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2020-07-06

• Fed's big stick lets it speak powerfully
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-07-06 12:56:56 UTC

  The powerful stabilizing impact of the Federal Reserve’s COVID response is visible virtually across U.S. financial markets. Despite the deepest recession since the Great Depression, the NASDAQ is at a record high, the S&P 500 index is barely 8 percent below its peak, and U.S. equity and bond market volatilities are far below their March peaks. In addition, bond market liquidity has improved sharply, while investment-grade corporate yield spreads are now in line with their long-run norm. Even the trade-weighted value of the dollar has retraced roughly half of its March flight-to-safety surge . [...]

• Chris Sampson’s journal round-up for 6th July 2020
  by Chris Sampson in The Academic Health Economists' Blog, 2020-07-06 11:00:00 UTC

  Every Monday our authors provide a round-up of the latest peer-reviewed journal publications. We cover all issues of major health economics journals as well as some other notable releases. 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 . Health Economics, Policy and Law Volume 15, Issue 3 The articles that I’ll highlight from the latest issue of HEPL have come in pairs, on the topics of competition, public involvement in health policy, and international differences in HTA. R [...]

2020-07-01

• What Accounts for the Rising Share of Women in the Top 1%?
  by maximorossi in NEP-LTV blog, 2020-07-01 14:43:12 UTC

  By: Burkhauser, Richard V.  (Cornell University);  Herault, Nicolas  (Melbourne Institute of Applied Economic and Social Research);  Jenkins, Stephen P. (London School of Economics);  Wilkins, Roger  (Melbourne Institute of Applied Economic and Social Research) Abstract: The share of women in the top 1% of the UK’s income distribution has been growing over the last two decades (as in several other countries). Our first contribution is to account for this secular change using regressions of the probability of being in the top 1%, fitted separately for men and women, in order to contrast b [...]

• Non Cognitive Skills and Childcare Attendance
  by maximorossi in NEP-LTV blog, 2020-07-01 14:40:37 UTC

  By: Daniela Del Boca ;  Enrica Maria Martino ;  Chiara Pronzato Abstract: While several studies have explored the determinants of cognitive outcomes, this paper focuses on non-cognitive skills, for which there is less empirical evidence. Non- cognitive skills have been recognized as important determinants of cognitive skills and later life outcomes. We analyze the impact of attending formal childcare at ages 0-2 on attitudes toward schooling and on the social behavior of children at the end of their first year of primary school and at the end of high school. We find that attendance of ch [...]

• Covid-19 and Corporate India
  by Anurodh in Ajay Shah's blog, 2020-07-01 05:44:00 UTC

  by Aakriti Mathur and Rajeswari Sengupta . India is dealing with a massive shock in the form of the Covid-19 pandemic. The first case was reported in India on 30 January, 2020. By middle of March the disease had begun spreading rapidly across the country. To prevent the spread of the virus the Indian government announced a nationwide lockdown on 24 March. The pandemic and the lockdown affected nearly all firms and sectors of the economy; however, there are likely to be significant heterogeneities. We propose a novel approach to identify firms that may have had greater exposure to the pa [...]

2020-06-30

• The Seeds of Ideology: Historical Immigration and Political Preferences in the United States
  by maximorossi in NEP-LTV blog, 2020-06-30 18:45:17 UTC

  By: Giuliano, Paola  (University of California, Los Angeles);  Tabellini, Marco  (Massachusetts Institute of Technology) Abstract: We test the relationship between historical immigration to the United States and political ideology today. We hypothesize that European immigrants brought with them their preferences for the welfare state, and that this had a long-lasting effect on the political ideology of US born individuals. Our analysis proceeds in three steps. First, we document that the historical presence of European immigrants is associated with a more liberal political ideology and w [...]

• Employer Policies and the Immigrant-Native Earnings Gap
  by maximorossi in NEP-LTV blog, 2020-06-30 18:40:30 UTC

  By: Benoit Dostie ;  Jiang Li ;  David Card ;  Daniel Parent Abstract: We use longitudinal data from the income tax system to study the impacts of firms’ employment and wage-setting policies on the level and change in immigrant-native wage differences in Canada. We focus on immigrants who arrived in the early 2000s, distinguishing between those with and without a college degree from two broad groups of countries – the U.S., the U.K. and Northern Europe, and the rest of the world. Consistent with a growing literature based on the two-way fixed effects model of Abowd, Kramarz, and Margolis [...]

• How to deal with abusive patent enforcement within the EU enforcement framework
  by Neil Wilkof in The IPKat, 2020-06-30 08:47:00 UTC

  Kat friends Prof. A. Strowel and Dr. A. Léonard share their thoughts on how to deal with abusive patent enforcement within the EU enforcement framework. The IP Enforcement Directive (2004/48) was originally meant to fight piracy and counterfeiting, in particular in the field of copyright. However, at the time of adoption, no agreement could be reached on the definition of those unlawful practices. Therefore, at the end of the legislative process, the Directive was stretched to cover “any infringement” of IP rights – including patents. This all-encompassing scope is rather unfortunate as some [...]

2020-06-29

• The Macroeconomic Stabilization Of Tariff Shocks: What Is The Optimal Monetary Response?
  by Christian Zimmermann in NEP-DGE blog, 2020-06-29 20:30:56 UTC

  By Paul Bergin and Giancarlo Corsetti http://d.repec.org/n?u=RePEc:cam:camdae:2026&r=dge In the wake of Brexit and the Trump tariff war, central banks have had to reconsider the role of monetary policy in managing the economic effects of tariff shocks, which may induce a slowdown while raising inflation. This paper studies the optimal monetary policy responses using a New Keynesian model that includes elements from the trade literature, including global value chains in production, firm dynamics, and comparative advantage between two traded sectors. We find that, in response to a symmetric tari [...]

• Chris Sampson’s journal round-up for 29th June 2020
  by Chris Sampson in The Academic Health Economists' Blog, 2020-06-29 11:00:06 UTC

  Every Monday our authors provide a round-up of the latest peer-reviewed journal publications. We cover all issues of major health economics journals as well as some other notable releases. 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 . PharmacoEconomics Volume 38, Issue 7 A chunk of this issue is dedicated to research and debate about the guidance provided by the US National Comprehensive Cancer Network (NCCN) in their ‘Evidence Blocks’, which essentially constitute a value f [...]

2020-06-25

• From Farming to Female Empowerment
  by M Niaz Asadullah in Project Syndicate, 2020-06-25 11:32:31 UTC

  KUALA LUMPUR – South Asia’s record on gender equality is weak, to say the least. The region has the world’s highest rate of child marriage, and domestic violence against women is pervasive. Women are over-represented in unpaid work, and under-represented in the labor force, even in countries like Sri Lanka , which has invested heavily in girls’ schooling. Yet there is one sector where women are taking over: agriculture. This is an opportunity for women’s economic empowerment that should not be missed. As South Asian economies develop, men are increasingly pursuing employment in manufacturing ( [...]

2020-06-24

• Campbell: Relative Prices and Hysteresis: Evidence from US Manufacturing—Noted
  by ? in Grasping Reality with the Invisible Hand, 2020-06-24 17:00:05 UTC

  It was from economic and technological historians like Nate Rosenberg, David Hounshell, and my own great great uncle Abbott Payson Usher’s works that I first learned about the crucial importance of externalities from communities of engineering practice in [...]

• The OECD Development Centre in the 1980s
  by ReibReisen in ShiftingWealth, 2020-06-24 16:31:00 UTC

  The OEEC had been the European child of the Marshall Plan since 1948, the OECD was its North Atlantic grandson since 1961; the OECD Development Centre became its South oriented late-birth. Founded in 1962 at the suggestion of the then US President John F. Kennedy [1] , the semi-autonomous research-oriented institution was intended to serve as a forum for the exchange of policy know-how and as a link between OECD members and developing countries. Despite offers from the IMF (DC), Moody's (NYC), KfW (Ffm) and GIGA (HH), I remained associated with the Development Centre in Paris for almost 29 lo [...]

2020-06-23

• The Great Debt Cleanup
  by Daron Acemoglu in Project Syndicate, 2020-06-23 15:26:33 UTC

  BOSTON – With more than $7.5 trillion owed to external creditors, emerging economies’ debt-service costs are becoming increasingly onerous just when they need as much fiscal space as possible to confront the COVID-19 crisis. While there is a strong case for canceling much of this debt, many key players oppose doing so, arguing that it would limit these countries’ access to international markets in the future, thereby reducing investment and growth. In fact, the evidence for this view is fairly weak . Far from reliably boosting investment and growth, international financial flows are more likel [...]

• Two papers on the demographics of wealth and the real interest rate decline
  by Christian Zimmermann in NEP-DGE blog, 2020-06-23 13:57:52 UTC

  Intergenerational wealth inequality: the role of demographics By António Antunes and Valerio Ercolani http://d.repec.org/n?u=RePEc:ptu:wpaper:w202009&r=dge During the last three decades in the US, the older part of the population has become significantly richer, in contrast with the younger part, which has not. We show that demographics account for a significant part of this intergenerational wealth gap rise. In particular, we develop a general equilibrium model with an OLG structure which is able to mimic the wealth distribution of the household sector in the late 1980s, conditional on its a [...]

2020-06-22

• Chris Sampson’s journal round-up for 22nd June 2020
  by Chris Sampson in The Academic Health Economists' Blog, 2020-06-22 11:00:03 UTC

  Every Monday our authors provide a round-up of the latest peer-reviewed journal publications. We cover all issues of major health economics journals as well as some other notable releases. 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 . Value in Health Volume 23, Issue 6 The latest issue of Value in Health is bookended with two new definitions. Leading the way is a report from the ISPOR Patient-Centred Special Interest Group. The group set out to define patient engagement in r [...]

2020-06-21

• An Open Letter to Randal K. Quarles, Federal Reserve Vice Chair for Supervision
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-06-21 18:01:15 UTC

  Sunday, June 21, 2020 Dear Vice Chair Quarles, Nearly three years ago, we wrote an open letter congratulating you on your nomination as the first Vice Chair for Supervision on the Board of Governors of the Federal Reserve System. In that letter, we highlight the central mission of ensuring the resilience and promoting the dynamism of the U.S. financial system. Today we write to express our profound disappointment regarding the plans (expressed in your June 19 speech on “ The Adaptability of Stress Testing “) to limit the disclosure of this year’s large-bank stress tests. In our view, failure t [...]

2020-06-20

• Savings externalities and wealth inequality
  by Christian Zimmermann in NEP-DGE blog, 2020-06-20 00:40:02 UTC

  By Konstantinos Angelopoulos, Spyridon Lazarakis and James Malley http://d.repec.org/n?u=RePEc:gla:glaewp:2019-05&r=dge Incomplete markets models imply heterogeneous household savings behaviour which in turn generates pecuniary externalities via the interest rate. Conditional on differences in the processes determining household earnings for distinct groups in the population, these savings externalities may contribute to inequality. Working with an open economy heterogenous agent model, where the interest rate only partially responds to domestic asset supply, we find that differences in the ea [...]

2020-06-18

• Lockdown threats to capital
  by chris in Stumbling and Mumbling, 2020-06-18 12:39:52 UTC

  Many economists agree that a premature lifting of the lockdown will not necessarily boost the economy greatly. As both Simon and Jo say, if people fear catching the virus they'll avoid shops and restaurants even if they are open. Which poses the question. Why, then, are so many on the right so keen to lift the lockdown? In part, the answer might lie in a useful concept of Michal Kalecki's (pdf) - their "class instinct." This tells them that a prolonged lockdown - especially combined with inadequate protection for workers and businesses - threatens the longer-term health of capital. The sooner [...]

• Thesis Thursday: Ekaterina Bordea
  by Chris Sampson in The Academic Health Economists' Blog, 2020-06-18 06:00:26 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 Ekaterina Bordea who has a PhD from City, University of London . If you would like to suggest a candidate for an upcoming Thesis Thursday, get in touch. Title Essays on the effect of immigration and assimilation on immigrants’ health and health behaviours: evidence from the United Kingdom and Russian Federation Supervisors Mireia Jofre-Bonet , Alice Mesnard Repository link https://openaccess.city.ac.uk/id/eprint/24194/ Why might immigrants be more or less he [...]

2020-06-16

• Disease and Unease in New York City (Part I): Mortality Rates since 1800
  by Jason Barr in Skynomics Blog, 2020-06-16 12:15:11 UTC

  Jason M. Barr           June 16, 2020 Pandemic 2020 On March 11, 2020, the World Health Organization officially declared the COVID-19 outbreak a pandemic. The first case appeared in Wuhan, China, on December 31, 2019. It arrived in the United States toward the end of January. On March 1, the New York metropolitan region saw its initial infection, and soon after, it became one of the world’s epicenters. The general response by governors across the country was to close businesses, schools, and other public institutions , and send everyone home to “shelter in place.” While the epidemic in New Yor [...]

• Ethics of Behavioural Science Policy: Nudge FORGOOD
  by Liam Delaney in Economics, Psychology and Policy, 2020-06-16 00:00:00 UTC

  This is one of a series of "living posts" that will updated periodically. See more examples on the right-hand side-bar of the blog.  The post below has been developed since 2015 to keep tabs on various discussions about ethical aspects of behavioural science and policy. I will continue to update this post through the next three years. The paper linked here (abstract below), co-authored with Leonhard Lades and published in Behavioural Public Policy, is an attempt to summarise what has become a very large literature on ethics into a framework that is useful for project development and training. [...]

2020-06-15

• The Fed's Crystal Ball: Looking Beyond the COVID-19 Recession
  by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets, 2020-06-15 11:14:52 UTC

  “[W]e're not thinking about raising rates. We're not even thinking about thinking about raising rates.” (emphasis added) Federal Reserve Chair Jerome Powell, press conference transcript , June 10, 2020 Over the past 75 years, no one has seen anything like the COVID-19 shock to the global economy. Nor have we seen anything like the swift, broad and massive fiscal and monetary expansion that followed. Nevertheless, the June OECD Economic Outlook now predicts that OECD economies will contract by 7.5% this year—more than twice as large as the decline in the Great Financial Crisis (GFC) of 2007-09. [...]

• Chris Sampson’s journal round-up for 15th June 2020
  by Chris Sampson in The Academic Health Economists' Blog, 2020-06-15 11:00:19 UTC

  Every Monday our authors provide a round-up of the latest peer-reviewed journal publications. We cover all issues of major health economics journals as well as some other notable releases. 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 . Health Economics Volume 29, Issue 7 The July 2020 issue of Health Economics includes a variety of theoretical, empirical, and methodological papers. Of most interest to me is a paper on Sen’s capability approach . The authors establish a theore [...]

2020-06-14

• The Social Benefits of Social Capital in Fire Fighting Units Contrasted with the Social Cost of Social Capital in Police Units
  by Matthew E. Kahn in Environmental and Urban Economics, 2020-06-14 14:35:00 UTC

  Fire fighters in a city such as Baltimore have a better defined job than the police.� Fire fighters do not set fires.� They put out fires and save those at risk.� Fires occur at random times in random parts of the city. The quality of the fire fighting unit can be measured using;� 1. time until the unit arrives on the scene.� 2. time until the fire fighters put out the fire.� 3. total cost for putting out the fire. Each member of the fire fighting unit knows his role and the individual team members know whether other complementary members of the team did their job.� A KEY POINT.� Once the fire [...]

2020-06-12

• Some Thoughts on the 2019 JEL Review of My Co-Authored China Book
  by Matthew E. Kahn in Environmental and Urban Economics, 2020-06-12 01:08:00 UTC

  In 2019, Ian Coxhead wrote a tough Journal of Economic Literature review of my co-authored 2016 book Blue Skies Over Beijing: Economic Growth and the Environment (joint with Siqi Zheng of MIT).� �In this blog post, I won't comment on specifics about his review but I would like to restate our main thesis.� I hope this helps young scholars think about some open research questions. Our main thesis is that rising educational attainment by increasingly sophisticated urbanites creates an upper-middle class who demand blue skies.� Given that China has developed later than Japan, Korea, the U.S and Eu [...]

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