We analyse the effects of the Dutch Act on Extraordinary Measures for Urban Problems. This allows local governments to prohibit non-employed households from entering into public housing in targeted neighbourhoods to improve social mixing. We show that the Act is largely ineffective in changing the demographic composition of neighbourhoods. At the same time, due to prominent advertising of targeted deprived neighbourhoods, a stigma may have been created. We adopt a hedonic price approach and use a boundary-discontinuity (within 100m of neighbourhood borders) to quantify the overall effect of the policy. We thus exploit spatio-temporal differences in house prices and find a sizeable price reduction of about 3-5%. The magnitude of this effect is confirmed for two other national place-based policy programmes, adding to the external validity of these findings. Our results suggest that neighbourhood stigma is important, which implies that individuals living in deprived neighbourhoods experience dis-utility from living in a place with a low status.
{"title":"Neighbourhood stigma and place-based policies","authors":"H. Koster, Jos N. van Ommeren","doi":"10.1093/epolic/eiac039","DOIUrl":"https://doi.org/10.1093/epolic/eiac039","url":null,"abstract":"\u0000 We analyse the effects of the Dutch Act on Extraordinary Measures for Urban Problems. This allows local governments to prohibit non-employed households from entering into public housing in targeted neighbourhoods to improve social mixing. We show that the Act is largely ineffective in changing the demographic composition of neighbourhoods. At the same time, due to prominent advertising of targeted deprived neighbourhoods, a stigma may have been created. We adopt a hedonic price approach and use a boundary-discontinuity (within 100m of neighbourhood borders) to quantify the overall effect of the policy. We thus exploit spatio-temporal differences in house prices and find a sizeable price reduction of about 3-5%. The magnitude of this effect is confirmed for two other national place-based policy programmes, adding to the external validity of these findings. Our results suggest that neighbourhood stigma is important, which implies that individuals living in deprived neighbourhoods experience dis-utility from living in a place with a low status.","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46163581","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 policy response to the Covid crisis in advanced economies was unprecedented, both in terms of scale and diversity of policy instruments. Given the substantial fiscal burden it has generated, it is legitimate to ask how effective this response was. This question turns out to be much harder to answer than casual discussions in the public debate may suggest. The reason for this is that we observe the world as it unfolds before our eyes given the policies in place, but not what it would have been under hypothetical alternative policies. We may always speculate about how many jobs, firms or banks we saved during the Covid crisis, but it ultimately takes a model, and the ability to run counterfactual experiments with it, to get a sense of the benefits associated with specific policies.
{"title":"Edouard Challe discussion of: Bailouts","authors":"E. Challe","doi":"10.1093/epolic/eiac034","DOIUrl":"https://doi.org/10.1093/epolic/eiac034","url":null,"abstract":"The policy response to the Covid crisis in advanced economies was unprecedented, both in terms of scale and diversity of policy instruments. Given the substantial fiscal burden it has generated, it is legitimate to ask how effective this response was. This question turns out to be much harder to answer than casual discussions in the public debate may suggest. The reason for this is that we observe the world as it unfolds before our eyes given the policies in place, but not what it would have been under hypothetical alternative policies. We may always speculate about how many jobs, firms or banks we saved during the Covid crisis, but it ultimately takes a model, and the ability to run counterfactual experiments with it, to get a sense of the benefits associated with specific policies.","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":"119 3","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41307464","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}
Naomitsu Yashiro, Tomi Kyyrä, Hyunjeong Hwang, Juha Tuomala
There are two important barriers to increasing the employment of older workers under rapid technological change. First, older workers engaged in codifiable, routine tasks are particularly prone to the risk of being displaced by computers and robots. Second, several countries have in place various labour market institutions that encourage early retirement, such as exceptional entitlements or looser criteria for unemployment and disability benefits applied to older individuals. We present evidence that these two factors reinforce each other to push older workers out of employment. We find that older workers who are more exposed to digital technologies face a higher risk of exiting employment and that this effect is significantly magnified when they are eligible for an extension of unemployment benefits until the earliest age for drawing old age pension. Furthermore, we present a simple simulation to illustrate that a policy reform that tightens the eligibility for the benefits extension increases mostly the employment of older workers that are more exposed to digital technologies. Our findings provide an important implication on policies to promote longer working lives under rapid technological change. They highlight the importance of closing institutional pathways to early retirement to encourage employers and older workers to make the necessary investment that would allow older workers to keep up with technological change and work longer.
{"title":"Technology, labour market institutions and early retirement","authors":"Naomitsu Yashiro, Tomi Kyyrä, Hyunjeong Hwang, Juha Tuomala","doi":"10.1093/epolic/eiac024","DOIUrl":"https://doi.org/10.1093/epolic/eiac024","url":null,"abstract":"\u0000 There are two important barriers to increasing the employment of older workers under rapid technological change. First, older workers engaged in codifiable, routine tasks are particularly prone to the risk of being displaced by computers and robots. Second, several countries have in place various labour market institutions that encourage early retirement, such as exceptional entitlements or looser criteria for unemployment and disability benefits applied to older individuals. We present evidence that these two factors reinforce each other to push older workers out of employment. We find that older workers who are more exposed to digital technologies face a higher risk of exiting employment and that this effect is significantly magnified when they are eligible for an extension of unemployment benefits until the earliest age for drawing old age pension. Furthermore, we present a simple simulation to illustrate that a policy reform that tightens the eligibility for the benefits extension increases mostly the employment of older workers that are more exposed to digital technologies. Our findings provide an important implication on policies to promote longer working lives under rapid technological change. They highlight the importance of closing institutional pathways to early retirement to encourage employers and older workers to make the necessary investment that would allow older workers to keep up with technological change and work longer.","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48110843","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 impact of the COVID-19 pandemic has been hugely heterogeneous across individuals depending on their job. The present paper classifies the health risk and the labour market risk associated with each job. The health risk depends on how likely it is that someone gets infected with COVID-19 while working, whereas the labour market risk measures the likelihood that workers performing these jobs will be (temporarily) laid off. Quantifying these risks is crucial, as they measure the exposure of workers employed in each job to the two most important risks related to the pandemic. The authors then characterize the individuals most exposed to these risks and finally investigate what the state can do to protect them.
{"title":"Zsofia Barany discussion of: Unsafe jobs","authors":"Zsófia L. Bárány","doi":"10.1093/epolic/eiac029","DOIUrl":"https://doi.org/10.1093/epolic/eiac029","url":null,"abstract":"The impact of the COVID-19 pandemic has been hugely heterogeneous across individuals depending on their job. The present paper classifies the health risk and the labour market risk associated with each job. The health risk depends on how likely it is that someone gets infected with COVID-19 while working, whereas the labour market risk measures the likelihood that workers performing these jobs will be (temporarily) laid off. Quantifying these risks is crucial, as they measure the exposure of workers employed in each job to the two most important risks related to the pandemic. The authors then characterize the individuals most exposed to these risks and finally investigate what the state can do to protect them.","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45288964","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}
Tim Landvoigt responded to the discussants and to some of the comments in the chat. First, he addressed the topic of monetary policy, arguing that in the model there is no role for monetary policy, but that this clearly plays an important role in the real world. He added that during the COVID-19 crisis, central banks were already stuck at the zero lower bound, an aspect which is however absent from the paper. Introducing the ZLB would probably result in the model predicting much more severe drops in activity in the no intervention scenario. Similarly, it is likely that the effects of policy intervention would be amplified because of the introduction of the ZLB. However, he also noted that allowing for the ZLB would result in a series of technical and computational challenges.
Tim Landvoigt回应了讨论者和聊天中的一些评论。首先，他谈到了货币政策的话题，认为在模型中货币政策没有任何作用，但它显然在现实世界中发挥着重要作用。他补充说，在新冠肺炎危机期间，各国央行已经被困在零下限，但这一方面在文件中没有出现。引入ZLB可能会导致该模型预测在没有干预的情况下活动会出现更严重的下降。同样，由于ZLB的引入，政策干预的效果可能会被放大。然而，他也指出，允许ZLB将带来一系列技术和计算挑战。
{"title":"Panel Discussion of: Bailouts","authors":"","doi":"10.1093/epolic/eiac032","DOIUrl":"https://doi.org/10.1093/epolic/eiac032","url":null,"abstract":"Tim Landvoigt responded to the discussants and to some of the comments in the chat. First, he addressed the topic of monetary policy, arguing that in the model there is no role for monetary policy, but that this clearly plays an important role in the real world. He added that during the COVID-19 crisis, central banks were already stuck at the zero lower bound, an aspect which is however absent from the paper. Introducing the ZLB would probably result in the model predicting much more severe drops in activity in the no intervention scenario. Similarly, it is likely that the effects of policy intervention would be amplified because of the introduction of the ZLB. However, he also noted that allowing for the ZLB would result in a series of technical and computational challenges.","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47172020","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}
Countries around the world have approved trillions of dollars in spending packages as a response to the COVID-19 pandemic in order to protect people’s health and combat associated economic downturns. There was a wide range of measures to address corporate funding needs with the ultimate goal of preventing bankruptcies. Across countries, very different programmes have been put in place, not only because the countries differ in their capacity to finance them, but also because political decisions have to be taken under rapidly changing epidemiological and economic situations. In the context of corporate measures, examples include indirect wage subsidies such as the PPP programme, which is at the core of this paper, but also indirect subsidies such as the expansion of access to short-term work or the coverage of minimum wages.
{"title":"Christine Laudenbach discussion of: Bailouts","authors":"Christine Laudenbach","doi":"10.1093/epolic/eiac037","DOIUrl":"https://doi.org/10.1093/epolic/eiac037","url":null,"abstract":"Countries around the world have approved trillions of dollars in spending packages as a response to the COVID-19 pandemic in order to protect people’s health and combat associated economic downturns. There was a wide range of measures to address corporate funding needs with the ultimate goal of preventing bankruptcies. Across countries, very different programmes have been put in place, not only because the countries differ in their capacity to finance them, but also because political decisions have to be taken under rapidly changing epidemiological and economic situations. In the context of corporate measures, examples include indirect wage subsidies such as the PPP programme, which is at the core of this paper, but also indirect subsidies such as the expansion of access to short-term work or the coverage of minimum wages. ","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42880937","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}
Dirk Krueger replied to the discussants. Responding to Federica Romei, he first said that in the model, depending on the assumptions, there can be an isomorphism from getting consumption generating infections versus infections at work, so it is possible to reformulate the model and make the two equivalent. He also noted that in the paper the authors tried to sketch in a stylized way the decisions made by Swedish policymakers and that it is true that in practice some social distancing measures were put in place. He said that these social distancing measures may partially capture the time varying infection parameters. He also added that on the economic side there were some restrictions;hence, it may be possible that the characterization made in the model is too extreme, but he still believes it is a fairly accurate approximation.
{"title":"Panel Discussion of: Safe choices?","authors":"","doi":"10.1093/epolic/eiac033","DOIUrl":"https://doi.org/10.1093/epolic/eiac033","url":null,"abstract":"Dirk Krueger replied to the discussants. Responding to Federica Romei, he first said that in the model, depending on the assumptions, there can be an isomorphism from getting consumption generating infections versus infections at work, so it is possible to reformulate the model and make the two equivalent. He also noted that in the paper the authors tried to sketch in a stylized way the decisions made by Swedish policymakers and that it is true that in practice some social distancing measures were put in place. He said that these social distancing measures may partially capture the time varying infection parameters. He also added that on the economic side there were some restrictions;hence, it may be possible that the characterization made in the model is too extreme, but he still believes it is a fairly accurate approximation.","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":" ","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47322696","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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