Pub Date : 2023-11-14DOI: 10.1007/s10645-023-09429-9
Cindy Biesenbeek, Maikel Volkerink
{"title":"The Price of Flexible Jobs: Wage Differentials between Permanent and Flexible Jobs in the Netherlands","authors":"Cindy Biesenbeek, Maikel Volkerink","doi":"10.1007/s10645-023-09429-9","DOIUrl":"https://doi.org/10.1007/s10645-023-09429-9","url":null,"abstract":"","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"35 33","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134953932","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-10DOI: 10.1007/s10645-023-09428-w
Maarten van Oosterhout, Gijsbert Zwart
Abstract We analyze real options investment under asymmetric information on investment costs, where decisions not only involve investment timing, but also investment quantity. A principal, the regulator, offers a menu of contracts to the agent (the regulated firm). The regulated firm has better information on costs than the regulator, and the optimal regulation trades off distortions in investment decisions and informational rents left to the firm. In a non-dynamic situation, it is well known that optimal contracts involve downward distortions on investment quantity. In the dynamic, real options situation, distortions also occur in investment timing: a high-cost firm’s investment will be delayed beyond the optimal time, until revenues reach a higher investment threshold. We explore the effect on investment quantity in this real option regulation under various assumptions on the stochastic process for revenues. On the one hand, the higher investment threshold tends to increase investment quantities, whereas screening of high-cost firms would favour reducing their investment quantity. We find a simple sufficient condition for the latter, quantity-reducing, effect to dominate, and show that it is satisfied for a wide range of commonly used stochastic processes.
{"title":"Distortions in Investment Timing and Quantity in Real Options with Asymmetric Information","authors":"Maarten van Oosterhout, Gijsbert Zwart","doi":"10.1007/s10645-023-09428-w","DOIUrl":"https://doi.org/10.1007/s10645-023-09428-w","url":null,"abstract":"Abstract We analyze real options investment under asymmetric information on investment costs, where decisions not only involve investment timing, but also investment quantity. A principal, the regulator, offers a menu of contracts to the agent (the regulated firm). The regulated firm has better information on costs than the regulator, and the optimal regulation trades off distortions in investment decisions and informational rents left to the firm. In a non-dynamic situation, it is well known that optimal contracts involve downward distortions on investment quantity. In the dynamic, real options situation, distortions also occur in investment timing: a high-cost firm’s investment will be delayed beyond the optimal time, until revenues reach a higher investment threshold. We explore the effect on investment quantity in this real option regulation under various assumptions on the stochastic process for revenues. On the one hand, the higher investment threshold tends to increase investment quantities, whereas screening of high-cost firms would favour reducing their investment quantity. We find a simple sufficient condition for the latter, quantity-reducing, effect to dominate, and show that it is satisfied for a wide range of commonly used stochastic processes.","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"15 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135092380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-19DOI: 10.1007/s10645-023-09426-y
{"title":"Call for Papers: Special Issue on \"Scientific Insights to Deliver Sustainable Growth and Full Employment\"","authors":"","doi":"10.1007/s10645-023-09426-y","DOIUrl":"https://doi.org/10.1007/s10645-023-09426-y","url":null,"abstract":"","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135730371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-13DOI: 10.1007/s10645-023-09427-x
{"title":"Call for Papers: Special Issue on “Inequality in the Housing Market”","authors":"","doi":"10.1007/s10645-023-09427-x","DOIUrl":"https://doi.org/10.1007/s10645-023-09427-x","url":null,"abstract":"","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135854586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-04DOI: 10.1007/s10645-023-09425-z
Jonas Böschemeier, Karsten Mau
Abstract We evaluate how imports of a small open economy adjusted to foreign supply disruptions in the first year of the COVID-19 pandemic. Exploiting information on the timing, stringency, and persistence of coronavirus containment measures, we estimate their impact on the value and composition of imports. About half of the total contraction is attributed to foreign supply-sided disruptions. Contractions were more pronounced in concentrated import markets, but more severe contractions were prevented by trade partner substitution. We document systematic reallocation of market shares towards countries with large supply capacity and low COVID-19 incidence rates in the second half of 2020.
{"title":"Foreign Supply Shocks and the Structure of Trade in a Small Open Economy","authors":"Jonas Böschemeier, Karsten Mau","doi":"10.1007/s10645-023-09425-z","DOIUrl":"https://doi.org/10.1007/s10645-023-09425-z","url":null,"abstract":"Abstract We evaluate how imports of a small open economy adjusted to foreign supply disruptions in the first year of the COVID-19 pandemic. Exploiting information on the timing, stringency, and persistence of coronavirus containment measures, we estimate their impact on the value and composition of imports. About half of the total contraction is attributed to foreign supply-sided disruptions. Contractions were more pronounced in concentrated import markets, but more severe contractions were prevented by trade partner substitution. We document systematic reallocation of market shares towards countries with large supply capacity and low COVID-19 incidence rates in the second half of 2020.","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135591010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
List of Figures. List of Tables. Location and Competition: An Introduction 1. Locating Economic Concentration 2. Transport Costs, Location and the Economy 3. Agglomerations in Equilibrium? 4. Policy Competition in Theory and Practice 5. Clustering, Optimum Currency Areas and Macroeconomic Policy. About the Authors
{"title":"Location and competition","authors":"S. Brakman, H. Garretsen","doi":"10.4324/9780203016923","DOIUrl":"https://doi.org/10.4324/9780203016923","url":null,"abstract":"List of Figures. List of Tables. Location and Competition: An Introduction 1. Locating Economic Concentration 2. Transport Costs, Location and the Economy 3. Agglomerations in Equilibrium? 4. Policy Competition in Theory and Practice 5. Clustering, Optimum Currency Areas and Macroeconomic Policy. About the Authors","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"181 1","pages":"117-132"},"PeriodicalIF":1.6,"publicationDate":"2005-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76259846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Due to exceptionally low birth rates, the dynamism of Europe will be lagging behind that of other regions of the world for the time being. The paper assembles a rich body of comparative empirical data to clarify the extent of the demographic problems for the EU countries. It advances the view that the low birth rates in part result from early government interventions in terms of socializing the fruits of human capital investment via the pay-as-you-go pension system. To mitigate the extent of socialization, it considers a policy of freezing the contribution rates within the existing pensions systems, forcing the childless to save and providing an additional tax-financed "child pension" tax to parents.
{"title":"Europe's Demographic Deficit","authors":"H. Sinn","doi":"10.5282/UBM/EPUB.934","DOIUrl":"https://doi.org/10.5282/UBM/EPUB.934","url":null,"abstract":"Due to exceptionally low birth rates, the dynamism of Europe will be lagging behind that of other regions of the world for the time being. The paper assembles a rich body of comparative empirical data to clarify the extent of the demographic problems for the EU countries. It advances the view that the low birth rates in part result from early government interventions in terms of socializing the fruits of human capital investment via the pay-as-you-go pension system. To mitigate the extent of socialization, it considers a policy of freezing the contribution rates within the existing pensions systems, forcing the childless to save and providing an additional tax-financed \"child pension\" tax to parents.","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"15 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82734730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Discussion of Accounting for Social and Cultural Values","authors":"E. Damme","doi":"10.1023/A:1020198218839","DOIUrl":"https://doi.org/10.1023/A:1020198218839","url":null,"abstract":"","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"17 1","pages":"475-486"},"PeriodicalIF":1.6,"publicationDate":"2002-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77129814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The answer to the question in the title is: A lot. In this essay, I argue that the history of macroeconomics during the 20th century can be divided in three epochs: Pre 1940. A period of exploration, where macroeconomics was not macroeconomics yet, but monetary theory on one side, business cycle theory on the other. A period during which all the right ingredients, and quite a few more, were developed. But also a period where confusion reigned, because of the lack of an integrated framework. From 1940 to 1980. A period of consolidation. A period during which an integrated framework was developed starting with the IS-LM, all the way to dynamic general equilibrium models and used to clarify the role of shocks and propagation mechanisms in fluctuations. But a construction with an Achille's heel, namely too casual a treatment of imperfections, leading to a crisis in the late 1970s. Since 1980. A new period of exploration, focused on the role of imperfections in macroeconomics, from the relevance of nominal price setting, to incompleteness of markets, to asymmetric information, to search and bargaining in decentralized markets. Exploration often feels like confusion. But behind it may be one of the most productive periods of research in macroeconomics.
{"title":"What do we know about Macroeconomics that Fisher and Wicksell did not","authors":"O. Blanchard","doi":"10.1162/003355300554999","DOIUrl":"https://doi.org/10.1162/003355300554999","url":null,"abstract":"The answer to the question in the title is: A lot. In this essay, I argue that the history of macroeconomics during the 20th century can be divided in three epochs: Pre 1940. A period of exploration, where macroeconomics was not macroeconomics yet, but monetary theory on one side, business cycle theory on the other. A period during which all the right ingredients, and quite a few more, were developed. But also a period where confusion reigned, because of the lack of an integrated framework. From 1940 to 1980. A period of consolidation. A period during which an integrated framework was developed starting with the IS-LM, all the way to dynamic general equilibrium models and used to clarify the role of shocks and propagation mechanisms in fluctuations. But a construction with an Achille's heel, namely too casual a treatment of imperfections, leading to a crisis in the late 1970s. Since 1980. A new period of exploration, focused on the role of imperfections in macroeconomics, from the relevance of nominal price setting, to incompleteness of markets, to asymmetric information, to search and bargaining in decentralized markets. Exploration often feels like confusion. But behind it may be one of the most productive periods of research in macroeconomics.","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"17 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2000-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78837436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-12-10DOI: 10.1108/S0573-8555(1998)0000250009
D. Draper
This paper investigates why labor demand has shifted away from low-skilled toward high-skilled labor in The Netherlands. We focus on the role of changes in relative wages and technological progress. A flexible functional form, proposed by Diewert and Wales, the Symmetric Generalized McFadden cost function, is estimated for the exposed and sheltered sectors. The estimates are based on time-series data for the period 1972–1993, which recently became available. Labor-saving technological change explains most of the displacement of low-skilled workers. The computed elasticities suggest that substitution between labor as a whole and capital is small. However, substitution plays a modest role in the shift from low-skilled toward high-skilled labor, especially in the sheltered sector. Skill-capital complementarity seems relevant in both sectors.
{"title":"Structural Changes in the Demand for Labour","authors":"D. Draper","doi":"10.1108/S0573-8555(1998)0000250009","DOIUrl":"https://doi.org/10.1108/S0573-8555(1998)0000250009","url":null,"abstract":"This paper investigates why labor demand has shifted away from low-skilled toward high-skilled labor in The Netherlands. We focus on the role of changes in relative wages and technological progress. A flexible functional form, proposed by Diewert and Wales, the Symmetric Generalized McFadden cost function, is estimated for the exposed and sheltered sectors. The estimates are based on time-series data for the period 1972–1993, which recently became available. Labor-saving technological change explains most of the displacement of low-skilled workers. The computed elasticities suggest that substitution between labor as a whole and capital is small. However, substitution plays a modest role in the shift from low-skilled toward high-skilled labor, especially in the sheltered sector. Skill-capital complementarity seems relevant in both sectors.","PeriodicalId":46156,"journal":{"name":"Economist-Netherlands","volume":"90 1","pages":"521-546"},"PeriodicalIF":1.6,"publicationDate":"1998-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74671097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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