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Firm-specific Human Capital Accumulation: Evidence from Brazil* 企业特定人力资本积累:来自巴西的证据*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-07-13 DOI: 10.1111/obes.12570
Tiago Pires, Arek Szydłowski, Shuai Zhao
{"title":"Firm-specific Human Capital Accumulation: Evidence from Brazil*","authors":"Tiago Pires,&nbsp;Arek Szydłowski,&nbsp;Shuai Zhao","doi":"10.1111/obes.12570","DOIUrl":"10.1111/obes.12570","url":null,"abstract":"<p>We introduce firm-specific returns to experience and tenure into a standard two-way fixed effects model, show that they are separately identified under the standard exogenous mobility assumption and with sufficient between firm mobility, and provide a new evidence on heterogeneity of returns to experience and tenure across firms using the administrative data from Brazil over the years 1999–2014. We document that (1) returns to tenure are not strongly related to firm wage premia, (2) returns to experience are strongly negatively correlated with firm wage premia, (3) the relationship between firm wage premium and return to experience is stronger for ‘blue collar’ firms.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"86 3","pages":"568-605"},"PeriodicalIF":2.5,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12570","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47111100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Revisiting the Great Ratios Hypothesis* 对大比率假说的再认识*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-07-11 DOI: 10.1111/obes.12571
Alexander Chudik, M. Hashem Pesaran, Ron P. Smith
{"title":"Revisiting the Great Ratios Hypothesis*","authors":"Alexander Chudik,&nbsp;M. Hashem Pesaran,&nbsp;Ron P. Smith","doi":"10.1111/obes.12571","DOIUrl":"https://doi.org/10.1111/obes.12571","url":null,"abstract":"<p>Kaldor called the constancy of certain ratios stylized facts, Klein and Kosobud called them great ratios. While they often appear in theoretical models, the empirical literature finds little evidence for them, perhaps because the procedures used cannot deal with lack of co-integration, two-way causality, and cross-country error dependence. We propose a new system pooled mean group estimator that can deal with these features. Monte Carlo results show it performs well compared with other estimators, and using it on a dataset over 150 years and 17 countries, we find support for five of the seven ratios considered.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 5","pages":"1023-1047"},"PeriodicalIF":2.5,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12571","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50128926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Information Equivalence among Transformations of Semi-parametric Nonlinear Panel Data Models* 半参数非线性面板数据模型变换间的信息等价性*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-05-22 DOI: 10.1111/obes.12569
Nicholas Brown
{"title":"Information Equivalence among Transformations of Semi-parametric Nonlinear Panel Data Models*","authors":"Nicholas Brown","doi":"10.1111/obes.12569","DOIUrl":"10.1111/obes.12569","url":null,"abstract":"<p>This paper considers transformations of nonlinear semi-parametric mean functions that yield moment conditions for estimation. Such transformations are said to be information equivalent if they yield the same asymptotic efficiency bound. I derive a unified theory of algebraic equivalence for moment conditions created by a given linear transformation. The main equivalence result states that under standard regularity conditions, transformations that create conditional moment restrictions in a given empirical setting need only to have an equal rank to reach the same efficiency bound. I compare feasible and infeasible transformations of both nonlinear models with multiplicative heterogeneity and linear models with unobserved factor structures.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 6","pages":"1341-1361"},"PeriodicalIF":2.5,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12569","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46702435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Projection Estimators for Structural Impulse Responses* 结构冲击响应的投影估计*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-05-15 DOI: 10.1111/obes.12562
Jörg Breitung, Ralf Brüggemann
{"title":"Projection Estimators for Structural Impulse Responses*","authors":"Jörg Breitung,&nbsp;Ralf Brüggemann","doi":"10.1111/obes.12562","DOIUrl":"10.1111/obes.12562","url":null,"abstract":"<p>In this paper we provide a general two-step framework for linear projection estimators of impulse responses in structural vector autoregressions (SVARs). This framework is particularly useful for situations when structural shocks are identified from information outside the VAR (e.g. narrative shocks). We provide asymptotic results for statistical inference and discuss situations when standard inference is valid without adjustment for generated regressors, autocorrelated errors or non-stationary variables. We illustrate how various popular SVAR models fit into our framework. Furthermore, we provide a local projection framework for invertible SVAR models that are estimated by instrumental variables (IV). This class of models results in a set of quadratic moment conditions used to obtain the asymptotic distribution of the estimator. Moreover, we analyse generalized least squares (GLS) versions of the projections to improve the efficiency of the projection estimators. We also compare the finite sample properties of various estimators in simulations. Two highlights of the Monte Carlo results are (i) for invertible VARs our two-step IV projection estimator is more efficient compared to existing projection estimators and (ii) using the GLS projection variant with residual augmentation leads to substantial efficiency gains relative to standard OLS/IV projection estimators.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 6","pages":"1320-1340"},"PeriodicalIF":2.5,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12562","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49013151","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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: 3
Early Years Multi-grade Classes and Pupil Attainment* 幼儿多年级班级与学生成绩*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-05-09 DOI: 10.1111/obes.12561
Daniel Borbely, Markus Gehrsitz, Stuart McIntyre, Gennaro Rossi, Graeme Roy
{"title":"Early Years Multi-grade Classes and Pupil Attainment*","authors":"Daniel Borbely,&nbsp;Markus Gehrsitz,&nbsp;Stuart McIntyre,&nbsp;Gennaro Rossi,&nbsp;Graeme Roy","doi":"10.1111/obes.12561","DOIUrl":"https://doi.org/10.1111/obes.12561","url":null,"abstract":"<p>We study the effect of exposure to older, more experienced, classroom peers resulting from the widespread use of multi-grade classes in Scottish primary schools. For identification, we exploit that a class-planning algorithm quasi-randomly assigns groups of pupils to multi-grade classes. We find that school-starters benefit from exposure to second-graders in measures of numeracy and literacy. We do not find any evidence that these gains are driven by smaller class sizes or more parental input. While short-lived, these benefits accrue independent of socioeconomic background, to boys and girls alike, and our results provide no evidence that they come at the expense of older peers from the preceding cohort.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 6","pages":"1295-1319"},"PeriodicalIF":2.5,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12561","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134879236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Drought-Reliefs and Partisanship 干旱救济和党派关系
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-05-04 DOI: 10.1111/obes.12560
Federico Boffa, Francisco Cavalcanti, Christian Fons-Rosen, Amedeo Piolatto
{"title":"Drought-Reliefs and Partisanship","authors":"Federico Boffa,&nbsp;Francisco Cavalcanti,&nbsp;Christian Fons-Rosen,&nbsp;Amedeo Piolatto","doi":"10.1111/obes.12560","DOIUrl":"10.1111/obes.12560","url":null,"abstract":"<p>We combine a model of symmetric information with selfish and office-motivated politicians and a Regression Discontinuity Design analysis based on close municipal elections to study partisan bias in the allocation of drought aid relief in Brazil. We identify a novel pattern of distributive politics whereby partisan bias materialises only before municipal elections, while it disappears before presidential elections. Furthermore, before mayoral elections, it fades for extreme (high or low) aridity levels while persisting for moderate levels. Our empirical results show that in this case alignment increases the probability of receiving aid relief by a factor of two (equivalent to 18.1 percentage points).</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"86 2","pages":"187-208"},"PeriodicalIF":2.5,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12560","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43615244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Medium-Run Impacts of Iron-Fortified School Lunch on Anaemia, Cognition, and Learning Outcomes in India* 印度强化铁学校午餐对贫血、认知和学习成果的中期影响*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-04-28 DOI: 10.1111/obes.12559
Liza von Grafenstein, Abhijeet Kumar, Santosh Kumar, Sebastian Vollmer
{"title":"Medium-Run Impacts of Iron-Fortified School Lunch on Anaemia, Cognition, and Learning Outcomes in India*","authors":"Liza von Grafenstein,&nbsp;Abhijeet Kumar,&nbsp;Santosh Kumar,&nbsp;Sebastian Vollmer","doi":"10.1111/obes.12559","DOIUrl":"10.1111/obes.12559","url":null,"abstract":"<p>Using a phase-in research design, we provide experimental evidence on the impacts of early versus late initiation of iron fortification in school lunch programmes on children's health and cognitive outcomes in India. We find higher haemoglobin levels and a lower likelihood of anaemia in the early treatment group that experienced 4 years of treatment, compared to the late treatment group that was exposed to one and a half years of treatment. Despite significant health gains, we do not find evidence for treatment effects on cognitive and educational outcomes. Heterogeneity analyses show evidence of gendered effects – the anaemia reduction is lower among females relative to males.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 6","pages":"1262-1294"},"PeriodicalIF":2.5,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12559","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44896561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Furlough and Household Financial Distress during the COVID-19 Pandemic* COVID-19大流行期间的休假和家庭财务困难*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-04-25 DOI: 10.1111/obes.12556
Christoph Görtz, Danny McGowan, Mallory Yeromonahos
{"title":"Furlough and Household Financial Distress during the COVID-19 Pandemic*","authors":"Christoph Görtz,&nbsp;Danny McGowan,&nbsp;Mallory Yeromonahos","doi":"10.1111/obes.12556","DOIUrl":"https://doi.org/10.1111/obes.12556","url":null,"abstract":"<p>We study how being furloughed affects household financial distress during the COVID-19 pandemic in the United Kingdom. Furlough increases the probability of late housing and bill payments by 30% and 19%, respectively. At the aggregate level, furlough increases the incidence of financial distress by 3.38 percentage points. To offset furlough-induced income reductions, individuals significantly reduce consumption and spend savings. Relative to unemployment, the potential alternative in the absence of a furlough scheme, furlough reduces the incidence of financial distress by 95%. Estimates show an 80% government contribution to furloughed workers' wages minimizes the incidence of financial distress at the lowest cost to taxpayers.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 6","pages":"1157-1184"},"PeriodicalIF":2.5,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12556","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134813976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Job Protection and Mortgage Conditions: Evidence from Italian Administrative Data* 工作保护和抵押条件:来自意大利行政数据的证据*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-04-19 DOI: 10.1111/obes.12558
Paolo Emilio Mistrulli, Tommaso Oliviero, Zeno Rotondi, Alberto Zazzaro
{"title":"Job Protection and Mortgage Conditions: Evidence from Italian Administrative Data*","authors":"Paolo Emilio Mistrulli,&nbsp;Tommaso Oliviero,&nbsp;Zeno Rotondi,&nbsp;Alberto Zazzaro","doi":"10.1111/obes.12558","DOIUrl":"10.1111/obes.12558","url":null,"abstract":"<p>This paper combines administrative data from the Italian social security administration and proprietary data from a major Italian commercial bank to analyse the impact of job protection legislation on mortgage conditions. An exogenous change in the degree of job protection against individual dismissals of workers with open-ended contracts is identified by exploiting the labour market reform of 2015, the ‘Jobs Act’, which weakened the employment protection of new hires at medium-sized and large private firms. We find that the lessening of job security led to lower mortgage amounts and a fall in leveraging capacity, as measured by the loan-to-value ratio. The impact of job insecurity is mitigated by the presence of co-mortgagors; it is aggravated for young and low-income mortgagors.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 6","pages":"1211-1237"},"PeriodicalIF":2.5,"publicationDate":"2023-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12558","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45823308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
A Mixed Frequency BVAR for the Euro Area Labour Market* 欧元区劳动力市场的混合频率BVAR*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2023-04-17 DOI: 10.1111/obes.12555
Agostino Consolo, Claudia Foroni, Catalina Martínez Hernández
{"title":"A Mixed Frequency BVAR for the Euro Area Labour Market*","authors":"Agostino Consolo,&nbsp;Claudia Foroni,&nbsp;Catalina Martínez Hernández","doi":"10.1111/obes.12555","DOIUrl":"https://doi.org/10.1111/obes.12555","url":null,"abstract":"<p>We introduce a Bayesian mixed frequency VAR model for the aggregate euro area labour market that features a structural identification via sign restrictions. The purpose of this paper is twofold: we aim at (i) providing reliable and timely forecasts of key labour market variables and (ii) enhancing the economic interpretation of the main movements in the labour market. We find satisfactory results in terms of nowcasting and forecasting, especially for employment growth. Furthermore, we look into the shocks that drove the labour market and macroeconomic dynamics from 2002 to 2022, with an insight also on the COVID-19 recession. While demand shocks were the main drivers during the Global Financial Crisis, technology and wage bargaining factors, reflecting the degree of lockdown-related restrictions and job retention schemes, have been important drivers of key labour market variables during the pandemic.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"85 5","pages":"1048-1082"},"PeriodicalIF":2.5,"publicationDate":"2023-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50135420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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