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  • 1
    Publication Date: 2019-04-06
    Description: Finding a non-academic job in line with both doctoral graduates’ degree and acquired know-how can be difficult because of insufficient demand for R&D skills in public administration and private enterprise and/or because of the lack of matching between the existing demand and the Ph.D. holders’ specialization. The aim of this paper is to test whether migrating from some regions may improve job-education matching in Italy. The econometric strategy takes into account Ph.D. holders’ selfselection into non-academic employment as well as the endogeneity of the migration choice. Results demonstrate that migration seems to facilitate the possibility of finding better job opportunities. More specifically, only migration within the regions of the centre and north of Italy seems to improve jobeducation matching.
    Keywords: J61 ; J24 ; ddc:330 ; Ph.D. holders ; job-education mismatch ; migration
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Ispra: European Commission, Joint Research Centre (JRC)
    Publication Date: 2019-08-28
    Description: Although, the need for an efficient Roma integration policy is growing in Europe, surprisingly little robust scientific evidence regarding potential policy costs and expected benefits of alternative policy options has supported the policy design and implementation so far. The present study attempts to narrow this evidence gap and aims to shed light on long-run economic, budgetary and fiscal effects of selected education and employment policies for the inclusion of the marginalised Roma in the EU. We employ a general equilibrium approach that allows us to assess not only the direct impact of alternative Roma integration policies but also to capture all induced feedback effects. Our simulation results suggest that, although Roma integration policies would be costly for the public budget, in the medium- to long-run, economic, budgetary and fiscal benefits may significantly outweigh short- to medium-run Roma integration costs. Depending on the integration policy scenario and the analysed country, the full repayment of the integration policy investment (positive net present value) may be achieved after 7 to 9 years. In terms of the GDP, employment and earnings, the universal basic income scenario may have the highest potential, particularly in the medium- to long-run.
    Keywords: I32 ; J6 ; J11 ; J24 ; O17 ; O43 ; ddc:330 ; Roma ; social marginalisation ; education ; labour market ; integration policy ; universal basic income
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
    Publication Date: 2019-08-28
    Description: This study empirically examines interdependencies between BitCoin and altcoin markets in the short- and long-run. We apply time-series analytical mechanisms to daily data of 17 virtual currencies (BitCoin + 16 alternative virtual currencies) and two Altcoin price indices for the period 2013-2016. Our empirical findings confirm that indeed BitCoin and Altcoin markets are interdependent. The BitCoin-Altcoin price relationship is significantly stronger in the short-run than in the long-run. We cannot fully confirm the hypothesis that the BitCoin price relationship is stronger with those Altcoins that are more similar in their price formation mechanism to BitCoin. In the long-run, macro-financial indicators determine the altcoin price formation to a greater degree than BitCoin does. The virtual currency supply is exogenous and therefore plays only a limited role in the price formation.
    Keywords: E31 ; E42 ; G12 ; ddc:330 ; BitCoin ; altcoins ; virtual currencies ; price formation ; supply ; demand ; macroeconomic development
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2019-12-04
    Description: The empirical effectiveness of economic policies that operate theoretically through similar channels differs substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a policy whose implications are harder to understand by non-expert consumers, forward guidance. Both policies aim to stimulate consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead, forward guidance requires that agents understand the inflationary effects of future low interest rates to increase their inflation expectations and spending today. We find households’ inflation expectations and readiness to spend react substantially to unconventional fiscal policy announcements. The reaction is homogeneous across households with different levels of sophistication. Instead, households do not react after forward guidance announcements. These results support recent work stressing the importance of limited cognition for the effectiveness of policies.
    Keywords: D12 ; D84 ; D91 ; E21 ; E31 ; E32 ; E52 ; E65 ; ddc:330 ; expectations ; natural experiments ; consumption ; fiscal policy ; monetary policy ; macroeconomics with micro data
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2020-01-18
    Description: We use administrative and survey-based micro data to study the relationship between cognitive abilities (IQ), the formation of economic expectations, and the choices of a representative male population. Men above the median IQ (high-IQ men) display 50% lower forecast errors for inflation than other men. The inflation expectations and perceptions of high-IQ men, but not others, are positively correlated over time. High-IQ men are also less likely to round and to forecast implausible values. In terms of choice, only high-IQ men increase their propensity to consume when expecting higher inflation as the consumer Euler equation prescribes. High-IQ men are also forward-looking - they are more likely to save for retirement conditional on saving. Education levels, income, socio-economic status, and employment status, although important, do not explain the variation in expectations and choice by IQ. Our results have implications for heterogeneous-beliefs models of household consumption, saving, and investment.
    Keywords: D12 ; D84 ; D91 ; E21 ; E31 ; E32 ; E52 ; E65 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
    Publication Date: 2019-08-28
    Description: The issues of the forced migration and integration of refugees in the EU society and labour markets are high on the policy agenda. Apart from humanitarian aspects, a sustainable integration of accepted refugees is important also for social, economic, budgetary and other reasons. Although, the potential consequences of the refugee acceptance are being often discussed, little scientific evidence has been provided for the policy debate so far in the context of the current refugee crisis. The present study attempts to shed light on the long-run social, economic and budgetary effects of the rapidly increasing forced immigration into the EU by performing a scenario analysis of alternative refugee integration scenarios. Our simulation results suggest that, although the refugee integration (e.g. by the providing language and professional training) is costly for the public budget, in the medium- to long-run, the social, economic and fiscal benefits may significantly outweigh the short-run refugee integration costs. Depending on the integration policy scenario and policy financing method, the annual long-run GDP effect would be 0.2% to 1.4% above the baseline growth, and the full repayment of the integration policy investment (positive net present value) would be achieved after 9 to 19 years.
    Keywords: F22 ; J6 ; J11 ; J24 ; ddc:330 ; Migration ; refugees ; social inclusion ; labour market ; integration policy ; modelling ; scenario analysis ; macroeconomic model
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: This paper examines the potential impacts of East-West migration of talents on the innovative capital and hence the long-run growth prospects in Eastern sending countries. Complementing previous studies, we examine the impact of high skill migration not only on the formation of human capital, but also consider migration's impact on knowledge capital in the sending countries. In line with previous studies we find that in the short- to medium-term high skill migration strictly reduces national innovative capital and hence increases the gap between East and West. However, these effects might be mitigated by factors such as reinforced education of workers, productive investment of remittances, return migration and increased knowledge transfer. Given that the emigration of highly skilled affects human capital differently than knowledge capital, addressing the adverse impacts of the most talented and highly skilled worker emigration efficiently, differentiated policies are required for human capital and knowledge capital.
    Keywords: D50 ; D80 ; F22 ; F24 ; H52 ; I21 ; J24 ; J61 ; O15 ; ddc:330 ; International labour migration ; skilled workers ; growth ; human capital
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: In 2009 the EU adopted a new migration policy instrument - the Blue Cards (BC) - for attracting highly skilled workers to the EU. The present paper examines the potential impacts, which BC may cause on the less developed sending countries (LDC). According to the adopted framework of innovative capital, the BC will reduce human capital in LDC. In addition, BC will also have a negative impact on knowledge capital. These findings suggest that the BC is not coherent with the EU’s development policy. Without appropriate policy responses, BC fade the developing country growth prospects away. In order to address the skill drain issues, we propose and examine alternative migration policy options for the LDC.
    Keywords: F02 ; F22 ; J24 ; J61 ; O15 ; ddc:330 ; African sending countries ; high-skill migration ; EU Blue Cards ; innovative capital ; economic growth ; LDC
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: Recently, the EU Council adopted a new labour migration policy instrument - the EU Blue Cards (BC) - for attracting the highly skilled workers to the EU. The present paper examines the potential impacts, which BC may cause on less developed sending countries (LDC). Our results suggest that the EU BC will reduce human capital in LDC. In addition, BC will also have a negative impact on knowledge capital. These findings suggest that without appropriate policy responses, BC makes developing country growth prospects rather bleak than blue. Therefore, we propose and analyse alternative migration policy instruments for LDC. We find that policies implemented on the demand side of the skilled labour market are the most efficient. In contrast, policies that address the supply side of the skilled labour market are the least efficient, though they might be less costly to implement.
    Keywords: F02 ; F22 ; J24 ; J61 ; O15 ; ddc:330 ; Knowledge capital ; human capital ; high-skill migration ; innovative capital ; economic growth
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: This paper analyses the relationship between BitCoin price and supply-demand fundamentals of BitCoin, global macro-financial indicators and BitCoin’s attractiveness for investors. Using daily data for the period 2009-2014 and applying time-series analytical mechanisms, we find that BitCoin market fundamentals and BitCoin’s attractiveness for investors have a significant impact on BitCoin price. Our estimates do not support previous findings that the macro-financial developments are driving BitCoin price.
    Keywords: E31 ; E42 ; G12 ; ddc:330 ; BitCoin ; exchange rate ; supply-demand fundamentals ; financial indicators ; attractiveness
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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