Empirical Economics最新文献_第4页

Adults in the room? The auditor and dividends in small firms: evidence from a natural experiment 房间里的成年人？审计师与小公司的红利：来自自然实验的证据

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-05-14 DOI: 10.1007/s00181-024-02603-1

Hakim Lyngstadås, Johannes Mauritzen

引用次数: 0

Measuring productivity when technology is heterogeneous using a latent class stochastic frontier model 利用潜类随机前沿模型衡量技术异质时的生产率

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-05-13 DOI: 10.1007/s00181-024-02604-0

K Hervé Dakpo, Laure Latruffe, Yann Desjeux, Philippe Jeanneaux

{"title":"Measuring productivity when technology is heterogeneous using a latent class stochastic frontier model","authors":"K Hervé Dakpo, Laure Latruffe, Yann Desjeux, Philippe Jeanneaux","doi":"10.1007/s00181-024-02604-0","DOIUrl":"https://doi.org/10.1007/s00181-024-02604-0","url":null,"abstract":"We examine an extension of the latent class stochastic frontier model (LCSFM) to productivity estimation and the decomposition of productivity change into technical change, output-oriented technical efficiency change, and scale change. We base our productivity estimation on a Multi-class Grifell-Tatjé, Lovell & Orea Malmquist (GLOM) index. An advantage of this new productivity index is to account for classes' posterior probabilities to derive individual farm parameters. In addition, we extend our analysis to estimate a metafrontier GLOM productivity index to explore potentialities when all firms use the best available technologies. An empirical application to a sample of French sheep and goat farms observed between 2002 and 2021 confirms the necessity to account for technological heterogeneity when measuring productivity change. Among the two classes of farms identified by the LCSFM, the intensive class experiences TFP gains, while the extensive class sees its TFP worsening. However, the gap between intensive and extensive technologies seems to reduce over time. Finally, the multi-class GLOM reveals technical change as the primary driver of productivity for French goat and sheep farms.","PeriodicalId":11642,"journal":{"name":"Empirical Economics","volume":"47 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140937820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Unraveling wage inequality: tangible and intangible assets, globalization and labor market regulations 揭示工资不平等：有形资产和无形资产、全球化和劳动力市场法规

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-05-09 DOI: 10.1007/s00181-024-02587-y

Antonio Francesco Gravina, Neil Foster-McGregor

{"title":"Unraveling wage inequality: tangible and intangible assets, globalization and labor market regulations","authors":"Antonio Francesco Gravina, Neil Foster-McGregor","doi":"10.1007/s00181-024-02587-y","DOIUrl":"https://doi.org/10.1007/s00181-024-02587-y","url":null,"abstract":"In this paper, we study the asymmetric effects of different types of capital-embodied technological change, as proxied by tangible and intangible assets, on relative wages (high- to medium-skilled, high- to low-skilled and medium- to low-skilled workers), relying upon the technology-skill complementarity and polarization of the labor force frameworks. We also consider two additional major channels that contribute to shaping wage differentials: globalization (in terms of trade openness and global value chains participation) and labor market institutions. The empirical analysis is carried out using a panel dataset comprising 17 mostly advanced European economies and 5 industries, with annual observations spanning the period 2008–2017. Our findings suggest that software and databases—as a proxy for intangible technologies—exert downward pressure on low-skilled wages, while robotics is associated with a polarization of the wage distribution at the expense of middle-skilled labor. Additionally, less-skilled workers’ relative wages are negatively affected by trade openness and global value chain participation, but positively influenced by sector-specific labor market regulations.","PeriodicalId":11642,"journal":{"name":"Empirical Economics","volume":"6 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140929265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Point forecasts of the price of crude oil: an attempt to “beat” the end-of-month random-walk benchmark 原油价格点预测："击败 "月末随机漫步基准的尝试

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-05-03 DOI: 10.1007/s00181-024-02599-8

Nima Nonejad

{"title":"Point forecasts of the price of crude oil: an attempt to “beat” the end-of-month random-walk benchmark","authors":"Nima Nonejad","doi":"10.1007/s00181-024-02599-8","DOIUrl":"https://doi.org/10.1007/s00181-024-02599-8","url":null,"abstract":"The study of Ellwanger and Snudden (J Bank Financ 154:106962, 2023) discovers a new and remarkable finding regarding the ability of the random-walk model using the end-of-month price of crude oil to forecast future monthly average crude oil prices out-of-sample. The magnitude and nature of the relative predictive gains lead the authors to question whether any other model can “beat” the end-of-month price random-walk out-of-sample. I make an attempt to do so by relying on plain end-of-month crude oil price autoregressive fractionally integrated moving average (ARFIMA) models. These models are more nuanced and at the same time comprehensively account for one of the most salient features of the price of crude oil, namely, its persistence. Consequently, a forecaster is inclined to believe that they might “beat” the end-of-month random-walk model. However, out-of-sample results demonstrate that a uniform (definitive) conclusion cannot be drawn. On the contrary, conclusions depend heavily on the definition of “beating”, i.e. population-level versus finite-sample relative predictability, the forecast horizon, state of the business cycle and the choice of the crude oil price series itself. The decisions, judgments and dilemmas faced by the forecaster are presented and elaborated.","PeriodicalId":11642,"journal":{"name":"Empirical Economics","volume":"127 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140929514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Natural disasters, salience and public support for climate change policy 自然灾害、显著性和公众对气候变化政策的支持

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-05-02 DOI: 10.1007/s00181-024-02601-3

Shawn J. McCoy, Ian K. McDonough, Constant Tra

引用次数: 0

The costs of job loss and task usage: Do social tasks soften the drop? 失业和任务使用的成本：社交任务是否会减轻失业的代价？

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-05-02 DOI: 10.1007/s00181-024-02595-y

Antti Kauhanen, Krista Riukula

引用次数: 0

Volatile capital flows and economic growth in sub-Saharan Africa: the role of transparency 撒哈拉以南非洲动荡的资本流动和经济增长：透明度的作用

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-04-30 DOI: 10.1007/s00181-024-02592-1

Augustine C. Odo, Nathaniel E. Urama, Joseph Chukwudi Odionye

{"title":"Volatile capital flows and economic growth in sub-Saharan Africa: the role of transparency","authors":"Augustine C. Odo, Nathaniel E. Urama, Joseph Chukwudi Odionye","doi":"10.1007/s00181-024-02592-1","DOIUrl":"https://doi.org/10.1007/s00181-024-02592-1","url":null,"abstract":"The study set out to investigate whether transparency can mitigate the negative effects volatile capital flows have on growth using cross-section panel data from 21 sub-Saharan African countries from 2000 to 2019. Using the IVQR model, the study finds that at 75th quantile, poor growth performance in SSA is explained mostly by the volatility in debt net inflows compared to other categories of capital, while portfolio net inflow contributes most significantly to the low-level growth for low and medium income countries. Focusing on the interaction between transparency and capital net inflows, the study finds evidence that transparency reduces most of the negative effects of the volatility in debt net inflow compared to other categories of capital inflow. Thus, the study provides evidence that transparency can reduce the negative effects of volatile capital inflows on growth by a significant amount, which varies depending on the type of capital inflow. The implication is that the extent transparency dampens the negative impact of volatile capital flows depend on both the capital type and the level of income of the country concerned. Regarding FDI and FPI, transparency is most effective in reducing volatility of the flow for low income countries, while for debt flows transparency penalizes the volatility of flows for high income countries. On this basis, it recommends that central banks should adopt transparency as a policy tool, particularly in SSA economies with probably low initial transparency to help mitigate the harmful effects of large and volatile capital inflows.","PeriodicalId":11642,"journal":{"name":"Empirical Economics","volume":"4638 3 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140833754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Output, employment, and price effects of U.S. narrative tax changes: a factor-augmented vector autoregression approach 美国叙事税变革对产出、就业和价格的影响：因子增强向量自回归方法

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-04-17 DOI: 10.1007/s00181-024-02591-2

Masud Alam

{"title":"Output, employment, and price effects of U.S. narrative tax changes: a factor-augmented vector autoregression approach","authors":"Masud Alam","doi":"10.1007/s00181-024-02591-2","DOIUrl":"https://doi.org/10.1007/s00181-024-02591-2","url":null,"abstract":"This paper examines the short- and medium-run effects of U.S. federal personal income and corporate income tax cuts on a wide array of economic policy variables in a data-rich environment. Using a panel of U.S. macroeconomic data set, made up of 132 quarterly macroeconomic series for 1959–2018, we estimate factor-augmented vector autoregression (FAVARs) models where an extended narrative tax changes dataset combined with unobserved factors. The narrative approach classifies if tax changes are exogenous or endogenous. This paper identifies narrative tax shocks in the vector autoregression model using the sign restrictions with the Uhlig's (J Monet Econ 52(2):381–419, 2005. https://doi.org/10.1016/j.jmoneco.2004.05.007) penalty function. Empirical findings show a significant expansionary effect of tax cuts on the macroeconomic variables. Cuts in personal and corporate income taxes cause a rise in output, investment, employment, and consumption; however, the effects of corporate tax cuts have relatively smaller effects on output and consumption but show immediate and higher effects on fixed investment and price levels. We validate the model's specification and the identification of tax shocks through a reliability test based on the Median-Target method. Additionally, sensitivity analysis employing the local projection vector autoregression model, number of iterations of the algorithm, and incorporating diverse factor specifications reaffirms tax cuts' persistent and expansionary effects. Our contribution to the narrative tax literature lies in providing empirical evidence that aligns with the notion that reductions in personal taxes demonstrate a higher efficacy as a fiscal policy tool when compared to reductions in corporate income taxes.","PeriodicalId":11642,"journal":{"name":"Empirical Economics","volume":"102 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140609387","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of robots on labor demand: evidence from job vacancy data in South Korea 机器人对劳动力需求的影响：来自韩国职位空缺数据的证据

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-04-16 DOI: 10.1007/s00181-024-02585-0

Hyejin Kim

引用次数: 0

Testing the aggregation of goods and services without separability using panel data 利用面板数据测试商品和服务的聚合而不分离

IF 3.2 4区经济学

Empirical Economics Pub Date : 2024-04-15 DOI: 10.1007/s00181-024-02590-3

Manami Ogura

{"title":"Testing the aggregation of goods and services without separability using panel data","authors":"Manami Ogura","doi":"10.1007/s00181-024-02590-3","DOIUrl":"https://doi.org/10.1007/s00181-024-02590-3","url":null,"abstract":"After Japan’s bubble economy collapsed in 1991, household values diversified, and, gradually, the budget shares on intangible services exceeded that on tangible goods, leading to a shift from demand for goods to services. In this study, we focus on the increased budget allocation to services in Japanese household expenditure and verify whether service-related items can be aggregated into a service group using Lewbel’s (Am Econ Rev 86(3):524–543, 1996) generalized composite commodity theorem (GCCT). We first accurately reclassify into all 51 items consisting of goods and services and verify whether these aggregations are justified. Next, we verify whether these 51 items can be sub-aggregated into goods or service groups. In testing the GCCT, we incorporate panel time-series analysis with cross-sectional dependence, unlike traditional GCCT tests with time-series data. We also conduct a nonparametric revealed preference test for weak separability as a benchmark against the GCCT test results. Our findings demonstrate that the utility function can be rationalized even when the data set is reclassified into 51 items, justifying the aggregation into service groups. This suggests that in the future, specifying the functional form of a service group can be developed into a traditional demand analysis, such as calculating estimates and elasticities.","PeriodicalId":11642,"journal":{"name":"Empirical Economics","volume":"192 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140564623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0