The aim of this paper is to determine whether monetary policy has a heterogeneous impact on net worth and consumption across races in the United States by applying several empirical methodologies and ...combining macro and micro data. The results suggest that an expansionary monetary shock increases the race gap in the short run in terms of net worth and that this is explained by differences in portfolio composition, especially between black and white households. Consequently, the heterogeneous wealth effect among these racial groups means that white households retain a higher elasticity than some minorities with respect to different forms of consumption as a consequence of a monetary policy shock. Although the heterogeneous effects of monetary policy across race are primarily explained by the different observable characteristics of households, a non-negligible part of this heterogeneity could be explained by the credit constraints faced by racial minorities that determine the composition of their wealth.
•An expansionary monetary policy shock tends to increase the racial gap in net worth.•Rising stock prices widen the racial wealth gap.•An expansionary monetary policy shock increases the racial gap in consumption.•Racial minorities face discrimination in access to credit and financial markets.
Full text
Available for:
GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
This paper aims to study the distributive effects of monetary policy on wealth inequality in the US. Combining macro and micro data, we find that wealth inequality increases after an expansionary ...monetary policy shock, especially in the long run. Specifically, we find that an expansionary monetary policy shock substantially increases the net worth of the richest and the poorest households, while the middle class tends to benefit the least. A remarkable policy implication of our work is that, considering the post-pandemic situation, forthcoming monetary policy should be designed to avoid these unwanted effects on wealth inequality.
Full text
Available for:
BFBNIB, DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, UILJ, UKNU, UL, UM, UPUK
This paper assesses the impact of uncertainty on income and wealth inequality in Germany, France, Italy and Spain. For that purpose, mixed-frequency SVAR models are used. The results show that ...uncertainty shocks lead to heterogeneous responses across countries. A positive uncertainty shock increases income inequality in Spain, but reduces it in Germany and France. In the case of wealth, the response is statistically significant only in Spain and Italy, where an increase in inequality is experienced. Overall, these results highlight the important role of macroeconomic stabilisation policies in situations of high uncertainty.
Full text
Available for:
BFBNIB, NUK, PILJ, SAZU, UL, UM, UPUK
The aim of the paper is to examine the commuting behaviour of self‐employed workers in Spain as well as its relationship with satisfaction with jobs and housing. According to our results although ...conventional estimations indicate that commuting trips are shorter among the self‐employed, the differences with employees vanish when the potential endogeneity of self‐employment is controlled for. We also show that the job and housing satisfaction levels of the self‐employed are less sensitive to commuting than those of employees, and that in fact no significant effect is observed for relevant segments of the former group, what gives partial support to the theoretical model that we propose where imperfect information problems affect the employees but not the self‐employed.
Resumen
El objetivo de este artículo es examinar el comportamiento en el desplazamiento al trabajo de los trabajadores por cuenta propia en España, así como la relación con la satisfacción con el trabajo y la vivienda. De acuerdo con nuestros resultados, aunque las estimaciones convencionales indican que los desplazamientos al trabajo son más cortos entre los trabajadores por cuenta propia, las diferencias con los trabajadores por cuenta ajena desaparecen cuando se controla la endogeneidad potencial del empleo por cuenta propia. También se demuestra que los niveles de satisfacción en el trabajo y con la vivienda de los trabajadores por cuenta propia son menos sensibles a los desplazamientos al trabajo que los de los empleados por cuenta ajena, y que de hecho no se observa ningón efecto significativo para los segmentos relevantes del primer grupo, lo que apoya parcialmente el modelo teórico que se propone, en el que los problemas causados por una información imperfecta afectan a los empleados por cuenta ajena pero no a los trabajadores por cuenta propia.
抄録
本稿の目的は、スペインの自営業者の通勤行動と、仕事および住居に対する満足度との関連を検討する。今回の検討結果によると、自営業者の通勤距離は短いというのが通説であるが、自営業者の潜在的な内生性を補正した場合、被雇用者との通勤距離の差は消滅する。さらに、自営業者の仕事および住居に対する満足度のレベルは、被雇用者ほどには通勤の影響を受けず、実際に自営業者の重要なセグメントには有意な影響は認められなかった。これは、不完全情報の問題は被雇用者に影響しても自営業者には影響しないという我々が提唱する理論モデルを部分的に支持するものである。
Full text
Available for:
DOBA, FZAB, GEOZS, GIS, IJS, IMTLJ, IZUM, KILJ, KISLJ, NLZOH, NUK, OILJ, PILJ, PNG, SAZU, SBCE, SBJE, SBMB, UILJ, UKNU, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
Background:
Academic performance in school stems from an interaction of factors associated with students, families and schools. Among these factors, physical activity could play a very relevant role.
...Objective:
The goal of this study was to determine whether students’ physical activities in and outside school were related to their academic performance.
Design, setting and method:
We used the Programme for International Student Assessment (PISA) 2015 database for Spain using ordinary least squares (OLS) regression models to answer our research questions.
Results:
Results suggest a positive association between the number of days per week doing moderate physical activities and academic performance in science, reading and mathematics. However, a higher number of days per week doing vigorous physical activities was associated with lower scores in reading and science. We also find a negative association between exercising or practising sports before going to school and the scores achieved in the three competences evaluated.
Conclusions:
Our results show that physical activity can play an important role in academic performance and that the effects of physical activity on children and teenagers should be further investigated.
Full text
Available for:
NUK, OILJ, SAZU, UKNU, UL, UM, UPUK
The purpose of this research is to quantify the impact of economic uncertainty shocks in Spain by using a structural vector autoregression (SVAR) approach with data from the first quarter of 2001 ...until the first quarter of 2018. Specifically, we analyze temporary and persistent economic and policy uncertainty shocks. Our results suggest that positive economic and political uncertainty shocks lead to an increase in unemployment and declines in consumption, investment, IBEX 35 index, and GDP. Based on our results, we can conclude that economic and policy uncertainty shocks have a significant negative impact on the Spanish economy.
Full text
Available for:
BFBNIB, DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, UILJ, UKNU, UL, UM, UPUK
La pandemia del Covid-19 ha provocado una de las crisis más importantes desde la Gran Depresión. Ante esto, es necesaria una mayor coordinación entre la política monetaria y las políticas fiscales. ...En este artículo, se ha analizado el Helicóptero Monetario como posible respuesta a la crisis y como complemento a las medidas adoptadas. Tras presentar evidencia histórica de los efectos del Helicóptero Monetario, examinar los distintos ejemplos propuestos en la literatura, y evaluar sus fortalezas y debilidades, se ha articulado una propuesta para la eurozona a través del Banco Central Europeo (BCE) en coordinación con el grupo del Banco Europeo de Inversiones (BEI).
As an answer to the ?Great Recession? and Zero Lower Bound problem, main central banks had to use unconventional monetary policy (UMP). This research focuses on the distributive effects of these ...measures on household income and household wealth in the United States of America (USA) and the Eurozone. For this purpose, this paper presents four models that were constructed using the Structural Vector Autoregressive methodology (SVAR). The results suggest that the UMPs applied by the Federal Reserve (FED) in the USA could increase wealth and income inequality through the portfolio channel. However, the same results were not observed in the Eurozone.
nema
Full text
Available for:
CEKLJ, NUK, ODKLJ, UL, UM, UPUK
although -hydroxy--methylbutyrate (HMB) is generally marketed as a supplement for increasing muscle mass and strength, it is still not fully understood how and in which particular sports and ...conditions HMB can be more effective.
the primary purpose of this review is to update and summarize the current knowledge about the usefulness of HMB and to organize this information by different sports with specific reference to sports with high wear and tear phenomena as soccer, rugby or football.
a search was performed in PubMed database. This review presents the results about HMB use in sport.
the articles identified in this review support the notion that HMB could help to attenuate tissue catabolism and initiate muscle anabolism particularly in untrained individuals exposed to strenuous exercise or when trained individual are exposed to periods of high physical stress. HMB could therefore be applied in some specific periods of athlete's season where there are high-intensity training periods, high density of competitions and little recovery time between them, starting recovery phases from an injury period and/or any other different situation where performance or recovery could be affected by a great catabolic environment.
this update contributes to clarify and define possible mechanisms and/or effectiveness of HMB supplementation related to endurance sports (i.e. cycling and athletics), strength-power sports (i.e. resistance training, football, rugby, soccer, judo, waterpolo and rowing) and recreational activities.
Full text
Available for:
IZUM, KILJ, NUK, PILJ, PNG, SAZU, UL, UM, UPUK
•An expansionary monetary policy shock does not have a significant effect on income inequality.•Expansionary monetary policy increase wealth inequality mainly through the portfolio channel.•There are ...several transmission channels that have an impact in the opposite direction that leads to an uncertain net effect.•The redistributive effects of monetary policy should be considered in order to design properly such policies.
We assess the effects of monetary policy shocks on income and wealth inequality through direct inequality measures and by analyzing several transmission channels explored in recent literature. Furthermore, we analyze two additional channels: the Housing and the Fiscal channels. The methodology adopted is a Bayesian proxy SVAR using a high-frequency identification based on the external instruments approach. Our own policy shocks are constructed for this purpose. The results show that an expansionary monetary policy shock does not have a significant effect on income inequality due to the existence of opposite channels, whereas it increases wealth inequality mainly through the portfolio channel.
Full text
Available for:
GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
PDF
