1,721,003 research outputs found
Short-run fluctuations and long-run growth with recursive preferences
No full textWhat is the relationship between short-run fluctuations in economic activity and the long-run evolution of the economy? There is empirical evidence that more perturbed economies tend to grow less. Yet matching this evidence has proven challenging for growth models without market failures. This paper examines the relationship between short-term fluctuations and long-term growth within a complete-market economy featuring Epstein-Zin preferences and unbounded growth driven by human and physical capital accumulation. With these preferences, risk aversion and intertemporal elasticity of substitution are allowed to be independent of each other. When the model is plausibly calibrated, the relationship between the mean and variance of growth turns out to be negative. In most cases, the effect of fluctuations on welfare is found to be negative and sizable, even when the long-run effect on growth is positive
Productivity growth and volatility: how important are wage and price rigidities?
No full textWe study the implications of having different sources of nominal rigidities on the relationship between productivity growth and shocks volatility in a model with procyclical R&D and imperfect competition in goods and labour markets. We show that the effects of uncertainty on long-term growth not only depends on the source of fluctuations, as recent literature shows, but also, and crucially, on whether prices and/or wages are rigid
Pro-environmental attitudes, local environmental conditions and recycling behavior
Full text linkThe paper uses Italian official survey data collected in 2012 from more than 20 thousand households to shed light on the determinants of people's pro-environmental behavior, more specifically the differentiation of domestic waste disposal. A rich interdisciplinary literature has developed to explain why people may make eco-friendly choices, which come at a personal cost and provide benefits accruing largely to other people. The paper contributes to this investigation by jointly considering non-economic (a declared general interest in environmental issues), economic (easy access to recycling bins) and contextual (the perceived condition of the local environment) determinants of recycling. The results show that a higher general interest in environmental issues is associated with an increase in recycling of 7.5 percentage points, while easy access to facilities is associated with an increase in recycling of 5.3 percentage points. More educated households are also more inclined to behave pro-environmentally: a university degree or a Ph.D. is associated with an increase in the probability of recycling of 5.2 percentage points. Finally, the paper provides evidence that locally perceiving environmental degradation is associated with a 5.8 percentage points decrease in the likelihood of recycling. This last result may be explained by bounded rationality and/or conditional social cooperation, which both may lead to an environmental poverty trap. The final message is that the evidence gathered is difficult to reconcile with the "homo oeconomicus"hypothesis still prevailing in standard economic theory and that non-economic determinants have to be properly considered in the formulation of effective environmental policies
Nominal Shocks, Endogenous Growth and the Business Cycle.
No full textThe paper proposes a simple model of wage setting and imperfect competition that takes into account knowledge and human capital accumulation. The author shows that, given increasing returns to reproducible factors, transitory disturbances to output that originate on the demand side of the economy produce permanent upward shifts in the aggregate production function. This implies that the presence of a stochastic trend in the process for income may not be informative per se about the forces driving the cycle. Copyright 1997 by Royal Economic Society.
Long-term growth and short-term volatility: the labour market nexus
No full textWe study the relationship between growth and variability in a DSGE model with nominal rigidities and growth driven by learning-by-doing. We show that this relationship may be positive or negative depending on the impulse source of fluctuations A key role is also played by the Frisch elasticity of labour supply and by institutional features of the labour market. Our general findings are that monetary shocks volatility will generally have a negative effect on growth, while the opposite tends to be true for fiscal and productivity shocks. These findings are somehow consistent with the existing empirical evidence: data show, in fact, a somewhat ambiguous relationship between output growth and real variability, but a generally negative relationship between output growth and nominal variability
Endogenous Growth, Monetary Shocks and Nominal Rigidities
Full text linkWe introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow: (i) monetary volatility negatively affects long-run growth; (ii)the relation between nominal volatility and growth depends on the persistence of the nominal shocks and on the Taylor rule considered; (iii) a Taylor rule with smoothing increases the negative effect of nominal volatility on mean growth
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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