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Housing Markets in a Pandemic: Evidence from Historical Outbreaks 大流行中的房地产市场:来自历史爆发的证据
PSN: Other Comparative Capitalism (Topic) Pub Date : 2020-05-06 DOI: 10.2139/ssrn.3566909
Marc K. Francke, M. Korevaar
{"title":"Housing Markets in a Pandemic: Evidence from Historical Outbreaks","authors":"Marc K. Francke, M. Korevaar","doi":"10.2139/ssrn.3566909","DOIUrl":"https://doi.org/10.2139/ssrn.3566909","url":null,"abstract":"How do pandemics affect urban housing markets? This paper studies historical outbreaks of the plague in 17th-century Amsterdam and cholera in 19th-century Paris to answer this question. Based on micro-level transaction data, we show outbreaks resulted in large declines in house prices, and smaller declines in rent prices. We find particularly large reductions in house prices during the first six months of an epidemic, and in heavily-affected areas. However, these price shocks were only transitory, and both cities quickly reverted to their initial price paths. Our findings suggest these two cities were very resilient to major shocks originating from epidemics.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116134955","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: 89
Measuring Real Consumption and CPI Bias Under Lockdown Conditions 在锁定条件下测量实际消费和CPI偏差
PSN: Other Comparative Capitalism (Topic) Pub Date : 2020-05-01 DOI: 10.3386/w27144
Erwin Diewert, Kevin J. Fox
{"title":"Measuring Real Consumption and CPI Bias Under Lockdown Conditions","authors":"Erwin Diewert, Kevin J. Fox","doi":"10.3386/w27144","DOIUrl":"https://doi.org/10.3386/w27144","url":null,"abstract":"Millions of goods and services are now unavailable in many countries due to the current coronavirus pandemic, dramatically impacting on the construction of key economic statistics used for informing policy. This situation is unprecedented; hence methods to address it have not previously been developed. Current advice to national statistical offices from the IMF, Eurostat and the UN is shown to result in downward bias in the CPI and upward bias in real consumption. We conclude that the only way to produce a meaningful CPI within the lockdown period is through establishing a continuous consumer expenditure survey.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"51 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":"128075867","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: 35
Measuring the Effect of Forward Guidance in Small Open Economies: The Case of Israel 衡量小型开放经济体前瞻性指导的效果:以以色列为例
PSN: Other Comparative Capitalism (Topic) Pub Date : 2020-03-01 DOI: 10.2139/ssrn.3882421
Ari Kutai
{"title":"Measuring the Effect of Forward Guidance in Small Open Economies: The Case of Israel","authors":"Ari Kutai","doi":"10.2139/ssrn.3882421","DOIUrl":"https://doi.org/10.2139/ssrn.3882421","url":null,"abstract":"In this paper, I measure the effect of forward guidance in a small and open economy using Israel as a case study. I suggest an alternative approach to the standard method of Gürkaynak et al. (2005) that relaxes the assumption of constant structure and estimates the effect of forward guidance (FG) separately for each shock and term to maturity. Namely, I relax the assumption that the relative effect is fixed across maturities for every FG shock, regardless of the information contained in each FG statement. This approach also controls for global shocks under the assessment that their impact may not be negligible in a small open economy. I find that while the estimates of the shocks from both methods are highly correlated, in cases where the FG shocks mainly affect specific terms to maturity the standard method leads to imprecise identifications. The results suggest that policymakers should take into consideration which term to maturity each FG statement impacts. In addition, I show that some of the main FG statements made by the Bank of Israel had a significant effect on yields.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121184714","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
The Surprising Hybrid Pedigree of Measures of Diversity and Economic Concentration 多样性和经济集中度测量的惊人混合谱系
PSN: Other Comparative Capitalism (Topic) Pub Date : 2019-11-01 DOI: 10.3386/w26512
Paolo M Adajar, E. Berndt, R. Conti
{"title":"The Surprising Hybrid Pedigree of Measures of Diversity and Economic Concentration","authors":"Paolo M Adajar, E. Berndt, R. Conti","doi":"10.3386/w26512","DOIUrl":"https://doi.org/10.3386/w26512","url":null,"abstract":"Measures of economic concentration, such as the k-firm concentration index and the Hirschman-Herfindahl Index (HHI) are commonly used to ascertain the competitiveness of a product market. Within a Cournot model industry equilibrium, it is known a relationship exists between the HHI and the gap between industry price and marginal cost, but the economic theory foundations and intuition underlying the HHI formula are seemingly arbitrary. Here we document that there are indeed powerful and intuitive theoretical foundations to the HHI, but those foundations emanate from outside economics, namely, ecology, where the HHI is known as Simpson’s Diversity Index. We discuss the origins of the HHI and Simpson’s Diversity Index, summarize other measures of concentration, and link them to common measures of inequality. Based on a priori reasoning, we conclude there is little on which to base a choice between the HHI and non-HHI measures of market concentration. We empirically illustrate the implementation of the HHI and other concentration indexes as the statin drug LipitorTM lost patent protection and faced generic competition in 2012; we find very similar empirical trends and high correlations among them. Our research provides support for the continued use of HHI as a measure of concentration, provided one recognizes its link to market power is equivocal.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129019538","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
Decent Work Challenges for Atypical Workers in Korea 韩国非典型劳动者面临的体面工作挑战
PSN: Other Comparative Capitalism (Topic) Pub Date : 2019-08-30 DOI: 10.4337/9781786433114.00034
Christina Hiessl, Jaewook Nahm
{"title":"Decent Work Challenges for Atypical Workers in Korea","authors":"Christina Hiessl, Jaewook Nahm","doi":"10.4337/9781786433114.00034","DOIUrl":"https://doi.org/10.4337/9781786433114.00034","url":null,"abstract":"This chapter focuses on the role of ‘indirect employment’ in the Korean labour market and the country’s experience with addressing the problems caused by its use. The Korean example is taken as a basis for a discussion of the challenge that labour market dualization poses for the protection of fundamental rights at work. The chapter describes how contractual design prevents the access of the indirect workforce to fundamental rights guaranteed by the constitution and labour legislation, such as equality of treatment, protection of personal safety and collective representation. It explores the underlying causes of the current situation and its developments in Korea, illustrates the limits of legislative approaches in a complex socio-political environment, and discusses the difficulties associated with approaches that could bring about meaningful change.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122195336","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
Aggregate Labor Force Participation and Unemployment and Demographic Trends 总劳动力参与率、失业率和人口趋势
PSN: Other Comparative Capitalism (Topic) Pub Date : 2019-02-28 DOI: 10.2139/ssrn.3347310
Andreas Hornstein, Marianna Kudlyak
{"title":"Aggregate Labor Force Participation and Unemployment and Demographic Trends","authors":"Andreas Hornstein, Marianna Kudlyak","doi":"10.2139/ssrn.3347310","DOIUrl":"https://doi.org/10.2139/ssrn.3347310","url":null,"abstract":"We estimate trends in the labor force participation (LFP) and unemployment rates for demographic groups differentiated by age, gender, and education, using a parsimonious statistical model of age, cohort and cycle effects. Based on the group trends, we construct trends for the aggregate LFP and unemployment rate. Important drivers of the aggregate LFP rate trend are demographic factors, with increasing educational attainment being important throughout the sample and ageing of the population becoming more important since 2000, and changes of groups' trend LFP rates, e.g. for women prior to 2000. The aggregate unemployment rate trend on the other hand is almost exclusively driven by demographic factors, with about equal contributions from an older and more educated population. Extrapolating the estimated trends using Census Bureau population forecasts and our own forecasts for educational shares, we project that over the next 10 years the trend LFP rate will decline to 61.1% from its 2018 value of 62.7%, and the trend unemployment rate will decline to 4.3% from its 2018 value of 4.7%.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122330568","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
Economic Planning Under Capitalism: The New Deal and Postwar France Experiments 资本主义下的经济计划:新政与战后法国的实验
PSN: Other Comparative Capitalism (Topic) Pub Date : 2019-02-06 DOI: 10.2139/ssrn.3329994
Fernando J. Cardim de Carvalho
{"title":"Economic Planning Under Capitalism: The New Deal and Postwar France Experiments","authors":"Fernando J. Cardim de Carvalho","doi":"10.2139/ssrn.3329994","DOIUrl":"https://doi.org/10.2139/ssrn.3329994","url":null,"abstract":"By the beginning of the 20th century, the possibility and efficacy of economic planning was believed to have been proven by totalitarian experiments in Germany, the Soviet Union, and, to a lesser degree, Fascist Italy; however, the possibilities and limitations of planning in capitalist democracies was unclear. The challenge in the United States in the 1930s and in postwar France was to find ways to make planning work under capitalism and democratic conditions, where private agents were free to not accept its directives. This paper begins by examining the experience with planning during the first years of the New Deal in the United States, centered on the creation and operation of the National Recovery Administration (NRA) and the Agricultural Adjustment Administration (AAA), and continues with a discussion of the French experience with indicative planning in the aftermath of World War II. A digression follows, touching on the proximity between the matters treated in this paper and Keynes’s view that macroeconomic stabilization could require a measure of socialization of investments, following James Tobin’s hunch that French indicative planning, as well as some social democrat experiences in Northern Europe, could be playing precisely that role. The paper concludes by identifying the lessons one can draw from the two experiences.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127085939","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
Sudden Stops of International Fund Flows: Occurrence and Magnitude 国际资金流动的突然停止:发生和程度
PSN: Other Comparative Capitalism (Topic) Pub Date : 2019-02-01 DOI: 10.1111/roie.12385
Suxiao Li, J. de Haan, Bert Scholtens
{"title":"Sudden Stops of International Fund Flows: Occurrence and Magnitude","authors":"Suxiao Li, J. de Haan, Bert Scholtens","doi":"10.1111/roie.12385","DOIUrl":"https://doi.org/10.1111/roie.12385","url":null,"abstract":"Using data of 65 economies from January 2000 (2008) to June 2015, we examine the covariates of sudden stops in fund equity and bond flows. Our results suggest that global, contagion and domestic factors are all related to the likelihood of sudden stops. For sudden stops in equity flows, global factors play a more important role in high‐income economies. For sudden stops in bond flows, global variables are the most important covariates in emerging economies, whereas domestic variables play a more important role in high‐income economies. We also find that global and contagion factors are correlated to the magnitude of sudden stops.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130775345","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
Estimating the Income Distribution of Some Muslim Countries Based on Entropy Measures 基于熵测度的部分穆斯林国家收入分配估算
PSN: Other Comparative Capitalism (Topic) Pub Date : 2019-01-14 DOI: 10.4197/islec.32-1.12
Omar A. Kittaneh
{"title":"Estimating the Income Distribution of Some Muslim Countries Based on Entropy Measures","authors":"Omar A. Kittaneh","doi":"10.4197/islec.32-1.12","DOIUrl":"https://doi.org/10.4197/islec.32-1.12","url":null,"abstract":"Having biased and unjustified income distribution in a country can have\u0000many unpleasant consequences such as, poor health, frustration and dissatisfaction,\u0000increase in social problems and criminal activities, unreliable education systems, etc.\u0000Therefore, determining the income distribution of a country is of great importance and\u0000benefit for social safety and economic growth. Using real data for the year 2016 for\u0000three Muslim countries, Saudi Arabia (KSA), United Arab Emirates (UAE) and Egypt,\u0000this paper utilizes the so-called entropy measures in the problem of estimating the\u0000income probability distribution, using the least available information or incomplete\u0000information such as the average and range of income. The paper also provides rough\u0000estimates of the Coefficient of Variation (CV) and Gini Index for each country.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123411851","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
Cartas abiertas a dos amigos, un economista austriaco y uno socialista (Two Open Letters to Friends, an Austrian Economist and a Socialist) Cartas abiertas a dos amigos, un economista austria y uno socialista(给朋友的两封公开信，一位奥地利经济学家和一位社会主义者)
PSN: Other Comparative Capitalism (Topic) Pub Date : 2018-12-03 DOI: 10.18601/01245996.V21N40.04
Geoffrey M. Hodgson
{"title":"Cartas abiertas a dos amigos, un economista austriaco y uno socialista (Two Open Letters to Friends, an Austrian Economist and a Socialist)","authors":"Geoffrey M. Hodgson","doi":"10.18601/01245996.V21N40.04","DOIUrl":"https://doi.org/10.18601/01245996.V21N40.04","url":null,"abstract":"Dirijo estas cartas dos amigos imaginarios. En la primera, a un libertario de libre mercado, reconozco las fortalezas de su posición, pero argumento que la posición libertaria básica se debe actualizar a la luz de los desarrollos del mundo financiero y corporativo, y de la creciente desigualdad en la distribución de la riqueza. Dirijo la segunda carta a un socialista, que aún desea maximizar la propiedad pública y minimizar los mercados. Argumento que esta posición ha recibido golpes fatales en el siglo XX, provenientes de la crítica teórica y de catástrofes prácticas. El socialismo al menos en su sentido clásico– ha muerto como doctrina práctica y humana. No así el Estado de bienestar, quizás con un sector público significativo. El debate se refiere a la dirección que nos gustaría que tomara el capitalismo.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":" 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113950277","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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