Tomaz Cajner, Javier Fernández-Blanco, Virginia Sánchez-Marcos
Using microdata from the CPS and the HRS, we document changes in labor force participation at older ages in the USA since the mid-1990s. Our main finding is that the over two-decade increase in participation is solely driven by individuals in good health, and does not differ across either educational or occupational groups. This phenomenon may importantly affect the results of social security reforms aiming at raising the mandatory retirement age and may exacerbate the health gap in lifetime earnings. (JEL codes: J22 and I14)
{"title":"Widening Health Gap in the US Labor Force Participation at Older Ages","authors":"Tomaz Cajner, Javier Fernández-Blanco, Virginia Sánchez-Marcos","doi":"10.1093/cesifo/ifad011","DOIUrl":"https://doi.org/10.1093/cesifo/ifad011","url":null,"abstract":"Using microdata from the CPS and the HRS, we document changes in labor force participation at older ages in the USA since the mid-1990s. Our main finding is that the over two-decade increase in participation is solely driven by individuals in good health, and does not differ across either educational or occupational groups. This phenomenon may importantly affect the results of social security reforms aiming at raising the mandatory retirement age and may exacerbate the health gap in lifetime earnings. (JEL codes: J22 and I14)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373146","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 tightening of monetary policy in response to the recently observed surge in inflation has focussed attention on the potential impact of changes in policy rates on European mortgage holders. Central to this question is the pass-through of policy rates to the mortgage rate charged in residential markets across the Euro Area as housing costs have contributed significantly to recent inflationary pressures. In particular, how much and how quickly does the change in the Euro Area policy rate pass-through to the mortgage rate in a particular member country’s market? The effectiveness of the monetary policy transmission mechanism has been impaired in a number of ways by the continuing effects of the great financial crisis (GFC). In this article, we seek to examine the manner in which the pass-through relationship between Euro Area policy rates and representative mortgage market rates has been impacted by financial sector considerations such as the degree of concentration in the sector, banks’ holdings of impaired loans, and the overall level of financial stress in the economy. Overall, our empirical findings indicate the level of financial stress experienced during the GFC has had a major impact on the effectiveness of monetary policy transmission in the Euro area. This article suggests that the GFC still has implications for the efficacy of current monetary policy in the Euro Area through several different but related channels. (JEL codes: E52, F45, and G21)
{"title":"Interest Rate Pass-Through in Euro Area Mortgage Markets: The Long Shadow of the Great Financial Crisis","authors":"Paul Egan, Kieran McQuinn","doi":"10.1093/cesifo/ifad010","DOIUrl":"https://doi.org/10.1093/cesifo/ifad010","url":null,"abstract":"The tightening of monetary policy in response to the recently observed surge in inflation has focussed attention on the potential impact of changes in policy rates on European mortgage holders. Central to this question is the pass-through of policy rates to the mortgage rate charged in residential markets across the Euro Area as housing costs have contributed significantly to recent inflationary pressures. In particular, how much and how quickly does the change in the Euro Area policy rate pass-through to the mortgage rate in a particular member country’s market? The effectiveness of the monetary policy transmission mechanism has been impaired in a number of ways by the continuing effects of the great financial crisis (GFC). In this article, we seek to examine the manner in which the pass-through relationship between Euro Area policy rates and representative mortgage market rates has been impacted by financial sector considerations such as the degree of concentration in the sector, banks’ holdings of impaired loans, and the overall level of financial stress in the economy. Overall, our empirical findings indicate the level of financial stress experienced during the GFC has had a major impact on the effectiveness of monetary policy transmission in the Euro area. This article suggests that the GFC still has implications for the efficacy of current monetary policy in the Euro Area through several different but related channels. (JEL codes: E52, F45, and G21)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139063844","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}
Abstract Literature has mainly focused on understanding whether organized crime impacts on economic growth, broadly intended. Yet, at the local level, little is known as to how crime may affect economic activities. Using a unique geo-localized dataset on Italian firms, we exploit the strengthening of policy enforcement against corruption to show that when municipalities where the city council is dissolved because of organized-crime infiltration, the construction sector suffers a 7% reduction in the value added of firms located in the same area where the council dissolution occurred. We also find that the effect is larger, the longer the commissioner is present in the municipal council. Taken together our findings suggest that the action of the commissioner depresses the economic activity in the construction sector of the area where the temporary-administered municipality is located, given that it blocks all those relationships with firms related with criminality. This calls for a contemporaneous intervention stimulating public procurements with ‘good’ firms. (JEL codes: K42, D73, R10 and H32)
{"title":"The Spatial Economic Impact of Crime: Evidence from the Construction Sector in Italian Municipalities","authors":"Leonzio Rizzo, Massimiliano Ferraresi, Riccardo Secomandi","doi":"10.1093/cesifo/ifad009","DOIUrl":"https://doi.org/10.1093/cesifo/ifad009","url":null,"abstract":"Abstract Literature has mainly focused on understanding whether organized crime impacts on economic growth, broadly intended. Yet, at the local level, little is known as to how crime may affect economic activities. Using a unique geo-localized dataset on Italian firms, we exploit the strengthening of policy enforcement against corruption to show that when municipalities where the city council is dissolved because of organized-crime infiltration, the construction sector suffers a 7% reduction in the value added of firms located in the same area where the council dissolution occurred. We also find that the effect is larger, the longer the commissioner is present in the municipal council. Taken together our findings suggest that the action of the commissioner depresses the economic activity in the construction sector of the area where the temporary-administered municipality is located, given that it blocks all those relationships with firms related with criminality. This calls for a contemporaneous intervention stimulating public procurements with ‘good’ firms. (JEL codes: K42, D73, R10 and H32)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135735975","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}
Abstract This study evaluates the impact of political fragmentation at the municipal level on public expenditure during the period 2007–2018 for the Peruvian case. The results indicate that the effect of political fragmentation within a municipal council on the spending of the provincial municipality could be non-linear. That is, political fragmentation affects negatively the expenditure in a certain tranche and positively in another. In particular, we observe that the incidence occurs only on the execution of capital expenditure. On the other hand, the political fragmentation of the districts within a province seems not to have a significant effect on the execution of expenditure in coordinated areas such as transport, health, and sanitation. (JEL Codes: E62, H54, H72, P16, P35)
{"title":"The Impact of Political Fragmentation on the Municipal Spending in Peru","authors":"Alberto Mendoza, Sergio Hinostroza","doi":"10.1093/cesifo/ifad008","DOIUrl":"https://doi.org/10.1093/cesifo/ifad008","url":null,"abstract":"Abstract This study evaluates the impact of political fragmentation at the municipal level on public expenditure during the period 2007–2018 for the Peruvian case. The results indicate that the effect of political fragmentation within a municipal council on the spending of the provincial municipality could be non-linear. That is, political fragmentation affects negatively the expenditure in a certain tranche and positively in another. In particular, we observe that the incidence occurs only on the execution of capital expenditure. On the other hand, the political fragmentation of the districts within a province seems not to have a significant effect on the execution of expenditure in coordinated areas such as transport, health, and sanitation. (JEL Codes: E62, H54, H72, P16, P35)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134914168","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 investigates the relationship between consumers’ evaluation on sustainable development goal (SDG)-related characteristics and the actual payment for these values, while revealing effective governmental policies and business activities to enhance sustainable consumption. Using survey data from the USA, Germany, and Japan, the following results were obtained. First, the relative importance of the core element is 35–41% and that of the elements related to SDGs 8, 9, 12, and 13 dominates 52–58% of the overall product value. Second, effective approaches to enhance sustainable consumption differ among product characteristics. Third, lifestyle influences only the long-term and the medium-term goods. Fourth, while consumers rely on their experience in the choice of short-term goods, they make more deliberate decisions considering their condition factors for the medium-term and long-term goods. Based on these results, some practical implications were derived. First, active advertisement emphasizing the importance of economic aspects and actions for economic goals could be effective. Second, describing the idea that underlies the concept of SDGs could be effective rather than emphasizing each SDG. Third, incentive schemes focusing on daily goods rather than durable goods could enhance sustainable consumption further, as consumers still exhibit limited concern for daily goods. (JEL codes: D12; M20; M30; Q01; Q56; and Q58)
{"title":"Do Consumers Really Pay for SDGs? Re-Evaluating Consumer Behaviour Using Surveys in the USA, Germany, and Japan","authors":"Eri Nakamura, K. Nishitani, F. Mizutani","doi":"10.1093/cesifo/ifad007","DOIUrl":"https://doi.org/10.1093/cesifo/ifad007","url":null,"abstract":"\u0000 This study investigates the relationship between consumers’ evaluation on sustainable development goal (SDG)-related characteristics and the actual payment for these values, while revealing effective governmental policies and business activities to enhance sustainable consumption. Using survey data from the USA, Germany, and Japan, the following results were obtained. First, the relative importance of the core element is 35–41% and that of the elements related to SDGs 8, 9, 12, and 13 dominates 52–58% of the overall product value. Second, effective approaches to enhance sustainable consumption differ among product characteristics. Third, lifestyle influences only the long-term and the medium-term goods. Fourth, while consumers rely on their experience in the choice of short-term goods, they make more deliberate decisions considering their condition factors for the medium-term and long-term goods. Based on these results, some practical implications were derived. First, active advertisement emphasizing the importance of economic aspects and actions for economic goals could be effective. Second, describing the idea that underlies the concept of SDGs could be effective rather than emphasizing each SDG. Third, incentive schemes focusing on daily goods rather than durable goods could enhance sustainable consumption further, as consumers still exhibit limited concern for daily goods. (JEL codes: D12; M20; M30; Q01; Q56; and Q58)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43834065","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}
Abstract This study investigates the cyclical patterns of fiscal policy rules using various policy variables that respond to the macroeconomic performance of developed countries over the past few decades. The study reveals that regardless of whether the economy is in a recession or a boom, fiscal policy basically displays counter-cyclical behavior. However, the degree of cyclicality varies depending on the output gap measurements chosen and the countries analyzed. Additionally, the estimates using various fiscal policy indicators demonstrate a strong time variation in fiscal cyclical behavior, resulting in a significant increase in the counter-cyclicality of the fiscal balance. The article also applies the time-varying coefficients vector autoregression model to assess the effects of fiscal policy on output and finds that a boost in the cyclically adjusted primary balance positively impacts production in the short run.
{"title":"Evaluating Fiscal Policy Under Cyclical Balance in Developed Countries","authors":"Ching-Yi Lu, Ming-Jen Chang","doi":"10.1093/cesifo/ifad006","DOIUrl":"https://doi.org/10.1093/cesifo/ifad006","url":null,"abstract":"Abstract This study investigates the cyclical patterns of fiscal policy rules using various policy variables that respond to the macroeconomic performance of developed countries over the past few decades. The study reveals that regardless of whether the economy is in a recession or a boom, fiscal policy basically displays counter-cyclical behavior. However, the degree of cyclicality varies depending on the output gap measurements chosen and the countries analyzed. Additionally, the estimates using various fiscal policy indicators demonstrate a strong time variation in fiscal cyclical behavior, resulting in a significant increase in the counter-cyclicality of the fiscal balance. The article also applies the time-varying coefficients vector autoregression model to assess the effects of fiscal policy on output and finds that a boost in the cyclically adjusted primary balance positively impacts production in the short run.","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135046280","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}
Abstract Using a survey with 57 German firms, we evaluate the level of digitalization of the human resource management (HRM) function and document perceived benefits and barriers of technology adoption from organizational and individual users’ perspectives. The results give reason for optimism. Most of the companies report that the core HR processes are digitized. We do not observe adverse effects of the digital HRM tools on users’ job satisfaction and work stress. Still, more than half of companies do not yet use digital tools for strategic HRM decisions. Respondents appreciate the increased speed and cost-efficiency of digital HR processes and associate them with a competitive advantage in talent acquisition. The most prominent barriers to adoption are lack of qualified professionals, high costs, and uncertainty regarding the legal framework. Additionally, we test whether small- and medium-sized enterprises differ systematically from larger organizations in how they use digital HRM tools.
{"title":"Use of Digital Technologies for HR Management in Germany: Survey Evidence","authors":"Marina Chugunova, Anastasia Danilov","doi":"10.1093/cesifo/ifad005","DOIUrl":"https://doi.org/10.1093/cesifo/ifad005","url":null,"abstract":"Abstract Using a survey with 57 German firms, we evaluate the level of digitalization of the human resource management (HRM) function and document perceived benefits and barriers of technology adoption from organizational and individual users’ perspectives. The results give reason for optimism. Most of the companies report that the core HR processes are digitized. We do not observe adverse effects of the digital HRM tools on users’ job satisfaction and work stress. Still, more than half of companies do not yet use digital tools for strategic HRM decisions. Respondents appreciate the increased speed and cost-efficiency of digital HR processes and associate them with a competitive advantage in talent acquisition. The most prominent barriers to adoption are lack of qualified professionals, high costs, and uncertainty regarding the legal framework. Additionally, we test whether small- and medium-sized enterprises differ systematically from larger organizations in how they use digital HRM tools.","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136249751","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}
Cody Kirby, Kaustav Misra, Arundhati Bagchi Misra, Sharon P Cox
Early college programs allow high school students to go beyond the advanced courses that the high school offers. Much of the literature on this topic focuses on small sample sizes, theories, or qualitative evidence; quantitative evidence of such a relationship is lacking. This study will examine the relationship between early college programs and academic performance, as well as graduation and retention rates and provide quantitative evidence of such relationships. The study uses survey data collected from two public universities in the state of Michigan. The results suggest that dual enrollment participation has a significant and positive effect on students’ college grade point average (GPA). Based on our results, dual enrollment participation is beneficial to students and should be encouraged. Because of the quantitative nature of the data, policy makers can use it to make informed decisions about early college programs and how these programs may benefit their students and institutions. (JEL codes: A1, I21, and I29)
{"title":"The Effects of Dual-Enrollment Programs on Students’ Post-Secondary Academic Performance","authors":"Cody Kirby, Kaustav Misra, Arundhati Bagchi Misra, Sharon P Cox","doi":"10.1093/cesifo/ifad004","DOIUrl":"https://doi.org/10.1093/cesifo/ifad004","url":null,"abstract":"\u0000 Early college programs allow high school students to go beyond the advanced courses that the high school offers. Much of the literature on this topic focuses on small sample sizes, theories, or qualitative evidence; quantitative evidence of such a relationship is lacking. This study will examine the relationship between early college programs and academic performance, as well as graduation and retention rates and provide quantitative evidence of such relationships. The study uses survey data collected from two public universities in the state of Michigan. The results suggest that dual enrollment participation has a significant and positive effect on students’ college grade point average (GPA). Based on our results, dual enrollment participation is beneficial to students and should be encouraged. Because of the quantitative nature of the data, policy makers can use it to make informed decisions about early college programs and how these programs may benefit their students and institutions. (JEL codes: A1, I21, and I29)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43964114","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}
We analyze an urban economy with free entry of firms in which prices differ across locations. We show that in a competitive equilibrium, land rent is determined such that firms produce at constant returns to scale point—at minimum average costs. (JEL codes: R32 and R38)
{"title":"Production in Urban Environments","authors":"O. Hochman, Ori Zax","doi":"10.1093/cesifo/ifad003","DOIUrl":"https://doi.org/10.1093/cesifo/ifad003","url":null,"abstract":"\u0000 We analyze an urban economy with free entry of firms in which prices differ across locations. We show that in a competitive equilibrium, land rent is determined such that firms produce at constant returns to scale point—at minimum average costs. (JEL codes: R32 and R38)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45845477","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}
We live in a society in which knowing how to manage money is a necessity, since it is required in our everyday life. In this context, financial literacy is a competence which people should develop in order to improve their money-related decisions. In order to analyse the contribution of financial education to this competence, we go beyond the previous literature in respect to correlation by using student fixed-effects and PISA (Programme for International Student Assessment) 2018 data for 15-year-old students in 20 countries. Our results show that, in most of the countries under analysis, the financial education that students receive in the subject of mathematics may contribute to the development of their financial literacy competences. Nevertheless, the lack of an effective subject in economics is still an issue in most of the educational systems under analysis. (JEL codes: I20, I21, I28, and C10)
{"title":"Financial Education in Secondary Education: A Cross-Country Analysis","authors":"L. López-Agudo, Ó. Marcenaro-Gutierrez","doi":"10.1093/cesifo/ifad002","DOIUrl":"https://doi.org/10.1093/cesifo/ifad002","url":null,"abstract":"\u0000 We live in a society in which knowing how to manage money is a necessity, since it is required in our everyday life. In this context, financial literacy is a competence which people should develop in order to improve their money-related decisions. In order to analyse the contribution of financial education to this competence, we go beyond the previous literature in respect to correlation by using student fixed-effects and PISA (Programme for International Student Assessment) 2018 data for 15-year-old students in 20 countries. Our results show that, in most of the countries under analysis, the financial education that students receive in the subject of mathematics may contribute to the development of their financial literacy competences. Nevertheless, the lack of an effective subject in economics is still an issue in most of the educational systems under analysis. (JEL codes: I20, I21, I28, and C10)","PeriodicalId":51748,"journal":{"name":"Cesifo Economic Studies","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45699897","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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