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Unemployment insurance design with repeated choices 重复选择的失业保险设计
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-05-18 DOI: 10.1093/oep/gpad016
Sumudu Kankanamge, Thomas Weitzenblum
{"title":"Unemployment insurance design with repeated choices","authors":"Sumudu Kankanamge, Thomas Weitzenblum","doi":"10.1093/oep/gpad016","DOIUrl":"https://doi.org/10.1093/oep/gpad016","url":null,"abstract":"\u0000 This article characterizes the relation between the equilibrium unemployment insurance replacement rate and the frequency of its political choice. We first use a tractable analytical model to show how insurance, incentive, and redistribution effects interact at the equilibrium. We then examine a fully repeated choices equilibrium in a quantitative heterogeneous agents model and show that unemployment persistence, whether a policy is announced first or not, and the type of the political process are key determinants of the relation between the equilibrium replacement rate and the frequency of its choice. In a utilitarian welfare context, we find that the equilibrium replacement rate is higher if the policy is chosen more frequently but this relation is reversed in a median voter context.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46236840","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
Correction to: Do children increase the likelihood of homeownership? Evidence from a sample with twins 更正:孩子会增加买房的可能性吗?来自双胞胎样本的证据
4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-05-13 DOI: 10.1093/oep/gpad017
{"title":"Correction to: Do children increase the likelihood of homeownership? Evidence from a sample with twins","authors":"","doi":"10.1093/oep/gpad017","DOIUrl":"https://doi.org/10.1093/oep/gpad017","url":null,"abstract":"","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135244668","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
Institutions, trade, and development: identifying the impact of country-specific characteristics on international trade 制度、贸易和发展:确定国家特点对国际贸易的影响
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-05-09 DOI: 10.1093/oep/gpad014
Cosimo Beverelli, Alexander Keck, Mario Larch, Y. Yotov
{"title":"Institutions, trade, and development: identifying the impact of country-specific characteristics on international trade","authors":"Cosimo Beverelli, Alexander Keck, Mario Larch, Y. Yotov","doi":"10.1093/oep/gpad014","DOIUrl":"https://doi.org/10.1093/oep/gpad014","url":null,"abstract":"\u0000 We quantify the impact of country-specific institutions on international trade and development in a structural gravity framework. The econometric analysis offers robust evidence that stronger institutions promote trade. A counterfactual analysis reveals that the changes in institutional quality in the poor countries in our sample between 1996 and 2006 have had, via their impact on imports from rich countries, significant and heterogeneous welfare effects, varying between −2% and 5%. Our approach is readily applicable to identifying the impact of any country-specific variable on international trade in the structural gravity framework.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49082284","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: 2
Bernanke and Kindleberger on financial crises, 1978–2003 伯南克和金德尔伯格谈金融危机，1978–2003
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-05-05 DOI: 10.1093/oep/gpad010
E. Carré, Laurent Le Maux
{"title":"Bernanke and Kindleberger on financial crises, 1978–2003","authors":"E. Carré, Laurent Le Maux","doi":"10.1093/oep/gpad010","DOIUrl":"https://doi.org/10.1093/oep/gpad010","url":null,"abstract":"\u0000 Ben Bernanke and Charles Kindleberger both studied financial crises. One interpretation in monetary macroeconomics associates them over their endorsement of the credit view as opposed to the money view. We suggest another interpretation and compare their contributions on financial crises more closely. This comparison makes all the more sense as the two authors were engaged in a discussion that the literature has not studied in depth, but that forms the Ariadne’s thread of our investigation. We show that the difference did not so much concern the distinction between rationality and irrationality hypothesis, or between policy and market failure, as the distinction between exogeneity and endogeneity of financial crises. Bernanke rested on the assumption of any kind of exogenous shocks and studied their effects on credit intermediation, whereas Kindleberger analysed credit intermediation throughout the financial cycle and pointed out the causes of financial crises as the culmination of the endogenous process.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46558616","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
Work experience, information revelation, and study effort 工作经验，信息披露，学习努力
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-04-29 DOI: 10.1093/oep/gpad015
Thanos Mergoupis, Robertas Zubrickas
{"title":"Work experience, information revelation, and study effort","authors":"Thanos Mergoupis, Robertas Zubrickas","doi":"10.1093/oep/gpad015","DOIUrl":"https://doi.org/10.1093/oep/gpad015","url":null,"abstract":"\u0000 Firms screen graduates using grade thresholds, which can turn into students’ targeted learning outcomes or reference points in the model of study effort choice. Variability in the usage of grade thresholds implies students’ uncertainty about the value of grades. Work experience from internships can reduce this uncertainty and, in turn, affect the choice of study effort. We theoretically show that a reduction in uncertainty induces more effort from less able students but, in contrast, less effort from more able students. Consistent with the theory, we empirically find that students returning from year-long internships have a flatter grade-ability profile.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43113564","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
Uncertainty shocks and employment fluctuations in Germany: the role of establishment size 德国的不确定性冲击和就业波动:企业规模的作用
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-04-27 DOI: 10.1093/oep/gpad013
Tim Kovalenko
{"title":"Uncertainty shocks and employment fluctuations in Germany: the role of establishment size","authors":"Tim Kovalenko","doi":"10.1093/oep/gpad013","DOIUrl":"https://doi.org/10.1093/oep/gpad013","url":null,"abstract":"\u0000 Uncertainty shocks are found to affect labour market outcomes adversely. Most studies interrelate non-convex labour adjustment costs with the propagation of macroeconomic uncertainty to the labour market. I show that non-convex labour adjustment costs differ by establishment size in Germany. Hence, uncertainty shocks should affect large and small establishments differently. Therefore, this article studies the effects of uncertainty shocks on employment adjustments in large and small establishments employing four structural vector auto-regressive models for Germany from 1992 to 2014. These four models estimate the effects of uncertainty shocks on employment, worker flows, job flows, as well as worker churn in establishments with fewer than 100 and with at least 100 employees. The results suggest that uncertainty shocks trigger considerable employment fluctuations in large establishments while they barely affect small establishments. Furthermore, large establishments adjust their labour input by delaying the replacement of workers.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44912547","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
Macroprudential policy implementation in a heterogeneous monetary union 异质货币联盟中宏观审慎政策的实施
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-04-21 DOI: 10.1093/oep/gpad012
Margarita Rubio
{"title":"Macroprudential policy implementation in a heterogeneous monetary union","authors":"Margarita Rubio","doi":"10.1093/oep/gpad012","DOIUrl":"https://doi.org/10.1093/oep/gpad012","url":null,"abstract":"\u0000 In this article, I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to explore how macroprudential policies should be conducted in a heterogeneous monetary union. I consider several types of cross-country heterogeneity: asymmetric shocks, different leveraged countries, and mortgage contract heterogeneity (fixed and variable rates). As a macroprudential tool, I propose a Taylor-type rule for the loan-to-value ratio, which responds to deviations in output and house prices. This policy can be applied at a national or union level. Results show that structural asymmetries matter for the implementation of macroprudential policies, especially when the heterogeneity delivers differences in economic and financial volatilities. It seems then adequate to delegate macroprudential policies to national authorities. However, a supranational institution could also help stabilize the whole union when there are asymmetric shocks.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46147278","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: 2
How does low-skilled immigration affect native wages? Evidence from Employment Permit System in Korea 低技能移民如何影响本地工资?以韩国就业许可制度为例
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-04-20 DOI: 10.1093/oep/gpad011
Michell Dong, Jongkwan Lee, Hee-Seung Yang
{"title":"How does low-skilled immigration affect native wages? Evidence from Employment Permit System in Korea","authors":"Michell Dong, Jongkwan Lee, Hee-Seung Yang","doi":"10.1093/oep/gpad011","DOIUrl":"https://doi.org/10.1093/oep/gpad011","url":null,"abstract":"\u0000 This study examines the effects of low-skilled immigration on the wages of native workers by analysing Korea’s temporary immigrant worker programme. Using firm-level survey data, we exploit exogenous variations in the number of foreign workers firms can hire to estimate the wage effects of immigration. We find that an increase in immigrant workers in a firm does not affect the firm-specific native wages, even though both native and immigrant workers mainly work in production jobs. Our results indicate that native and immigrant workers could possibly be imperfect substitutes even within narrowly defined occupations in a firm.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45902935","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
Government funding incentives and study program capacities in public universities: theory and evidence 政府资助激励与公立大学学习项目能力:理论与证据
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-04-12 DOI: 10.1093/oep/gpad009
{"title":"Government funding incentives and study program capacities in public universities: theory and evidence","authors":"","doi":"10.1093/oep/gpad009","DOIUrl":"https://doi.org/10.1093/oep/gpad009","url":null,"abstract":"\u0000 Objectives aimed at increasing higher education productivity, for instance, measured by credits per student, have stimulated the use of performance-based funding (PBF) by higher education institutions (HEIs). On theoretical grounds, PBF is expected to speed-up study program capacity adjustments through (re)allocations of study places. We conclude from analyses of Norwegian data that study places are adjusted efficiently if there are binding capacity restrictions at the institution level, or competition for students. Strengthened PBF does not affect long-run adjustments. Instead, admissions seem to adjust to secure full enrollment. The results provide an explanation of why very few positive effects of PBF in higher education are found in the literature. Given continued use of PBF to enhance productivity, a likely policy implication is to impose tighter restrictions on the total number of study places allocated to HEIs, or to change the price structure of the PBF model.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43017713","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
Distributional effect of import shocks on British local labour markets 进口冲击对英国本地劳动力市场的分配效应
IF 1.2 4区 经济学
Oxford Economic Papers-New Series Pub Date : 2023-03-08 DOI: 10.1093/oep/gpad008
Anwar S. Adem
{"title":"Distributional effect of import shocks on British local labour markets","authors":"Anwar S. Adem","doi":"10.1093/oep/gpad008","DOIUrl":"https://doi.org/10.1093/oep/gpad008","url":null,"abstract":"\u0000 This article investigates the causal effect of import shocks on the wage distribution using individual-level data from the UK in the period 1997–2010. The analysis exploits regional variation in initial industrial structure and concentration for identification, and applies a group IV quantile approach to estimate the effect of import shocks on workers at different parts of the wage distribution. The study finds that the effect of import shocks generated by increased import competition is concentrated on the middle of the wage distribution: while the import shocks negatively and significantly affect workers at the bottom-middle of the wage distribution, its effect on the very bottom and upper parts of the wage groups is insignificant. Moreover, the study finds that this labour market adjustment takes place through a reduction in the hourly wage rather than a decline in total hours worked.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48958095","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
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