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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

• 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 [...]

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 [...]

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: [...]

• 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 [...]

2019-05-27

• 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 [...]

2019-05-17

• 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 [...]

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 [...]

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 [...]

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