Mostrando recursos 1 - 12 de 12

  1. Economic growth, volatility, and cross-country spillovers: new evidence for the G7 countries

    Antonakakis, Nikolaos; Badinger, Harald
    This study examines the linkages between output growth and output volatility in the G7 countries over the period 1958M2-2013M8. Using the VAR-based spillover index approach by Diebold and Yilmaz (2012) we find that: i) output growth and volatility are highly intertwined; ii) spillovers have reached unprecedented levels during the global financial crisis; and iii) the US has been the largest transmitter of growth and volatility shocks. Generalized impulse response analyses suggest moderate growth spillovers and sizable volatility spillovers across countries. Cross-variable effects indicate that volatility shocks lead to lower growth, while growth shocks reduce output volatility.

  2. Computing a journal meta-ranking using paired comparisons and adaptive lasso estimators

    Vana, Laura; Hochreiter, Ronald; Hornik, Kurt
    In a "publish-or-perish culture", the ranking of scientific journals plays a central role in assessing the performance in the current research environment. With a wide range of existing methods for deriving journal rankings, meta-rankings have gained popularity as a means of aggregating different information sources. In this paper, we propose a method to create a meta-ranking using heterogeneous journal rankings. Employing a parametric model for paired comparison data we estimate quality scores for 58 journals in the OR/MS/POM community, which together with a shrinkage procedure allows for the identification of clusters of journals with similar quality. The use of paired...

  3. Measuring regional resilience towards fossil fuel supply constraints. Adaptability and vulnerability in socio-ecological Transformations-the case of Austria

    Politi, Emilio; Exner, Andreas; Schriefl, Ernst; Erker, Susanna; Stangl, Rosemarie; Baud, Sascha; Paulesich, Reinhard; Warmuth, Hannes; Matzenberger, Julian; Kranzl, Lukas; Windhaber, Markus; Supper, Susanne; Stöglehner, Gernot
    Resilience has become a prominent concept to understand system vulnerabilities flexible ways of adapting to crises. Recently, it gained importance in discussions a the possible peak in oil production (peak oil) and its consequences, which might a economic performance, social well-being and political stability, and thus also the e transition to a low-carbon economy. The paper presents a new way of measuring resilience as absolute resilience related to a best practice-model of a resilient socie The resilience model is grounded in explicit theoretical assumptions. All indicators justified by theoretical and empirical arguments. We present a case study of Austr municipalities...

  4. Studie zum gesellschaftlichen Mehrwert der 27 sozialintegrativen Unternehmen in Niederösterreich mittels einer SROI-Analyse

    Rauscher, Olivia; Schober, Christian; Burger, Verena
    Das NPO&SE Kompetenzzentrum der Wirtschaftsuniversität Wien (WU Wien) erhielt von der Arbeitsgemeinschaft QUASI (Qualitätsmanagement für sozialintegrative Unternehmen) den Auftrag, die gesellschaftlichen und ökonomischen Wirkungen von 27 sozialintegrativen Unternehmen (SIU) in Niederösterreich zu analysieren. Der Beobachtungszeitraum bezieht sich auf das Jahr 2014. Die Evaluation erfolgte mittels einer Social Return on Investment (SROI)-Analyse, deren Ziel es ist, den durch die sozialintegrativen Unternehmen geschaffenen gesellschaftlichen Mehrwert möglichst umfassend zu erfassen und zu bewerten. Die Methode will neben den finanziellen, explizit auch die sozialen Wirkungen des Projekts messen. Die vorliegende Analyse orientiert sich am von Schober/Then (2015) herausgegebenen "Praxishandbuch Social Return on Investment". Ein wesentlicher...

  5. Sustainable Work

    Aigner, Ernest; Baratech Sanchez, Lucia; Bernhardt, Desiree Alicia; Curnow, Benjamin; Hödl, Christian; Leonhardt, Heidi; Luo, Anran
    In a highly globalised world where all production and consumption activities are internationally intertwined and the environmental consequences of those actions are hard to identify, rethinking the role of work in our societies according to sustainability principles is a complex but highly necessary task. Salaried work has become one of the crucial indicators to analyse any country in the world. By looking at the proportion of the population that is employed, the working conditions they have, and how productive they are when performing their tasks, it is possible to produce an image of a country's society to assist in the...

  6. Economic Development and Forest Cover: Evidence from Satellite Data

    Crespo Cuaresma, Jesus; Danylo, Olha; Fritz, Steffen; McCallum, Ian; Obersteiner, Michael; See, Linda
    We use satellite data on forest cover along national borders in order to study the determinants of deforestation differences across countries. We combine the forest cover information with data on homogeneous response units, which allow us to control for cross-country geoclimatic differences when assessing the drivers of deforestation. Income per capita appears to be the most robust determinant of differences in cross-border forest cover and our results present evidence of the existence of decreasing effects of income on forest cover as economic development progresses.(authors' abstract)

  7. Trend Fundamentals and Exchange Rate Dynamics

    Huber, Florian; Kaufmann, Daniel
    We estimate a multivariate unobserved components stochastic volatility model to explain the dynamics of a panel of six exchange rates against the US Dollar. The empirical model is based on the assumption that both countries' monetary policy strategies may be well described by Taylor rules with a time-varying inflation target, a time-varying natural rate of unemployment, and interest rate smoothing. The estimates closely track major movements along with important time series properties of real and nominal exchange rates across all currencies considered. The model generally outperforms a benchmark model that does not account for changes in trend inflation and trend...

  8. There is poverty convergence

    Crespo Cuaresma, Jesus; Klasen, Stephan; Wacker, Konstantin M.
    Martin Ravallion ("Why Don't We See Poverty Convergence?" American Economic Review, 102(1): 504-23; 2012) presents evidence against the existence of convergence in global poverty rates despite convergence in household mean income levels and the close linkage between income growth and poverty reduction. We show that this finding is driven by a specification that demands more than simple convergence in poverty headcount rates and assumes a growth elasticity of poverty reduction, which is well-known to accelerate with low initial poverty levels. If we motivate the poverty convergence equation using an arguably superior growth semi-elasticity of poverty reduction, we find highly significant...

  9. Learning to trust, learning to be trustworthy

    Berger, Ulrich
    Interpersonal trust is a one-sided social dilemma. Building on the binary trust game, we ask how trust and trustworthiness can evolve in a population where partners are matched randomly and agents sometimes act as trustors and sometimes as trustees. Trustors have the option to costly check a trustee's last action and to condition their behavior on the signal they receive. We show that the resulting population game admits two components of Nash equilibria. Nevertheless, the long-run outcome of an evolutionary social learning process modeled by the best response dynamics is unique. Even if unconditional distrust initially abounds, the trustors' checking...

  10. Cognitive Hierarchies in the Minimizer Game

    Berger, Ulrich; De Silva, Hannelore; Fellner-Röhling, Gerlinde
    Experimental tests of choice predictions in one-shot games show only little support for Nash equilibrium (NE). Poisson Cognitive Hierarchy (PCH) and level-k (LK) are behavioral models of the thinking-steps variety where subjects differ in the number of levels of iterated reasoning they perform. Camerer et al. (2004) claim that substituting the Poisson parameter tau = 1.5 yields a parameter-free PCH model (pfPCH) which predicts experimental data considerably better than NE. We design a new multi-person game, the Minimizer Game, as a testbed to compare initial choice predictions of NE, pfPCH and LK. Data obtained from two large-scale online experiments strongly reject...

  11. Assessing and quantifying clusteredness: The OPTICS Cordillera

    Rusch, Thomas; Hornik, Kurt; Mair, Patrick
    Data representations in low dimensions such as results from unsupervised dimensionality reduction methods are often visually interpreted to find clusters of observations. To identify clusters the result must be appreciably clustered. This property of a result may be called "clusteredness". When judged visually, the appreciation of clusteredness is highly subjective. In this paper we suggest an objective way to assess clusteredness in data representations. We provide a definition of clusteredness that captures important aspects of a clustered appearance. We characterize these aspects and define the extremes rigorously. For this characterization of clusteredness we suggest an index to assess the degree...

  12. Does income inequality affect aggregate consumption? Revisiting the evidence

    Crespo Cuaresma, Jesus; Kubala, Jozef; Petrikova, Kristina
    The standard Keynesian view predicts that equalization of the income distribution leads to an increase in aggregate consumption. We revisit the analysis carried out by the seminal empirical contributions which test such a hypothesis using modern econometric methods and the most comprehensive dataset existing on income distribution measures. Our results indicate that there is no substantive empirical evidence of an effect of income inequality on aggregate consumption. (authors' abstract)

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