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Inter- and intracountry effects of the Covid-19 pandemic on wages and economic growth 新冠肺炎-19大流行对工资和经济增长的国家间和国内影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-06-30 DOI: 10.1111/boer.12412
Óscar Afonso
{"title":"Inter- and intracountry effects of the Covid-19 pandemic on wages and economic growth","authors":"Óscar Afonso","doi":"10.1111/boer.12412","DOIUrl":"10.1111/boer.12412","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper aims to investigate the impact of the Covid-19 pandemic on technological knowledge, wage inequality, and economic growth, by proposing a Direct-Technical-Change model with two economies, an Innovative and other Follower. Six hypotheses are considered: (i) decrease in the unskilled-labor supply, (ii) decrease in the absolute advantage of unskilled labor, (iii) decrease in the intensity of the unskilled sector, (iv) hypothesis (i) combined with a lower decrease in the skilled-labor supply, (v) hypothesis (ii) combined with a lower decrease in the absolute advantage of skilled labor, (vi) all the variations previously considered. By comparing the steady states before and after the shock, we find an increase in the technological-knowledge bias that favors the skill-intensive sector, which positively affects the skill premium. However, in hypotheses (i) and (iv), the decrease in the relative supply of unskilled labor dominates the effect on the skill premium, which thus decreases. The economic growth rate is always penalized except for hypothesis (iii). Hypotheses (ii) and (iv) are undesirable because they increase wage inequality and penalize economic growth. Governments should support innovative activity, the engine of technological-knowledge progress, and thus economic growth, but with caution not to exacerbate the skill premium.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1291-1322"},"PeriodicalIF":0.8,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44491460","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: 1
The returns to education and wage penalty from overeducation: New evidence from Vietnam 教育回报和过度教育带来的工资惩罚:来自越南的新证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-06-28 DOI: 10.1111/boer.12409
Dai Binh Tran, Sasiwimon Warunsiri Paweenawat
{"title":"The returns to education and wage penalty from overeducation: New evidence from Vietnam","authors":"Dai Binh Tran,&nbsp;Sasiwimon Warunsiri Paweenawat","doi":"10.1111/boer.12409","DOIUrl":"10.1111/boer.12409","url":null,"abstract":"<p>This study intends to estimate the rate of returns to education in Vietnam, the distributive effects of education on wages, and the wage penalty from the incidence of overeducation in the Vietnamese labor market during 2004–2016. This study employs a pseudo-panel approach to address omitted variables bias and the unconditional quantile regression to identify the heterogeneity of returns to education across the income distribution. Our main finding indicates that the estimated rate of returns to education in Vietnam is approximately 6.5%, showing a downward bias from previous estimates. The returns vary across wage distributions, where a lower rate of return is observed in lower quantiles and a higher rate among those individuals at the higher quantiles. The returns to education have declined since 2008, confirming the oversupply of highly educated workers in the Vietnamese labor market with an estimated wage penalty of 17%. Government assistance measures are needed to reduce the overeducation and the wage penalty issues in the Vietnamese labor market.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1267-1290"},"PeriodicalIF":0.8,"publicationDate":"2023-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42643078","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
Expectations and the housing market: A model of house price dynamics 预期与住房市场：房价动态模型
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-06-26 DOI: 10.1111/boer.12408
Jengei Hong, Doojin Ryu
{"title":"Expectations and the housing market: A model of house price dynamics","authors":"Jengei Hong,&nbsp;Doojin Ryu","doi":"10.1111/boer.12408","DOIUrl":"https://doi.org/10.1111/boer.12408","url":null,"abstract":"<p>We examine the characteristics of housing markets under adaptive and heterogeneous expectations. Model agents have finite horizons, and their borrowings are constrained by the collateral value of housing stock. Our model shows that expectation-driven housing price dynamics constantly change the direction of movement. The steady-state process of housing prices follows an endogenous oscillation process, and the magnitude of the cycles can be amplified by external shocks. Our quantitative results imply that (i) short-term positive and long-term negative serial correlations in housing price changes are inherent, (ii) house prices and expected house price movements are positively correlated, and (iii) fluctuations in housing prices are not fully explained by fundamentals.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1242-1266"},"PeriodicalIF":0.8,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50144919","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
Foreign players, team production, and technical efficiency: Evidence from European soccer 外国球员、球队产出和技术效率:来自欧洲足球的证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-06-23 DOI: 10.1111/boer.12407
David Boto-García, Carlos Varela-Quintana, Alvaro Muñiz
{"title":"Foreign players, team production, and technical efficiency: Evidence from European soccer","authors":"David Boto-García,&nbsp;Carlos Varela-Quintana,&nbsp;Alvaro Muñiz","doi":"10.1111/boer.12407","DOIUrl":"10.1111/boer.12407","url":null,"abstract":"<p>As on-field success is nowadays the main objective of European soccer clubs, good management needs to extract the highest sport success from the squad talent at hand. Because teams differ in their quality, performance needs to be compared with the best practice of comparable units. One remarkable source of heterogeneity across teams is the squad composition, which can produce gains from diversity together with communication costs. The paper studies the efficiency in sporting performance of soccer teams, paying attention to how the number of foreign players relates to productive inefficiency. Using data for 146 teams in the top 5 European leagues during 10 seasons, we estimate a double heteroskedastic True Random Effects Stochastic Frontier team production function. We find that (i) the number of passes, ball recoveries, and shots from the penalty area improve team efficiency, and (ii) a higher number of foreign players increase inefficiency. Our findings suggest that gains from squad diversity might be offset by communication costs.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1209-1241"},"PeriodicalIF":0.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12407","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44323299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The effects of broadcast on a team's market and on competitive balance from the perspective of fans maximizing utility 从球迷效用最大化的角度看转播对球队市场和竞争平衡的影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-06-23 DOI: 10.1111/boer.12405
Hon Foong Cheah
{"title":"The effects of broadcast on a team's market and on competitive balance from the perspective of fans maximizing utility","authors":"Hon Foong Cheah","doi":"10.1111/boer.12405","DOIUrl":"10.1111/boer.12405","url":null,"abstract":"<p>We examine the decision of fans to attend the game or watch the exact televised match to address whether broadcast lowers revenue collected at the gate and worsens competitive balance. In most cases, broadcasts lower attendance and collection at the gate but do not necessarily worsen competitive balance. Weaker teams can benefit from broadcast revenue and catch up with their stronger counterpart. However, teams that make more money from broadcasts and a broad fan base can gain more advantages from broadcasts and worsen competitive balance.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1191-1208"},"PeriodicalIF":0.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44780749","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
Disclosure policies in all-pay auctions with bid caps and stochastic entry: The impact of risk aversion 有出价上限和随机进入的全包拍卖中的披露政策：风险规避的影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-04-28 DOI: 10.1111/boer.12398
Xiangyu Wang, Shulin Liu
{"title":"Disclosure policies in all-pay auctions with bid caps and stochastic entry: The impact of risk aversion","authors":"Xiangyu Wang,&nbsp;Shulin Liu","doi":"10.1111/boer.12398","DOIUrl":"10.1111/boer.12398","url":null,"abstract":"<p>We investigate how risk aversion affects the organizer's disclosing the actual number of bidders in an all-pay auction with an exogenous bid cap and stochastic entry. With an exogenous probability of participation, the organizer prefers fully concealing the number of participating bidders when bidders are risk neutral. However, this result does not hold with risk aversion. Specifically, whether the organizer prefers fully concealing or fully revealing information depends on the number of potential bidders, the probability of participation, and the size of bid caps. A special case of endogenous entry shows that the organizer's preference is similar to the risk-neutral case.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1181-1190"},"PeriodicalIF":0.8,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42009750","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
Examination of the impacts of the immediate interest rate of the United States and the VIX on the Dow Jones Islamic Market Index 研究美国即时利率和波动率指数对道琼斯伊斯兰市场指数的影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-04-25 DOI: 10.1111/boer.12399
Oguzhan Ozcelebi, José A. Pérez-Montiel
{"title":"Examination of the impacts of the immediate interest rate of the United States and the VIX on the Dow Jones Islamic Market Index","authors":"Oguzhan Ozcelebi,&nbsp;José A. Pérez-Montiel","doi":"10.1111/boer.12399","DOIUrl":"10.1111/boer.12399","url":null,"abstract":"<p>This study examines the effects of the market volatility index of the Chicago Board Options Exchange (VIX) and the immediate interest rate of the United States on the Dow Jones Islamic Market Index (DJIMI) using quantile-based techniques and wavelet coherence (WTC) analysis with monthly data for the period January 2010to May 2021. A quantile cointegration model indicated that the relationship between the VIX and the DJIMI can be valid in the long term since the estimated coefficients are negative and statistically significant across the quantiles 0.05 and 0.50, while a quantile autoregressive model revealed that large negative and positive changes in the VIX and the immediate interest rate of the United States do not have a significant impact on the DJIMI in the short term. Allowing the role of regime changes, it was found by the quantile regression model that an increase in the VIX lowers the performance in the DJIMI, supported by the WTC. It was also underlined that the DJIMI may not benefit from the positive financial conditions. According to the quantile regression models, the immediate interest rate of the US has asymmetrical effects, and the stabilizing effect of the increase/decrease is valid during bearish/bullish market conditions in the DJIMI.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1157-1180"},"PeriodicalIF":0.8,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49105927","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
Graduate employment: Does the type of higher education institution matter? 毕业生就业：高等教育机构的类型重要吗？
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-04-19 DOI: 10.1111/boer.12400
Orlanda Tavares, Cristina Sin, Carla Sá, Francisco Pereira, Alberto Amaral
{"title":"Graduate employment: Does the type of higher education institution matter?","authors":"Orlanda Tavares,&nbsp;Cristina Sin,&nbsp;Carla Sá,&nbsp;Francisco Pereira,&nbsp;Alberto Amaral","doi":"10.1111/boer.12400","DOIUrl":"10.1111/boer.12400","url":null,"abstract":"<p>The paper analyses whether the type of institution from which students graduate has an impact on their unemployment propensity. It uses official data on the Portuguese higher education system, for 2018, at the program/institution level, which provides information on graduate unemployment, as well as demographic and socioeconomic background information. A fractional probit model on graduates’ propensity for unemployment is estimated. Results suggest that polytechnic graduates face higher unemployment propensity than university graduates, maintaining inequalities present in students’ previous trajectories. Policies targeting socioeconomic segregation need to address not only access to higher education but also the transition to the labor market.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1140-1156"},"PeriodicalIF":0.8,"publicationDate":"2023-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12400","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48242420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Suicide mortality, long-term unemployment, and labor-market policies: Evidence from European countries 自杀死亡率、长期失业和劳动力市场政策：来自欧洲国家的证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-04-11 DOI: 10.1111/boer.12397
Eleftherios Goulas, Athina Zervoyianni
{"title":"Suicide mortality, long-term unemployment, and labor-market policies: Evidence from European countries","authors":"Eleftherios Goulas,&nbsp;Athina Zervoyianni","doi":"10.1111/boer.12397","DOIUrl":"10.1111/boer.12397","url":null,"abstract":"<p>Using data from 25 EU countries spanning the period 1999–2017, this paper examines the relationship between working-age suicides and changes in long-term unemployment and tests for mitigating effects through the implementation of labor-market policies. The estimates suggest higher suicide risks following a rising rate of long-term unemployment. Passive support policies have a suicide-decreasing impact. Among active policies, a significant suicide-decreasing effect is found for training and direct job creation. The results have important policy implications in that they suggest that strong commitment of governments to passive or to certain types of active labor-market policies can, on average, contribute to social stability and the welfare of populations.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1112-1139"},"PeriodicalIF":0.8,"publicationDate":"2023-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12397","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44278730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
R&D contribution in TFP growth of Greek industry: A limited information likelihood approach 研发对希腊工业全要素生产率增长的贡献：有限信息似然法
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-04-03 DOI: 10.1111/boer.12391
Emmanuel Mamatzakis, Panagiotis Pegkas, Christos Staikouras, Constantinos Tsamadias
{"title":"R&D contribution in TFP growth of Greek industry: A limited information likelihood approach","authors":"Emmanuel Mamatzakis,&nbsp;Panagiotis Pegkas,&nbsp;Christos Staikouras,&nbsp;Constantinos Tsamadias","doi":"10.1111/boer.12391","DOIUrl":"10.1111/boer.12391","url":null,"abstract":"<p>We provide a novel panel model to decompose total factor productivity (TFP) growth in the Greek industry at the firm level while we tackle the contribution of R&amp;D. We, therefore, opt for parametric methodology that provides statistical inference and would validate the results. Our modeling departs from prior strong assumptions such as error terms across firms being independent. In fact, we provide a novel limited information maximum likelihood (LIML) estimation method that adequately deals with the issue of endogeneity and model misspecification. We demonstrate that our model detects variability in terms of TFP growth components across industries and firms. Our results show that R&amp;D would enhance TFP of Greek firms, albeit the crisis has had a detrimental impact. Financial ratios such as liquidity and solvency ratios also affect TFP as we demonstrate that both would enhance TFP. The solvency ratio is important as it provides an estimate of whether the firm can cope with debt. We also note variability across small versus medium and large firms and report that small firms are more productive and spend more of their revenues on R&amp;D. In terms of policy, our evidence warrants higher R&amp;D spending to enhance TFP growth, though R&amp;D funding is a concern.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"1086-1111"},"PeriodicalIF":0.8,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12391","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49644667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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