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Economic fluctuations in a model with an overlapping structure of employment 就业重叠结构模型中的经济波动
IF 0.7 Q3 ECONOMICS Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.2
Toyoki Matsue
Abstract This study presents a dynamic general equilibrium model with an explicit employment period and investigates economic fluctuations to a temporary productivity shock. Numerical experiments indicate oscillatory responses of new hiring and employment to the shock which are not observed in a standard flexible price model. The explicit employment period constructs an overlapping structure of employment which results in the oscillatory response. This study also examines the effects of change in employment period to economic fluctuations and shows that the variations in new hiring are higher when the employment period is long.
摘要本文提出了一个具有明确就业期的动态一般均衡模型,并考察了经济波动对暂时性生产率冲击的影响。数值实验表明,新雇佣和就业对冲击的振荡反应在标准的弹性价格模型中没有观察到。显性就业期构建了一个重叠的就业结构,导致了振荡反应。本研究还考察了就业期变化对经济波动的影响,并表明就业期越长,新雇佣的变化越大。
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引用次数: 0
Financial sustainability: An annotated bibliography 财务可持续性:注释书目
IF 0.7 Q3 ECONOMICS Pub Date : 2021-09-01 DOI: 10.18559/ebr.2021.3.4
Shivam Kakati, Arup Roy
Abstract The literature on financial sustainability is scattered in such a way that a synthesis is indispensable. The present study on an annotated bibliography of financial sustainability seeks to fill this particular gap by presenting a collation of published literature in the sphere. The sectorial analysis depicted that ability to cover the costs from its own resources and ability to pay debt were the key dimensions to measure financial sustainability. The majority of the studies were found in the public sector covering local governments and central governments particularly in such European countries as Spain, Italy and England. Earning enough resources, asset sustainability and the ability to repay obligations are the three dimensions to assess financial sustainability. The study also pointed out the key research areas, variables and analytical tools among other trends in the literature. The present study assists the future researchers in reviewing the literature on financial sustainability and developing research methodology.
摘要关于财务可持续性的文献是分散的,综合是必不可少的。目前对财务可持续性注释书目的研究旨在通过对该领域已发表的文献进行整理来填补这一特殊空白。部门分析表明,用自身资源支付成本的能力和偿还债务的能力是衡量财务可持续性的关键方面。大多数研究都是在公共部门进行的,包括地方政府和中央政府,特别是在西班牙、意大利和英国等欧洲国家。获得足够的资源、资产的可持续性和偿还债务的能力是评估财务可持续性的三个维度。研究还指出了重点研究领域、变量和分析工具等文献趋势。本研究有助于未来研究人员回顾财务可持续性的文献并发展研究方法。
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引用次数: 5
The impact of environmental, social and corporate governance responsibility on the cost of short-and long-term debt 环境、社会和公司治理责任对短期和长期债务成本的影响
IF 0.7 Q3 ECONOMICS Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.6
Piotr Ratajczak, Grzegorz Mikołajewicz
Abstract The aim of the paper is to examine the impact of environmental, social and corporate governance (ESG) responsibility on the short- and long-term cost of debt. Linear regression was applied to a unique dataset on CSR and cost of debt for 300 companies recognized in 2017 by Corporate Knights as the most sustainable companies in the world. The question about the link between CSR and cost of debt is important as there is still ongoing debate as to whether business should undertake activities in the field of CSR—managers and other stakeholders are still unsure of the outcomes. The findings show that the involvement in environmental issues decreases the cost of long-term debt whereas the involvement in social issues brings benefits to short- and long-term debt. Surprisingly the greater the involvement in corporate governance, the higher the cost of debt in all time horizons. Managers should expect a lower cost of debt from environmental and social activities mostly in the long run. Corporate governance expenditures may in turn be seen as a waste of company resources, cost of forgone opportunities, or—optionally—as an over-investment. The main novelty is the breakdown of CSR into three dimensions while examining various term structures of corporate debt.
摘要本文的目的是研究环境、社会和公司治理(ESG)责任对债务短期和长期成本的影响。我们对2017年被Corporate Knights评为全球最具可持续性公司的300家公司的社会责任和债务成本的独特数据集进行了线性回归。企业社会责任与债务成本之间的联系问题很重要,因为关于企业是否应该在企业社会责任领域开展活动的争论仍在继续——管理者和其他利益相关者仍然不确定结果。研究结果表明,参与环境问题降低了长期债务的成本,而参与社会问题对短期和长期债务都有好处。令人惊讶的是,在所有时间范围内,参与公司治理的程度越高,债务成本就越高。从长期来看,管理者应该期望从环境和社会活动中获得较低的债务成本。公司治理支出可能反过来被视为对公司资源的浪费,放弃机会的成本,或者——作为一种过度投资。主要的新颖之处在于,在研究企业债务的各种期限结构时,将企业社会责任分解为三个维度。
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引用次数: 9
Small area quantile estimation based on distribution function using linear mixed models 基于线性混合模型分布函数的小面积分位数估计
IF 0.7 Q3 ECONOMICS Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.7
Tomasz Stachurski
Abstract In economic studies researchers are often interested in the estimation of the distribution function or certain functions of the distribution function such as quantiles. This work focuses on the estimation quantiles as inverses of the estimates of the distribution function in the presence of auxiliary information that is correlated with the study variable. In the paper a plug-in estimator of the distribution function is proposed which is used to obtain quantiles in the population and in the small areas. Performance of the proposed method is compared with other estimators of the distribution function and quantiles using the simulation study. The obtained results show that the proposed method usually has smaller relative biases and relative RMSE comparing to other methods of obtaining quantiles based on inverting the distribution function.
在经济研究中,研究人员经常对分布函数或分布函数的某些函数(如分位数)的估计感兴趣。这项工作的重点是在与研究变量相关的辅助信息存在的情况下,作为分布函数估计的逆的估计分位数。本文提出了一种分布函数的插入式估计器,用于获得总体和小区域的分位数。通过仿真研究,将该方法的性能与其他分布函数和分位数估计方法进行了比较。结果表明,与其他基于分布函数反求的分位数方法相比,该方法具有较小的相对偏差和相对RMSE。
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引用次数: 0
On some analogies between one-criterion decision making under uncertainty and multi-criteria decision making under certainty 不确定条件下的单准则决策与确定条件下的多准则决策的类比
IF 0.7 Q3 ECONOMICS Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.3
Helena Gaspars-Wieloch
Abstract One-criterion decision making under uncertainty (1-DM/U) is related to situations in which the decision maker (DM) evaluates the alternatives on the basis of one objective, but e.g. due to numerous uncertain future factors some parameters of the problem are not deterministic. Instead of entirely known paramaters, a set of possible scenarios is available. Multi-criteria decision making under certainty (M-DM/C) concerns cases where the DM assesses particular options in terms of many objectives. The parameters are known. Therefore, scenario planning is redundant. Both issues are investigated by many researchers and practitioners, since real economic decision problems are usually at least uncertain or multi-objective. In the paper, numerous analogies between 1-DM/U and M-DM/C are revealed. Some of them have existed for many decades, but others, so far, have not been developed. A careful examination of all the similarities enables an improvement of existing methods and a formulation of new algorithms for 1-DM/U and M-DM/C. The article presents six pairs of similar procedures and contains the description of three novel approaches created by analogy to existing ones.
不确定条件下的单准则决策(one -criterion decision making under uncertainty, 1-DM/U)是指决策者在一个目标的基础上对备选方案进行评估,但由于未来的诸多不确定因素,问题的某些参数是不确定的。不是完全已知的参数,而是一组可能的场景。确定性下的多标准决策(M-DM/C)涉及决策管理根据许多目标评估特定选项的情况。参数是已知的。因此,场景规划是多余的。这两个问题都被许多研究人员和实践者调查,因为实际的经济决策问题通常至少是不确定的或多目标的。本文揭示了1-DM/U和M-DM/C之间的许多类比。其中一些已经存在了几十年,但其他的,到目前为止,还没有开发。仔细检查所有相似之处,可以改进现有方法,并制定1-DM/U和M-DM/C的新算法。本文介绍了六对类似的程序,并描述了通过类比现有方法创建的三种新方法。
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引用次数: 4
Escalation of commitment is independent of numeracy and cognitive reflection. Failed replication and extension of Staw (1976) 承诺的升级与计算能力和认知反射无关。Staw的复制和扩展失败(1976)
IF 0.7 Q3 ECONOMICS Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.2
Michał J. Białek, M. Węgrzyn, E. Meyers
Abstract First demonstrated by Staw (1976), escalation of commitment is the tendency for an individual to increase their commitment to a failing course of action when they are personally responsible for the negative consequences. An attempt was made to replicate this finding and test whether individual differences in numeracy and cognitive reflection could help explain such an effect. No evidence for escalation of commitment amongst the participants was found (N = 365). Participants simply invested more in more promising projects. Also, no evidence was found that numeracy or cognitive reflection predict escalation behaviour. The validity of escalation of commitment behaviour is discussed which suggests that future work should look to explore the boundary conditions of such an effect.
Staw(1976)首先证明,承诺升级是指当个人对消极后果负责时,个人倾向于增加他们对失败行为的承诺。研究人员试图重复这一发现,并测试计算能力和认知反射的个体差异是否有助于解释这种影响。在参与者中没有发现承诺升级的证据(N = 365)。参与者只是在更有前途的项目上投入更多。此外,没有证据表明计算能力或认知反射可以预测升级行为。讨论了承诺行为升级的有效性,这表明未来的工作应该着眼于探索这种效应的边界条件。
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引用次数: 0
The EU Member States’ national healthcare systems compared using the single synthetic index 欧盟成员国的国家医疗保健系统使用单一的综合指数进行比较
IF 0.7 Q3 ECONOMICS Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.4
M. Jankowiak
Abstract Implementation of health protection requires effective quantitative methods of its evaluation. Assessment could be based on usage of synthetic indices which aggregate couple input variables into a single measure. In this paper, the exploitation of a new synthetic index (by the author called HAI—the Healthcare Aggregated Index) was proposed with the aim of the assessment and long-term interstate comparisons of healthcare systems of the EU countries. Using taxonomic methodology, HAI involves three variables: the number of hospital beds, the number of physicians and the public expenditures on healthcare. HAI utilisation includes dynamic interstate comparisons of national healthcare systems of the different exploitations of human, physical and financial resources. The HAI application to assessment of twenty European Union Member States’ healthcare systems revealed an effect of substitution between health-care resources within the slight international differentiation of the health protection level and the minor dynamic of changes in time series.
健康保护的实施需要有效的定量评价方法。评估可以基于综合指标的使用,这些综合指标将一对输入变量聚集到一个单一的度量中。本文提出了一种新的综合指数(笔者称之为hai -医疗保健综合指数)的开发,目的是对欧盟国家医疗保健系统进行评估和长期的州际比较。使用分类学方法,医疗卫生指数涉及三个变量:医院病床数量、医生数量和医疗保健方面的公共支出。医疗卫生系统的利用包括国家医疗系统对人力、物力和财力资源的不同利用的动态州际比较。将HAI应用于20个欧盟成员国卫生保健系统的评估,揭示了在卫生保护水平的微小国际差异和时间序列变化的微小动态范围内,卫生保健资源之间存在替代效应。
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引用次数: 2
Determinants of fiscal effort in sub-Saharan African countries: Does conflict matter? 撒哈拉以南非洲国家财政努力的决定因素:冲突重要吗?
IF 0.7 Q3 ECONOMICS Pub Date : 2021-06-01 DOI: 10.18559/ebr.2021.2.5
Princewill U. Okwoche, Chimere O. Iheonu
Abstract This study investigates the determinants of fiscal effort in sub-Saharan African (SSA) within the framework of fiscal reaction functions. Whereas previous studies focusing on SSA have mainly considered the economic non-debt determinants this study accounts for the role of conflict given its persistence in many SSA countries. It employs a variety of panel econometric methods that are applicable in tackling the problem of endogeneity. Specifically the study employs the instrumental variables fixed effects, the two-step generalised method of moments (GMM) and the traditional two-stage least squares techniques. Mainly the evidence shows that although SSA governments have made fiscal adjustments in response to the escalating levels of debt, conflict impacts negatively on this response in SSA. Furthermore, the results affirm the presence of fiscal fatigue in SSA’s fiscal reaction function. Recommendations based on these findings are discussed.
摘要本研究在财政反应函数的框架下探讨了撒哈拉以南非洲地区财政努力的决定因素。鉴于以往关于SSA的研究主要考虑了经济非债务决定因素,本研究考虑了冲突在许多SSA国家持续存在的作用。它采用了多种适用于解决内生性问题的面板计量经济学方法。具体而言,研究采用了工具变量固定效应、两步广义矩量法(GMM)和传统的两阶段最小二乘技术。主要证据表明,尽管SSA国家政府为应对不断升级的债务水平做出了财政调整,但冲突对SSA国家的这种应对产生了负面影响。此外,研究结果证实了SSA财政反应函数中存在财政疲劳。讨论了基于这些发现的建议。
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引用次数: 0
Repeated weighting in mixed-mode censuses 混合模式人口普查的重复加权
IF 0.7 Q3 ECONOMICS Pub Date : 2021-03-01 DOI: 10.18559/ebr.2021.1.3
M. Szymkowiak, Kamil Wilak
Abstract The main aim of the paper is to use the repeated weighting (RW) method on data from the National Census of Population and Housing 2011 (NCPH) and Labour Force Survey (LFS) to ensure consistency between margins of final tables derived from different statistical sources. This technique, based on different data sources, would ensure consistency between estimates in final output tables. This is the first application of the RW approach on data from official statistics in Poland. The results obtained by applying the RW method to data from the NCPH and additional surveys (e.g. LFS) may be used by Statistics Poland for the formulation of conclusions and recommendations for the upcoming census in 2021. The method may be also considered as an important step towards the production of timely and more detailed statistical information in Poland based on multi-source data infrastructure in general4.
本文的主要目的是对2011年全国人口和住房普查(NCPH)和劳动力调查(LFS)的数据使用重复加权(RW)方法,以确保不同统计来源得出的最终表格的边际之间的一致性。这种基于不同数据源的技术将确保最终输出表中估算值之间的一致性。这是波兰首次将RW方法应用于官方统计数据。波兰统计局可将RW方法应用于国家人口普查和其他调查(例如LFS)的数据所获得的结果,用于为即将到来的2021年人口普查制定结论和建议。该方法也可视为朝着在波兰根据一般的多来源数据基础设施及时和更详细的统计资料迈出的重要一步4。
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引用次数: 2
The minimal-time growth problem and turnpike effect in the stationary Gale economy 平稳大风经济中的最小时间增长问题和收费公路效应
IF 0.7 Q3 ECONOMICS Pub Date : 2021-03-01 DOI: 10.18559/ebr.2021.1.2
E. Panek
Abstract In mathematical economics there is a number of so called “turnpike theorems” proved mainly on the basis of multiproduct models of economic dynamics. According to these theorems, all optimal paths of economic growth over a long period of time converge to a certain path (turnpike) in which the economy achieves the highest growth rate while remaining in a specific dynamic (von Neumann) equilibrium. The article refers to this trend and presents some properties of optimal growth processes in the Gale-type model of the stationary economy when the quality criterion of growth processes is not the utility of production—which is normally postulated in the turnpike theory—but the time needed by the economy to achieve the desired final state, e.g. the level of production or production value. According to the author’s knowledge, the idea of using time as a criterion for growth in turnpike theory (especially in Gale-type economy) is innovative. It has been proven that changing the growth criterion does not deprive the Gale economy of its asymptotic / turnpike properties.
在数理经济学中,有许多所谓的“收费公路定理”,主要是在经济动力学的多产品模型的基础上证明的。根据这些定理,在很长一段时间内,所有经济增长的最优路径都收敛于某一条路径(收费公路),在这条路径上,经济实现了最高的增长率,同时保持在特定的动态(冯·诺伊曼)均衡。本文参考了这一趋势,并给出了固定经济的gale型模型中最优增长过程的一些性质,当增长过程的质量标准不是生产的效用——这通常是在收费公路理论中假定的——而是经济达到期望的最终状态所需的时间,例如生产水平或生产价值。据笔者所知,在收费公路理论中(特别是在大风型经济中)使用时间作为增长标准的想法是创新的。已经证明,改变增长准则并不会剥夺Gale经济的渐近/收费高速性质。
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引用次数: 2
期刊
Economics and Business Review
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