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Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies 央行数字货币的崛起:驱动因素、方法和技术
CEPR Discussion Paper Series Pub Date : 2020-08-24 DOI: 10.2139/ssrn.3724070
Raphael A. Auer, Giulio Cornelli, Jon Frost
{"title":"Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies","authors":"Raphael A. Auer, Giulio Cornelli, Jon Frost","doi":"10.2139/ssrn.3724070","DOIUrl":"https://doi.org/10.2139/ssrn.3724070","url":null,"abstract":"Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design efforts. We set out a comprehensive database of technical approaches and policy stances on issuance, relying on central bank speeches and technical reports. Most projects are found in digitised economies with a high capacity for innovation. Work on retail CBDCs is more advanced where the informal economy is larger. We next take stock of the technical design options. More and more central banks are considering retail CBDC architectures in which the CBDC is a direct cash-like claim on the central bank, but where the private sector handles all customer-facing activity. We conclude with an in-depth description of three distinct CBDC approaches by the central banks of China, Sweden and Canada.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115204381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 159
Who Voted for Trump? Populism and Social Capital 谁投票给特朗普?民粹主义与社会资本
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.3386/w27651
Paola Giuliano, Romain Wacziarg
{"title":"Who Voted for Trump? Populism and Social Capital","authors":"Paola Giuliano, Romain Wacziarg","doi":"10.3386/w27651","DOIUrl":"https://doi.org/10.3386/w27651","url":null,"abstract":"We argue that low levels of social capital are conducive to the electoral success of populist movements. Using a variety of data sources for the 2016 US Presidential election at the county and individual levels, we show that social capital, measured either by the density of memberships in civic, religious and sports organizations or by generalized trust, is significantly negatively correlated with the vote share and favorability rating of Donald Trump around the time of the election.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131296641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 19
Transport Policy for a Post-COVID UK covid后英国的交通政策
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.17863/CAM.61844
D. Newbery
{"title":"Transport Policy for a Post-COVID UK","authors":"D. Newbery","doi":"10.17863/CAM.61844","DOIUrl":"https://doi.org/10.17863/CAM.61844","url":null,"abstract":"Transport policy needs reform. Future Government investment and fiscal policy needs re-orienting to stimulate the economy after the Covid-19 lock-down. Prices used in project appraisal must include all external effects, committing to proper social cost-benefit analysis. In consequence, fuel duty rates need to be more than doubled as a prelude to proper road pricing. Transport investment needs to be increased even with proper road pricing and more allocated to walking and cycling, guided by benefit-cost ratios, following Eddington’s recommendations. The paper gives five reasons for raising fuel duty rates, more on diesel than petrol, and estimates the desired levels.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"211 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121570752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Superstar Exporters: An Empirical Investigation of Strategic Interactions in Danish Export Markets 超级明星出口商:丹麦出口市场战略互动的实证研究
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.2139/ssrn.3037145
F. Ciliberto, Ina C. Jäkel
{"title":"Superstar Exporters: An Empirical Investigation of Strategic Interactions in Danish Export Markets","authors":"F. Ciliberto, Ina C. Jäkel","doi":"10.2139/ssrn.3037145","DOIUrl":"https://doi.org/10.2139/ssrn.3037145","url":null,"abstract":"Abstract In many countries, exports are highly concentrated among a few “superstar” firms. We estimate the export decisions of superstar firms as the result of a complete information, simultaneous, discrete choice, static entry game. We employ a dataset on the universe of Danish trade transactions by firm, product and destination. We also obtain detailed information on applied, preferential tariff protection from the MAcMap-HS6 database. We find evidence of strong negative competitive effects of entry: in the absence of strategic competitive effects, firms would be 53.2 percentage points more likely to export to a given market. Next, we run two counterfactual exercises. We show that failing to account for the strategic interaction among superstar exporters leads to: (i) overstating the probability that firms would start exporting to a market following tariff elimination by a factor of two; and, (ii) overstating the probability that firms would stop exporting to a market if tariffs were imposed by a factor of more than five.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121046738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
Gender and Culture 性别与文化
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.3386/w27725
Paola Giuliano
{"title":"Gender and Culture","authors":"Paola Giuliano","doi":"10.3386/w27725","DOIUrl":"https://doi.org/10.3386/w27725","url":null,"abstract":"\u0000 This paper reviews the literature on gender and culture. Gender gaps in various outcomes (competitiveness, labour force participation, and performance in mathematics, among many others) show remarkable differences across countries and tend to persist over time. The economics literature initially explained these differences by looking at standard economic variables such as the level of development, women’s education, the expansion of the service sector, and discrimination. More recent literature has argued that gender differences in a variety of outcomes could reflect underlying cultural values and beliefs. This article reviews the literature on the relevance of culture in the determination of different forms of gender gap. I examine how differences in historical situations could have been relevant in generating gender differences and the conditions under which gender norms tend to be stable or to change over time, emphasizing the role of social learning. Finally, I review the role of different forms of cultural transmission in shaping gender differences, distinguishing between channels of vertical transmission (the role of the family), horizontal transmission (the role of peers), and oblique transmission (the role of teachers or role models).","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122663416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Economic Shocks and Populism: The Political Implications of Reference-Dependent Preferences 经济冲击与民粹主义:参考依赖偏好的政治含义
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.2139/ssrn.3680459
Fausto Panunzi, N. Pavoni, G. Tabellini
{"title":"Economic Shocks and Populism: The Political Implications of Reference-Dependent Preferences","authors":"Fausto Panunzi, N. Pavoni, G. Tabellini","doi":"10.2139/ssrn.3680459","DOIUrl":"https://doi.org/10.2139/ssrn.3680459","url":null,"abstract":"This paper studies electoral competition over redistributive taxes between a safe incumbent and a risky opponent. As in prospect theory, economically disappointed voters become risk lovers, and hence are intrinsically attracted by the more risky candidate. We show that, after a large adverse economic shock, the equilibrium can display policy divergence: the more risky candidate proposes lower taxes and is supported by a coalition of very rich and very disappointed voters, while the safe candidate proposes higher taxes. This can explain why new populist parties are often supported by economically dissatisfied voters and yet they run on economic policy platforms of low redistribution. We show that survey data on the German SOEP are consistent with our theoretical predictions on voters’ behavior.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122685249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Competition and Career Advancement: The Hidden Costs of Paid Leave 竞争与职业发展:带薪休假的隐性成本
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.2139/ssrn.3671513
J. Johnsen, Hyejin Ku, K. Salvanes
{"title":"Competition and Career Advancement: The Hidden Costs of Paid Leave","authors":"J. Johnsen, Hyejin Ku, K. Salvanes","doi":"10.2139/ssrn.3671513","DOIUrl":"https://doi.org/10.2139/ssrn.3671513","url":null,"abstract":"Does leave-taking matter for young workers’ careers? If so, why? We propose the competition effect—relative leave status of workers affecting their relative standing inside the firm—as a new explanation. Exploiting a policy reform that exogenously assigned four-week paid paternity leave to some new fathers, we find evidence consistent with the competition effect: A worker enjoys a better post-child earnings trajectory when a larger share of his colleagues take leave because of the policy. In contrast, we find no direct earnings effect resulting from the worker’s own leave when controlling for their relative leave eligibility status within the firm.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115585842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
(Mis)Allocation Effects of an Overpaid Public Sector (二)薪酬过高的公共部门的分配效应
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.1093/jeea/jvaa038
Tiago Cavalcanti, Marcelo R. Santos
{"title":"(Mis)Allocation Effects of an Overpaid Public Sector","authors":"Tiago Cavalcanti, Marcelo R. Santos","doi":"10.1093/jeea/jvaa038","DOIUrl":"https://doi.org/10.1093/jeea/jvaa038","url":null,"abstract":"\u0000 There is a large body of evidence showing that for many countries the structure of wages and pensions and the labor law legislation are different for public and private employees. Such differences affect the occupational choice of agents and might generate some type of misallocation. We develop a life-cycle model with endogenous occupational choice and heterogeneous agents to study the implications of an overpaid public sector. The model is estimated to be consistent with micro and macro evidence for Brazil, a country with a high public sector earnings premium. Our counterfactual exercises demonstrate that public–private earnings premium can generate important allocation effects and sizeable productivity losses. For instance, a reform that would decrease the public–private wage premium from its benchmark value of $19%$ to $15%$ and would align the pension of public sector workers with the one in place for private sector workers could increase aggregate output by nearly $11.2%$ in the long run without any decrease in the supply of public infrastructure. We provide a decomposition of the aggregate effect into changes in factors accumulation and changes in TFP and implement a welfare distributive analysis.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132528550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
The Industrial Revolution and the Great Divergence: Recent Findings from Historical National Accounting 工业革命与大分化:来自历史国民核算的最新发现
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.1016/B978-0-12-815874-6.00031-9
S. Broadberry
{"title":"The Industrial Revolution and the Great Divergence: Recent Findings from Historical National Accounting","authors":"S. Broadberry","doi":"10.1016/B978-0-12-815874-6.00031-9","DOIUrl":"https://doi.org/10.1016/B978-0-12-815874-6.00031-9","url":null,"abstract":"","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116887544","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
A Multisector Perspective on Wage Stagnation 工资停滞的多部门视角
CEPR Discussion Paper Series Pub Date : 2020-08-01 DOI: 10.2139/ssrn.4536982
Rachel Ngai, Orhun Sevinç
{"title":"A Multisector Perspective on Wage Stagnation","authors":"Rachel Ngai, Orhun Sevinç","doi":"10.2139/ssrn.4536982","DOIUrl":"https://doi.org/10.2139/ssrn.4536982","url":null,"abstract":"Low-skill workers are concentrated in sectors that experience fast productivity growth and yet their wages have been stagnating. A multisector perspective is crucial to understand this stagnation as it is not due to an overall stagnation in the marginal product of low-skill workers but a labour reallocation into sectors with slower growth. We show this in a two-sector model where the faster productivity growth causes a fall in the relative price of the low-skill intensive output, which consists of capital and a consumption good that is a complement to the high-skill intensive output. When calibrated to the U.S., the model accounts for a substantial part of the low-skill wage stagnation and its divergence from aggregate productivity during 1980-2010.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"33 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116274632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
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