Mostrando recursos 1 - 20 de 1.710

  1. Market Illiquidity, Credit Freezes and Endogenous Funding Constraints

    Bachmann, Manuel
    In this paper I propose a two-step theoretical extension of the baseline model by Diamond and Rajan (2011) and examine the amplification mechanisms when collateralized funding shocks are endogenously affected by liquidity shocks. Based on high returns on illiquid assets that are potentially available conditional on future fire sales, liquid banks increase their cash holdings by limiting term lending - a speculative motive of liquidity hoarding directly aggravated by a cash reduction due to increased haircuts on collateralized borrowing. As a result, funding liquidity shrinks steadily and credit freezes are more likely. On the other hand, illiquid banks refuse to sell...

  2. Market Illiquidity, Credit Freezes and Endogenous Funding Constraints

    Bachmann, Manuel
    In this paper I propose a two-step theoretical extension of the baseline model by Diamond and Rajan (2011) and examine the amplification mechanisms when collateralized funding shocks are endogenously affected by liquidity shocks. Based on high returns on illiquid assets that are potentially available conditional on future fire sales, liquid banks increase their cash holdings by limiting term lending - a speculative motive of liquidity hoarding directly aggravated by a cash reduction due to increased haircuts on collateralized borrowing. As a result, funding liquidity shrinks steadily and credit freezes are more likely. On the other hand, illiquid banks refuse to sell...

  3. Marriage (In)equality: Does the Sexual Orientation Wage Gap Persist Across Marital Status?

    Schneebaum, Alyssa; Schubert, Nina
    Since the first empirical paper on the topic more than two decades ago (Badgett, 1995), the common story in the literature on wages and sexual orientation has been that gay men face a wage penalty compared to heterosexual men while lesbians are paid the same as or more than heterosexual women. However, none of the papers in the literature have thoroughly addressed the role of marital status in these wage gaps. Using data from the 2013-2015 American Community Survey and OLS as well as selection-corrected estimators, we show that the gay male penalty exists only for the group of married...

  4. RESL.eu- Reducing Early School Leaving in Europe: Work Package 2, Part II, Phase II. Country Report - Austria

    Nairz-Wirth, Erna; Gitschthaler, Marie

  5. A Diachronic Index and Glossary to What Is Justice? Collected Essays by Hans Kelsen

    Prebble QC, John; Opacic, Nina
    "What is Justice?" is a compilation of essays by Hans Kelsen that deal with problems of justice and their relationship to law, philosophy, and science. The broad scope and applicability of "What is Justice?" makes it a valuable source for research and writing across jurisdictions and in almost any area of law. Access to the English translation of "What is Justice?" is challenging because the book has no index. This present Index aims to provide scholars with a way in to Kelsen's work. Kelsen's tightly packed generalisations and conceptual arguments, which are intended to apply generally to all laws and legal...

  6. Knowledge bases, innovation and multi-scalar relationships - Which kind of territorial boundedness of industrial clusters?

    Tödtling, Franz; Auer, Alexander
    Innovation is nowadays a highly interdependent process where firms rely on distributed knowledge sources at various spatial scales. It has been argued that innovation interactions are shifting increasingly from local/regional towards global scales and that the region as a space for supporting innovation and competitiveness of firms is losing in importance. We suggest, however, that firms and clusters rely on various kinds of knowledge bases and factors for their development that differ in their geographical mobility and territorial boundedness. Whereas codified knowledge as well as many kinds of goods and services, investment capital, and people have become mobile at a global scale due to improvements of transport-...

  7. Text trajectories in a multilingual call centre: The linguistic ethnography of a calling script, Tilburg Papers in Culture Studies

    Woydack, Johanna; Rampton, Ben
    Call centres have been widely criticised as standardized workplaces, and the imposition of calling scripts is often characterised as dehumanizing and deskilling. But these accounts lack close analysis of how scripts are actually produced, taken up and used by call centre workers, and they are generally locked into dualistic analyses of control and resistance. In contrast, this paper combines long-term ethnography with transcontextual analysis of the production, circulation and uptake of calling scripts. This reveals a good deal of collective and individual agency in processes of text-adaptation, and produces a rather more nuanced picture of work in a call centre.

  8. Cross-sectional dependence model specifications in a static trade panel data setting

    LeSage, James P.; Fischer, Manfred M.
    The focus is on cross-sectional dependence in panel trade flow models. We propose alternative specifications for modeling time invariant factors such as socio-cultural indicator variables, e.g., common language and currency. These are typically treated as a source of heterogeneity eliminated using fixed effects transformations, but we find evidence of cross-sectional dependence after eliminating country-specific effects. These findings suggest use of alternative simultaneous dependence model specifications that accommodate cross-sectional dependence, which we set forth along with Bayesian estimation methods. Ignoring cross-sectional dependence implies biased estimates from panel trade flow models that rely on fixed effects.

  9. Evolutionary Tax Competition with Formulary Apportionment

    Wagener, Andreas
    Evolutionary stability is a necessary condition for imitative dynamics of policy learning and innovation to come to a rest. We apply this concept to profit tax competition in a regime where a common and consolidated profit tax base for multi-jurisdictional firms is divided among governments by means of formulary apportionment. In evolutionary play, governments exhibit aggregate-taking behavior: when comparing their performance with others, they ignore their impact on the consolidated tax base. Consequently, evolutionarily stable tax rates are less efficient than tax rates in best-response tax competition.

  10. ROI: The R Optimization Infrastructure Package

    Theußl, Stefan; Schwendinger, Florian; Hornik, Kurt
    Optimization plays an important role in many methods routinely used in statistics, machine learning and data science. Often, implementations of these methods rely on highly specialized (non-reusable) optimization algorithms. However, in many instances recent advances, in particular in the field of convex optimization, make it possible to conveniently and straightforwardly use modern solvers (reusable) instead with the advantage of enabling broader usage scenarios and thus promoting reusability. This paper introduces the ROI (R Optimization Infrastructure) package which provides an extensible infrastructure to model linear, quadratic, conic and general nonlinear optimization problems in a consistent way. Furthermore, the infrastructure administers many different solvers, reformulations, problem collections and functions to read and write optimization problems...

  11. Economic Growth, Income Distribution, and Climate Change

    Rezai, Armon; Taylor, Lance; Foley, Duncan K.
    We present a model based on Keynesian aggregate demand and labor productivity growth to study how climate damage affects the long-run evolution of the economy. Climate change induced by greenhouse gas lowers profitability, reducing investment and cutting output in the short and long runs. Short-run employment falls due to deficient demand. In the long run productivity growth is slower, lowering potential income levels. Climate policy can increase incomes and employment in the short and long runs while a continuation of business-as-usual leads to a dystopian income distribution with affluence for few and high levels of unemployment for the rest.

  12. Directed Technological Change in a post-Keynesian Ecological Macromodel

    Naqvi, Syed Ali Asjad; Engelbert, Stockhammer
    This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material ows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, nancial ows, and inter- and intra-sectoral behavioral interactions. The model is stock-fow consistent and introduces research and development (R&D) as a component of GDP funded by private rm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable)...

  13. Directed Technological Change in a post-Keynesian Ecological Macromodel

    Naqvi, Syed Ali Asjad; Engelbert, Stockhammer
    This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material flows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, financial flows, and inter- and intra-sectoral behavioral interactions. The model is stock-flow consistent and introduces research and development (R&D) as a component of GDP funded by private rm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable)...

  14. Directed Technological Change in a post-Keynesian Ecological Macromodel

    Naqvi, Syed Ali Asjad; Engelbert, Stockhammer
    This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material flows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, financial flows, and inter- and intra-sectoral behavioral interactions. The model is stock-flow consistent and introduces research and development (R&D) as a component of GDP funded by private rm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable)...

  15. Directed Technological Change in a post-Keynesian Ecological Macromodel

    Naqvi, Syed Ali Asjad; Engelbert, Stockhammer
    This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material flows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, financial flows, and inter- and intra-sectoral behavioral interactions. The model is stock-flow consistent and introduces research and development (R&D) as a component of GDP funded by private firm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable) Resources. Input productivities depend on R&D...

  16. Tax Loss Offset Restrictions and Biased Perception of Risky Investments

    Mehrmann, Annika; Sureth-Sloane, Caren
    We investigate how tax loss offset restrictions affect an investor's evaluation of risky investments under bounded rationality. We analytically identify behavioral tax effects for different levels of loss offset restrictions, tax rate and prospect theoretical biases (loss aversion, probability weighting and reference dependence) and find tax loss offset restrictions significantly bias investor perception, even more heavily than the tax rate. If loss offset restrictions are rather generous, investors are very loss averse or assign a huge weight to loss probabilities, taxation is likely to increase the preference value of risky investments (behavioral tax paradox). Surprisingly, the identified significant perception biases of tax loss offset restrictions occur under...

  17. What are the Drivers of Tax Complexity for Multinational Corporations? Evidence from 108 Countries

    Hoppe, Thomas; Schanz, Deborah; Sturm, Susann; Sureth-Sloane, Caren
    All over the world, firms and governments are increasingly concerned about the rise in tax complexity. To manage it and develop effective simplification measures, detailed information on the current drivers of complexity is required. However, research on this topic is scarce. This is surprising as the latest developments - for example, triggered by the BEPS project - give rise to the conjecture that complexity drivers may have changed, thus questioning the findings of prior studies. In this paper, we shed light on this issue and provide a global picture of the current drivers of tax complexity that multinational corporations face based on a survey of 221 highly...

  18. The Rule of Law and the Effective Protection of Taxpayers' Rights in Developing Countries

    Valderrama, Irma Johanna Mosquera; Mazz, Addy; Schoueri, Luis Eduardo; Quiñones, Natalia; Roeleveld, Jennifer; Pistone, Pasquale; Zimmer, Frederik
    The overall aim of this article is to analyse the taxpayers' rights in relation to the emerging standard of transparency with specific reference to Brazil, Colombia, South Africa and Uruguay. Exchange of information between tax authorities is increasing rapidly all around the world. This global development is largely the result of the introduction of the standard of transparency by the Organization for Economic Cooperation and Development ("OECD") with the political mandate of the G20 and more recently, in 2013, the introduction of the global standard of automatic exchange of information. Governments have agreed that exchange of information is necessary to...

  19. Effectiveness of macroprudential policies under borrower heterogeneity

    Punzi, Maria Teresa; Rabitsch, Katrin
    We study the impact of macroprudential policies using a novel model which takes into account households´ ability to borrow under different loan-to-value ratios which are tied to their collateral values. Such model generates a larger amplification in real and financial variables, compared to standard models that assume homogeneity in the leveraging and deleveraging process. Conditional on this model, we consider the implications of macroprudential policies that aim to lean against an excessive credit cycle. In particular, we allow macroprudential authorities to tighten excessive lending to higher leveraged households, whose riskiness had been evaluated too optimistically. We find thata policy that targets...

  20. Effectiveness of macroprudential policies under borrower heterogeneity

    Punzi, Maria Teresa; Rabitsch, Katrin
    We study the impact of macroprudential policies using a novel model which takes into account households´ ability to borrow under different loan-to-value ratios which are tied to their collateral values. Such model generates a larger amplification in real and financial variables, compared to standard models that assume homogeneity in the leveraging and deleveraging process. Conditional on this model, we consider the implications of macroprudential policies that aim to lean against an excessive credit cycle. In particular, we allow macroprudential authorities to tighten excessive lending to higher leveraged households, whose riskiness had been evaluated too optimistically. We find thata policy that targets...

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