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Redefining Sustainable Investing: A 'Next Economy' Model Approach 重新定义可持续投资:“下一个经济”模式方法
ERN: Other Macroeconomics: Consumption Pub Date : 2013-02-20 DOI: 10.2139/SSRN.2221442
Garvin Jabusch
{"title":"Redefining Sustainable Investing: A 'Next Economy' Model Approach","authors":"Garvin Jabusch","doi":"10.2139/SSRN.2221442","DOIUrl":"https://doi.org/10.2139/SSRN.2221442","url":null,"abstract":"The need for transition to indefinitely sustainable macro economic production functions and the attendant required evolution of modern portfolio theory are discussed. A new, 'next economy' methodology is proposed to practically apply modern realities to portfolios in meaningful ways. Existing yet insufficient attempts to modify portfolio theory to address climate and resource concerns are discussed. Next economy sector classification is discussed.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130117296","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
Speculators, Commodities and Cross-Market Linkages 投机者、商品和跨市场联系
ERN: Other Macroeconomics: Consumption Pub Date : 2012-11-08 DOI: 10.2139/ssrn.1707103
Bahattin Buyuksahin, Michel A. Robe
{"title":"Speculators, Commodities and Cross-Market Linkages","authors":"Bahattin Buyuksahin, Michel A. Robe","doi":"10.2139/ssrn.1707103","DOIUrl":"https://doi.org/10.2139/ssrn.1707103","url":null,"abstract":"We use a unique, non-public dataset of trader positions in 17 U.S. commodity futures markets to provide novel evidence on those markets' financialization in the past decade. We then show that the correlation between the rates of return on investible commodity and equity indices rises amid greater participation by speculators generally, hedge funds especially, and hedge funds that hold positions in both equity and commodity futures markets in particular. We find no such relationship for commodity swap dealers, including index traders (CITs). The predictive power of hedge fund positions is weaker in periods of generalized financial market stress. Our results support the notion that who trades helps predict the joint distribution of commodity and equity returns. We find qualitatively similar but statistically weaker results using a proxy for hedge fund activity based on publicly available data.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130104662","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: 499
Second Thoughts on the Exporter Productivity Premium (Second Regard Sur La Prime De Productivité Des Firmes Exportatrices)  对出口商生产力溢价的再思考(第二方面:Sur La Prime De productivit<s:1> Des Firmes exports)
ERN: Other Macroeconomics: Consumption Pub Date : 2012-11-01 DOI: 10.1111/j.1540-5982.2012.01742.x
Philipp J. H. Schröder, Allan Sørensen
{"title":"Second Thoughts on the Exporter Productivity Premium (Second Regard Sur La Prime De Productivité Des Firmes Exportatrices) ","authors":"Philipp J. H. Schröder, Allan Sørensen","doi":"10.1111/j.1540-5982.2012.01742.x","DOIUrl":"https://doi.org/10.1111/j.1540-5982.2012.01742.x","url":null,"abstract":"Contrary to the prevailing interpretation, this paper shows that the central models of trade with heterogeneous firms ( Melitz 2003 ; Bernard et al. 2003 ) exhibit ambiguous predictions for the exporter productivity premium. This prospect arises because of differences between theoretical and empirical representations of firm productivity. Instead of marginal productivity, we examine in both models the theoretical equivalent of empirically observable productivity (value-added per employee). Given the presence of fixed export costs or heterogeneous mark-ups and trade costs, the observable productivity of exporters in proximity to the export-indifferent firm turns out to be lower than that of non-exporters; that is, the productivity distributions overlap. The paper reviews empirical literature that reports non-positive exporter productivity premia in firm-level data and discusses implications for empirical research on exporter performance, including learning and the role of non-parametric regressions (stochastic dominance, quantile regressions), fixed costs, and productivity distributions.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"2016 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114654547","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: 16
Macroeconomic Effects of Government Spending Shocks: New Evidence Using Natural Disaster Relief in Korea 政府支出冲击的宏观经济效应:以韩国自然灾害救助为例的新证据
ERN: Other Macroeconomics: Consumption Pub Date : 2012-09-28 DOI: 10.2139/ssrn.2155603
Weonho Yang, J. Fidrmuc, Sugata Ghosh
{"title":"Macroeconomic Effects of Government Spending Shocks: New Evidence Using Natural Disaster Relief in Korea","authors":"Weonho Yang, J. Fidrmuc, Sugata Ghosh","doi":"10.2139/ssrn.2155603","DOIUrl":"https://doi.org/10.2139/ssrn.2155603","url":null,"abstract":"We investigate the macroeconomic effects of government spending shocks in Korea. We compare results obtained with two alternative approaches: the narrative approach and Structural Vector-Autoregressive model (SVAR). We propose a new methodology for identifying exogenous and unexpected fiscal shocks under the narrative approach: natural disasters and the associated government emergency spending in the wake of such disasters. Our results suggest that when government spending increases, the responses of GDP, private consumption, real wage and investment are all positive, which is in accord with the New Keynesian model. Similar results are obtained with both approaches. However, comparing the two approaches suggests that the timing is very important in identifying government spending shocks due to the anticipation effects of fiscal policy.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114754809","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
Modeling the Share of Cash Payments in the Economy: An Application to France 现金支付在经济中的份额建模:在法国的应用
ERN: Other Macroeconomics: Consumption Pub Date : 2012-07-01 DOI: 10.2139/ssrn.2132449
Yassine Bouhdaoui, D. Bounie
{"title":"Modeling the Share of Cash Payments in the Economy: An Application to France","authors":"Yassine Bouhdaoui, D. Bounie","doi":"10.2139/ssrn.2132449","DOIUrl":"https://doi.org/10.2139/ssrn.2132449","url":null,"abstract":"Modeling the demand for cash and deposits is a primary concern for central banks. Within a wide range of academic contributions, payment choice models based on transaction sizes (TS models) have been promoted. However, TS models induce strong predictions about the use of payment instruments. In particular, all equal-sized transactions are supposed to be paid with the same payment instrument. We propose a simple alternative model based on cash holding (CH model) that allows equal-sized transactions to be paid for in cash or with other payment instruments. Using micro-level payment data from two representative samples of the French population in 2005 and 2011, we test how well each model replicates the observed shares of cash payments in the French economy for each size of transaction. We find that the CH model outperforms TS models, as it better predicts the observed shares of cash payments with notably less demanding information on individuals.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"204 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131856280","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: 34
Entrepreneurship, Financiership, and Selection 创业、融资和选择
ERN: Other Macroeconomics: Consumption Pub Date : 2012-06-01 DOI: 10.1111/j.1467-9442.2011.01685.x
T. Takalo, O. Toivanen
{"title":"Entrepreneurship, Financiership, and Selection","authors":"T. Takalo, O. Toivanen","doi":"10.1111/j.1467-9442.2011.01685.x","DOIUrl":"https://doi.org/10.1111/j.1467-9442.2011.01685.x","url":null,"abstract":"We develop an equilibrium model of the market for entrepreneurial finance, in which all agents have some personal wealth and a project whose quality is their private information. All agents choose whether to invest either as entrepreneurs or financiers, or to invest in storage technology. We find that a binding economy‐level wealth constraint, which renders credit scarce, can create advantageous selection, where productive agents become entrepreneurs and unproductive agents become their financiers. If funding is easier to obtain, entrepreneurship also attracts unproductive agents. In our model, individual wealth and entrepreneurship are positively (negatively) correlated if financial market participation is complete (incomplete).","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125036851","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: 14
Intensive Coaching of New Immigrants: An Evaluation Based on Random Program Assignment 新移民强化辅导:基于随机项目分配的评估
ERN: Other Macroeconomics: Consumption Pub Date : 2012-06-01 DOI: 10.1111/j.1467-9442.2011.01692.x
Pernilla Andersson Joona, Lena Nekby
{"title":"Intensive Coaching of New Immigrants: An Evaluation Based on Random Program Assignment","authors":"Pernilla Andersson Joona, Lena Nekby","doi":"10.1111/j.1467-9442.2011.01692.x","DOIUrl":"https://doi.org/10.1111/j.1467-9442.2011.01692.x","url":null,"abstract":"The purpose of this study is to evaluate whether intensive counseling and coaching by Public Employment Service (PES) caseworkers improves the employment opportunities of new immigrants in Sweden. This is tested within the framework of introduction programs for new immigrants. A trial introduction program was implemented from October 2006 to June 2008. Within participating municipalities, new immigrants were randomly assigned into treatment (intensive coaching) or control (regular introduction programs). The results indicate that there are significant treatment effects on employment probabilities as well as on participation in intermediate PES training programs.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113962137","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: 69
Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence 消费中的增长率和不确定性冲击:跨国证据
ERN: Other Macroeconomics: Consumption Pub Date : 2012-06-01 DOI: 10.1257/MAC.20150250
Emi Nakamura, D. Sergeyev, J. Steinsson
{"title":"Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence","authors":"Emi Nakamura, D. Sergeyev, J. Steinsson","doi":"10.1257/MAC.20150250","DOIUrl":"https://doi.org/10.1257/MAC.20150250","url":null,"abstract":"We provide new estimates of the importance of growth rate and uncertainty shocks for developed countries. The shocks we estimate are large and correspond to well-known macroeconomic episodes such as the Great Moderation and the productivity slowdown. We compare our results to earlier estimates of “long-run risks” and assess the implications for asset pricing. Our estimates yield greater return predictability and a more volatile price-dividend ratio. In addition, we can explain a substantial fraction of cross-country variation in the equity premium. An advantage of our approach, based on macroeconomic data alone, is that the parameter estimates cannot be viewed as backward engineered to fit asset pricing data. We provide intuition for our results using the recently developed framework of shock-exposure and shock-price elasticities.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"189 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132600273","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: 110
Financial Liberalization and Contagion with Unobservable Savings 金融自由化与不可观察储蓄的传染
ERN: Other Macroeconomics: Consumption Pub Date : 2012-04-15 DOI: 10.2139/ssrn.2200801
Ettore Panetti
{"title":"Financial Liberalization and Contagion with Unobservable Savings","authors":"Ettore Panetti","doi":"10.2139/ssrn.2200801","DOIUrl":"https://doi.org/10.2139/ssrn.2200801","url":null,"abstract":"How does the presence of decentralized market-based channels for borrowing and lending affect financial integration and financial contagion? To answer this question, I develop a two-country model of financial intermediation, where banks have access to country-specific investment technologies, and agents can borrow and lend in an international hidden market. In this environment, the possibility of hidden borrowing and lending has three main effects. First, it improves welfare with respect to the autarkic equilibrium, by allowing gains from “hidden” financial integration. Second, it halts the process of “official” financial integration. Third, it lowers the resilience of the economy to unexpected shocks to fundamentals.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130316101","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: 4
Climatic Factors as Determinants of International Migration 气候因素作为国际移徙的决定因素
ERN: Other Macroeconomics: Consumption Pub Date : 2012-02-29 DOI: 10.1111/sjoe.12098
M. Beine, C. Parsons
{"title":"Climatic Factors as Determinants of International Migration","authors":"M. Beine, C. Parsons","doi":"10.1111/sjoe.12098","DOIUrl":"https://doi.org/10.1111/sjoe.12098","url":null,"abstract":"We examine environmental change as a potential determinant of international migration. We distinguish between unexpected short-run factors, captured by natural disasters, as well as long-run climate change and climate variability captured by deviations and volatilities of temperatures and rainfall from and around their long-run averages. Starting from a simple neo-classical model we use a panel dataset of bilateral migration flows for the period 1960-2000 that allows us to control for numerous time-varying and time invariant factors. We find no direct impact of climatic change on international migration across our entire sample. These results are robust when conditioning on characteristics of origin countries as well as when further considering migrants returning home and the potential endogeneity of our network variable. In contrast, there is evidence of indirect effects of environmental factors going through wages. We further find strong evidence that natural disasters beget greater flows of migrants to urban environs.","PeriodicalId":363551,"journal":{"name":"ERN: Other Macroeconomics: Consumption","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123695609","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: 391
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