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Widening Health Gap in the US Labor Force Participation at Older Ages 美国老年劳动力参与率的健康差距不断扩大
IF 1.3 4区 经济学
Cesifo Economic Studies Pub Date : 2024-01-02 DOI: 10.1093/cesifo/ifad011
Tomaz Cajner, Javier Fernández-Blanco, Virginia Sánchez-Marcos
{"title":"Widening Health Gap in the US Labor Force Participation at Older Ages","authors":"Tomaz Cajner, Javier Fernández-Blanco, Virginia Sánchez-Marcos","doi":"10.1093/cesifo/ifad011","DOIUrl":"https://doi.org/10.1093/cesifo/ifad011","url":null,"abstract":"Using microdata from the CPS and the HRS, we document changes in labor force participation at older ages in the USA since the mid-1990s. Our main finding is that the over two-decade increase in participation is solely driven by individuals in good health, and does not differ across either educational or occupational groups. This phenomenon may importantly affect the results of social security reforms aiming at raising the mandatory retirement age and may exacerbate the health gap in lifetime earnings. (JEL codes: J22 and I14)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373146","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
Interest Rate Pass-Through in Euro Area Mortgage Markets: The Long Shadow of the Great Financial Crisis 欧元区抵押贷款市场的利率传递：大金融危机的长期阴影
IF 1.3 4区 经济学
Cesifo Economic Studies Pub Date : 2023-12-28 DOI: 10.1093/cesifo/ifad010
Paul Egan, Kieran McQuinn
{"title":"Interest Rate Pass-Through in Euro Area Mortgage Markets: The Long Shadow of the Great Financial Crisis","authors":"Paul Egan, Kieran McQuinn","doi":"10.1093/cesifo/ifad010","DOIUrl":"https://doi.org/10.1093/cesifo/ifad010","url":null,"abstract":"The tightening of monetary policy in response to the recently observed surge in inflation has focussed attention on the potential impact of changes in policy rates on European mortgage holders. Central to this question is the pass-through of policy rates to the mortgage rate charged in residential markets across the Euro Area as housing costs have contributed significantly to recent inflationary pressures. In particular, how much and how quickly does the change in the Euro Area policy rate pass-through to the mortgage rate in a particular member country’s market? The effectiveness of the monetary policy transmission mechanism has been impaired in a number of ways by the continuing effects of the great financial crisis (GFC). In this article, we seek to examine the manner in which the pass-through relationship between Euro Area policy rates and representative mortgage market rates has been impacted by financial sector considerations such as the degree of concentration in the sector, banks’ holdings of impaired loans, and the overall level of financial stress in the economy. Overall, our empirical findings indicate the level of financial stress experienced during the GFC has had a major impact on the effectiveness of monetary policy transmission in the Euro area. This article suggests that the GFC still has implications for the efficacy of current monetary policy in the Euro Area through several different but related channels. (JEL codes: E52, F45, and G21)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139063844","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
The Spatial Economic Impact of Crime: Evidence from the Construction Sector in Italian Municipalities 犯罪的空间经济影响:来自意大利城市建筑部门的证据
4区 经济学
Cesifo Economic Studies Pub Date : 2023-09-01 DOI: 10.1093/cesifo/ifad009
Leonzio Rizzo, Massimiliano Ferraresi, Riccardo Secomandi
{"title":"The Spatial Economic Impact of Crime: Evidence from the Construction Sector in Italian Municipalities","authors":"Leonzio Rizzo, Massimiliano Ferraresi, Riccardo Secomandi","doi":"10.1093/cesifo/ifad009","DOIUrl":"https://doi.org/10.1093/cesifo/ifad009","url":null,"abstract":"Abstract Literature has mainly focused on understanding whether organized crime impacts on economic growth, broadly intended. Yet, at the local level, little is known as to how crime may affect economic activities. Using a unique geo-localized dataset on Italian firms, we exploit the strengthening of policy enforcement against corruption to show that when municipalities where the city council is dissolved because of organized-crime infiltration, the construction sector suffers a 7% reduction in the value added of firms located in the same area where the council dissolution occurred. We also find that the effect is larger, the longer the commissioner is present in the municipal council. Taken together our findings suggest that the action of the commissioner depresses the economic activity in the construction sector of the area where the temporary-administered municipality is located, given that it blocks all those relationships with firms related with criminality. This calls for a contemporaneous intervention stimulating public procurements with ‘good’ firms. (JEL codes: K42, D73, R10 and H32)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135735975","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
The Impact of Political Fragmentation on the Municipal Spending in Peru 政治分裂对秘鲁市政支出的影响
4区 经济学
Cesifo Economic Studies Pub Date : 2023-09-01 DOI: 10.1093/cesifo/ifad008
Alberto Mendoza, Sergio Hinostroza
{"title":"The Impact of Political Fragmentation on the Municipal Spending in Peru","authors":"Alberto Mendoza, Sergio Hinostroza","doi":"10.1093/cesifo/ifad008","DOIUrl":"https://doi.org/10.1093/cesifo/ifad008","url":null,"abstract":"Abstract This study evaluates the impact of political fragmentation at the municipal level on public expenditure during the period 2007–2018 for the Peruvian case. The results indicate that the effect of political fragmentation within a municipal council on the spending of the provincial municipality could be non-linear. That is, political fragmentation affects negatively the expenditure in a certain tranche and positively in another. In particular, we observe that the incidence occurs only on the execution of capital expenditure. On the other hand, the political fragmentation of the districts within a province seems not to have a significant effect on the execution of expenditure in coordinated areas such as transport, health, and sanitation. (JEL Codes: E62, H54, H72, P16, P35)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134914168","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
Do Consumers Really Pay for SDGs? Re-Evaluating Consumer Behaviour Using Surveys in the USA, Germany, and Japan 消费者真的为可持续发展目标买单吗？利用美国、德国和日本的调查重新评估消费者行为
IF 1.3 4区 经济学
Cesifo Economic Studies Pub Date : 2023-08-04 DOI: 10.1093/cesifo/ifad007
Eri Nakamura, K. Nishitani, F. Mizutani
{"title":"Do Consumers Really Pay for SDGs? Re-Evaluating Consumer Behaviour Using Surveys in the USA, Germany, and Japan","authors":"Eri Nakamura, K. Nishitani, F. Mizutani","doi":"10.1093/cesifo/ifad007","DOIUrl":"https://doi.org/10.1093/cesifo/ifad007","url":null,"abstract":"\u0000 This study investigates the relationship between consumers’ evaluation on sustainable development goal (SDG)-related characteristics and the actual payment for these values, while revealing effective governmental policies and business activities to enhance sustainable consumption. Using survey data from the USA, Germany, and Japan, the following results were obtained. First, the relative importance of the core element is 35–41% and that of the elements related to SDGs 8, 9, 12, and 13 dominates 52–58% of the overall product value. Second, effective approaches to enhance sustainable consumption differ among product characteristics. Third, lifestyle influences only the long-term and the medium-term goods. Fourth, while consumers rely on their experience in the choice of short-term goods, they make more deliberate decisions considering their condition factors for the medium-term and long-term goods. Based on these results, some practical implications were derived. First, active advertisement emphasizing the importance of economic aspects and actions for economic goals could be effective. Second, describing the idea that underlies the concept of SDGs could be effective rather than emphasizing each SDG. Third, incentive schemes focusing on daily goods rather than durable goods could enhance sustainable consumption further, as consumers still exhibit limited concern for daily goods. (JEL codes: D12; M20; M30; Q01; Q56; and Q58)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43834065","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
Evaluating Fiscal Policy Under Cyclical Balance in Developed Countries 发达国家周期性平衡下的财政政策评价
4区 经济学
Cesifo Economic Studies Pub Date : 2023-06-01 DOI: 10.1093/cesifo/ifad006
Ching-Yi Lu, Ming-Jen Chang
{"title":"Evaluating Fiscal Policy Under Cyclical Balance in Developed Countries","authors":"Ching-Yi Lu, Ming-Jen Chang","doi":"10.1093/cesifo/ifad006","DOIUrl":"https://doi.org/10.1093/cesifo/ifad006","url":null,"abstract":"Abstract This study investigates the cyclical patterns of fiscal policy rules using various policy variables that respond to the macroeconomic performance of developed countries over the past few decades. The study reveals that regardless of whether the economy is in a recession or a boom, fiscal policy basically displays counter-cyclical behavior. However, the degree of cyclicality varies depending on the output gap measurements chosen and the countries analyzed. Additionally, the estimates using various fiscal policy indicators demonstrate a strong time variation in fiscal cyclical behavior, resulting in a significant increase in the counter-cyclicality of the fiscal balance. The article also applies the time-varying coefficients vector autoregression model to assess the effects of fiscal policy on output and finds that a boost in the cyclically adjusted primary balance positively impacts production in the short run.","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135046280","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
Use of Digital Technologies for HR Management in Germany: Survey Evidence 数字技术在德国人力资源管理中的应用:调查证据
4区 经济学
Cesifo Economic Studies Pub Date : 2023-06-01 DOI: 10.1093/cesifo/ifad005
Marina Chugunova, Anastasia Danilov
{"title":"Use of Digital Technologies for HR Management in Germany: Survey Evidence","authors":"Marina Chugunova, Anastasia Danilov","doi":"10.1093/cesifo/ifad005","DOIUrl":"https://doi.org/10.1093/cesifo/ifad005","url":null,"abstract":"Abstract Using a survey with 57 German firms, we evaluate the level of digitalization of the human resource management (HRM) function and document perceived benefits and barriers of technology adoption from organizational and individual users’ perspectives. The results give reason for optimism. Most of the companies report that the core HR processes are digitized. We do not observe adverse effects of the digital HRM tools on users’ job satisfaction and work stress. Still, more than half of companies do not yet use digital tools for strategic HRM decisions. Respondents appreciate the increased speed and cost-efficiency of digital HR processes and associate them with a competitive advantage in talent acquisition. The most prominent barriers to adoption are lack of qualified professionals, high costs, and uncertainty regarding the legal framework. Additionally, we test whether small- and medium-sized enterprises differ systematically from larger organizations in how they use digital HRM tools.","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136249751","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
The Effects of Dual-Enrollment Programs on Students’ Post-Secondary Academic Performance 双录取制对学生中学后学业表现的影响
IF 1.3 4区 经济学
Cesifo Economic Studies Pub Date : 2023-05-18 DOI: 10.1093/cesifo/ifad004
Cody Kirby, Kaustav Misra, Arundhati Bagchi Misra, Sharon P Cox
{"title":"The Effects of Dual-Enrollment Programs on Students’ Post-Secondary Academic Performance","authors":"Cody Kirby, Kaustav Misra, Arundhati Bagchi Misra, Sharon P Cox","doi":"10.1093/cesifo/ifad004","DOIUrl":"https://doi.org/10.1093/cesifo/ifad004","url":null,"abstract":"\u0000 Early college programs allow high school students to go beyond the advanced courses that the high school offers. Much of the literature on this topic focuses on small sample sizes, theories, or qualitative evidence; quantitative evidence of such a relationship is lacking. This study will examine the relationship between early college programs and academic performance, as well as graduation and retention rates and provide quantitative evidence of such relationships. The study uses survey data collected from two public universities in the state of Michigan. The results suggest that dual enrollment participation has a significant and positive effect on students’ college grade point average (GPA). Based on our results, dual enrollment participation is beneficial to students and should be encouraged. Because of the quantitative nature of the data, policy makers can use it to make informed decisions about early college programs and how these programs may benefit their students and institutions. (JEL codes: A1, I21, and I29)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43964114","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
Production in Urban Environments 城市环境中的生产
IF 1.3 4区 经济学
Cesifo Economic Studies Pub Date : 2023-04-18 DOI: 10.1093/cesifo/ifad003
O. Hochman, Ori Zax
{"title":"Production in Urban Environments","authors":"O. Hochman, Ori Zax","doi":"10.1093/cesifo/ifad003","DOIUrl":"https://doi.org/10.1093/cesifo/ifad003","url":null,"abstract":"\u0000 We analyze an urban economy with free entry of firms in which prices differ across locations. We show that in a competitive equilibrium, land rent is determined such that firms produce at constant returns to scale point—at minimum average costs. (JEL codes: R32 and R38)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45845477","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
Financial Education in Secondary Education: A Cross-Country Analysis 中等教育中的金融教育：跨国分析
IF 1.3 4区 经济学
Cesifo Economic Studies Pub Date : 2023-04-07 DOI: 10.1093/cesifo/ifad002
L. López-Agudo, Ó. Marcenaro-Gutierrez
{"title":"Financial Education in Secondary Education: A Cross-Country Analysis","authors":"L. López-Agudo, Ó. Marcenaro-Gutierrez","doi":"10.1093/cesifo/ifad002","DOIUrl":"https://doi.org/10.1093/cesifo/ifad002","url":null,"abstract":"\u0000 We live in a society in which knowing how to manage money is a necessity, since it is required in our everyday life. In this context, financial literacy is a competence which people should develop in order to improve their money-related decisions. In order to analyse the contribution of financial education to this competence, we go beyond the previous literature in respect to correlation by using student fixed-effects and PISA (Programme for International Student Assessment) 2018 data for 15-year-old students in 20 countries. Our results show that, in most of the countries under analysis, the financial education that students receive in the subject of mathematics may contribute to the development of their financial literacy competences. Nevertheless, the lack of an effective subject in economics is still an issue in most of the educational systems under analysis. (JEL codes: I20, I21, I28, and C10)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45699897","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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