Firm Expectations and Economic Activity Enders, Zeno; Hünnekes, Franziska; Müller, Gernot
Journal of the European Economic Association,
12/2022, Letnik:
20, Številka:
6
Journal Article
Recenzirano
Odprti dostop
Abstract
We assess how firm expectations about future production impact current production and pricing decisions. Our analysis is based on a large survey of firms in the German manufacturing sector. ...To identify the causal effect of expectations, we rely on the timing of survey responses and match firms with the same fundamentals but different views about the future. Firms that expect their production to increase (decrease) in the future are 15 percentage points more (less) likely to raise current production and prices, compared to firms that expect no change in production. In a second step, we show that expectations also matter even if they turn out to be incorrect. Lastly, we aggregate expectation errors across firms and find that they account for about 15% of aggregate fluctuations.
A vivid look at how India has developed the idea of entrepreneurial citizens as leaders mobilizing society and how people try to live that promise
Can entrepreneurs develop a nation, serve the poor, ...and pursue creative freedom, all while generating economic value? In Chasing Innovation, Lilly Irani shows the contradictions that arise as designers, engineers, and businesspeople frame development and governance as opportunities to innovate. Irani documents the rise of "entrepreneurial citizenship" in India over the past seventy years, demonstrating how a global ethos of development through design has come to shape state policy, economic investment, and the middle class in one of the world's fastest-growing nations.
Drawing on her own professional experience as a Silicon Valley designer and nearly a decade of fieldwork following a Delhi design studio, Irani vividly chronicles the practices and mindsets that hold up professional design as the answer to the challenges of a country of more than one billion people, most of whom are poor. While discussions of entrepreneurial citizenship promise that Indian children can grow up to lead a nation aspiring to uplift the poor, in reality, social, economic, and political structures constrain whose enterprise, which hopes, and which needs can be seen as worthy of investment. In the process, Irani warns, powerful investors, philanthropies, and companies exploit citizens' social relations, empathy, and political hope in the quest to generate economic value. Irani argues that the move to recast social change as innovation, with innovators as heroes, frames others-craftspeople, workers, and activists-as of lower value, or even dangers to entrepreneurial forms of development.
With meticulous historical context and compelling stories, Chasing Innovation lays bare how long-standing power hierarchies such as class, caste, language, and colonialism continue to shape opportunity in a world where good ideas supposedly rule all.
Abstract
We exploit police and crime data from California over 26 years to construct a dynamic panel, which is then estimated using Arellano–Bover/Blundell–Bond techniques to address concerns about ...simultaneity, unobserved heterogeneity, and inertial effects in the policing-crime relationship. We find no evidence that increases in police staffing lead to meaningful reductions in crime through either deterrence or incapacitation. Estimates are not wholly supportive of a compelling relationship between prior criminal offending and current police staffing; providing suggestive evidence that, at least within our sample, simultaneity bias may be more modest in nature than has been previously supposed in prior studies.
The rise of China and fivefold growth of its stock market over the past decade have fueled a growing literature on this market in financial economics. On the corporate side, researchers have ...evaluated the progress of China's stages of privatization, analyzed biases in the selection of firms for listing, and documented massive underpricing of initial public offerings. On the asset pricing side, researchers have studied the price premium of domestic A shares over their foreign-share counterparts, analyzed the firm-specific information content of prices, provided new evidence on informational and behavioral effects in prices, and begun to identify systematic cross-sectional patterns in returns. Numerous areas are ripe for future research as China's stock market continues to grow in global influence and as ongoing reform provides new natural experiments. Challenges for the field will be to gain familiarity with China's distinctive financial system and to avoid overapplying research paradigms developed for the US setting.
This study focuses on time series analysis of land use and land cover (LULC) characteristics and its relationships with urban heat island (UHI) intensity in Bangkok Metropolitan area. The study is ...aimed at examining impact of LULC changes on the greenness and land surface temperature (LST) as well as the relationship of LST, LULC and Normalized difference vegetation index (NDVI). We consider the heat intensity, hot spot zones, and land use characteristics related hotspot areas. LULC classification based on satellite images taken by Landsat data in summer dates of 1991, 1997, 2005 and 2016, were classified into four LULC types: built up area; vegetation area; barren land; and surface water. UHI was studied by deriving LST based satellite images method using the thermal band of Landsat satellite in the same periods as of LULC classification. The results show that the built up area was approximately 30% in 1991, then, it was sharply increasing to approximately 55% of the total area in 2016. The changing trends of LST tend to be increasing while the value of NDVI with dense vegetation meaning tend to be declining over the study period. The significant negative correlation between LST and NDVI implied that the lower biomass can higher LST. UHI intensity was also continually rising from 11.91 êC in 1991 to 16.21 êC in 2016 leading to nearly 5 êC increase in Bangkok. High density of buildings, no vegetation areas and large area of concrete pavement are the most significant related to the hot spot areas.
Previous studies on the J-curve hypothesis for South Africa have relied on aggregate trade data between South Africa and the rest of the world, or on similar data for trade between South Africa and ...its major trading partners. The evidence of J-curve effects in South Africa's bilateral trade have been mixed. In this paper, we revisit this issue by examining the short- and long-run effects of exchange-rate changes on trade flows using disaggregated industry data on bilateral trade between South Africa and the United States. From estimates of trade balance models using the autoregressive distributed lag (ARDL) approach, we find evidence of significant J-curve effects, as a depreciation of the South African currency has favourable short-run effects on trade balances for eight industries. These short-run effects continue into the long run for a quarter of the industries considered in the study. The results also show that income has significant long-run effects on trade flows in industries that account for almost 55% of trade flows between South Africa and the United States.
Marriage and housework Borra, Cristina; Browning, Martin; Sevilla, Almudena
Oxford economic papers,
04/2021, Letnik:
73, Številka:
2
Journal Article
Recenzirano
Abstract
This article provides insights into the gains of forming a couple by estimating how much of the difference in housework between single and married individuals is causal and how much is due ...to selection. Time-varying observed variables and time-invariant heterogeneity explains about half of the observed differences in housework documented in the cross-sectional data. There remains a genuine one-and-a-half-hour increase per week in housework time for each partner, with women specializing in routine and men in non-routine housework tasks.
India is an emerging market economy, and has been more successful than most other emerging economies. Key to this success are India's ancient legacy of consensus democracy, non-violence, ...multi-culturality, tolerance, secularism, and the practical simplicity of economic life inspired by Mahatma Gandhi. Also, vital to India's present economy is the history of the country since the struggle for Independence began in 1857. India has followed a strikingly distinct route of development from other emerging economies such as South Korea, China, Malaysia, Brazil, and Mexico. While these countries concentrated on manufacturing and exports, India grounded its economy on an integrative domestic system of life. This model is marked by interesting and gradual, but constant, growth with an emphasis on services.Reforms in land-agricultural system, political governance, and financial management have led to a landmark stage of economic progress, with India's GDP rate higher than many emerging market economies. This volume explores the reasons why India has fared better than other emerging market economies, and whether other countries can take inspiration from this model and rebuild their own countries based on their national resources, cultural heritage, and the capacity to interact globally.The book is inspired by Mahatma Gandhi's 'India of my Dreams'. It would be entirely unrealistic to claim that India's development model is all positive or meets the standards of India of Gandhi's dreams. Gandhi was a great proponent of the self-sufficiency of villages and of the bourgeoning of cottage industries. However, in present day India, debt-ridden farmers' suicide rates are drastic and the crafts are dying. In finding answers to why this is so, the volume looks at the failures in the development of cottage industries, whether the efforts of NGOs in this regard are
sufficient, and whether Amartya Sen's capabilities approach would complement Gandhi's 'self-sufficiency of villages' perspective in order to preserve crafts and indigenous production systems while continuing with industrialization and agrarian reforms.
This article analyzes three Neo-Scholastic appeals to the thought of John Henry Newman at the beginning of the twentieth century on the subject of doctrinal development. Most research into the ...relationship between Neo-Scholastics and Newman focus on the differences between the two. This article addresses a significant lacuna by focusing on the reception of Newman by Neo-Scholastics who were more or less sympathetic to Newman. Yet the three case studies (Gardeil, Marin-Sola, Grandmaison) manifest different levels of appropriation of Newman's thought as well as the variegated concerns that certain Neo-Scholastics had when they approached Newman's work. The conclusion applies what is learned from these case-studies to the more general narrative of twentieth-century Catholic theology. Questo articolo analizza tre riferimenti Neo-Scolastici al pensiero di John Henry Newman, all'inizio del ventesimo secolo, in materia di sviluppo dottrinale. L'attenzione è alla relazione tra i Neo-Scolastici e l'intéresse di Newman sulle differenze tra i due. L'articolo colma una significativa lacuna tra la recezione di Newman e i Neo-Scolastici, che furono più o meno favorevoli a Newman. Inoltre i tre casi di studio (Gardeil, Marin-Sola, De Grandmaison) mostrano differenti livelli di appropriazione del pensiero di Newman, come anche i variegati riferimenti che aleuni Neo-Scolastici ebbero quando si accostarono al pensiero di Newman. La conclusione si sofferma su ciò che si apprende da questi casi di studio, nel quadro della narrativa generale della teologia eattoliea del ventesimo secolo.
Peter Sloterdijk nega l'esistenza delle religioni. Esse sono in verità sistemi di esercizi di natura simbolica, cioè «antropotecniche» mediante le quali l'umanità fa fronte alle sfide del destino. ...Per argomentare tale tesi, il filosofo sviluppa un'ermeneutica della vita in esercizio ascesi, interpellata dall'imperativo: Devi cambiare la tua vita! Molte delle analisi di Sloterdijk convergono con la filosofia dell'azione di Maurice Blondel, anch'essa incentrata sul carattere autoproduttivo dell'azione e sul fallimento della religione e della metafisica come tentativi di compiere la volontà di assolutizzazione della libertà umana. Tuttavia, Blondel, al contrario di Sloterdijk, non chiude le porte alla trascendenza, bensi porta la fenomenologia dell'azione sino all'opzione nei confronti del soprannaturale, impossibile e necessario. Peter Sloterdijk denies the existence of religions. These in fact are spiritual regimens of a symbolic nature — that is «anthropotechnics» — by which humanity confronts the challenges of destiny. To argue such a thesis, the philosopher develops a hermeneutic of life in exercise, or asceticism, prodded by the imperative: You must change your life! Much of Sloterdijk's analysis converges with Maurice Blondel's Philosophy of Action, also being centered upon the auto-operative character of action and the failure of religion and of metaphysics in their attempts to complete human freedom's will to absolutize. Yet, contrary to Sloterdijk, Blondel does not close the door to transcendence, rather, he carries the phenomenology of action to the option when facing the supernatural, both impossible and necessary.