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L'Histoire Immobile? A Reappraisal of French Economic Growth Using the Demand-Side Approach, 1280-1850 L国立固定吗?用需求侧方法重新评估法国经济增长，1280-1850
CEPR Discussion Paper Series Pub Date : 2020-07-01 DOI: 10.1093/EREH/HEAB012
Leonardo Ridolfi, A. Nuvolari
{"title":"L'Histoire Immobile? A Reappraisal of French Economic Growth Using the Demand-Side Approach, 1280-1850","authors":"Leonardo Ridolfi, A. Nuvolari","doi":"10.1093/EREH/HEAB012","DOIUrl":"https://doi.org/10.1093/EREH/HEAB012","url":null,"abstract":"\u0000 We construct a new series of GDP per capita for France for the period 1280–1850 using the demand-side approach. Our estimates point to a long-run stability of the French economy with a very gradual acceleration toward modern economic growth. In comparative perspective, our new estimates suggest that England and France were characterized by similar levels of economic performance until the second half of the seventeenth century. It is only after that period that the English economy “forges ahead” in a consistent way.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114992922","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: 25
Workplace Presenteeism, Job Substitutability and Gender Inequality 职场出勤、工作可替代性和性别不平等
CEPR Discussion Paper Series Pub Date : 2020-07-01 DOI: 10.2139/ssrn.3648787
Ghazala Azmat, Lena E. Hensvik, Olof Rosenqvist
{"title":"Workplace Presenteeism, Job Substitutability and Gender Inequality","authors":"Ghazala Azmat, Lena E. Hensvik, Olof Rosenqvist","doi":"10.2139/ssrn.3648787","DOIUrl":"https://doi.org/10.2139/ssrn.3648787","url":null,"abstract":"Following the arrival of the first child, women's absence rates soar and become less predictable due to the greater frequency of their own sickness and the need to care for sick children. In this paper, we argue that this fall in presenteeism in the workplace hurts women's wages, not only indirectly and gradually, through a slower accumulation of human capital, but also immediately, through a direct negative effect on productivity in unique jobs (i.e., jobs with low substitutability). Although both presenteeism and job uniqueness are highly rewarded, we document that women's likelihood of holding jobs with low substitutability decreases substantially relative to men's after the arrival of the first child. This gap persists over time, with important long-run wage implications. We highlight that the parenthood wage penalty for women could be reduced by organizing work in such a way that more employees have tasks that, at least in the short run, can be performed satisfactorily by other employees in the workplace.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122730173","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: 3
Women in Economics: A UK Perspective 经济学中的女性:英国视角
CEPR Discussion Paper Series Pub Date : 2020-07-01 DOI: 10.1093/OXREP/GRAA048
Almudena Sevilla, Sarah Smith
{"title":"Women in Economics: A UK Perspective","authors":"Almudena Sevilla, Sarah Smith","doi":"10.1093/OXREP/GRAA048","DOIUrl":"https://doi.org/10.1093/OXREP/GRAA048","url":null,"abstract":"\u0000 The status of women in economics in the US has come increasingly under the spotlight. We exploit high-quality administrative data to paint the first comprehensive picture of the status of women in UK academic economics departments in research-intensive universities. Our evidence indicates that, as in the US, women in economics are under-represented and are paid less than men. The issues facing women in economics in the UK are similar to other disciplines, particularly STEM, but have received less national policy attention to date. We conclude with a discussion of interventions that might improve the status of women in academia and we present new evidence that a UK academic diversity programme (Athena SWAN) has narrowed the gender pay gap at a senior level.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"163 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116418576","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
Social Protection Amidst Social Upheaval: Examining the Impact of a Multi-Faceted Program for Ultra-Poor Households in Yemen 社会动荡中的社会保护:考察也门一项面向超贫困家庭的多方面方案的影响
CEPR Discussion Paper Series Pub Date : 2020-07-01 DOI: 10.2139/ssrn.3654353
Lasse Brune, Dean S. Karlan, Sikandra Kurdi, C. Udry
{"title":"Social Protection Amidst Social Upheaval: Examining the Impact of a Multi-Faceted Program for Ultra-Poor Households in Yemen","authors":"Lasse Brune, Dean S. Karlan, Sikandra Kurdi, C. Udry","doi":"10.2139/ssrn.3654353","DOIUrl":"https://doi.org/10.2139/ssrn.3654353","url":null,"abstract":"Social protection programs are needed more than ever during periods of social upheaval, but are also likely to be even harder to implement successfully. Furthermore, social upheaval makes measuring the impact of such policies all the more difficult. We study the impact of a multi-faceted social protection program, often referred to as a “graduation” model program, in Yemen during a period of civil unrest. We are unable to measure outcomes for four years, thus much remains unknown about what transpired in the intermediary time. After four years we find positive impacts on asset accumulation and savings behavior, albeit substantially less than the amount the household originally received.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"137 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130877426","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
The Dollar and Corporate Borrowing Costs 美元与企业借贷成本
CEPR Discussion Paper Series Pub Date : 2020-06-01 DOI: 10.17016/IFDP.2021.1312
Ralf R. Meisenzahl, Friederike Niepmann, Tim Schmidt-Eisenlohr
{"title":"The Dollar and Corporate Borrowing Costs","authors":"Ralf R. Meisenzahl, Friederike Niepmann, Tim Schmidt-Eisenlohr","doi":"10.17016/IFDP.2021.1312","DOIUrl":"https://doi.org/10.17016/IFDP.2021.1312","url":null,"abstract":"We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find that a one standard deviation increase in the dollar index increases spreads by up to 15 basis points and reduces loan amounts and underpricing by up to 2 percent and 7 basis points, respectively. These effects are concentrated in dollar appreciations. Our results suggest that global factors reflected in the dollar affect U.S. borrowing costs.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"25 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114029160","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
Religion in Economic History: A Survey 经济历史中的宗教:综述
CEPR Discussion Paper Series Pub Date : 2020-06-01 DOI: 10.1016/B978-0-12-815874-6.00029-0
Sascha O. Becker, Jared Rubin, Ludger Woessmann
{"title":"Religion in Economic History: A Survey","authors":"Sascha O. Becker, Jared Rubin, Ludger Woessmann","doi":"10.1016/B978-0-12-815874-6.00029-0","DOIUrl":"https://doi.org/10.1016/B978-0-12-815874-6.00029-0","url":null,"abstract":"","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115250464","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: 43
Managerial Duties and Managerial Biases 管理职责与管理偏见
CEPR Discussion Paper Series Pub Date : 2020-06-01 DOI: 10.1287/mnsc.2022.4467
Ulrike Malmendier, Vincenzo Pezone, Hui Zheng
{"title":"Managerial Duties and Managerial Biases","authors":"Ulrike Malmendier, Vincenzo Pezone, Hui Zheng","doi":"10.1287/mnsc.2022.4467","DOIUrl":"https://doi.org/10.1287/mnsc.2022.4467","url":null,"abstract":"Much of the evidence on managerial biases in corporate finance focuses on the CEO and, in particular, CEO overconfidence. This singular focus can lead to misattribution as it ignores the roles of other managers who are responsible for a given corporate outcome. We evaluate the influence of the CFO and other C-suite executives as compared with the CEO. Mirroring the widely used Longholder CEO measure of CEO overconfidence, we construct Longholder CFO and Longholder Other measures. For financing decisions, we find that CEO overconfidence becomes an insignificant predictor of most decisions when included jointly with the CFO proxy, whereas CFO overconfidence has strong predictive power. The reverse holds for nonfinancing decisions: CEO beliefs predict the risk and return of investment projects and, thus, their cost of financing as well as acquisitions. Other C-suite managers’ overconfidence is not significant in either of these two realms. CEO overconfidence does remain significant even for financing decisions in the subsample of firms with “powerful” (entrenched) CEOs. We also show that overconfident CEOs tend to hire overconfident CFOs, which generates a multiplier effect and explains the misattribution to the CEO in analyses that do not account for the roles of other managers. Our results imply that analyses of managerial biases need to identify the dominant decision makers and account for their respective influence. This paper was accepted by Victoria Ivashina, finance.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"185 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121049212","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: 23
Long-Term Care Facilities as a Risk Factor for Death Due to Covid-19: Evidence from European Countries and U.S. States 长期护理设施是Covid-19导致死亡的风险因素:来自欧洲国家和美国的证据
CEPR Discussion Paper Series Pub Date : 2020-06-01 DOI: 10.2139/ssrn.3616760
Neil Gandal, Matan Yonas, Michael J. Feldman, Ady Pauzner, Avraham Tabbach
{"title":"Long-Term Care Facilities as a Risk Factor for Death Due to Covid-19: Evidence from European Countries and U.S. States","authors":"Neil Gandal, Matan Yonas, Michael J. Feldman, Ady Pauzner, Avraham Tabbach","doi":"10.2139/ssrn.3616760","DOIUrl":"https://doi.org/10.2139/ssrn.3616760","url":null,"abstract":"Background: A large percentage of the deaths from the first wave of COVID-19 in 2020 occurred among residents of long-term care facilities. Objective: There are two competing explanations for this phenomenon. First, the structural features of such settings may lead to death. Alternatively, individuals living in these facilities are in poorer health than those living elsewhere, and they would have died even if they had not been in these facilities. Methods: Using both European and U.S. data, we empirically examine these competing hypotheses, which have very different public policy implications. We collected data on Covid-19 mortality rates and on the number of long-term care beds, in each of (1) thirty-two European countries and (2) the fifty U.S. states. Results: Controlling for other relevant factors, we find that there is a significant positive association between the number of long-term care beds per capita in a country or state and overall COVID-19 mortality rates in countries and states. Conclusions: This finding provides support for the claim that long-term care living arrangements of older people are a significant risk factor for dying from COVID-19. These findings raise policy implications. Efforts should be geared to protecting older adults living in long-term care settings. Policy makers might even consider alternative dwelling options during an epidemic period, such as encouraging residents to live with their families whenever possible.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129347383","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
Unexpected Effects: Uncertainty, Unemployment, and Inflation 意外影响:不确定性、失业和通货膨胀
CEPR Discussion Paper Series Pub Date : 2020-05-01 DOI: 10.17863/CAM.57995
Lukas B. Freund, Pontus Rendahl
{"title":"Unexpected Effects: Uncertainty, Unemployment, and Inflation","authors":"Lukas B. Freund, Pontus Rendahl","doi":"10.17863/CAM.57995","DOIUrl":"https://doi.org/10.17863/CAM.57995","url":null,"abstract":"This paper studies the role of uncertainty in a search-and-matching framework with risk-averse households. A mean-preserving spread to future productivity contracts current economic activity even in the absence of nominal rigidities, although the effect is reinforced by the presence of the latter. That is, uncertainty shocks carry both contractionary demand- and supply effects. The reason is that a more uncertain future increases the precautionary behavior of households, which reduces interest rates and contracts demand. At the same time, as future asset prices becomes more volatile and positively covary with aggregate consumption, households demand a larger risk premium, which puts negative pressure on current asset values and thereby contracts supply. Thus, in comparison to a pure negative demand shock, an uncertainty shock puts less deflationary pressure on the economy and, as a result, renders a flatter Phillips curve.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114937985","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: 9
J&Apos;Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair J&Apos;Accuse！德雷福斯事件时期的反犹太主义与金融市场
CEPR Discussion Paper Series Pub Date : 2020-05-01 DOI: 10.2139/ssrn.4636006
Quoc-Anh Do, R. Galbiati, Benjamin M. Marx, Miguel A. Ortiz Serrano
{"title":"J&Apos;Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair","authors":"Quoc-Anh Do, R. Galbiati, Benjamin M. Marx, Miguel A. Ortiz Serrano","doi":"10.2139/ssrn.4636006","DOIUrl":"https://doi.org/10.2139/ssrn.4636006","url":null,"abstract":"This paper studies discrimination in financial markets in the context of the \"Dreyfus Affair\" in 19th century France. The Affair originated from the wrongful conviction of a Jewish officer, Alfred Dreyfus, and revealed the depth of antisemitism in French society. We show that firms with Jewish board members experienced abnormal stock returns after several salient events of the Affair. However, in the long run, these firms experienced higher returns during the media campaign sparked by \"J'Accuse...!\", a famous editorial that paved the way for Dreyfus' rehabilitation. Our preferred interpretation is that media coverage of the Affair changed beliefs among antisemitic investors, allowing those who bet on Jewish-connected firms to capture excess returns through arbitrage. Our findings provide novel evidence on the existence of rents from discrimination and the economic impacts of antisemitism.","PeriodicalId":121231,"journal":{"name":"CEPR Discussion Paper Series","volume":"30 16","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141207223","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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