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The instability of locus of control: New evidence from the distributional effects of major life events
Get PDFPrevious empirical evidence suggests that locus on control (LoC), a non-cognitive skill reflecting an individual's belief that life’s outcomes result from their own efforts, is relatively unresponsive to major life events in adulthood. This study re-examines this evidence by utilizing a longer panel dataset to boost statistical power and more flexible econometric models to allow for unobserved heterogeneity and non-linear effects. Fixed effects models reveal that 13 out of 20 available life event measures are statistically significantly impacting LoC, with largest penalties observed for negative life events such as worsening of finances, victimhood, separation, serious personal injury or illness, and the death of close family members. Individual fixed effects unconditional quantile regressions show that the effects of these 13 life events are largest in magnitude at the lower end of the internal LoC distribution, where individuals are more vulnerable, with penalty increases of between 25% and 182%. There are no significant gender or age heterogeneities. Although the impacts of life events are short-lived, they are economically meaningful. Our findings are in stark contrast with the received literature
The Dynamics of Wealth Inequality: Distributional Effects of Asset Prices in Europe
Get PDFHow do asset prices shape the wealth distribution? Motivated by the different trajectories of European housing markets after the financial crisis, this thesis examines how capital gains, particularly in housing, influence wealth inequality in Europe. Drawing on the ECB’s new Distributional Wealth Accounts, the analysis uses panel regressions that exploit cross-country variation in housing markets. The results show that asset prices have first-order consequences on the wealth distribution, driven by differences in portfolio composition across population groups. Rising house prices benefit the middle 40% and especially the bottom 50%, while a booming stock market concentrates gains in the top 10%. These effects are robust across specifications but vary substantially across countries, reflecting institutional and portfolio differences. Simulations of alternative price scenarios show that housing booms can slow concentration. However, no country saw house prices grow fast enough to reverse the upward trend in top wealth shares in Europe. Together, the results provide detailed insights into the distributional effects of asset prices in Europe, with implications for both monetary and housing policy
Factors Influencing Maize Sales Among Smallholder Farmers in Zambia
Get PDFMaize is both Zambia’s staple food crop and a key cash crop for smallholder farmers, yet the commercialization of maize production remains constrained by structural, economic, and institutional barriers. This study investigates the determinants of maize sales among smallholder farmers using nationally representative data from the 2015 Rural Agricultural Livelihoods Survey (RALS), covering over 8,800 agricultural households. A multiple linear regression model was employed to assess the influence of socioeconomic, farm-level, institutional, and market-related factors on maize sales. Results indicate that maize commercialization is primarily shaped by economic and production-oriented variables rather than socio-demographic characteristics. Specifically, higher maize prices, larger cultivated areas, the use of hired labor, coupled with higher transport costs significantly increase maize sales, while reliance on unreliable price information exerts a strong negative effect. Conversely, factors such as gender, age, education, and distance to market were statistically insignificant, suggesting that structural constraints affect all farmers equally. These findings highlight the need for systemic interventions that reduce transaction costs through improved infrastructure, strengthen access to timely and reliable market information, and enhance production capacity via land access, input provision, and labor support. By addressing these universal barriers, policymakers and development partners can facilitate the transition of Zambia’s smallholder farmers from subsistence to market-oriented production, thereby improving rural incomes, food security, and national agricultural commercialization
Regional Inflation Spillovers and Monetary Policy Design: Evidence from Peru's Successful Inflation-Targeting Framework
Get PDFDespite being an emerging economy, Peru has achieved superior post-pandemic disinflation compared to major developed economies, making its regional inflation dynamics globally instructive for monetary policy design. This study investigates Lima's suitability as Peru's inflation-targeting anchor by analyzing regional spillovers across nine economic regions using monthly CPI data (2002-2024). Employing both Diebold-Yilmaz time-domain and Baruník-Křehlík frequency-domain frameworks, we quantify the direction, magnitude, and persistence of inflation transmission. Results reveal strong regional interdependence (73.60% total spillover index) with Lima as the dominant net transmitter (23.94 percentage points). However, frequency decomposition uncovers striking cyclical heterogeneity: Lima receives short-run shocks from food-producing regions but dominates long-run transmission (44.70% vs. 28.99% frequency spillover index). Rolling-window analysis during COVID-19 shows temporary spillover disruption (connectivity declining from 75% to 68%) followed by recovery during 2022's inflationary surge. Robustness checks across specifications, granular city-level data, and three-band frequency segmentation confirm Lima's structural centrality at lower frequencies. These findings validate the Central Reserve Bank's Lima-centered approach for long-run targeting while revealing asymmetric frequency-dependent spillovers. The presence of short-run regional shocks suggests integrating upstream agricultural signals could enhance near-term forecasting and policy responsiveness
Educational pathways and earnings trajectories of second-generation immigrants in Australia: New insights from linked census-administrative data
Get PDFThis study employs 2011 Census data linked to population-based administrative datasets to explore disparities in educational attainment and earnings trajectories among Australian-born children of diverse parental migration backgrounds from mid-adolescence to early adulthood. Non-English Speaking Background (NESB) second-generation immigrants exhibit superior academic outcomes, primarily driven by children of parents from select Asian countries. These individuals are more likely to complete higher education, particularly bachelor’s and master’s degrees, and specialise in fields such as management and commerce, health, natural and physical sciences, and engineering. Children of NESB immigrant parents initially earn less than their peers with Australian-born parents at ages 21–22. However, this gap closes by ages 23–24 and reverses by ages 26–27, with children of NESB fathers out-earning their counterparts by ages 28–29. Conversely, children of English-Speaking Background (ESB) immigrant parents, who exhibit weaker academic performance, also experience lower earnings compared to peers with Australian-born parents. This disparity emerges by ages 22–23 and widens throughout the study period, peaking at ages 28–29. The findings underscore the academic and economic advantages of NESB second-generation immigrants, contrasting with the challenges faced by ESB migrant counterparts. Overall, the results highlight the critical role of education in supporting the economic integration of migrants and their descendants in the host country
Why labor-managed firms may not be socially desirable
Get PDFWe employ a game-theoretic model to analyze five duopoly regimes: (1) state-owned and labor-managed firms, (2) labor-managed firms, (3) state-owned and capitalist firms, (4) capitalist firms, and (5) capitalist and labor-managed firms. We compare the welfare outcomes across these regimes and find that labor-managed firms may not be socially desirable due to their adverse impact on economic welfare. This may help explain why labor-managed firms are relatively rare compared to capitalist firms
Tourism Workforce Trends in Europe: Employment Patterns, Regulation, and Recovery
Get PDFTourism is a major contributor to European employment, yet the sector is characterized by part-time work, seasonal fluctuations, informal employment, and gender disparities. This paper synthesizes recent empirical evidence and numerical data from Eurostat, OECD, and national case studies in Poland, Greece, and Italy to examine post-pandemic tourism labour market trends. Findings show that while tourism creates substantial employment—including spillover jobs in retail and transport—vulnerabilities persist, particularly for informal and female workers. For example, in Greece, 12–15% of tourism jobs are informal, while in Poland, employment dropped 28% during the COVID-19 pandemic, later recovering to ~90% of pre-pandemic levels. The analysis also highlights the role of labour market regulations, workforce sustainability, and skills development in shaping employment outcomes. Policy recommendations focus on balancing flexibility with security, promoting gender equity, supporting workforce development, and utilizing data-driven monitoring. The paper concludes that tourism employment can evolve from a source of vulnerability into a resilient, inclusive, and sustainable sector, provided that regulatory, social, and training interventions are effectively implemented
Socioeconomic, Educational, and Policy Determinants of CO₂ Emissions in Europe: A Comprehensive Review
Get PDFEnvironmental sustainability in Europe is influenced by a complex interplay of socioeconomic development, education, and public policy interventions. This literature review examines how income levels, urbanization, industrial activity, and educational attainment affect CO₂ emissions, with a focus on the role of primary and secondary education in shaping environmental behaviors. Evidence indicates that well-designed policy measures—including emissions regulations, renewable energy incentives, urban planning reforms, and environmental education programs—can mitigate environmental pressures, particularly when integrated with socioeconomic and educational factors. The review also identifies gaps in long-term policy evaluation, the interaction of multiple determinants, and disparities across regions and populations. Findings provide insights for policymakers and researchers seeking to develop integrated strategies that reduce CO₂ emissions, promote sustainable development, and ensure equitable environmental outcomes across European countries
Regulatory sandboxes in the furniture industry: Challenges and opportunities
Get PDFThis report analyses the potential of regulatory sandboxes as an instrument to stimulate innovation in the Bulgarian furniture industry, with a focus on testing smart furniture. Through the use of SWOT analysis, the strengths, weaknesses, opportunities, and threats associated with introducing regulatory laboratories in the furniture sector are identified. Through a case study analysis, regions in Bulgaria with different levels of potential for the pilot implementation of regulatory sandboxes are suggested
A two-sector model of optimal growth in which labour is employed only in the industry of investment goods: A complete characterization of equilibrium paths
Get PDFIn this paper, I develop a two-sector growth model with endogenous labour supply in which labour is employed only in the production of investment goods. From a theoretical point of view, I show that no matter the shape of the technology to produce consumption goods, a convex technology in the sector of investment goods is necessary and sufficient for a meaningful stationary solution and the determinacy of equilibrium trajectories. In addition, from a numerical perspective, I show that a calibrated version of the model relaxes the complementarity between the propensity to consume and to save and it is also able to provide a rationale for the procyclical patterns of the relative price of capital goods and the real wage