In 2020 and 2021 the COVID-19 pandemic reshaped the way we work. To help contain the virus employees made a mass migration from working in offices to working remotely from home, but this mass shift to working from home is expected to have a lasting impact on workplace design. Post-pandemic workplaces are expected to be increasingly ‘hybrid’ and use shared workspaces to permit worker fluidity between the office and the home. This article argues that shared and fluid working arrangements significantly disadvantage employees with ‘invisible’ disability in various ways, yet the outdated design of Australian labour law and anti-discrimination law is ill-equipped to deal with these new and emerging inequalities in the workplace. This article proposes law reform and policy solutions designed to enhance ‘person-environment fit’ in workplaces, which may help prevent these inequalities from arising in the post-pandemic world of work.
{"title":"Post-Pandemic Workplace Design and the Plight of Employees with Invisible Disabilities: Is Australian Labour Law and Anti-Discrimination Legislation Equipped to Address New and Emerging Workplace Inequalities?","authors":"A. Capuano","doi":"10.2139/ssrn.3862217","DOIUrl":"https://doi.org/10.2139/ssrn.3862217","url":null,"abstract":"In 2020 and 2021 the COVID-19 pandemic reshaped the way we work. To help contain the virus employees made a mass migration from working in offices to working remotely from home, but this mass shift to working from home is expected to have a lasting impact on workplace design. Post-pandemic workplaces are expected to be increasingly ‘hybrid’ and use shared workspaces to permit worker fluidity between the office and the home. This article argues that shared and fluid working arrangements significantly disadvantage employees with ‘invisible’ disability in various ways, yet the outdated design of Australian labour law and anti-discrimination law is ill-equipped to deal with these new and emerging inequalities in the workplace. This article proposes law reform and policy solutions designed to enhance ‘person-environment fit’ in workplaces, which may help prevent these inequalities from arising in the post-pandemic world of work.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127409064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A license, in the context of a patent, stands for a contract by which the licensor (patentee) authorizes the licensee to exercise defined rights over the patent. The effect is to give to the licensee a right to do what he/she would otherwise be prohibited from doing. A license may be voluntary or compulsory. Compulsory licensing has been defined to be a governmental grant to someone to produce a patented product without having the patent- holder's consent . It is a balance between the needs of technology consumers and producers- between a governmental grant and preservation of patent holder rights . It implies a waiver to patents, at least during the persistence of a crisis and can step in whenever there is a potential conflict- for instance between health and medical patents rendering the availability of some medicine scarce due to an exclusive right or an extremely high price. Under a compulsory license, the licensee is per force required to offer his intellectual property for a predetermined royalty or for a royalty to be decided by the authority on a case to case basis. The provisions for grant of compulsory license are aimed at making best use of the patented invention - not to restrict the rights of the patentee, but to stop abuse and misuse and to safeguard the interests of the public. Public health principles, in the context of access to medicines, are supported by a range of national and international legal and policy instruments. The TRIPS agreement is a milestone in this. It provides patent protection, for a minimum of 20 years, for products in almost all fields of technology including pharmaceuticals. One of the most debated provisions of the TRIPS Agreement is compulsory licensing, its meaning, purpose and application. Article 31 of the TRIPS Agreement, read along with the Paris Convention and Doha Declaration on Public Health and the August 2003 Waiver Decision of the WTO (concerning the para 6 mechanism) largely govern the international legal regime concerning ‘use without authorization’ of the right holder. Although not specifically worded, it includes compulsory licenses in the public interest as a judicial remedy and for government use of patented inventions. It is also worth mentioning here that many countries have historically allowed ‘use without authorization’ within their patent laws - for causing general inconvenience, affecting trade, unreasonable prices or for nonlocal ‘working’ among other reasons – or under the competition law regime – for abuse of patent rights which may be price related or otherwise. However TRIPS does not specify grounds for the issue of compulsory licenses but does prescribe conditions for grant and use. The WTO members are left with considerable leeway in providing in their national laws grounds concerning compulsory licenses. Many developing countries have issued compulsory licenses in the post- TRIPS context primarily to address public health concerns. The study examines the pros and cons of com
{"title":"COVID-19 Pandemic: Should Nations Resort to Compulsory Licensing of Drugs and Vaccines? An Analysis of the Effect of Such Pervasive Steps and Non-Market Price-Setting on the Economics and Political Economy of Creative Industries","authors":"Raju Narayana Swamy","doi":"10.2139/ssrn.3950237","DOIUrl":"https://doi.org/10.2139/ssrn.3950237","url":null,"abstract":"A license, in the context of a patent, stands for a contract by which the licensor (patentee) authorizes the licensee to exercise defined rights over the patent. The effect is to give to the licensee a right to do what he/she would otherwise be prohibited from doing. A license may be voluntary or compulsory. Compulsory licensing has been defined to be a governmental grant to someone to produce a patented product without having the patent- holder's consent . It is a balance between the needs of technology consumers and producers- between a governmental grant and preservation of patent holder rights . It implies a waiver to patents, at least during the persistence of a crisis and can step in whenever there is a potential conflict- for instance between health and medical patents rendering the availability of some medicine scarce due to an exclusive right or an extremely high price. Under a compulsory license, the licensee is per force required to offer his intellectual property for a predetermined royalty or for a royalty to be decided by the authority on a case to case basis. The provisions for grant of compulsory license are aimed at making best use of the patented invention - not to restrict the rights of the patentee, but to stop abuse and misuse and to safeguard the interests of the public. Public health principles, in the context of access to medicines, are supported by a range of national and international legal and policy instruments. The TRIPS agreement is a milestone in this. It provides patent protection, for a minimum of 20 years, for products in almost all fields of technology including pharmaceuticals. One of the most debated provisions of the TRIPS Agreement is compulsory licensing, its meaning, purpose and application. Article 31 of the TRIPS Agreement, read along with the Paris Convention and Doha Declaration on Public Health and the August 2003 Waiver Decision of the WTO (concerning the para 6 mechanism) largely govern the international legal regime concerning ‘use without authorization’ of the right holder. Although not specifically worded, it includes compulsory licenses in the public interest as a judicial remedy and for government use of patented inventions. It is also worth mentioning here that many countries have historically allowed ‘use without authorization’ within their patent laws - for causing general inconvenience, affecting trade, unreasonable prices or for nonlocal ‘working’ among other reasons – or under the competition law regime – for abuse of patent rights which may be price related or otherwise. However TRIPS does not specify grounds for the issue of compulsory licenses but does prescribe conditions for grant and use. The WTO members are left with considerable leeway in providing in their national laws grounds concerning compulsory licenses. Many developing countries have issued compulsory licenses in the post- TRIPS context primarily to address public health concerns. The study examines the pros and cons of com","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123670323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Today humankind lives-in world of business-mentality with technology-driven-lifestyles. In this progression, services are carried-out in competitive & rationality manner in global-economy country-wise such as Bangladesh-economy. While this was going on in human-society, most countries were hit by COVID-19 & consequences that raise question: what is COVID-19? The COVID-19 pandemic is an infectious disease that was initially detected in December of 2019 in Wuhan City, China. Since then, it has been spreading country-wise in mild to severity scales where Bangladesh, like most countries, was not prepared meeting the challenges. Addressing the crisis, Bangladesh, like many countries, started with the philosophy of traditional approaches. In the 1st-wave of COVID-19, government implemented lockdown laws and enforced to have-on-mask and maintain-physical-distance. However, no government effort was seen enforcing modern-approach for convincing people, making their way understanding the consequences & preventive-measures, thus people can take own decision facing the perceived-risk.
{"title":"Covid-19 Pandemic Crisis Country-Wise: Looking Thru Consumer Choice Theory Lens","authors":"Dr. Akim M. Rahman Ph.D (USA)","doi":"10.2139/ssrn.3946800","DOIUrl":"https://doi.org/10.2139/ssrn.3946800","url":null,"abstract":"Today humankind lives-in world of business-mentality with technology-driven-lifestyles. In this progression, services are carried-out in competitive & rationality manner in global-economy country-wise such as Bangladesh-economy. While this was going on in human-society, most countries were hit by COVID-19 & consequences that raise question: what is COVID-19? The COVID-19 pandemic is an infectious disease that was initially detected in December of 2019 in Wuhan City, China. Since then, it has been spreading country-wise in mild to severity scales where Bangladesh, like most countries, was not prepared meeting the challenges. Addressing the crisis, Bangladesh, like many countries, started with the philosophy of traditional approaches. In the 1st-wave of COVID-19, government implemented lockdown laws and enforced to have-on-mask and maintain-physical-distance. However, no government effort was seen enforcing modern-approach for convincing people, making their way understanding the consequences & preventive-measures, thus people can take own decision facing the perceived-risk.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131123500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study is undertaken to investigate the impact of COVID-19 on the Financial Markets ‘Volatility from the period April 2020 to June 2020. Ten countries namely Pakistan, USA, China, UAE, UK, Spain, France, South Korea, Switzerland, and the Netherlands were selected. Our daily data comes from the WHO situation reports (COVID-19 statistics) and Pakistan, USA, UK, UAE, China, France, Netherlands, Switzerland’s, Spain, and South Korea Stock Exchange Indices database, respectively. We use the KSE-100, S&P 500, FTSE 100, SE 50, AEX, ADX, IBEX, FCHI, KRX, and SSMI 3-month realized volatility index as a proxy for the Pakistan financial markets’ volatility. We test a simple Ordinary Least Squares (OLS) regression investigating the new coronavirus impact on the financial volatility and we use a stepwise procedure. Independent variables included Global COVID-19 Confirm case, Fatality, Country COVID-19 new case, Country Fatality, and dependent variable included country’s market volatility, and market returns. Control variables of the country’s Exchange and Interest rate were also included. The study design is descriptive and analytical using the quantitative method with the application of Eviews. The results suggested that the Global COVID new case seems to have a significant negative impact on the country's market volatility, however, global fatality seems to increase market volatility. Country-specific cases seem to negatively affect that country's volatility however, country-specific fatality doesn’t seem to be significantly impacting volatility. Apart from that, interest and exchange rates seem to increase the volatility. However, the effect of these variables on returns remained insignificant. The findings of this research provide policy implications to investors and policymakers indicating that pandemics can significantly perpetrate business economics.
{"title":"COVID-19 and the Financial Markets’ Volatility and Returns","authors":"Habib ur Rehman, D. Siddiqui","doi":"10.2139/ssrn.3941990","DOIUrl":"https://doi.org/10.2139/ssrn.3941990","url":null,"abstract":"The study is undertaken to investigate the impact of COVID-19 on the Financial Markets ‘Volatility from the period April 2020 to June 2020. Ten countries namely Pakistan, USA, China, UAE, UK, Spain, France, South Korea, Switzerland, and the Netherlands were selected. Our daily data comes from the WHO situation reports (COVID-19 statistics) and Pakistan, USA, UK, UAE, China, France, Netherlands, Switzerland’s, Spain, and South Korea Stock Exchange Indices database, respectively. We use the KSE-100, S&P 500, FTSE 100, SE 50, AEX, ADX, IBEX, FCHI, KRX, and SSMI 3-month realized volatility index as a proxy for the Pakistan financial markets’ volatility. We test a simple Ordinary Least Squares (OLS) regression investigating the new coronavirus impact on the financial volatility and we use a stepwise procedure. Independent variables included Global COVID-19 Confirm case, Fatality, Country COVID-19 new case, Country Fatality, and dependent variable included country’s market volatility, and market returns. Control variables of the country’s Exchange and Interest rate were also included. The study design is descriptive and analytical using the quantitative method with the application of Eviews. The results suggested that the Global COVID new case seems to have a significant negative impact on the country's market volatility, however, global fatality seems to increase market volatility. Country-specific cases seem to negatively affect that country's volatility however, country-specific fatality doesn’t seem to be significantly impacting volatility. Apart from that, interest and exchange rates seem to increase the volatility. However, the effect of these variables on returns remained insignificant. The findings of this research provide policy implications to investors and policymakers indicating that pandemics can significantly perpetrate business economics.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"353 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121461248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
E. Vinokurov, Artem Levenkov, Gennady Vasiliev, S. Potapov
The English version of this paper can be found at http://ssrn.com/abstract=3941743Russian Abstract: ЕФСР продолжает серию рабочих документов о функционировании Глобальной сети финансовой безопасности (ГСФБ). Авторы доклада проанализировали реакцию элементов ГСФБ на кризис, вызванный пандемией COVID 19, в масштабе мировой экономики и на уровне региона операций ЕФСР. Исследование отвечает на вопрос относительно объемов финансовой помощи в борьбе с пандемией, а также институциональной эволюции, включая новые инструменты и взаимодействие внутри ГСФБ.English Abstract: The EFSD Chief Economist Group continues the series of working papers on global financial safety net (GFSN) functioning. This working paper provides the analysis how the GFSN responded to pandemic on global level and on regional level (in the EFSD countries). The report provides an answer to the questions on the volumes of financial support as well as new instruments and the modality of institutional coordination within GFSN.
{"title":"Эволюция инструментов и подходов в рамках расширенной Глобальной сети финансовой безопасности в ответ на кризис COVID-19 (Evolution of Tools and Approaches within the Enlarged Global Financial Safety Net in Response to the COVID-19 Crisis)","authors":"E. Vinokurov, Artem Levenkov, Gennady Vasiliev, S. Potapov","doi":"10.2139/ssrn.3941746","DOIUrl":"https://doi.org/10.2139/ssrn.3941746","url":null,"abstract":"The English version of this paper can be found at <a href=\"http://ssrn.com/abstract=3941743\">http://ssrn.com/abstract=3941743</a>Russian Abstract: ЕФСР продолжает серию рабочих документов о функционировании Глобальной сети финансовой безопасности (ГСФБ). Авторы доклада проанализировали реакцию элементов ГСФБ на кризис, вызванный пандемией COVID 19, в масштабе мировой экономики и на уровне региона операций ЕФСР. Исследование отвечает на вопрос относительно объемов финансовой помощи в борьбе с пандемией, а также институциональной эволюции, включая новые инструменты и взаимодействие внутри ГСФБ.English Abstract: The EFSD Chief Economist Group continues the series of working papers on global financial safety net (GFSN) functioning. This working paper provides the analysis how the GFSN responded to pandemic on global level and on regional level (in the EFSD countries). The report provides an answer to the questions on the volumes of financial support as well as new instruments and the modality of institutional coordination within GFSN.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132725030","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The COVID-19 pandemic profoundly affected human lives around the world as a result of which intellectuals, academicians, scientists across the world foresee an unprecedented transformation in the way that humanity at large carries on with the business of living. The COVID-19 pandemic has profoundly influenced the lives of most people on the planet. It has changed daily activities;something as simple as a walk in the park is perceived very differently now. The same is true for businesses. Many businesses have shut down or changed to accommodate social distancing. New patterns of consumer and worker behavior and expectations have emerged during the first weeks of the crisis. Also, World Health Organization (WHO) has warned that the situation could get worse if measures are not taken accordingly in the various sectors adhering to the preventive measures. In this paper, we shed light on socio-economic issues the society at large is facing detailing the aid the multidisciplinary technologies like Data science is providing during this time.
{"title":"COVID-19 - Socio-Economic Issues and Technological Solutions: A Review","authors":"Dr. Mahaboob Shaik, Shaik Hashmitha Mohisin","doi":"10.2139/ssrn.3936554","DOIUrl":"https://doi.org/10.2139/ssrn.3936554","url":null,"abstract":"The COVID-19 pandemic profoundly affected human lives around the world as a result of which intellectuals, academicians, scientists across the world foresee an unprecedented transformation in the way that humanity at large carries on with the business of living. The COVID-19 pandemic has profoundly influenced the lives of most people on the planet. It has changed daily activities;something as simple as a walk in the park is perceived very differently now. The same is true for businesses. Many businesses have shut down or changed to accommodate social distancing. New patterns of consumer and worker behavior and expectations have emerged during the first weeks of the crisis. Also, World Health Organization (WHO) has warned that the situation could get worse if measures are not taken accordingly in the various sectors adhering to the preventive measures. In this paper, we shed light on socio-economic issues the society at large is facing detailing the aid the multidisciplinary technologies like Data science is providing during this time.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121026190","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The outbreak of the COVID-19 pandemic has caused unprecedented damage to restaurant businesses, especially for indoor dining services, due to the widespread fear of coronavirus exposure. In contrast, the online food ordering and delivery services, led by DoorDash, Grubhub, and Uber Eats, filled in the vacancy and achieved explosive growth. The restaurant industry is experiencing a dramatic transformation under the crossfire of these two driving forces. However, we are not fully exposed to those changes due to the lack of first-hand data, let alone the potential consequences and implications. To address such needs, this study applies foot traffic data from the Washington metropolitan area to understand the evolving trends of restaurant service demand through the pandemic. We first analyze the aggregate foot traffic volumes to reveal the disruptions to restaurant services across the different stages of the pandemic. A probabilistic learning model is then proposed to decompose the aggregate foot traffic by service modes into those for dine-in and takeout, respectively. The transitions in demand structures are identified for restaurants of various service types, price levels, and locations. In general, our results evidence that the overall restaurant demand still drifted around half of the pre-pandemic level, far from a complete recovery, one year after the mandatory lockdown was ended. But limited-service and budget restaurants, given their comparative advantages in takeout channels, saw a significantly more speedy recovery than full-service counterparts. Meanwhile, restaurants in exurban areas top the race in recovery followed by those in suburban and urban areas.
{"title":"Dine in or Take out? Trends on Restaurant Service Demand amid the COVID-19 Pandemic","authors":"Linxuan Shi, Zhengtian Xu","doi":"10.2139/ssrn.3934589","DOIUrl":"https://doi.org/10.2139/ssrn.3934589","url":null,"abstract":"The outbreak of the COVID-19 pandemic has caused unprecedented damage to restaurant businesses, especially for indoor dining services, due to the widespread fear of coronavirus exposure. In contrast, the online food ordering and delivery services, led by DoorDash, Grubhub, and Uber Eats, filled in the vacancy and achieved explosive growth. The restaurant industry is experiencing a dramatic transformation under the crossfire of these two driving forces. However, we are not fully exposed to those changes due to the lack of first-hand data, let alone the potential consequences and implications. To address such needs, this study applies foot traffic data from the Washington metropolitan area to understand the evolving trends of restaurant service demand through the pandemic. We first analyze the aggregate foot traffic volumes to reveal the disruptions to restaurant services across the different stages of the pandemic. A probabilistic learning model is then proposed to decompose the aggregate foot traffic by service modes into those for dine-in and takeout, respectively. The transitions in demand structures are identified for restaurants of various service types, price levels, and locations. In general, our results evidence that the overall restaurant demand still drifted around half of the pre-pandemic level, far from a complete recovery, one year after the mandatory lockdown was ended. But limited-service and budget restaurants, given their comparative advantages in takeout channels, saw a significantly more speedy recovery than full-service counterparts. Meanwhile, restaurants in exurban areas top the race in recovery followed by those in suburban and urban areas.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134219897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The COVID-19 pandemic has exerted severe impacts on the socioeconomic fabric of worldwide countries, spreading financial and economic instability, affecting sentiment of market participants and institutions, and causing an unprecedented epidemic-related economic crisis. Interconnectedness is a key determinant for the spread of a crisis in the network structure of entities, as large shocks tend to propagate to the economy in its complexity. In this paper we combine the statistical and econometric literature concerning generalized forecast error variance decomposition (GFEVD) with network science to study the topology of spillover indices across countries, macroeconomic variables and economic sentiment data. To this aim, we propose a dynamic network framework derived from a Global Vector Autoregressive model (GVAR), a suitable macroeconometric model to consider simultaneous multi-level interdependencies across variables, which we analyse through the lens of network theory. We apply our methodology to study the interrelated dynamics of a set of European countries' by looking at the Industrial Production, the Retail Trade and the Economic Sentiment indexes over the period 01/2000-03/2021. Our main results show how different crises exert diverse impacts on real economy, economic sentiment and on the entire countries' macroeconomic network structure. While the aggregate impact of the Global Financial Crisis on the network interrelationships in Europe is approximately the same in terms of global spillover magnitude as that induced by the COVID-19 outbreak, the latter seems to be more persistent over time, and with starkly diverse implications on the temporal network structure. We also demonstrate that, overall, economic sentiment tends to be an informationally dominant node in the network over real economic variables, even during the Global Financial Crisis period. However, the two components have recently swapped their roles due the COVID-19 outbreak, meaning that such a large, unexpected, and non-financial shock has allegedly caused the real economy to dominate macroeconomic expectations.
{"title":"COVID-19, Macroeconomic Dynamics and Fear in Europe: A Network Global VAR Approach","authors":"A. Celani, P. Cerchiello, Paolo Pagnottoni","doi":"10.2139/ssrn.3933917","DOIUrl":"https://doi.org/10.2139/ssrn.3933917","url":null,"abstract":"The COVID-19 pandemic has exerted severe impacts on the socioeconomic fabric of worldwide countries, spreading financial and economic instability, affecting sentiment of market participants and institutions, and causing an unprecedented epidemic-related economic crisis. Interconnectedness is a key determinant for the spread of a crisis in the network structure of entities, as large shocks tend to propagate to the economy in its complexity. In this paper we combine the statistical and econometric literature concerning generalized forecast error variance decomposition (GFEVD) with network science to study the topology of spillover indices across countries, macroeconomic variables and economic sentiment data. To this aim, we propose a dynamic network framework derived from a Global Vector Autoregressive model (GVAR), a suitable macroeconometric model to consider simultaneous multi-level interdependencies across variables, which we analyse through the lens of network theory. We apply our methodology to study the interrelated dynamics of a set of European countries' by looking at the Industrial Production, the Retail Trade and the Economic Sentiment indexes over the period 01/2000-03/2021. Our main results show how different crises exert diverse impacts on real economy, economic sentiment and on the entire countries' macroeconomic network structure. While the aggregate impact of the Global Financial Crisis on the network interrelationships in Europe is approximately the same in terms of global spillover magnitude as that induced by the COVID-19 outbreak, the latter seems to be more persistent over time, and with starkly diverse implications on the temporal network structure. We also demonstrate that, overall, economic sentiment tends to be an informationally dominant node in the network over real economic variables, even during the Global Financial Crisis period. However, the two components have recently swapped their roles due the COVID-19 outbreak, meaning that such a large, unexpected, and non-financial shock has allegedly caused the real economy to dominate macroeconomic expectations.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"293 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123398692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Worldwide the COVID-19 pandemic disrupted organizations. One major effect was a massive shift to working from home (WFH). Government-mandated constraints and lockdowns forced many organizations to adopt working remotely within a short time frame. We investigate if, how and when management information in place is associated with performance following forced WFH due to the pandemic. For this purpose, we adjusted the design of an ongoing study on customer due diligence teams at Group Financial Crime Prevention at Nordea Group. The COVID-19 disruption enabled us to test how teams’ pre-disruption management information affected their efficacy in adjusting to forced WFH. Multilevel analysis of survey data collected from team members and leaders matched with other firm data, shows that team management information considered more useful before the disruption facilitated post-disruption performance and teams’ ability to work remotely. Additional analyses show this effect is mediated by enhanced team communication, is driven by the decision-making role of management information, and is stronger when after the disruption the team meeting structure was adjusted. Collectively, our findings highlight the role of management information in coping with a major disruption and supporting forced WFH.
{"title":"Working Apart Together: How Management Information Supports Forced Working from Home after the COVID-19 Disruption","authors":"H. Dekker, Melanie Lucia Feldhues, N. Georgiev","doi":"10.2139/ssrn.3933909","DOIUrl":"https://doi.org/10.2139/ssrn.3933909","url":null,"abstract":"Worldwide the COVID-19 pandemic disrupted organizations. One major effect was a massive shift to working from home (WFH). Government-mandated constraints and lockdowns forced many organizations to adopt working remotely within a short time frame. We investigate if, how and when management information in place is associated with performance following forced WFH due to the pandemic. For this purpose, we adjusted the design of an ongoing study on customer due diligence teams at Group Financial Crime Prevention at Nordea Group. The COVID-19 disruption enabled us to test how teams’ pre-disruption management information affected their efficacy in adjusting to forced WFH. Multilevel analysis of survey data collected from team members and leaders matched with other firm data, shows that team management information considered more useful before the disruption facilitated post-disruption performance and teams’ ability to work remotely. Additional analyses show this effect is mediated by enhanced team communication, is driven by the decision-making role of management information, and is stronger when after the disruption the team meeting structure was adjusted. Collectively, our findings highlight the role of management information in coping with a major disruption and supporting forced WFH.","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124214395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite this focus on pandemic-related supply chain disruptions, fewer empirical studies have sought to isolate short-term price impacts in food and nonfood agricultural commodity markets.1 Understanding the drivers of short-term commodity price impacts is critical to understanding future susceptibility to major market shocks and to informing policies related to shock mitigation. Declines in ethanol production reached an estimated 2 billion gallons lost from March to November 2020, leading to a corresponding decline of 700 million bushels of corn usage and a loss of billions of dollars of ethanol producer surplus (Renewable Fuels Association, 2020b;Schmitz, Moss, and Schmitz, 2020). Increases in corn-based ethanol production that started in 2005 have linked agricultural commodity prices and energy markets as US ethanol production increased rapidly from 3.9 billion gallons in 2005 to 13.3 billion by 2010 and 15.8 billion by 2019 (Chakravorty, Hubert, and Nøstbakken, 2009;Wright, 2011;Roberts and Schlenker, 2013;Asgari, Saghaian, and Reed, 2020;US Department of Agriculture, 2021). Given that over 90% of US ethanol is used in mixtures of E10 gasoline and the US market reached a 10% "blend wall" in 2016, any reduction in gasoline use will cause proportional decreases in ethanol use (US Energy Information Administrationa, 2020;US Department of Agriculture, 2021).
尽管重点关注与大流行病有关的供应链中断，但很少有实证研究试图将粮食和非粮食农业商品市场的短期价格影响隔离开来了解短期商品价格影响的驱动因素对于了解未来对重大市场冲击的易感性以及为缓解冲击的相关政策提供信息至关重要。从2020年3月到11月，乙醇产量的下降估计达到20亿加仑，导致玉米使用量相应减少7亿蒲式耳，乙醇生产商盈余损失数十亿美元(可再生燃料协会，2020b;Schmitz, Moss, and Schmitz, 2020)。2005年开始的玉米乙醇生产的增长，将农产品价格和能源市场联系起来，美国乙醇产量从2005年的39亿加仑迅速增长到2010年的133亿加仑和2019年的158亿加仑(Chakravorty、Hubert和Nøstbakken, 2009;Wright, 2011;Roberts和Schlenker, 2013;Asgari、Saghaian和Reed, 2020;美国农业部，2021)。鉴于超过90%的美国乙醇用于E10汽油的混合物中，并且美国市场在2016年达到了10%的“混合墙”，汽油使用量的任何减少都将导致乙醇使用量的成比例减少(美国能源情报署，2020年;美国农业部，2021年)。
{"title":"Disentangling Short-Run COVID-19 Price Impact Pathways in the U.S. Corn Market","authors":"Yixuan Gao, Trey Malone, K. Schaefer, R. Myers","doi":"10.2139/ssrn.3932703","DOIUrl":"https://doi.org/10.2139/ssrn.3932703","url":null,"abstract":"Despite this focus on pandemic-related supply chain disruptions, fewer empirical studies have sought to isolate short-term price impacts in food and nonfood agricultural commodity markets.1 Understanding the drivers of short-term commodity price impacts is critical to understanding future susceptibility to major market shocks and to informing policies related to shock mitigation. Declines in ethanol production reached an estimated 2 billion gallons lost from March to November 2020, leading to a corresponding decline of 700 million bushels of corn usage and a loss of billions of dollars of ethanol producer surplus (Renewable Fuels Association, 2020b;Schmitz, Moss, and Schmitz, 2020). Increases in corn-based ethanol production that started in 2005 have linked agricultural commodity prices and energy markets as US ethanol production increased rapidly from 3.9 billion gallons in 2005 to 13.3 billion by 2010 and 15.8 billion by 2019 (Chakravorty, Hubert, and Nøstbakken, 2009;Wright, 2011;Roberts and Schlenker, 2013;Asgari, Saghaian, and Reed, 2020;US Department of Agriculture, 2021). Given that over 90% of US ethanol is used in mixtures of E10 gasoline and the US market reached a 10% \"blend wall\" in 2016, any reduction in gasoline use will cause proportional decreases in ethanol use (US Energy Information Administrationa, 2020;US Department of Agriculture, 2021).","PeriodicalId":418319,"journal":{"name":"MedRN: Interdisciplinary Coronavirus & Infectious Disease Related Research (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123084209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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