Structural Change and Economic Dynamics最新文献_第9页

The impact of input efficiency on the value chain embeddedness of rare earth enterprises 投入效率对稀土企业价值链嵌入性的影响

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-04-10 DOI: 10.1016/j.strueco.2024.04.002

Xiaobing Huang, Jiawei Xie

引用次数: 0

Same old song: On the macroeconomic and distributional effects of leaving a Low Interest Rate Environment 老调重弹：脱离低利率环境对宏观经济和分配的影响

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-04-04 DOI: 10.1016/j.strueco.2024.03.009

Alberto Botta , Eugenio Caverzasi , Alberto Russo

{"title":"Same old song: On the macroeconomic and distributional effects of leaving a Low Interest Rate Environment","authors":"Alberto Botta , Eugenio Caverzasi , Alberto Russo","doi":"10.1016/j.strueco.2024.03.009","DOIUrl":"https://doi.org/10.1016/j.strueco.2024.03.009","url":null,"abstract":"<div><p>In this paper, we present a hybrid Agent-Based Stock-Flow-Consistent (AB-SFC) model about the macroeconomic and distributional implications of central bank’s decision to leave a “Low(-for-long) Interest Rate Environment” (LIRE). Our goal is to study the <em>non-linear</em> effects of monetary tightening when implemented under LIRE than in an alternative “Higher Interest Rate” setting (HIRE). This way, we shed light over the interaction between monetary policy, inequality, and macro-financial fragility in a financialized economy characterized by the presence of securitization and the production of complex financial products, i.e., Asset-Backed Securities (ABSs). We obtain three main findings. First, consistent with existing empirical literature, LIRE may be sources of vulnerabilities in the financial industry (i.e., lower banks’ profitability and capital adequacy ratio). However, it may reduce <em>systemic</em> macro-financial risk by stimulating faster growth, lower unemployment and inequality records alongside with lower public and private indebtedness and lower-scale securitization. Second, central bank’s decision to raise interest rates improves financial sector’s performance indicators at the costs of harsh real-side consequences, i.e., permanently higher unemployment and inequality, when implemented under LIRE. Third, financialization structurally changes the functioning of the economy by feeding the creation of a debt-led economy in which monetary policy becomes less effective in its attempt of controlling inflation. Central bank’s reaction in the form of a permanently tighter monetary policy stance eventually prompts a more unequal and unstable <em>rentier-friendly</em> economy.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"69 ","pages":"Pages 552-570"},"PeriodicalIF":6.1,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140535575","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}

引用次数: 0

Testing for secular stagnation in investment rates using a Bayesian multilevel model 利用贝叶斯多层次模型检验投资率是否长期停滞不前

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-04-04 DOI: 10.1016/j.strueco.2024.03.011

Ilan Strauss , Jangho Yang

引用次数: 0

A systematic review of agent-based modelling in the circular economy: Insights towards a general model 循环经济中基于代理的建模系统回顾：建立通用模型的启示

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-04-04 DOI: 10.1016/j.strueco.2024.03.013

Massimiliano Rizzati , Matteo Landoni

{"title":"A systematic review of agent-based modelling in the circular economy: Insights towards a general model","authors":"Massimiliano Rizzati , Matteo Landoni","doi":"10.1016/j.strueco.2024.03.013","DOIUrl":"https://doi.org/10.1016/j.strueco.2024.03.013","url":null,"abstract":"<div><p>Circular Economy (CE) is a popular topic for governments and businesses around the world; yet, only a few comprehensive and economy-wide frameworks exist, and the consequences of the CE on economic systems stay unclear. With this systematic review, we put under scrutiny the existing contributions to Circular Economy (CE) that apply the Agent-based modelling methodology. There is an open gap in the CE literature regarding the use of ABM. The research question that guides this systematic review concerns the potential benefit of ABM for CE and how to use this methodology in the context of CE. We put in evidence three thematic areas, two agents and one process, namely <em>producers</em>, i.e. firms and industrial systems, <em>consumers</em>, i.e. households and waste disposal, and the <em>diffusion of innovation</em>. We infer that the former three thematic strands of literature can be further synthetized together to form a general model of the Circular Economy. This development is crucial to properly evaluate how the agent's heterogeneity affects the diffusion and the consequences of the adoption of CE practices on the economy. Research has widely applied ABM simulations to consider the impact of heterogeneity amongst individuals and their behavioural interactions on the evolution of complex systems, yet very little did it systematically about CE. Our results complement those of Computable General Equilibrium models. The review provides an interpretative framework, suggests valuable future research directions within the new comprehensive thematic area, and contributes to the theoretical and managerial discussion on agent-based modelling in the circular economy.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"69 ","pages":"Pages 617-631"},"PeriodicalIF":6.1,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0954349X24000493/pdfft?md5=a5bb5a9275f51485ec4caeccce69dca7&pid=1-s2.0-S0954349X24000493-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140621950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Does the digital economy promote the consumption structure upgrading of urban residents? Evidence from Chinese cities 数字经济能否促进城市居民消费结构升级？来自中国城市的证据

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-04-03 DOI: 10.1016/j.strueco.2024.04.001

Qiuyang Zhou

引用次数: 0

Does eco-innovation stimulate employment? The case of Spanish manufacturing firms 生态创新是否能刺激就业？以西班牙制造业企业为例

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-03-31 DOI: 10.1016/j.strueco.2024.03.007

Sara Fernández , Celia Torrecillas , Guillermo Arenas Díaz

引用次数: 0

Revisiting the innovation-competition nexus: Evidence from worldwide manufacturing and service industries 重新审视创新与竞争的关系：来自全球制造业和服务业的证据

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-03-30 DOI: 10.1016/j.strueco.2024.03.012

Michele Cincera , Ela Ince , Anabela Santos

{"title":"Revisiting the innovation-competition nexus: Evidence from worldwide manufacturing and service industries","authors":"Michele Cincera , Ela Ince , Anabela Santos","doi":"10.1016/j.strueco.2024.03.012","DOIUrl":"10.1016/j.strueco.2024.03.012","url":null,"abstract":"<div><p>This paper investigates the relationship between competition and innovation using a worldwide dataset of manufacturing and service industries. The sample comprises the world's top corporate R&D spenders listed in the EU 2017 industrial R&D Scoreboard, and the analysis covers the years spanning 2007 to 2016. We use an industry-year indicator, the inverse of the Lerner Index, to measure the competition level prevailing between these large R&D companies. R&D expen<strong>d</strong>itures are used as a proxy for innovation. The model is estimated using two-stage least squares to control for the potential endogeneity of the competition indicator. Our contributions are three-fold. Firstly, we examine the innovation-competition nexus at the worldwide level, thus extending the geographical coverage of previous studies. Secondly, we analyze the relationship separately for manufacturing and service industries, characterized by different technological and knowledge-based regimes. Finally, we distinguish between incumbents and new entrants in the worldwide market. Our findings confirm the existence of an inverted-U shaped relationship between competition and innovation and show that this relationship differs between manufacturing and service industries. The results also reveal that the effect of competition on innovation varies between incumbents and new entrants. Our paper contributes to the existing literature by providing novel empirical evidence on the innovation-competition nexus based on a global sample and addressing previous studies' limitations.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"69 ","pages":"Pages 586-603"},"PeriodicalIF":6.1,"publicationDate":"2024-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140398739","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}

引用次数: 0

Politically connected firms and access to credit: Evidence from India 与政治有关联的企业和获得信贷的机会：来自印度的证据

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-03-28 DOI: 10.1016/j.strueco.2024.03.006

Malik Altaf Hussain, Malvika Tyagi

引用次数: 0

Is working enough to escape poverty? Evidence on low-paid workers in Italy 工作足以摆脱贫困吗？意大利低薪工人的证据

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-03-27 DOI: 10.1016/j.strueco.2024.03.008

Michele Bavaro , Michele Raitano

{"title":"Is working enough to escape poverty? Evidence on low-paid workers in Italy","authors":"Michele Bavaro , Michele Raitano","doi":"10.1016/j.strueco.2024.03.008","DOIUrl":"https://doi.org/10.1016/j.strueco.2024.03.008","url":null,"abstract":"<div><p>We investigate the dynamics of incidence, intensity and persistence of low pay in Italy from 1990 to 2018 by exploiting a large administrative sample of employees in the private sector. We refer to relative and absolute low pay thresholds and assess workers’ conditions according to annual earnings, weekly wages and full-time-equivalent (FTE) weekly wages, to depurate low pay dynamics from the influence of changes in worked weeks and hours. Regardless of the chosen threshold, we find that the incidence of low pay is high and steeply increased in the last decades when the focus is on annual earnings and weekly wages. A flat trend emerges instead when low pay is assessed according to FTE weekly wages, signalling that a major role in the low pay dynamics is played by the reduction in the number of hours worked by low-paid individuals because of the increasing spread of part-time contracts. Nevertheless, the share of low-paid workers is rather high even when the focus is on FTE weekly wages. Furthermore, low pay is a persistent status for a large and rising share of workers. These findings reveal a clear worsening of workers’ conditions at the bottom of the earnings distribution in Italy.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"69 ","pages":"Pages 495-511"},"PeriodicalIF":6.1,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0954349X24000444/pdfft?md5=369fe6ef93317a043e015e55e4adb4c3&pid=1-s2.0-S0954349X24000444-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140330577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Debt sustainability and policy targets: Full employment or structural balance? A simulation for the Spanish economy 债务可持续性和政策目标：充分就业还是结构平衡？西班牙经济模拟

IF 6.1 2区经济学

Structural Change and Economic Dynamics Pub Date : 2024-03-19 DOI: 10.1016/j.strueco.2024.03.005

Jorge Uxó , Eladio Febrero , Iván Ayala , Paloma Villanueva

{"title":"Debt sustainability and policy targets: Full employment or structural balance? A simulation for the Spanish economy","authors":"Jorge Uxó , Eladio Febrero , Iván Ayala , Paloma Villanueva","doi":"10.1016/j.strueco.2024.03.005","DOIUrl":"https://doi.org/10.1016/j.strueco.2024.03.005","url":null,"abstract":"<div><p>The idea that Spain should reduce its structural fiscal deficit has been playing a crucial role in determining the orientation of its fiscal policy for the past three decades, in line with the European fiscal rules. Nevertheless, relying on unobservable variables for its estimation might lead to an underestimation of potential GDP and to the application of pro-cyclical measures in times of crisis. Following the Updated Okun Method to estimate an alternative measure of potential GDP, which targets full employment, we simulate alternative fiscal policy scenarios for Spain from 2023 to 2028. Our results point to a better performance, both in terms of public debt sustainability and reduction of the unemployment rate, when focusing on an unemployment rate target rather than on the reduction of the structural fiscal balance. This suggests a departure from this indicator in guiding fiscal policy orientation in the context of the reform of the European fiscal rules.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"69 ","pages":"Pages 475-487"},"PeriodicalIF":6.1,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0954349X24000419/pdfft?md5=772b0912138c9f9a11c329a6e08a1536&pid=1-s2.0-S0954349X24000419-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140190915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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