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An Economic Model of Public Funding of Science: The Optimal Ratio of Discovery to Invention for Endogenous Growth
No full textMany empirical studies support the necessity of public funding of science, but endogenous growth models do not necessarily do so. In this paper, I distinguish between investments in research and development (R&D) for “discovery” and “invention” in a framework of an endogenous growth model and show that there is the optimal ratio of discovery to invention in the sense that the highest productivity of producing knowledge is achieved. Because discovery generally does not generate profit, investments in R&D for discovery have to be publicly financed. Therefore, a government has the responsibility to maintain an optimal ratio of discovery to invention to keep the highest rate of endogenous economic growth
Carbon taxes and Macroeconomic dynamics in Norway
No full textThis study investigates the long-term equilibrium relationships between Norway's carbon tax policy and key macroeconomic indicators using Johansen cointegration analysis and the Vector Error Correction Model (VECM). The findings show that Norway's carbon tax raises inflation and lowers investment over time, but does not impact GDP. These findings, based on cointegration and VECM analysis of carbon tax, GDP, investment, and inflation from 1995 to 2023, enhance understanding of how carbon taxes affect Norway's macroeconomy
Teletrabajo y bienestar tras la pandemia: evidencia para la República Checa
No full textThe rapid expansion of teleworking in the Czech Republic following the COVID-19 pandemic has intensified the debate regarding its impact on employee wellbeing. This study aims to analyze the relationship between teleworking and various dimensions of personal health, specifically focusing on general wellbeing, mental health (depression), and work-life balance. Using microdata from the 2021 European Working Conditions Telephone Survey (EWCTS), the research employs linear and non-linear (logit) econometric models to test whether telework acts as a significant determinant of these dimensions.
The empirical results show that teleworking does not have a direct or robust effect on general wellbeing or the probability of depression once sociodemographic and labour characteristics are controlled. Furthermore, while partial telework initially appears to improve work-life balance in basic models, this effect loses statistical significance when introducing additional controls such as working hours and the nature of the job. The findings suggest that the potential benefits of remote work are highly dependent on job quality, workload, and organizational context rather than the work modality itself
Beyond Shocks: How ESG Fundamentals Shape Geopolitical Risk Across Countries
No full textThis paper examines the connection between Environmental, Social, and Governance (ESG) factors and the risk of geopolitics, as defined by the Geopolitical Risk (GPR) index. The concept of geopolitical risk is conventionally defined as the direct result of political incidents, war, and international tensions. The current study argues that the concept should be understood in a more structural and sustainable manner, relating to the underlying forces driving geopolitical risk. The main research question is whether and how the three pillars of the ESG factors contribute to the explanation and understanding of cross-country and over-time variations in geopolitical risk. In an effort to avoid the information losses associated with the aggregate nature of the ESG index, the three factors are considered separately and the three pillars are analyzed individually. The empirical context is a balanced cross-country panel data set including 42 countries over the 2000-2023 time period. The data for the three factors is obtained from the World Bank dataset in an effort to standardize and compare the data in a cross-country and cross-time manner. The GPR index is used to measure the level of geopolitical risk and is defined by Dario Caldara and Matteo Iacoviello. The GPR index captures the level of geopolitical tensions based on the analysis of media signals. The combination of the three sources allows for the direct connection and correlation between the three factors and the internationally recognized GPR index. The paper uses an integrated methodological approach that combines the results from three different approaches. The first method uses panel data analysis in an effort to identify the average marginal effects while controlling for unobserved heterogeneity. The second method uses the technique of clustering in an effort to identify structural patterns and divide the countries into groups based on their unique characteristics and risk profiles. The third method uses machine learning regressions and nonparametric analysis in an effort to capture the complex relationships and interactions in the data. The three-step method is used for each pillar in an effort to ensure consistency and comparability. The results suggest that the three factors contribute to the GPR index in a unique manner. The environment and energy structure contribute to the GPR index as a risk multiplier, the social factor is related to the exposure to instability, and the governance factor is a central stabilizing factor. The paper makes a unique contribution to the literature by defining the concept of the three factors and their relationship to the GPR index in a unique and sustainable manner
Heaven or Earth? The Evolving Role of Global Shocks for Domestic Monetary Policy
No full textBusiness cycles are increasingly driven by global shocks, rather than the domestic demand shocks prominent in earlier decades, posing challenges for central banks seeking to meet domestic mandates and communicate their policy decisions. This paper analyzes the evolving influence and characteristics of global and domestic shocks in advanced economies from 1970-2024 using a new FAVAR model that decomposes movements in interest rates, inflation, and output growth into four global shocks (demand, supply, oil, and monetary policy) and three domestic shocks (demand, supply, and monetary policy). We find that the role of global shocks has increased sharply over time and that their characteristics differ from those of domestic shocks across multiple dimensions. Compared to domestic shocks, global shocks have a larger supply component, higher variance, more persistent effects on inflation, and are more asymmetric (contributing more to tightening than to easing phases of monetary policy). As global supply shocks have become more prominent, central banks have also been less willing to “look through” their effects on inflation than for comparable domestic shocks. The distinct characteristics and rising influence of global shocks—particularly global supply shocks—have significant implications for modeling monetary policy and designing central bank frameworks
Income Growth In Morocco: An Analysis of Income Growth Following an ARFIMA Model
No full textThis paper analyzes the dynamic interactions between income growth, inflation, and unemployment in Morocco over the period 1990–2025. Income growth is modeled as a stochastic process exhibiting both short-term persistence and potential long-memory effects, captured via an ARFIMA(p, d, q) specification. The estimated income growth series is then used to investigate its influence on inflation and unemployment, linking income shocks to macro-labor outcomes within a Phillips–Okun framework. By com- bining long-memory income dynamics with empirical macro-labor modeling, the study provides new insights into how persistent fluctuations in income growth shape price adjustments and labor market responses. These findings offer both theoretical and policy-relevant implications for emerging economies experiencing cyclical or structural growth variations
Los Indicadores de Concentración de Mercado en la República Dominicana: Una Revisión de la Literatura
No full textThis paper presents a review of the Dominican empirical literature on market concentration indicators, with the aim of characterizing the competitive structure of different sectors of the Dominican economy. To this end, a documentary review of academic studies, technical reports, and institutional publications is conducted. The results show that the earliest recorded estimates of market concentration date back to the mid-1980s, and that the Herfindahl–Hirschman Index (HHI) has been the most widely used indicator, followed by concentration measures based on market shares (Ck indices). In addition, the evidence indicates that public institutions have produced the majority of these estimates, most notably the General Directorate of Internal Taxes (DGII) and the National Commission for the Defense of Competition (PRO-COMPETENCIA)
Industrial Policy from a Network Perspective: Targeting, Cascades, and Resilience, with Evidence from Turkiye’s Production Network
No full textModern economies are networks of interdependent sectors, yet conventional tools for
industrial policy overlook the critical pathways, bottlenecks, and communities that de-
termine how shocks propagate and productivity gains diffuse. This paper develops a
replicable computational methodology—three graph-theoretic algorithms—to transform
dense input-output tables into actionable policy diagnostics. The framework identifies
critical upstream and downstream pathways, constructs cascading layers of distortion
propagation, and quantifies network resilience through community detection and edge-
betweenness centrality. Applying this toolkit to Turkey’s 2018 manufacturing sector
reveals three principal findings: finance operates as a critical bottleneck where reg-
ulated upstream inputs converge; the network exhibits only moderate resilience, with
six between-community edges carrying disproportionate systemic risk; and two reinforc-
ing cycles—{manufacturing → agriculture → construction → manufacturing} and
{manufacturing → energy → construction → manufacturing}—amplify distortions.
These results generate specific policy recommendations: prioritize financial sector reforms,
coordinate regulation across energy-transport-finance pathways, and protect vulnerable
between-community edges. The methodology enables evidence-based, network-aware indus-
trial policy applicable to any input-output dataset
Three key levels of the real exchange rate in Latin America
No full textThe article presents a simple three-sector macroeconomic model that incorporates key structural features common to many Latin American economies. The model allows for the formal identification of three benchmark levels of the real exchange rate (RER). The macroeconomic equilibrium RER is the level consistent with the simultaneous achievement of internal and external balance (i.e., full employment and a sustainable balance of payments). The social equilibrium RER corresponds to a state in which workers, at full employment, obtain a real wage consistent with their income aspirations. The developmental RER is defined as a benchmark level that ensures the labor-absorbing tradable sector earns a risk-adjusted rate of profit comparable to that in developed countries, thereby fostering investment. The three-RER-levels framework provides a unified analytical setting to organize and compare alternative theories developed in Latin America —including unbalanced productive structures, distributive conflict, structural inflation, macroeconomic populism, and stop-and-go cycles— and to clarify how different configurations of the benchmark RER levels underpin competing diagnoses and development strategies in the region
From Satire to Policy: An Interdisciplinary Economic Analysis of Gulliver’s Travels and Its Insights for Institutional and Behavioural Reform in Developing Economies
No full textJonathan Swift’s Gulliver’s Travels (1726) is widely recognised as a literary satire, yet its economic insights have received limited systematic analysis. The study presents a novel interdisciplinary examination, applying institutional and behavioural economic frameworks to Swift’s four voyages, Lilliput, Brobdingnag, Laputa, and the land of the Houyhnhnms, to illuminate enduring economic and governance principles. By interpreting Swift’s allegorical societies through the lenses of rent-seeking, moral governance, resource misallocation, and bounded rationality, the paper demonstrates that his satire anticipates core concepts of modern economics, including public choice theory, welfare economics, institutional economics, and behavioural economics. Uniquely, the analysis extends beyond literary critique to draw contemporary policy implications for developing economies, with a particular focus on Ghana. The study shows that political patronage, bureaucratic inefficiency, corruption, and behavioural biases observed in these contexts mirror those in Swift’s fictional societies, underscoring the relevance of ethical leadership, rational institutions, and behaviourally informed policy design. By bridging literature, economic theory, and practical governance, this research contributes to the emerging field of “literary economics” and provides a novel framework for understanding how cultural narratives can inform economic reasoning, institutional reform, and sustainable development