This paper explores whether similarities in production structures have been an important determinant of business cycle co-movement in the Euro Area. We constructed an index of cross-country differences in industry composition using value added data from 62 sectors. Then we tested whether this specialization index can explain several measures of cross-country output and employment co-movement within the European Monetary Union between 1999 and 2016. The results indicate that changes in real gross domestic product exhibit a stronger correlation between countries producing similar goods and services. However, the composition of output cannot explain co-movement in employment or unemployment. We checked the robustness of the results by dividing the sample period and by adding several control variables, including bilateral trade intensity and differences in country risk spreads.
{"title":"Specialization and Business Cycle Co-Movement in the Euro Area","authors":"Nestor Azcona","doi":"10.2139/ssrn.3397307","DOIUrl":"https://doi.org/10.2139/ssrn.3397307","url":null,"abstract":"This paper explores whether similarities in production structures have been an important determinant of business cycle co-movement in the Euro Area. We constructed an index of cross-country differences in industry composition using value added data from 62 sectors. Then we tested whether this specialization index can explain several measures of cross-country output and employment co-movement within the European Monetary Union between 1999 and 2016. The results indicate that changes in real gross domestic product exhibit a stronger correlation between countries producing similar goods and services. However, the composition of output cannot explain co-movement in employment or unemployment. We checked the robustness of the results by dividing the sample period and by adding several control variables, including bilateral trade intensity and differences in country risk spreads.","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"1 1","pages":"1-12"},"PeriodicalIF":0.6,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41872286","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}
Pub Date : 2019-02-27DOI: 10.1007/s11293-019-09605-w
H. Raza, G. Zoega
{"title":"Capital Flows and the Real Economy","authors":"H. Raza, G. Zoega","doi":"10.1007/s11293-019-09605-w","DOIUrl":"https://doi.org/10.1007/s11293-019-09605-w","url":null,"abstract":"","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"47 1","pages":"13 - 23"},"PeriodicalIF":0.6,"publicationDate":"2019-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11293-019-09605-w","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52533207","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}
Pub Date : 2019-02-27DOI: 10.1007/s11293-019-09604-x
B. Brown
{"title":"Inflation and the Boom-Bust Cycle in Corporate Leverage","authors":"B. Brown","doi":"10.1007/s11293-019-09604-x","DOIUrl":"https://doi.org/10.1007/s11293-019-09604-x","url":null,"abstract":"","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"28 1","pages":"25 - 34"},"PeriodicalIF":0.6,"publicationDate":"2019-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11293-019-09604-x","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52533168","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}
Pub Date : 2018-12-30DOI: 10.1007/s11293-018-9602-x
Natallia Gray, G. Picone
{"title":"Evidence of Large-Scale Social Interactions in Mammography in the United States","authors":"Natallia Gray, G. Picone","doi":"10.1007/s11293-018-9602-x","DOIUrl":"https://doi.org/10.1007/s11293-018-9602-x","url":null,"abstract":"","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"46 1","pages":"441 - 457"},"PeriodicalIF":0.6,"publicationDate":"2018-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11293-018-9602-x","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52533157","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}
Pub Date : 2018-12-19DOI: 10.1007/s11293-018-9594-6
I. Vasileva
{"title":"The Effect of Inflation Targeting on Foreign Direct Investment Flows to Developing Countries","authors":"I. Vasileva","doi":"10.1007/s11293-018-9594-6","DOIUrl":"https://doi.org/10.1007/s11293-018-9594-6","url":null,"abstract":"","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"46 1","pages":"459 - 470"},"PeriodicalIF":0.6,"publicationDate":"2018-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s11293-018-9594-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52533138","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}
This empirical research investigated how bribery by firms influences their development. The most recent firm-level data were acquired from four Latin American countries (Argentina, Bolivia, Paraguay, and Peru) and looked into the firms’ innovation capability. A translog function was used to estimate the firms’ productivity. Bribery was defined as informal payments by firms to public officials to “get things done”. In order to mitigate the endogeneity in the estimation, an instrumental variable was used for firms’ bribery payments. Bribery was found to have a significantly negative impact on both innovation capability and productivity of the observed firms. Other firm-level characteristics, such as government relationships, industry experience, participation in the global market, and number of employees, were also closely related to firm development.
{"title":"Firm Development and Bribery: An Empirical Study from Latin America","authors":"Ruohan Wu","doi":"10.2139/ssrn.3435902","DOIUrl":"https://doi.org/10.2139/ssrn.3435902","url":null,"abstract":"This empirical research investigated how bribery by firms influences their development. The most recent firm-level data were acquired from four Latin American countries (Argentina, Bolivia, Paraguay, and Peru) and looked into the firms’ innovation capability. A translog function was used to estimate the firms’ productivity. Bribery was defined as informal payments by firms to public officials to “get things done”. In order to mitigate the endogeneity in the estimation, an instrumental variable was used for firms’ bribery payments. Bribery was found to have a significantly negative impact on both innovation capability and productivity of the observed firms. Other firm-level characteristics, such as government relationships, industry experience, participation in the global market, and number of employees, were also closely related to firm development.","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"47 1","pages":"53-64"},"PeriodicalIF":0.6,"publicationDate":"2018-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44557727","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 falling share of labor in national income is a global concern. This study examined the impact of changes in market concentration ratios in the insurance industry on employment, the share of wages, sales (premiums), and annual wages. Panel data were analyzed for the period 2001 to 2012 for the life, property, and health insurance industries, available from the Bureau of Economic Analysis, Bureau of Labor Statistics, and SNL Financial Analysis database. Using a fixed effects model, we found that higher market concentration was associated with lower employment in the industry and a lower share of wages. However, there was no statistically significant association between concentration and average annual wage. Moreover, there was evidence that market concentration is positively associated with higher total sales (premiums received by the companies). Thus, we conclude that lower employment is not driven by the poor economic performance of the industry.
{"title":"Impact of Market Concentration on Employment and Wages: a Look at the Insurance Industry","authors":"Ghanshyam Sharma, K. Rotthoff","doi":"10.2139/ssrn.3203103","DOIUrl":"https://doi.org/10.2139/ssrn.3203103","url":null,"abstract":"The falling share of labor in national income is a global concern. This study examined the impact of changes in market concentration ratios in the insurance industry on employment, the share of wages, sales (premiums), and annual wages. Panel data were analyzed for the period 2001 to 2012 for the life, property, and health insurance industries, available from the Bureau of Economic Analysis, Bureau of Labor Statistics, and SNL Financial Analysis database. Using a fixed effects model, we found that higher market concentration was associated with lower employment in the industry and a lower share of wages. However, there was no statistically significant association between concentration and average annual wage. Moreover, there was evidence that market concentration is positively associated with higher total sales (premiums received by the companies). Thus, we conclude that lower employment is not driven by the poor economic performance of the industry.","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"1 1","pages":"1-10"},"PeriodicalIF":0.6,"publicationDate":"2018-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/ssrn.3203103","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48330980","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}
This paper examines the effects of labor-replacing capital, referred to as robots, on business cycle dynamics using a New Keynesian model with a role for both traditional and robot capital. This study finds that shocks to the price of robots have effects on wages, output, and employment that are distinct from shocks to the price of traditional capital. Further, the inclusion of robots alters the response of employment and labor’s share to total factor productivity and monetary policy shocks. The presence of robots also weakens the correlation between human labor and output and the correlation between human labor and labor’s share. The paper finds that monetary policymakers would need to place a greater emphasis on output stabilization if their objective is to minimize a weighted average of output and inflation volatility. Moreover, if policymakers have an employment stabilization objective apart from their output stabilization objective, they would have to further focus on output stabilization due to the deterioration of the output-employment correlation.
{"title":"A New Keynesian Model with Robots: Implications for Business Cycles and Monetary Policy","authors":"Tsu-ting Tim Lin, Charles L. Weise","doi":"10.2139/ssrn.3064229","DOIUrl":"https://doi.org/10.2139/ssrn.3064229","url":null,"abstract":"This paper examines the effects of labor-replacing capital, referred to as robots, on business cycle dynamics using a New Keynesian model with a role for both traditional and robot capital. This study finds that shocks to the price of robots have effects on wages, output, and employment that are distinct from shocks to the price of traditional capital. Further, the inclusion of robots alters the response of employment and labor’s share to total factor productivity and monetary policy shocks. The presence of robots also weakens the correlation between human labor and output and the correlation between human labor and labor’s share. The paper finds that monetary policymakers would need to place a greater emphasis on output stabilization if their objective is to minimize a weighted average of output and inflation volatility. Moreover, if policymakers have an employment stabilization objective apart from their output stabilization objective, they would have to further focus on output stabilization due to the deterioration of the output-employment correlation.","PeriodicalId":46061,"journal":{"name":"ATLANTIC ECONOMIC JOURNAL","volume":"47 1","pages":"81-101"},"PeriodicalIF":0.6,"publicationDate":"2018-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43507690","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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