{"title":"Correction to: Do children increase the likelihood of homeownership? Evidence from a sample with twins","authors":"","doi":"10.1093/oep/gpad017","DOIUrl":"https://doi.org/10.1093/oep/gpad017","url":null,"abstract":"","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135244668","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}
Cosimo Beverelli, Alexander Keck, Mario Larch, Y. Yotov
We quantify the impact of country-specific institutions on international trade and development in a structural gravity framework. The econometric analysis offers robust evidence that stronger institutions promote trade. A counterfactual analysis reveals that the changes in institutional quality in the poor countries in our sample between 1996 and 2006 have had, via their impact on imports from rich countries, significant and heterogeneous welfare effects, varying between −2% and 5%. Our approach is readily applicable to identifying the impact of any country-specific variable on international trade in the structural gravity framework.
{"title":"Institutions, trade, and development: identifying the impact of country-specific characteristics on international trade","authors":"Cosimo Beverelli, Alexander Keck, Mario Larch, Y. Yotov","doi":"10.1093/oep/gpad014","DOIUrl":"https://doi.org/10.1093/oep/gpad014","url":null,"abstract":"\u0000 We quantify the impact of country-specific institutions on international trade and development in a structural gravity framework. The econometric analysis offers robust evidence that stronger institutions promote trade. A counterfactual analysis reveals that the changes in institutional quality in the poor countries in our sample between 1996 and 2006 have had, via their impact on imports from rich countries, significant and heterogeneous welfare effects, varying between −2% and 5%. Our approach is readily applicable to identifying the impact of any country-specific variable on international trade in the structural gravity framework.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49082284","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}
Ben Bernanke and Charles Kindleberger both studied financial crises. One interpretation in monetary macroeconomics associates them over their endorsement of the credit view as opposed to the money view. We suggest another interpretation and compare their contributions on financial crises more closely. This comparison makes all the more sense as the two authors were engaged in a discussion that the literature has not studied in depth, but that forms the Ariadne’s thread of our investigation. We show that the difference did not so much concern the distinction between rationality and irrationality hypothesis, or between policy and market failure, as the distinction between exogeneity and endogeneity of financial crises. Bernanke rested on the assumption of any kind of exogenous shocks and studied their effects on credit intermediation, whereas Kindleberger analysed credit intermediation throughout the financial cycle and pointed out the causes of financial crises as the culmination of the endogenous process.
{"title":"Bernanke and Kindleberger on financial crises, 1978–2003","authors":"E. Carré, Laurent Le Maux","doi":"10.1093/oep/gpad010","DOIUrl":"https://doi.org/10.1093/oep/gpad010","url":null,"abstract":"\u0000 Ben Bernanke and Charles Kindleberger both studied financial crises. One interpretation in monetary macroeconomics associates them over their endorsement of the credit view as opposed to the money view. We suggest another interpretation and compare their contributions on financial crises more closely. This comparison makes all the more sense as the two authors were engaged in a discussion that the literature has not studied in depth, but that forms the Ariadne’s thread of our investigation. We show that the difference did not so much concern the distinction between rationality and irrationality hypothesis, or between policy and market failure, as the distinction between exogeneity and endogeneity of financial crises. Bernanke rested on the assumption of any kind of exogenous shocks and studied their effects on credit intermediation, whereas Kindleberger analysed credit intermediation throughout the financial cycle and pointed out the causes of financial crises as the culmination of the endogenous process.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46558616","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}
Firms screen graduates using grade thresholds, which can turn into students’ targeted learning outcomes or reference points in the model of study effort choice. Variability in the usage of grade thresholds implies students’ uncertainty about the value of grades. Work experience from internships can reduce this uncertainty and, in turn, affect the choice of study effort. We theoretically show that a reduction in uncertainty induces more effort from less able students but, in contrast, less effort from more able students. Consistent with the theory, we empirically find that students returning from year-long internships have a flatter grade-ability profile.
{"title":"Work experience, information revelation, and study effort","authors":"Thanos Mergoupis, Robertas Zubrickas","doi":"10.1093/oep/gpad015","DOIUrl":"https://doi.org/10.1093/oep/gpad015","url":null,"abstract":"\u0000 Firms screen graduates using grade thresholds, which can turn into students’ targeted learning outcomes or reference points in the model of study effort choice. Variability in the usage of grade thresholds implies students’ uncertainty about the value of grades. Work experience from internships can reduce this uncertainty and, in turn, affect the choice of study effort. We theoretically show that a reduction in uncertainty induces more effort from less able students but, in contrast, less effort from more able students. Consistent with the theory, we empirically find that students returning from year-long internships have a flatter grade-ability profile.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43113564","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}
Uncertainty shocks are found to affect labour market outcomes adversely. Most studies interrelate non-convex labour adjustment costs with the propagation of macroeconomic uncertainty to the labour market. I show that non-convex labour adjustment costs differ by establishment size in Germany. Hence, uncertainty shocks should affect large and small establishments differently. Therefore, this article studies the effects of uncertainty shocks on employment adjustments in large and small establishments employing four structural vector auto-regressive models for Germany from 1992 to 2014. These four models estimate the effects of uncertainty shocks on employment, worker flows, job flows, as well as worker churn in establishments with fewer than 100 and with at least 100 employees. The results suggest that uncertainty shocks trigger considerable employment fluctuations in large establishments while they barely affect small establishments. Furthermore, large establishments adjust their labour input by delaying the replacement of workers.
{"title":"Uncertainty shocks and employment fluctuations in Germany: the role of establishment size","authors":"Tim Kovalenko","doi":"10.1093/oep/gpad013","DOIUrl":"https://doi.org/10.1093/oep/gpad013","url":null,"abstract":"\u0000 Uncertainty shocks are found to affect labour market outcomes adversely. Most studies interrelate non-convex labour adjustment costs with the propagation of macroeconomic uncertainty to the labour market. I show that non-convex labour adjustment costs differ by establishment size in Germany. Hence, uncertainty shocks should affect large and small establishments differently. Therefore, this article studies the effects of uncertainty shocks on employment adjustments in large and small establishments employing four structural vector auto-regressive models for Germany from 1992 to 2014. These four models estimate the effects of uncertainty shocks on employment, worker flows, job flows, as well as worker churn in establishments with fewer than 100 and with at least 100 employees. The results suggest that uncertainty shocks trigger considerable employment fluctuations in large establishments while they barely affect small establishments. Furthermore, large establishments adjust their labour input by delaying the replacement of workers.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44912547","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}
In this article, I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to explore how macroprudential policies should be conducted in a heterogeneous monetary union. I consider several types of cross-country heterogeneity: asymmetric shocks, different leveraged countries, and mortgage contract heterogeneity (fixed and variable rates). As a macroprudential tool, I propose a Taylor-type rule for the loan-to-value ratio, which responds to deviations in output and house prices. This policy can be applied at a national or union level. Results show that structural asymmetries matter for the implementation of macroprudential policies, especially when the heterogeneity delivers differences in economic and financial volatilities. It seems then adequate to delegate macroprudential policies to national authorities. However, a supranational institution could also help stabilize the whole union when there are asymmetric shocks.
{"title":"Macroprudential policy implementation in a heterogeneous monetary union","authors":"Margarita Rubio","doi":"10.1093/oep/gpad012","DOIUrl":"https://doi.org/10.1093/oep/gpad012","url":null,"abstract":"\u0000 In this article, I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to explore how macroprudential policies should be conducted in a heterogeneous monetary union. I consider several types of cross-country heterogeneity: asymmetric shocks, different leveraged countries, and mortgage contract heterogeneity (fixed and variable rates). As a macroprudential tool, I propose a Taylor-type rule for the loan-to-value ratio, which responds to deviations in output and house prices. This policy can be applied at a national or union level. Results show that structural asymmetries matter for the implementation of macroprudential policies, especially when the heterogeneity delivers differences in economic and financial volatilities. It seems then adequate to delegate macroprudential policies to national authorities. However, a supranational institution could also help stabilize the whole union when there are asymmetric shocks.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46147278","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}
This study examines the effects of low-skilled immigration on the wages of native workers by analysing Korea’s temporary immigrant worker programme. Using firm-level survey data, we exploit exogenous variations in the number of foreign workers firms can hire to estimate the wage effects of immigration. We find that an increase in immigrant workers in a firm does not affect the firm-specific native wages, even though both native and immigrant workers mainly work in production jobs. Our results indicate that native and immigrant workers could possibly be imperfect substitutes even within narrowly defined occupations in a firm.
{"title":"How does low-skilled immigration affect native wages? Evidence from Employment Permit System in Korea","authors":"Michell Dong, Jongkwan Lee, Hee-Seung Yang","doi":"10.1093/oep/gpad011","DOIUrl":"https://doi.org/10.1093/oep/gpad011","url":null,"abstract":"\u0000 This study examines the effects of low-skilled immigration on the wages of native workers by analysing Korea’s temporary immigrant worker programme. Using firm-level survey data, we exploit exogenous variations in the number of foreign workers firms can hire to estimate the wage effects of immigration. We find that an increase in immigrant workers in a firm does not affect the firm-specific native wages, even though both native and immigrant workers mainly work in production jobs. Our results indicate that native and immigrant workers could possibly be imperfect substitutes even within narrowly defined occupations in a firm.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45902935","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}
Objectives aimed at increasing higher education productivity, for instance, measured by credits per student, have stimulated the use of performance-based funding (PBF) by higher education institutions (HEIs). On theoretical grounds, PBF is expected to speed-up study program capacity adjustments through (re)allocations of study places. We conclude from analyses of Norwegian data that study places are adjusted efficiently if there are binding capacity restrictions at the institution level, or competition for students. Strengthened PBF does not affect long-run adjustments. Instead, admissions seem to adjust to secure full enrollment. The results provide an explanation of why very few positive effects of PBF in higher education are found in the literature. Given continued use of PBF to enhance productivity, a likely policy implication is to impose tighter restrictions on the total number of study places allocated to HEIs, or to change the price structure of the PBF model.
{"title":"Government funding incentives and study program capacities in public universities: theory and evidence","authors":"","doi":"10.1093/oep/gpad009","DOIUrl":"https://doi.org/10.1093/oep/gpad009","url":null,"abstract":"\u0000 Objectives aimed at increasing higher education productivity, for instance, measured by credits per student, have stimulated the use of performance-based funding (PBF) by higher education institutions (HEIs). On theoretical grounds, PBF is expected to speed-up study program capacity adjustments through (re)allocations of study places. We conclude from analyses of Norwegian data that study places are adjusted efficiently if there are binding capacity restrictions at the institution level, or competition for students. Strengthened PBF does not affect long-run adjustments. Instead, admissions seem to adjust to secure full enrollment. The results provide an explanation of why very few positive effects of PBF in higher education are found in the literature. Given continued use of PBF to enhance productivity, a likely policy implication is to impose tighter restrictions on the total number of study places allocated to HEIs, or to change the price structure of the PBF model.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43017713","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}
This article investigates the causal effect of import shocks on the wage distribution using individual-level data from the UK in the period 1997–2010. The analysis exploits regional variation in initial industrial structure and concentration for identification, and applies a group IV quantile approach to estimate the effect of import shocks on workers at different parts of the wage distribution. The study finds that the effect of import shocks generated by increased import competition is concentrated on the middle of the wage distribution: while the import shocks negatively and significantly affect workers at the bottom-middle of the wage distribution, its effect on the very bottom and upper parts of the wage groups is insignificant. Moreover, the study finds that this labour market adjustment takes place through a reduction in the hourly wage rather than a decline in total hours worked.
{"title":"Distributional effect of import shocks on British local labour markets","authors":"Anwar S. Adem","doi":"10.1093/oep/gpad008","DOIUrl":"https://doi.org/10.1093/oep/gpad008","url":null,"abstract":"\u0000 This article investigates the causal effect of import shocks on the wage distribution using individual-level data from the UK in the period 1997–2010. The analysis exploits regional variation in initial industrial structure and concentration for identification, and applies a group IV quantile approach to estimate the effect of import shocks on workers at different parts of the wage distribution. The study finds that the effect of import shocks generated by increased import competition is concentrated on the middle of the wage distribution: while the import shocks negatively and significantly affect workers at the bottom-middle of the wage distribution, its effect on the very bottom and upper parts of the wage groups is insignificant. Moreover, the study finds that this labour market adjustment takes place through a reduction in the hourly wage rather than a decline in total hours worked.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48958095","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}
This article asks to what degree the association between parents’ education and sons’ earnings is mediated by various forms of sons’ human capital across eight large OECD countries. We exploit the OECD Program for the International Assessment of Adult Competencies (PIAAC) database, which provides information on four dimensions of human capital (educational attainment, field of study, cognitive skills, and proxies of non-cognitive skills). We find that the intergenerational transmission process is wholly mediated just by sons’ formal educational attainment in Germany, Norway, and the USA. By contrast, in France, Italy, Spain, Poland, and the UK, a significant residual association remains after we control for all dimensions of sons’ human capital. While we cannot exclude that this residual association is due to unobservable background-related skills sons might have, this also points to family origin factors unrelated to human capital accumulation—such as social ties—that might play a role in the intergenerational transmission of labour market advantages in these countries.
{"title":"Beyond human capital: how does parents’ direct influence on their sons’ earnings vary across eight OECD countries?","authors":"Franco Bonomi Bezzo, M. Raitano, P. Vanhuysse","doi":"10.1093/oep/gpad007","DOIUrl":"https://doi.org/10.1093/oep/gpad007","url":null,"abstract":"\u0000 This article asks to what degree the association between parents’ education and sons’ earnings is mediated by various forms of sons’ human capital across eight large OECD countries. We exploit the OECD Program for the International Assessment of Adult Competencies (PIAAC) database, which provides information on four dimensions of human capital (educational attainment, field of study, cognitive skills, and proxies of non-cognitive skills). We find that the intergenerational transmission process is wholly mediated just by sons’ formal educational attainment in Germany, Norway, and the USA. By contrast, in France, Italy, Spain, Poland, and the UK, a significant residual association remains after we control for all dimensions of sons’ human capital. While we cannot exclude that this residual association is due to unobservable background-related skills sons might have, this also points to family origin factors unrelated to human capital accumulation—such as social ties—that might play a role in the intergenerational transmission of labour market advantages in these countries.","PeriodicalId":48092,"journal":{"name":"Oxford Economic Papers-New Series","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2023-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45621149","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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