{"title":"Public Employment Agency Reform, Matching Efficiency, and German Unemployment","authors":"Christian Merkl, Timo Sauerbier","doi":"10.1057/s41308-023-00201-2","DOIUrl":"https://doi.org/10.1057/s41308-023-00201-2","url":null,"abstract":"Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on two microeconomic datasets, we show that the market share of the Federal Employment Agency as job intermediary declined after the Hartz reforms. We propose a macroeconomic model of the labor market with a private and a public search channel and fit the model to various dimensions of the data. We show that direct intermediation activities of the Federal Employment Agency did not contribute to the decline in unemployment in Germany. By contrast, improved activation of unemployed workers reduced unemployed by 0.8 percentage points. Through the lens of an aggregate matching function, more activation is associated with a larger matching efficiency.","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135916828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Equity Home Bias in a Capital Market Union","authors":"M. Sihvonen","doi":"10.1057/s41308-023-00197-9","DOIUrl":"https://doi.org/10.1057/s41308-023-00197-9","url":null,"abstract":"","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"1 1","pages":"1 - 47"},"PeriodicalIF":4.3,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46200473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Foreign Vulnerabilities, Domestic Risks: The Global Drivers of GDP-at-Risk","authors":"Simon Lloyd, Ed Manuel, Konstantin Panchev","doi":"10.1057/s41308-023-00199-7","DOIUrl":"https://doi.org/10.1057/s41308-023-00199-7","url":null,"abstract":"We study how foreign financial developments influence the conditional distribution of domestic GDP growth. We propose a method to account for foreign vulnerabilities using bilateral-exposure weights when assessing downside macroeconomic risks within quantile regressions. For an advanced-economy panel, we show that tighter foreign financial conditions and faster foreign credit-to-GDP growth are associated with a more severe left-tail of domestic GDP growth, even controlling for domestic indicators. Incorporating foreign variables improves estimates of domestic GDP-at-Risk, both in and out of sample. Decomposing GDP-at-Risk into domestic and foreign origins, we show that foreign shocks are a key driver of domestic macroeconomic tail risks.","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136096907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Is to Forgive to Forget? Sovereign Risk in the Aftermath of Private or Official Debt Restructurings","authors":"S. Marchesi, T. Masi, Pietro Bomprezzi","doi":"10.1057/s41308-023-00198-8","DOIUrl":"https://doi.org/10.1057/s41308-023-00198-8","url":null,"abstract":"","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"1 1","pages":"1 - 43"},"PeriodicalIF":4.3,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45414178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Agnieszka P. Markiewicz, Ralph C. Verhoeks, Willem F. C. Verschoor, Remco C. J. Zwinkels
{"title":"Inattentive Search for Currency Fundamentals","authors":"Agnieszka P. Markiewicz, Ralph C. Verhoeks, Willem F. C. Verschoor, Remco C. J. Zwinkels","doi":"10.1057/s41308-022-00195-3","DOIUrl":"https://doi.org/10.1057/s41308-022-00195-3","url":null,"abstract":"","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135788788","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Lorenzo Caliendo, R. Feenstra, John Romalis, Alan M. Taylor
{"title":"Tariff Reductions, Heterogeneous Firms, and Welfare: Theory and Evidence for 1990–2010","authors":"Lorenzo Caliendo, R. Feenstra, John Romalis, Alan M. Taylor","doi":"10.1057/s41308-022-00194-4","DOIUrl":"https://doi.org/10.1057/s41308-022-00194-4","url":null,"abstract":"","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"1 1","pages":"1-35"},"PeriodicalIF":4.3,"publicationDate":"2023-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44306156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Capital Controls Checkup: Cases, Customs, Consequences","authors":"Stefan Goldbach, Volker Nitsch","doi":"10.1057/s41308-022-00193-5","DOIUrl":"https://doi.org/10.1057/s41308-022-00193-5","url":null,"abstract":"<p>This paper examines the effect of administrative restrictions on cross-border capital transactions. Using highly disaggregated data from the German balance of payments statistics for the period from 1999 through 2017, we document several stylized facts about the effectiveness of such capital control policies introduced by other countries. Capital controls are associated with economically and statistically significant declines in capital flows; they affect bilateral financial relationships along both the extensive and the intensive margin.</p>","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"42 ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2022-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138518686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Profit Shifting, Returns on Foreign Direct Investments and Investment Income Imbalances","authors":"V. Vicard","doi":"10.1057/s41308-022-00191-7","DOIUrl":"https://doi.org/10.1057/s41308-022-00191-7","url":null,"abstract":"","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"71 1","pages":"369-414"},"PeriodicalIF":4.3,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42583763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Marcel Fratzscher, Tobias Heidland, Lukas Menkhoff, Lucio Sarno, Maik Schmeling
{"title":"Foreign Exchange Intervention: A New Database","authors":"Marcel Fratzscher, Tobias Heidland, Lukas Menkhoff, Lucio Sarno, Maik Schmeling","doi":"10.1057/s41308-022-00190-8","DOIUrl":"https://doi.org/10.1057/s41308-022-00190-8","url":null,"abstract":"<p>We construct a novel database of monthly foreign exchange interventions for 49 countries over up to 22 years. We build on a text classification approach that extracts information about interventions from news articles and calibrate our procedure to data about actual interventions. This new dataset allows us to document stylized facts about the use of foreign exchange interventions for countries that neither publish their data nor make them available to researchers. Moreover, we provide evidence on how foreign exchange interventions are used in conjunction with capital controls and macroprudential policy.</p>","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"112 4","pages":""},"PeriodicalIF":4.3,"publicationDate":"2022-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138518668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Dominant Role of Large Firms in Profit Shifting","authors":"Ludvig Wier, H. Erasmus","doi":"10.1057/s41308-022-00180-w","DOIUrl":"https://doi.org/10.1057/s41308-022-00180-w","url":null,"abstract":"","PeriodicalId":47177,"journal":{"name":"Imf Economic Review","volume":"71 1","pages":"791-816"},"PeriodicalIF":4.3,"publicationDate":"2022-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"58659571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}