Slow Recoveries: A Structural Interpretation GALÍ, JORDI; SMETS, FRANK; WOUTERS, RAFAEL
Journal of money, credit and banking,
December 2012, Letnik:
44, Številka:
s2
Journal Article
Recenzirano
Odprti dostop
An analysis of the performance of GDP, employment, and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent ...episodes, but does not reveal any significant change over time in the relation between GDP and employment. This leads us to characterize the last three episodes as slow recoveries, as opposed to jobless recoveries. We use the estimated New Keynesian model in Galí, Smets, and Wouters (2011) to provide a structural interpretation for the slower recoveries since the early nineties.
Sixty years after the magic carpet ride Gould, Eric D; Lavy, Victor; Paserman, M. Daniele
The Review of economic studies,
07/2011, Letnik:
78, Številka:
3
Journal Article
Recenzirano
This paper estimates the effect of the early childhood environment on a large array of social and economic outcomes lasting almost 60 years. To do this, we exploit variation in the living conditions ...experienced by Yemenite children after being airlifted to Israel in 1949. We find that children who were placed in a more modern environment (i.e. with better sanitary and infrastructure conditions) were more likely to obtain higher education, marry at an older age, have fewer children, and work at age 55. They were also more likely to be assimilated into Israeli society, to be less religious, and have more worldly tastes in music and food. However, these effects are found mainly for women and not for men. We also find an effect on the next generation—children who lived in a better environment grew up to have children with more education.
A standard object of empirical analysis in labor economics is a modified Mincer wage function in which an individual's log wage is a function of education, experience, and race. We analyze this ...approach in a context where individuals live and work in different locations (thus facing different housing prices and wages). Our model justifies the traditional approach, but with the important caveat that the regression should include location-specific fixed effects. Empirical analysis of men in U.S. labor markets demonstrates that failure to condition on location causes us to significantly overstate the decline in black-white wage disparity over the past 60 years.
This article analyses the increasing emphasis on emotions in management ideals by examining the changing qualities of the ideal manager in Finland in the post-Second World War era. We examined 1425 ...manager position job advertisements in the major Finnish newspaper Helsingin Sanomat between 1949 and 2009. Our results show that emotional requirements were rather uncommon during the post-war era but that they became key characteristics in job advertisements towards the end of the century. Feminine management ideals emerged from the 1960s onwards in line with the changing nature of work, organizational developments and increasing equality of social relations. However, the economic slowdown of the 1970s was followed by a new emphasis on masculine qualities. We argue that the emergence of emotional management reflects the changes in the cultural, social and economic order, in which social codes stressing equality became a rule, and emotional qualities were recognized as tools for increasing productivity.
Nowa Huta Pozniak, Kinga
11/2014, Letnik:
233
eBook
Kinga Pozniak shows how the political, economic, and social upheavals in Nowa Huta, Poland have profoundly shaped the memory of these events in the minds of three generations of people who lived ...through them since the end of the Second World War.
Red Inc Schaeffer, Robert K.
2011, 2015-11-17
eBook
Red Inc. takes issue with the view that economic development will eventually promote democracy. It outlines in detail the enormous social costs of the rapid rise of China's economy. Although many ...observers argue that Deng Xiaoping introduced capitalism to China in the late 1970s, Schaeffer believes that capitalist development really began during the 1950s under Mao Zedong. But although Mao made relentless efforts to generate the capital needed to finance economic development, his regime failed to promote any real growth. Schaeffer shows that the remarkable rise of its economy in recent years has provided China with new and often corrupt sources of wealth and power that have enabled it to resist democracy. He brings into sharp focus the consequence of the regime's uncompromising approach to capital accumulation.
China has established two of the world's newer large sovereign wealth funds (SWFs): the official China Investment Corporation (CIC), and the non-official and less transparent State Administration of ...Foreign Exchange (SAFE) Investment Company (SIC). Both provide alternative investment opportunities for China's exploding foreign exchange reserves, at US$2.4 trillion at the end of 2009, the largest in world history. This paper will address how China has accumulated its huge and growing foreign exchange reserves, and what roles these reserves, until 2007 managed only by the State Administration of Foreign Exchange (SAFE), have played in the establishment and development of China's two new SWFs. We will look specifically at why China's foreign exchange reserves have developed, and how the new SWFs are a part of broader efforts to provide investment alternatives for China's ballooning foreign exchange surpluses, particularly in light of the inflow of 'hot' foreign speculative funds. We will then point out some of the difficulties for China's financial officials of SWFs as they try to pursue multiple and sometimes competing goals, set by boards of directors representing different bureaucratic and economic interests, all within the context of a general lack of transparency and a rapidly growing economy. Finally, we will present our conclusions about the future roles of the two SWFs as well as of the policies being developed to decentralize foreign exchange reserve holdings while at the same time not slowing the growth of China's foreign trade surpluses, nor its foreign direct investments, nor its overall economic growth. We will also examine the effects of US-promoted Chinese currency appreciation on the future of China's foreign exchange reserves and its sovereign wealth funds.
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