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A Zippier Economy: Lessons from the 1992 Hilmer Competition Reforms* 快速经济:1992年希尔默竞争改革的经验教训*
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-05-25 DOI: 10.1111/1759-3441.12388
Andrew Leigh

The Hilmer Review and National Competition Policy reforms were an important part of the 1990s productivity surge and have been estimated to have delivered a permanent 2.5 per cent lift in GDP. I outline the key elements of these reforms and identify seven lessons for modern competition reformers. In the 2020s, with the startup rate falling and market concentration rising, boosting competition is one way of increasing productivity and improving the dynamism of the Australian economy.

《希尔默评论》和《国家竞争政策》改革是20世纪90年代生产力激增的重要组成部分,据估计已使国内生产总值永久增长2.5%。我概述了这些改革的关键要素,并确定了现代竞争改革者的七个教训。在20世纪20年代,随着创业率的下降和市场集中度的提高,促进竞争是提高生产力和提高澳大利亚经济活力的一种方式。
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引用次数: 0
I'll Be Good for Grandma: Institutional and Relational Trust and COVID-19 Restriction Compliance* 我会为奶奶好:制度和关系信任与新冠肺炎限制合规*
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-05-22 DOI: 10.1111/1759-3441.12386
Derly M. Andrade-Molina, Juan Carlos Fernández-Cadena, Mario A. Fernandez, Lauren A. Rhodes, Gonzalo E. Sánchez

The COVID-19 pandemic has wreaked social and economic havoc across the globe. This article addresses an aspect of trust that has not received wide attention in the context of the pandemic: how relational trust can affect compliance behaviour with health campaigns. This article uses a unique dataset of people receiving a COVID test after suspicion of infection. We use regression analysis to study the relation between compliance with mobility restrictions and institutional and relational trust. We find that trusting that close relations will be there for you in the case of falling ill is associated with a significant increase in the probability of complying with health campaigns as is trust that public institutions will respond appropriately to the pandemic. Additionally, we find no statistical relationship between compliance and trust in media outlets nor compliance and trust that community members (neighbours, co-workers or others) will care for you. The findings suggest that enhancing trust may improve compliance with mobility restrictions, however, increasing trust in specific groups may not aid in the effectiveness of some health campaigns. Importantly, nudging people towards compliance could be achieved by emphasising in campaigns that your behaviour could influence the health of those who you care about.

新冠肺炎疫情在全球范围内造成了社会和经济灾难。这篇文章讨论了在疫情背景下尚未得到广泛关注的信任的一个方面:关系信任如何影响健康活动的合规行为。这篇文章使用了一个独特的数据集,这些数据集是在怀疑感染后接受新冠病毒检测的人。我们使用回归分析来研究遵守流动限制与制度和关系信任之间的关系。我们发现,相信在生病的情况下会有亲密的关系陪伴你,这与遵守卫生运动的可能性显著增加有关,也与相信公共机构会对疫情做出适当反应有关。此外,我们没有发现合规性与对媒体的信任之间的统计关系,也没有发现社区成员(邻居、同事或其他人)会关心你的合规性和信任之间的关系。研究结果表明,增强信任可能会提高对行动限制的遵守程度,然而,增强对特定群体的信任可能无助于某些健康运动的有效性。重要的是,通过在活动中强调你的行为可能会影响你关心的人的健康,可以促使人们遵守规定。
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引用次数: 0
Labour Market Outcomes of Graduates in Economics in Australia* 澳大利亚经济学毕业生的劳动力市场结果*
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-05-09 DOI: 10.1111/1759-3441.12385
Ian Li, Andrew Williams, Ken Clements

The discipline of economics encompasses broad skillsets with diverse applications in employment markets and industries. Studies of labour market prospects for economics graduates are relatively dated particularly in the light of developments such as declining interest in economics in high school and university. This study examines the labour market outcomes of Australian economics graduates, at the bachelor and postgraduate levels, using a national dataset. We observe strong employment prospects for graduates in economics after graduation, in terms of full-time employment and salaries. Obtaining a postgraduate qualification appears to pay off, with master's and PhD graduates experiencing more favourable employment outcomes than bachelor's graduates. Substantial proportions report being overqualified for their jobs although this proportion is comparable to those reported for the broader Australian graduate labour market. Reassuringly, those initially overqualified transition out and overqualification reduces in the longer term. Most economics graduates become economists, but many others enter a wide array of other occupations. Of those who start out in non-economist professions, there is a 42 per cent chance that they transition to economist roles after 2.5 years. In summary, an economics degree leads to favourable employment and earnings and should still be considered an attractive choice for prospective students.

经济学学科涵盖了广泛的技能,在就业市场和行业中有着不同的应用。对经济学毕业生劳动力市场前景的研究相对滞后,特别是考虑到高中和大学对经济学的兴趣下降等事态发展。这项研究使用国家数据集考察了澳大利亚经济学学士和研究生毕业生的劳动力市场结果。我们观察到经济学毕业生毕业后在全职就业和工资方面有着强劲的就业前景。获得研究生资格似乎是有回报的,硕士和博士毕业生的就业结果比学士毕业生更有利。相当一部分人报告说他们的工作资历过高,尽管这一比例与更广泛的澳大利亚毕业生劳动力市场的报告相当。令人放心的是,从长远来看,那些最初资历过高的人会退出,资历过高的情况会减少。大多数经济学毕业生都成为了经济学家,但也有许多人进入了广泛的其他职业。在那些刚开始从事非经济学家职业的人中,有42%的机会在2.5岁后转变为经济学家 年。总之,经济学学位可以带来有利的就业和收入,对未来的学生来说仍然是一个有吸引力的选择。
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引用次数: 0
Economic Resilience in a Pandemic: Did COVID-19 Policy Effects Override Industry Diversity Impacts in Australia? 大流行病中的经济韧性:新冠肺炎政策影响是否超过了澳大利亚的行业多样性影响?
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-04-10 DOI: 10.1111/1759-3441.12384
Sveta Angelopoulos, Ashton de Silva, Yonatan Navon, Sarah Sinclair, Maria Yanotti

The industry diversity thesis of economic resilience to economic shocks is embedded in community development policy across Australia. The idea being that in the event of an economic shock some industries will prove more recession-proof than others. The greater the industry diversity, the greater the likelihood of off-setting industry effects, resulting in greater economic resilience. The COVID-19 pandemic and the associated restrictions created a unique natural experiment to explore whether the industry diversity thesis holds true under the conditions of a global health pandemic. In this policy paper, we use JobKeeper applications as a proxy for decreased economic resilience. We explore if Australian local government areas (LGAs) with higher industry diversity had less necessity for JobKeeper. We also briefly consider if concentrations of certain industries acted as a better economic buffer to the COVID-19 economic shock. We observe that as diversity increases, economic resilience strengthens except for Victoria (where the association is inverted). This observation has important implications for current and future policy formation and implementation across all layers of government.

澳大利亚各地的社区发展政策中都包含了关于经济抵御经济冲击能力的行业多样性理论。其想法是,在经济冲击的情况下,一些行业将比其他行业更能抵御衰退。行业多样性越大,抵消行业影响的可能性就越大,从而产生更大的经济韧性。新冠肺炎大流行及其相关限制创造了一个独特的自然实验,以探索在全球卫生大流行的条件下,行业多样性理论是否成立。在这份政策文件中,我们使用JobKeeper应用程序作为经济弹性下降的指标。我们探讨了行业多样性较高的澳大利亚地方政府地区(LGA)是否对JobKeeper的必要性较低。我们还简要考虑了某些行业的集中是否对新冠肺炎经济冲击起到了更好的经济缓冲作用。我们观察到,随着多样性的增加,除维多利亚州(该协会颠倒)外,经济韧性也在增强。这一观察结果对当前和未来各级政府的政策制定和实施具有重要意义。
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引用次数: 1
A Demand Systems Approach to Understanding Medium-Term Post-Pandemic Consumption Trends 理解疫情后中期消费趋势的需求系统方法
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-04-06 DOI: 10.1111/1759-3441.12380
Long Hai Vo, Kirsten Martinus, Brett Smith

Recent research has documented the immediate negative impact of the COVID-19 pandemic on household and business consumption, but there is still limited investigation into the medium-term effects in specific consumption categories. This paper addresses this gap using a vector autoregression analysis of a system of aggregated consumer final demand across Australia. We highlight the importance of studying a demand system, as opposed to investigating independent consumption categories, due to the interactive evolution of consumption during the pandemic. Modelling the paths of various consumption categories in response to shocks from one another, we find that, despite the large and abrupt shocks to consumption during the first two quarters of 2020, most categories reverted to pre-COVID levels when restrictions were lifted. Importantly, transportation had the largest and most persistent decline. Overall, shocks to sectors other than food, alcohol and education were outside the counterfactual forecast confidence intervals estimated based on pre-COVID information.

最近的研究记录了新冠肺炎疫情对家庭和企业消费的直接负面影响,但对特定消费类别的中期影响的调查仍然有限。本文使用对澳大利亚消费者最终总需求系统的向量自回归分析来解决这一差距。我们强调了研究需求系统的重要性,而不是调查独立的消费类别,因为疫情期间消费的互动演变。通过建模不同消费类别对彼此冲击的反应路径,我们发现,尽管2020年前两个季度消费受到了巨大而突然的冲击,但当限制解除时,大多数类别都恢复到了新冠疫情前的水平。重要的是,运输业的下降幅度最大、持续时间最长。总体而言,对食品、酒精和教育以外行业的冲击超出了根据新冠疫情前信息估计的反事实预测置信区间。
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引用次数: 0
Econometric Forecasting of Tourist Arrivals Using Bayesian Structural Time-Series* 基于贝叶斯结构时间序列的游客到达量经济预测*
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-04-04 DOI: 10.1111/1759-3441.12383
Antony Andrews, Sean Kimpton

This article introduces the Bayesian structural time series (BSTS) as a potential tool for forecasting in the tourism literature. Using data on Australian tourist arrivals in New Zealand, the forecasting accuracy of the estimated model is evaluated using a fixed partitioning approach. The MAPE of the fitted model is 3.11 per cent for the validation stage and 2.75 per cent for the test stage. The BSTS outperforms two other competing models both in the validation and test stage. In addition to forecasting, BSTS also estimates the trend, trend slope, and seasonality that change over time.

本文介绍了贝叶斯结构时间序列(BSTS)作为旅游文献中一种潜在的预测工具。利用澳大利亚游客抵达新西兰的数据,使用固定划分方法评估了估计模型的预测准确性。拟合模型的MAPE在验证阶段为3.11%,在测试阶段为2.75%。BSTS在验证和测试阶段都优于其他两个竞争模型。除了预测,BSTS还估计随时间变化的趋势、趋势斜率和季节性。
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引用次数: 0
Fiscal Policy in the COVID-19 Era1 新冠肺炎时期的财政政策1
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-03-28 DOI: 10.1111/1759-3441.12382
Chris Murphy

This paper analyses the COVID recession and the large fiscal policy response by modelling scenarios using a macro-econometric model. The COVID recession mainly arose from lower household consumption of certain services under COVID social distancing. The fiscal response to compensate for income losses in those service industries meant that unemployment was around 2 percentage points lower for 3 years than otherwise would have been the case. However, there was over-compensation: for every $1 of income the private sector lost under COVID, fiscal policy provided $2 of compensation. Following the end of social distancing, the aftereffects of over-compensation and over-prolonged loose monetary policy are modelled to have generated excess demand that temporarily added up to 3 percentage points to the annual inflation rate. Also, three forms of over-compensation in the JobKeeper program that led the fiscal response created disincentive effects and inequities. The primary lesson for future pandemics is that fiscal policy should compensate, but not over-compensate, for income losses, both in aggregate and at the program level. The secondary lesson is that monetary policy needs to take more account of the stimulus already provided by the fiscal response, so that interest rates do not remain very low for too long.

本文通过使用宏观计量经济模型对情景进行建模,分析了新冠疫情衰退和大规模财政政策应对。新冠疫情的衰退主要是由于在保持社交距离的情况下,家庭对某些服务的消费减少。弥补这些服务业收入损失的财政措施意味着失业率下降了约2个百分点 如果不是这样的话,可能会持续数年。然而,补偿过度:私营部门在新冠疫情下每损失1美元的收入,财政政策就提供2美元的补偿。社交距离结束后,过度补偿和长期宽松货币政策的后果被建模为产生了过度需求,这暂时增加了年通货膨胀率的3个百分点。此外,JobKeeper计划中导致财政应对的三种形式的过度补偿造成了抑制作用和不公平现象。未来流行病的主要教训是,财政政策应该补偿但不是过度补偿收入损失,无论是在总体上还是在项目层面。第二个教训是,货币政策需要更多地考虑财政应对措施已经提供的刺激,这样利率就不会在太长时间内保持在很低的水平。
{"title":"Fiscal Policy in the COVID-19 Era1","authors":"Chris Murphy","doi":"10.1111/1759-3441.12382","DOIUrl":"https://doi.org/10.1111/1759-3441.12382","url":null,"abstract":"<p>This paper analyses the COVID recession and the large fiscal policy response by modelling scenarios using a macro-econometric model. The COVID recession mainly arose from lower household consumption of certain services under COVID social distancing. The fiscal response to compensate for income losses in those service industries meant that unemployment was around 2 percentage points lower for 3 years than otherwise would have been the case. However, there was over-compensation: for every $1 of income the private sector lost under COVID, fiscal policy provided $2 of compensation. Following the end of social distancing, the aftereffects of over-compensation and over-prolonged loose monetary policy are modelled to have generated excess demand that temporarily added up to 3 percentage points to the annual inflation rate. Also, three forms of over-compensation in the JobKeeper program that led the fiscal response created disincentive effects and inequities. The primary lesson for future pandemics is that fiscal policy should compensate, but not over-compensate, for income losses, both in aggregate and at the program level. The secondary lesson is that monetary policy needs to take more account of the stimulus already provided by the fiscal response, so that interest rates do not remain very low for too long.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"42 2","pages":"107-152"},"PeriodicalIF":0.9,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12382","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50155316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Inflation and Spatial Spillovers in a Large Archipelago: Evidence from Indonesia* 大型群岛的通货膨胀与空间溢出效应:印度尼西亚的证据*
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-03-25 DOI: 10.1111/1759-3441.12381
Harry Aginta

This study examines inflation dynamics in Indonesia, a large archipelagic country, using the Phillips curve specification. Utilising province-level data from 2015 to 2019, the analysis accounts for regional interaction across Indonesian provinces and estimates spatial spillovers. To address the challenges of applying spatial methods to the world's largest archipelagic nation, two new approaches for the spatial weight matrix criteria are introduced: contiguity-based from artificial boundaries (Thiessen polygons) and trade-based from the Interregional Input–Output Tables. Furthermore, exploiting a new dataset, the study contrasts alternative measurements of inflation and output gap. These distinctions yield new findings. The results indicate the presence of a conventional Phillips curve in Indonesia. Different measures of inflation and the output gap have distinct spatial spillover effects.

本研究采用菲利普斯曲线规范,考察了印度尼西亚这个群岛大国的通胀动态。利用 2015 年至 2019 年的省一级数据,分析考虑了印度尼西亚各省之间的区域互动,并估算了空间溢出效应。为了应对将空间方法应用于这个世界上最大的群岛国家所面临的挑战,本文引入了两种新的空间权重矩阵标准方法:基于人工边界(蒂森多边形)的毗连性方法和基于区域间投入产出表的贸易方法。此外,研究还利用一个新的数据集,对比了通货膨胀和产出缺口的其他测量方法。这些区分产生了新的发现。研究结果表明,印尼存在传统的菲利普斯曲线。通货膨胀和产出缺口的不同测量方法具有不同的空间溢出效应。
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引用次数: 0
Pandemic Crisis, Contact Intensity and Gender Disparity in a Developing Economy* 发展中经济中的流行病危机、接触强度和性别差异*
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-03-06 DOI: 10.1111/1759-3441.12379
Rohan Kanti Khan, Sushobhan Mahata, Ranjanendra Narayan Nag

The paper attempts to analyse the grotesque dimensions of gender disparity of lockdown as a policy response to the pandemic crisis. In doing so, we develop a multi-sectoral distortion-ridden general equilibrium model which applies to small open developing economies. Lockdown results in supply-chain disruptions (SCDs), physical restrictions on labour gathering, adverse demand shock and an escalation of demand for the high-skilled capital-intensive product. Not only factor intensity ranking but also contact intensity of sectors has several dimensions. These dimensions include inter alia female labour force participation, the burden of unpaid domestic chores on women and gender wage disparity with unemployment as well.

本文试图分析封锁作为应对疫情危机的政策措施所带来的性别差异的怪诞层面。在这样做的过程中,我们建立了一个多部门扭曲的一般均衡模型,适用于小型开放发展中经济体。封锁导致供应链中断、劳动力聚集的物理限制、不利的需求冲击以及对高技能资本密集型产品的需求升级。不仅因素强度排名,行业的接触强度也有几个维度。这些方面包括女性劳动力的参与、妇女无报酬家务的负担以及与失业率之间的性别工资差距。
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引用次数: 0
What Shapes Economic Growth in BRICS? Exploring the Role of Institutional Quality and Trade Openness 是什么影响了金砖国家的经济增长?探讨制度质量和贸易开放度的作用
IF 0.9 Q2 Economics, Econometrics and Finance Pub Date : 2023-01-19 DOI: 10.1111/1759-3441.12378
Megha Chhabra, Arun Kumar Giri, Arya Kumar

Prior research has identified outward-oriented policies as a far superior approach to achieving economic growth. Whilst trade openness determines economic growth in the short run, institutional quality is critical to long-term viability. However, the direct and indirect effects of institutions have been understudied, particularly for the Brazil, Russia, India, China and South Africa. This study addresses this issue by estimating long-run and short-run elasticities using the system GMM and pooled mean group models and identifying its country-specific impact using the fully modified ordinary least square model. According to the findings, trade and institutions are only short-run complements of economic growth. In the long run, however, the lack of good governance limits the positive impact of trade openness.

先前的研究表明,外向型政策是实现经济增长的一种更为优越的方法。虽然贸易开放在短期内决定了经济增长,但制度质量对长期可行性至关重要。然而,对制度的直接和间接影响研究不足,尤其是对巴西、俄罗斯、印度、中国和南非的研究。本研究利用系统 GMM 和集合均值组模型估算长期和短期弹性,并利用完全修正的普通最小二乘法模型确定其对具体国家的影响,从而解决了这一问题。研究结果表明,贸易和制度只是经济增长的短期补充。但从长期来看,缺乏良好治理限制了贸易开放的积极影响。
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引用次数: 5
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