Pub Date : 2022-01-02DOI: 10.1080/1406099X.2022.2033418
Maryna Tverdostup, T. Paas
ABSTRACT The paper investigates the gender wage gap in relation to the multi-dimensional human capital measure, asking which human capital components are most valued in the European labour markets. Relying on the Programme of International Assessment of Adult Competencies (PIAAC) data for seventeen European countries and applying Gelbach (2016) decomposition, we document remarkable cross-country disparities in the returns to different human capital components. The only dimension that consistently and significantly decreases gender wage disparities in all countries is work experience related to a currently occupied position. Numeracy cognitive ability is another strong predictors of the gender wage disparity, while job-specific cognitive and non-cognitive skills reveal weaker than expected association with the gender wage gap. Unlike the studies stressing the decreasing importance of human capital in the gender wage gap assessment, we argue that a narrow definition of human capital may undermine the actual effect of the latter.
{"title":"Gender disparities in wage returns to human capital components: how different are European labour markets?","authors":"Maryna Tverdostup, T. Paas","doi":"10.1080/1406099X.2022.2033418","DOIUrl":"https://doi.org/10.1080/1406099X.2022.2033418","url":null,"abstract":"ABSTRACT The paper investigates the gender wage gap in relation to the multi-dimensional human capital measure, asking which human capital components are most valued in the European labour markets. Relying on the Programme of International Assessment of Adult Competencies (PIAAC) data for seventeen European countries and applying Gelbach (2016) decomposition, we document remarkable cross-country disparities in the returns to different human capital components. The only dimension that consistently and significantly decreases gender wage disparities in all countries is work experience related to a currently occupied position. Numeracy cognitive ability is another strong predictors of the gender wage disparity, while job-specific cognitive and non-cognitive skills reveal weaker than expected association with the gender wage gap. Unlike the studies stressing the decreasing importance of human capital in the gender wage gap assessment, we argue that a narrow definition of human capital may undermine the actual effect of the latter.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"22 1","pages":"28 - 48"},"PeriodicalIF":1.1,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42112437","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}
Pub Date : 2022-01-02DOI: 10.1080/1406099X.2021.2020985
V. Klyvienė, A. Jakaitienė
ABSTRACT This paper aims to investigate the effects of various fiscal policy measures for small and open economies by analysing the implications of fiscal shocks in the Baltic countries based on data for the period from 1995 to 2018. For this purpose, we have chosen structural VAR estimation methods following Blanchard, O., & Perotti, R. (2002). An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. The Quarterly Journal of Economics, 117(4), 1329–1368, approach and relied on local projections for robustness checks. We find that the impact on growth of direct taxes, government consumption and public investment is strong and persistent in the analysed cases. Although the responses of FDI to fiscal shocks are less consistent as compared to output, in most cases, we get strong and persistent negative reactions in FDI to increasing tax burden.
{"title":"Fiscal adjustments: lessons from and for the Baltic states","authors":"V. Klyvienė, A. Jakaitienė","doi":"10.1080/1406099X.2021.2020985","DOIUrl":"https://doi.org/10.1080/1406099X.2021.2020985","url":null,"abstract":"ABSTRACT This paper aims to investigate the effects of various fiscal policy measures for small and open economies by analysing the implications of fiscal shocks in the Baltic countries based on data for the period from 1995 to 2018. For this purpose, we have chosen structural VAR estimation methods following Blanchard, O., & Perotti, R. (2002). An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. The Quarterly Journal of Economics, 117(4), 1329–1368, approach and relied on local projections for robustness checks. We find that the impact on growth of direct taxes, government consumption and public investment is strong and persistent in the analysed cases. Although the responses of FDI to fiscal shocks are less consistent as compared to output, in most cases, we get strong and persistent negative reactions in FDI to increasing tax burden.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"22 1","pages":"1 - 27"},"PeriodicalIF":1.1,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47000769","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}
Pub Date : 2022-01-02DOI: 10.1080/1406099X.2022.2083306
V. Flek, Martin Hála, Martina Mysíková
ABSTRACT We examine the role of unemployment inflows and outflows in contributing to unemployment cyclicality in Czechia and Poland, using data from the European Union Statistics on Income and Living Conditions, and a three-state model of unemployment variance decomposition. We find that the labour market fluidity is higher in Poland than in Czechia, with Polish workers moving in and out of unemployment more frequently than their Czech counterparts. For both countries, the upward unemployment dynamics was during 2008–2011 driven by counter-cyclical increases in the job-separation rate, rather than by pro-cyclical declines in the job-finding rate. The inflow-outflow split was nonetheless more balanced in Czechia. The two economies further diverged across 2015–2018: Czech unemployment declined prevailingly due to diminishing job separations, while in Poland it was mostly due to improving job-finding prospects. This signals a deeper insider-outsider fragmentation of the Czech labour market, even during the period of economic expansion.
{"title":"The ins and outs of Central European unemployment","authors":"V. Flek, Martin Hála, Martina Mysíková","doi":"10.1080/1406099X.2022.2083306","DOIUrl":"https://doi.org/10.1080/1406099X.2022.2083306","url":null,"abstract":"ABSTRACT We examine the role of unemployment inflows and outflows in contributing to unemployment cyclicality in Czechia and Poland, using data from the European Union Statistics on Income and Living Conditions, and a three-state model of unemployment variance decomposition. We find that the labour market fluidity is higher in Poland than in Czechia, with Polish workers moving in and out of unemployment more frequently than their Czech counterparts. For both countries, the upward unemployment dynamics was during 2008–2011 driven by counter-cyclical increases in the job-separation rate, rather than by pro-cyclical declines in the job-finding rate. The inflow-outflow split was nonetheless more balanced in Czechia. The two economies further diverged across 2015–2018: Czech unemployment declined prevailingly due to diminishing job separations, while in Poland it was mostly due to improving job-finding prospects. This signals a deeper insider-outsider fragmentation of the Czech labour market, even during the period of economic expansion.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"22 1","pages":"49 - 67"},"PeriodicalIF":1.1,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43605088","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}
Pub Date : 2021-10-16DOI: 10.1080/1406099X.2021.1990473
N. Vu, T. Bui, N. Nguyen, Ngoc Hiep Luu
While tax corruption is widespread in many countries with inferior business environments, it is unclear how the characteristics of taxpayers influence their tax behaviour. This study investigates t...
{"title":"Local business environment, managerial expertise and tax corruption of small- and medium-sized enterprises","authors":"N. Vu, T. Bui, N. Nguyen, Ngoc Hiep Luu","doi":"10.1080/1406099X.2021.1990473","DOIUrl":"https://doi.org/10.1080/1406099X.2021.1990473","url":null,"abstract":"While tax corruption is widespread in many countries with inferior business environments, it is unclear how the characteristics of taxpayers influence their tax behaviour. This study investigates t...","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"21 1","pages":"134-157"},"PeriodicalIF":1.1,"publicationDate":"2021-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48049975","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}
Pub Date : 2021-07-03DOI: 10.1080/1406099X.2021.2003997
Andrejs Bessonovs, O. Krasnopjorovs
ABSTRACT This paper builds a short-term inflation projections (STIP) model for Latvia. The model is designed to forecast highly disaggregated consumer prices using cointegrated ARDL approach of [Pesaran, M., & Shin, Y. (1998). An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis. Econometric Society Monographs, 31, 371–413.]. We assess the forecast accuracy of STIP model using out-of-sample forecast exercise and show that our model outperforms both aggregated and disaggregated AR(1) benchmarks. Across inflation components, the forecast accuracy gains are 20–30% forecasting 3 months ahead and 15–55% forecasting 12 months ahead.
{"title":"Short-term inflation projections model and its assessment in Latvia","authors":"Andrejs Bessonovs, O. Krasnopjorovs","doi":"10.1080/1406099X.2021.2003997","DOIUrl":"https://doi.org/10.1080/1406099X.2021.2003997","url":null,"abstract":"ABSTRACT This paper builds a short-term inflation projections (STIP) model for Latvia. The model is designed to forecast highly disaggregated consumer prices using cointegrated ARDL approach of [Pesaran, M., & Shin, Y. (1998). An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis. Econometric Society Monographs, 31, 371–413.]. We assess the forecast accuracy of STIP model using out-of-sample forecast exercise and show that our model outperforms both aggregated and disaggregated AR(1) benchmarks. Across inflation components, the forecast accuracy gains are 20–30% forecasting 3 months ahead and 15–55% forecasting 12 months ahead.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"21 1","pages":"184 - 204"},"PeriodicalIF":1.1,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46559830","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}
Pub Date : 2021-07-03DOI: 10.1080/1406099X.2021.1993601
Laura Helena Kivi, Janno Järve, Sten Anspal, Marko Sõmer, Indrek Seppo
ABSTRACT This study investigates the role of intergenerational mobility in explaining the native-immigrant income gap in Estonia. A rich registry dataset on yearly earnings and different background characteristics for the period of 2007–2017 is used. We find that an increase of 1 percentile in parent income rank is associated with on average 0.2 percentile increase in child income rank for both natives and second-generation immigrants. Results from a detailed Blinder-Oaxaca decomposition indicate that up to 21% of the gap between income ranks of second-generation immigrants and natives is related to differences in parental background. Once we control for education, family, residence and industry related choices, differences in the parental income rank account for around 8% of the overall gap. The results indicate that although the intergenerational income mobility is relatively high in Estonia both for natives and children of foreign-born, the native-immigrant earnings gap has not decreased for the second generation.
{"title":"Are we there yet? Intergenerational mobility and economic assimilation of second-generation immigrants in Estonia","authors":"Laura Helena Kivi, Janno Järve, Sten Anspal, Marko Sõmer, Indrek Seppo","doi":"10.1080/1406099X.2021.1993601","DOIUrl":"https://doi.org/10.1080/1406099X.2021.1993601","url":null,"abstract":"ABSTRACT This study investigates the role of intergenerational mobility in explaining the native-immigrant income gap in Estonia. A rich registry dataset on yearly earnings and different background characteristics for the period of 2007–2017 is used. We find that an increase of 1 percentile in parent income rank is associated with on average 0.2 percentile increase in child income rank for both natives and second-generation immigrants. Results from a detailed Blinder-Oaxaca decomposition indicate that up to 21% of the gap between income ranks of second-generation immigrants and natives is related to differences in parental background. Once we control for education, family, residence and industry related choices, differences in the parental income rank account for around 8% of the overall gap. The results indicate that although the intergenerational income mobility is relatively high in Estonia both for natives and children of foreign-born, the native-immigrant earnings gap has not decreased for the second generation.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"21 1","pages":"158 - 183"},"PeriodicalIF":1.1,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49266379","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}
Pub Date : 2021-07-03DOI: 10.1080/1406099X.2021.1972587
G. Enjolras, G. Sanfilippo, M. Soliwoda
ABSTRACT The purpose of this paper is to analyse capital structure and its dynamics for farms in Poland, a leading European Union producer. The theoretical framework is based on the trade-off and pecking order theories of capital structure. We use data from the Farm Accountancy Data Network (FADN), which is representative of Polish professional farms during the period 2009–2018. We adopt a dynamic partial adjustment model using the generalized method of moments in order to explain the financing of farms through debt. The results show that Polish farms exhibit low target levels of debt, which they adjust dynamically, thus partially validating the trade-off theory. While size and growth opportunities positively influence the indebtedness of farms, profitability and land have the opposite effect. Polish farmers therefore use available internal funds, especially retained earnings, as a substitute for debt, in line with the pecking order theory.
{"title":"What determines the capital structure of farms? Empirical evidence from Poland","authors":"G. Enjolras, G. Sanfilippo, M. Soliwoda","doi":"10.1080/1406099X.2021.1972587","DOIUrl":"https://doi.org/10.1080/1406099X.2021.1972587","url":null,"abstract":"ABSTRACT The purpose of this paper is to analyse capital structure and its dynamics for farms in Poland, a leading European Union producer. The theoretical framework is based on the trade-off and pecking order theories of capital structure. We use data from the Farm Accountancy Data Network (FADN), which is representative of Polish professional farms during the period 2009–2018. We adopt a dynamic partial adjustment model using the generalized method of moments in order to explain the financing of farms through debt. The results show that Polish farms exhibit low target levels of debt, which they adjust dynamically, thus partially validating the trade-off theory. While size and growth opportunities positively influence the indebtedness of farms, profitability and land have the opposite effect. Polish farmers therefore use available internal funds, especially retained earnings, as a substitute for debt, in line with the pecking order theory.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"21 1","pages":"113 - 133"},"PeriodicalIF":1.1,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47034070","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}
Pub Date : 2021-01-02DOI: 10.1080/1406099X.2021.1920754
I. Fertő, Š. Bojnec, J. Fogarasi, A. Viira
ABSTRACT This article investigates dairy farm investment behaviour and the presence of soft budget constraints in the dairy farms of Baltic and Central European transition countries – Estonia, Hungary and Slovenia – using individual dairy farm accountancy panel data for the years 2007–2015. The empirical results confirm that gross dairy farm investment is positively associated with gross dairy farm investment for the previous year for financially unconstrained dairy farms, and negatively for financially constrained dairy farms. It is also positively associated with public investment subsidies, and, except for Slovenia, with growth in real sales for financially unconstrained dairy farms. Mixed results are found for gross dairy farm investment squared and cash flow variables. A particularly significant negative cash flow regression coefficient implies significant soft budget constraints for financially unconstrained Estonian and Slovenian dairy farms, while insignificant cash flow regression coefficients imply weak soft budget constraints for financially unconstrained Hungarian dairy farms.
{"title":"The investment behaviour of dairy farms in transition economies","authors":"I. Fertő, Š. Bojnec, J. Fogarasi, A. Viira","doi":"10.1080/1406099X.2021.1920754","DOIUrl":"https://doi.org/10.1080/1406099X.2021.1920754","url":null,"abstract":"ABSTRACT This article investigates dairy farm investment behaviour and the presence of soft budget constraints in the dairy farms of Baltic and Central European transition countries – Estonia, Hungary and Slovenia – using individual dairy farm accountancy panel data for the years 2007–2015. The empirical results confirm that gross dairy farm investment is positively associated with gross dairy farm investment for the previous year for financially unconstrained dairy farms, and negatively for financially constrained dairy farms. It is also positively associated with public investment subsidies, and, except for Slovenia, with growth in real sales for financially unconstrained dairy farms. Mixed results are found for gross dairy farm investment squared and cash flow variables. A particularly significant negative cash flow regression coefficient implies significant soft budget constraints for financially unconstrained Estonian and Slovenian dairy farms, while insignificant cash flow regression coefficients imply weak soft budget constraints for financially unconstrained Hungarian dairy farms.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"21 1","pages":"60 - 84"},"PeriodicalIF":1.1,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2021.1920754","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48474498","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}
Pub Date : 2021-01-02DOI: 10.1080/1406099X.2021.1888439
Jakub Rybacki
ABSTRACT Fiscal forecasts produced by international institutions came under strong criticism after the Eurozone sovereign debt crisis due to excessive optimism. Presently, international organizations are also accused of applying a double standard. Their opponents claim they depict negative picture for populist governments. This paper evaluates forecasts provided by the IMF, European Commission and the OECD based on a panel of EU economies and selected large countries. Five years after the Sovereign debt crisis, we still find excessively optimistic forecasts for Portugal and Spain. Moreover, the EC and OECD are being indulgent to countries under the excessive deficit procedure. There is also a strong autocorrelation of forecast errors and cyclical biases – European Commission overestimates governments’ propensity to tighten fiscal policy during expansion and forecasts an overly pessimistic picture during a slowdown. However, we find no evidence suggesting that fiscal forecasts stigmatize the governments accused of populism.
{"title":"Fiscal deficit forecasts in Europe: evidence for a double standard?","authors":"Jakub Rybacki","doi":"10.1080/1406099X.2021.1888439","DOIUrl":"https://doi.org/10.1080/1406099X.2021.1888439","url":null,"abstract":"ABSTRACT Fiscal forecasts produced by international institutions came under strong criticism after the Eurozone sovereign debt crisis due to excessive optimism. Presently, international organizations are also accused of applying a double standard. Their opponents claim they depict negative picture for populist governments. This paper evaluates forecasts provided by the IMF, European Commission and the OECD based on a panel of EU economies and selected large countries. Five years after the Sovereign debt crisis, we still find excessively optimistic forecasts for Portugal and Spain. Moreover, the EC and OECD are being indulgent to countries under the excessive deficit procedure. There is also a strong autocorrelation of forecast errors and cyclical biases – European Commission overestimates governments’ propensity to tighten fiscal policy during expansion and forecasts an overly pessimistic picture during a slowdown. However, we find no evidence suggesting that fiscal forecasts stigmatize the governments accused of populism.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"21 1","pages":"26 - 42"},"PeriodicalIF":1.1,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2021.1888439","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44020429","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}
Pub Date : 2021-01-02DOI: 10.1080/1406099X.2020.1871213
Katalin Bodnár, Ludmila Fadejeva, M. Hoeberichts, Mario Izquierdo Peinado, Christophe Jadeau, Eliana Viviano
ABSTRACT The sovereign debt crisis led to financial difficulties for European firms and a decline in the use of labour input. We use qualitative firm-level data for 24 European countries, collected within the third wave of the Wage Dynamics Network (WDN3) of the ESCB, to propose a cross-country analysis of the relationship between a credit shock and labour markets. We first derive a set of indices measuring difficulties in accessing the credit market for the period 2010–2013. Second, we provide a description of the relationship between credit difficulties and changes in labour input, both along the extensive and the intensive margins as well as on wages. We find strong and significant correlation between credit difficulties and adjustments along both the extensive and the intensive margin. In the presence of credit market difficulties, firms also cut wages by reducing the variable part of wages. This evidence suggests that credit shocks can affect not only the real economy, but also nominal variables.
{"title":"The impact of credit shocks on the European labour market","authors":"Katalin Bodnár, Ludmila Fadejeva, M. Hoeberichts, Mario Izquierdo Peinado, Christophe Jadeau, Eliana Viviano","doi":"10.1080/1406099X.2020.1871213","DOIUrl":"https://doi.org/10.1080/1406099X.2020.1871213","url":null,"abstract":"ABSTRACT The sovereign debt crisis led to financial difficulties for European firms and a decline in the use of labour input. We use qualitative firm-level data for 24 European countries, collected within the third wave of the Wage Dynamics Network (WDN3) of the ESCB, to propose a cross-country analysis of the relationship between a credit shock and labour markets. We first derive a set of indices measuring difficulties in accessing the credit market for the period 2010–2013. Second, we provide a description of the relationship between credit difficulties and changes in labour input, both along the extensive and the intensive margins as well as on wages. We find strong and significant correlation between credit difficulties and adjustments along both the extensive and the intensive margin. In the presence of credit market difficulties, firms also cut wages by reducing the variable part of wages. This evidence suggests that credit shocks can affect not only the real economy, but also nominal variables.","PeriodicalId":43756,"journal":{"name":"Baltic Journal of Economics","volume":"21 1","pages":"1 - 25"},"PeriodicalIF":1.1,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/1406099X.2020.1871213","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44954491","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}
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