ( Haakonsson, 2009 ). This industry is highly concentrated around a small number of very large transnationa [...]

2021-05-03

• Collateral Framework: Liquidity Premia and Multiple Equilibria
  by Christian Zimmermann in NEP-DGE blog, 2021-05-03 16:46:21 UTC

  By Yvan Lenwiler and Athanasios Orphanides http://d.repec.org/n?u=RePEc:bsl:wpaper:2021/06&r=dge Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting exception in this respect. It relies on external assessments of the creditworthiness of its member states, such as credit ratings, to determine eligibility and the haircut it imposes on such debt. We show how such features in a central bank’s collateral framework [...]

• Optimal Settlement Speed
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2021-05-03 13:20:03 UTC

  “In the world of one-click purchasing, instant payments, and two-hour delivery, many investors find it counterintuitive that securities trades in the United States can take two days to complete or settle.” Michael Bodson, President and CEO of DTCC, Business Insider , April 2, 2021. Over the past year, a series of events has shifted the attention of both experts and laypersons to the arcane processes that support trading and settlement in the U.S. securities markets. The massive volume of U.S. Treasury sales in March 2020 at the start of the COVID crisis boosted liquidity needs at precisely the [...]

2021-05-01

• Personal income growth - actually heating of a spherical body in a vacuum
  by Ivan Kitov in Economics as Classical Mechanics, 2021-05-01 07:26:00 UTC

  1. Physical intuition behind income growth and fall Here, a microeconomic model is presented, which has been developed to quantitatively describe the dynamics of personal income growth and distribution [ Kitov, 2005a ]. The model is based on one principal assumption that each and every individual above fifteen years of age has a personal capability to work. In essence, the capability to work is equivalent to the capability to earn money. To get money income, individuals have to use one or several means or tools from the full set of options that may include paid job, government transfers, bank [...]

2021-04-29

• Optimal monetary policy with the risk-taking channel
  by Christian Zimmermann in NEP-DGE blog, 2021-04-29 16:32:18 UTC

  By Angela Abbate and Dominik Thaler http://d.repec.org/n?u=RePEc:snb:snbwpa:2021-09&r=dge Empirical research suggests that lower interest rates induce banks to take higher risks. We assess analytically what this risk-taking channel implies for optimal monetary policy in a tractable New Keynesian model. We show that this channel creates a motive for the planner to stabilize the real rate. This objective conflicts with the standard inflation stabilization objective. Optimal policy thus tolerates more inflation volatility. An inertial Taylor-type reaction function becomes optimal. We then quanti [...]

• Do The Urban Poor Gain from Local Economic Growth?
  by Matthew E. Kahn in Environmental and Urban Economics, 2021-04-29 15:46:00 UTC

  I have c o-authored a new book that argues that the answer is "YES" but there are many people who disagree with this claim. �At Johns Hopkins University, I taught Urban Economics in Spring 2020.� Many of my students were skeptical about the possibility that "gentrification" of cities such as Baltimore would improve the quality of life of local long time residents.� I brought in one speaker from the City Government who told my class that she hoped that no billionaires would move to Baltimore.� On my Twitter feed, I often "meet" people who voice deep concerns about the consequences of "unlocking [...]

• Capital's political power
  by chris in Stumbling and Mumbling, 2021-04-29 12:56:31 UTC

  The Tories are corrupt . That’s the message of handing out PPE contracts to government cronies ; Cameron’s lobbying for Greensill; the murky financing of Johnson’s home “improvements”; and Robert Jenrick’s doing the bidding of Tory donors . All this, says Grace Blakeley, highlights the problem of “politicians and business people being in each others’ pockets.” All this, however, is only part of the story. Even if our politicians were honest and even if the media were unbiased capitalists would still have disproportionate (pdf) power over government . Grace is right to say that “our ‘democracy’ [...]

• On secular relative impoverishment of young people
  by Ivan Kitov in Economics as Classical Mechanics, 2021-04-29 09:58:00 UTC

  T he problem with young people's income deficiency attracts more and more attention from media and politicians. Almost every day one can find a publication in non-negligible (e.g. FT) media resources comparing the current young people generation with historical records. We have explained in this blog and many academic papers that this problem cannot be resolved in the situation with growing real GDP per capita.� Figure 1 describes the growth in average income in the USA for work experience between 4 and 10 years, i.e. for 19 to 25 years of age according to the CPS ASEC conducted by the Census [...]

• Journal round-up: PharmacoEconomics – Open 5(1)
  by Rita Faria in The Academic Health Economists' Blog, 2021-04-29 06:00:05 UTC

  Our authors provide regular round-ups of the latest peer-reviewed journals. We cover all issues of major health economics journals as well as other notable releases. Visit our journal round-up log to see past editions organised by publication title. If you’d like to write a journal round-up, get in touch . The issue starts with a commentary by Antony Andrews on the measurement of efficiency of healthcare providers . It makes the important point that healthcare providers cannot operate with maximum efficiency due to the difficulty in responding to changes in demand. After all, healthcar [...]

2021-04-28

• What Carbon Border Adjustment Mechanism for the EU?
  by Gerard EDMOND in Eco Notepad, 2021-04-28 09:24:22 UTC

  Published on 04/28/2021 By Rafael Cezar and Fabio Grieco While the principle of a European Carbon Border Adjustment Mechanism (CBAM) has been agreed on, discussions as to its calibration are still underway. This post presents three scenarios in which the calculation of the tax base and the scope of the mechanism vary. These choices have significant consequences: the gains in terms of CO2 reduction can vary by a factor of three, depending on the scenario chosen. billet_213_veng.pdf Chart 1: Short-term impact of the CBAM on EU imports and import-related emissions Source: authors' calculati [...]

• Fourth Franqui Lecture: Energy and the Industrial Revolution
  by noreply@blogger.com (David Stern) in Stochastic Trend, 2021-04-28 01:04:00 UTC

  The video of my fourth Francqui lecture on the energy and the industrial revolution is now on Youtube: � The opening graph of population and GDP per capita in the United Kingdom since 0CE combines data from the Maddison Project at the University of Groningen and data produced by Steven Broadberry . The energy data in the next graph was compiled in a 2007 publication by Paul Warde . The graph of energy use in Europe since 1500 and the graph of the composition of energy use are from " Power to the People " by Astrid Kander, Paolo Malanima, and Paul Warde. The next section of the presentation gi [...]

2021-04-27

• Why is Beautiful California Losing Congressional Seats? Constrained Local Housing Supply Influences National Politics
  by Matthew E. Kahn in Environmental and Urban Economics, 2021-04-27 14:15:00 UTC

  California real estate is desirable.� I own property there.� Zillow teaches us that it has the most valuable land in America with a Zillow average price of $644,000 in April 2021.� � � The national Zillow price is $276,000.� �Is this difference caused by supply or demand? Over the years, I have written several papers about what makes a place such as California so desirable (and thus featuring high demand).� My 2006 Green Cites book - -- on the rising desirability of great places to live.� The rise of Work from Home only enhances this point going forward.� Power Couples are attracted to living [...]

2021-04-26

• Biden Picks Harris To Lead New Pro-Union Task Force
  by Tyler Durden in Zero Hedge, 2021-04-26 19:57:15 UTC

  Biden Picks Harris To Lead New Pro-Union Task Force With the success of "Nomadland" during last night's Oscars Ceremony (which nobody watched), the depredations facing American workers at the hands of Amazon are back in the headlines. Just weeks after workers at the company's Bessemer, Ala. fulfillment center, voted overwhelmingly against unionizing, the plant's workers are suing the NLRB alleging that Amazon "sabotaged" the vote. As Democrats look to shore up organized labor, formerly a cornerstone of their political base, President Biden has just appointed VP Kamala Harris - [...]

2021-04-22

• Literature on Well-Being and Covid Policy
  by Liam Delaney in Economics, Psychology and Policy, 2021-04-22 23:51:00 UTC

  As promised to a number of readers, below some papers that might be useful for those working on well-being in context of covid polices. This is not in any way intended as an exhaustive list but might be useful for people looking to get a grounding in what is becoming quite a large literature. Anand, P. (2020). The economy of wellbeing: a focus on health and wellbeing helps with priority setting . bmj, 370. Anand, P., Blanchflower, D., Bovens, L., De Neve, J. E., Graham, C., Nolan, B., ... & Thoma, J. (2020). Post-Covid 19 economic development and policy: submitted as recommendations to the Sco [...]

• Analysing Bambawale, et. al., 2021 ("Strategic patience and flexible policies: How India can rise to the China challenge")
  by x in Ajay Shah's blog, 2021-04-22 13:23:00 UTC

  by Shubhashis Gangopadhyay. This is the text of my discussant comments at LEPC 4.1 today , which is a session organised around a talk by Gautam Bambawale presenting the recent paper Bambawale et. al. 2021 . The paper makes a strong and convincing argument for the need to create an ecosystem that fosters growth that is fast and sustainable. It focuses strongly on what needs to be done to ensure Indian citizens a desirable future. This future is envisioned as one where we are in control of our own destiny, China notwithstanding. I am in complete agreement with the need for India to grow economi [...]

2021-04-21

• What Three Economists Taught Us About Currency Regimes
  by Jeffrey Frankel in Project Syndicate, 2021-04-21 16:40:48 UTC

  CAMBRIDGE – A generation of great international economists is passing from the scene. Richard Cooper   died on December 23, Robert Mundell on April 4 , and John Williamson on April 11 . All three made important contributions on a variety of topics, and coined memorable terms that remain in use, though not always in their originally intended sense. More specifically, all three played a role in the ongoing debate about optimal currency arrangements. Each was unhappy with the system of market-determined floating exchange rates and proposed reforms. Should central banks fix exchange rates, or even [...]

2021-04-19

• Uncertainty and Monetary Policy during the Great Recession
  by Christian Zimmermann in NEP-DGE blog, 2021-04-19 16:48:30 UTC

  By Giovanni Pellegrino; Efrem Castelnuovo; Giovanni Caggiano http://d.repec.org/n?u=RePEc:ces:ceswps:_8985&r=dge We employ a nonlinear VAR framework and a state-of-the-art identification strategy to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this evidence with an estimated DSGE framework featuring a concept of uncertainty comparable to that in our VAR. We then use the estimated framework to quantify the output loss due to the large uncertainty shock that materialized in 2008Q3. We find such a s [...]

• New Yimby City: A Roundtable Q&A with Open New York (Part II)
  by Jason Barr in Skynomics Blog, 2021-04-19 12:22:15 UTC

  Jason M. Barr ( @JasonBarrRU )           April 19, 2021 Editor’s Note: In the Skynomics Blog , I frequently discuss the subject of housing affordability in New York City. It thus piqued my interest when I learned about a group of New Yorkers who have become politically engaged through their organization, Open New York , to increase the city’s housing stock. This is Part II of a two-part roundtable Q&A with four of their members. Part I is here . The Panelists Casey Berkovitz is an Open New York board member and senior associate at The Century Foundation, a public policy organization. He twee [...]

• Stopping central banks from being prisoners of financial markets
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2021-04-19 12:12:24 UTC

    "I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody." James Carville, President Bill Clinton’s political adviser, Wall Street Journal, February 25, 1993 . Central banks are on the front lines in the fight to limit the impact of the pandemic. They are supporting virtually every aspect of the economy and the financial system. Going well beyond traditional policies aimed at stimulating aggregate activity, central banks have lent to ban [...]

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