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  • ddc:330  (26)
  • 2015-2019  (26)
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  • 1
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    Chicago, IL: Federal Reserve Bank of Chicago
    Publication Date: 2018-07-03
    Description: We demonstrate that intergenerational mobility declined sharply for cohorts born between 1942 and 1953 compared to those born between 1957 and 1964. The former entered the labor market prior to the large rise in inequality that occurred around 1980 while the latter cohorts entered the labor market largely afterwards. We show that the rank-rank slope rose from 0.27 to 0.4 and the IGE rose from 0.35 to 0.51. The share of children whose income exceeds that of their parents fell by about 3 percentage points. These findings suggest that relative mobility fell by substantially more than absolute mobility.
    Keywords: ddc:330
    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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    Amherst, MA: University of Massachusetts, Department of Economics
    Publication Date: 2018-06-28
    Description: In this paper we analyze Minskian dynamics in the US economy via an empirical application of Minsky's financing regime classifications to a panel of nonfinancial corporations. First, we map Minsky's definitions of hedge, speculative and Ponzi finance onto firm-level data to describe the evolution of Minskian regimes. We highlight striking growth in the share of Ponzi firms in the post-1970 US, concentrated among small corporations. This secular growth in the incidence of Ponzi firms is consistent with the possibility of a long wave of increasingly fragile finance in the US economy. Second, we explore the possibility of short-run Minskian dynamics at a business-cycle frequency. Using linear probability models relating firms' probability of being Ponzi to the aggregate output gap, which captures short-term macroeconomic fluctuations exogenous to individual firms, we find that aggregate downturns are correlated with an almost zero increased probability that firms are Ponzi. This result is corroborated by quantile regressions using a continuous measure of financial fragility, the interest coverage ratio, which identify almost zero effects of short-term fluctuations on financial fragility across the interest coverage distribution. Together, these results speak to an important question in the theoretical literature on financial fragility regarding the duration of Minskian cycles, and lend support, in particular, to the contention that Minskian dynamics may take the form of long waves, but do not operate at business cycle frequencies.
    Keywords: B5 ; E32 ; G30 ; ddc:330 ; Minsky cycles ; financial fragility ; firm behavior
    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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  • 3
    Publication Date: 2018-07-18
    Description: This study proposes new family-centered measures of access to early care and education (ECE) services with respect to quantity, cost, and quality and uses them to assess disparities in access across locations and socio-demographic groups in Minnesota. These measures are distance-based and use available geographic data to account for the fact that families can cross arbitrary administrative boundaries, such as census tract or ZIP code lines, and thus better reflect the real experiences of families than conventional area-based measures. Combining synthetic family locations simulated from Census demographic and geographic data and information on ECE provider locations, we calculate travel time between the locations of families with young children and ECE providers to measure families' access to providers of different types. The results yield a map of areas with low and high relative ECE access. The average family in Minnesota lives in a location where there are nearly two children for every nearby slot of licensed capacity, however, access to ECE supply varies considerably at the local level. The supply measure can also serve as a weight useful in computing family-centered measures of ECE quality and access costs, incorporating both prices and travel costs, to further characterize the local ECE market from the perspective of families. Improving measures of variation in families' access to ECE quantity, cost, and quality is valuable as policymakers consider expansions to public supports for early learning and ECE entrepreneurs decide where to invest.
    Keywords: J13 ; R12 ; R53 ; H4 ; L84 ; ddc:330 ; child care ; spatial analysis ; public facility location ; services
    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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    Innsbruck: University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon)
    Publication Date: 2018-07-10
    Description: Tournament incentives prevail in labor markets, in particular with respect to promotions. Yet, it is often unclear to competitors how many winners there will be or how many applicants compete in the tournament. While it is hard to measure how this uncertainty affects work performance and willingness to compete in the field, it can be studied in a controlled lab experiment. We present a novel experiment where subjects can compete against each other, but where the number of winners is either uncertain (i.e., unknown numbers of winners, but known probabilities) or ambiguous (unknown probabilities for different numbers of winners). We compare these two conditions with a control treatment with a known number of winners. We find that ambiguity induces a significant increase in performance of men, while we observe no change for women. Both men and women increase their willingness to enter competition with uncertainty and ambiguity, but men react slightly more than women. Overall, both effects contribute to men winning the tournament significantly more often than women under uncertainty and ambiguity. Hence, previous experiments on gender differences in competition may have measured a lower bound of differences between men and women.
    Keywords: C91 ; D03 ; D09 ; ddc:330 ; Gender ; competition ; uncertainty ; ambiguity ; experiment
    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: 2018-07-03
    Description: We study how households choose neighborhoods, how neighborhoods affect child ability, and how housing vouchers influence neighborhood choices and child outcomes. We use two new panel data sets with tract-level detail for Los Angeles county to estimate a dynamic model of optimal tract-level location choice for renting households and, separately, the impact of living in a given tract on child test scores (which we call "child ability" throughout). We simulate optimal location choices and changes in child ability of the poorest households in our sample under various housing-voucher policies. We demonstrate that a Moving-to-Opportunity type voucher, in which people residing in high poverty tracts are given a voucher to move to low-poverty tracts, does not affect child ability as households use the voucher to move to relatively inexpensive, low-impact neighborhoods. When vouchers are restricted such that they can only be applied in tracts with large effects on children, we demonstrate the total benefits of any voucher less than $700 per month exceed the costs and the voucher that maximizes total social surplus is $300 per month.
    Keywords: I24 ; I31 ; I38 ; J13 ; R23 ; R38 ; ddc:330 ; Neighborhood Choice ; Neighborhood Effects ; Moving to Opportunity ; Vouchers
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Zurich: University of Zurich, Department of Economics
    Publication Date: 2018-06-28
    Description: Extensive research in economics explores generosity in monetary allocations. However, generosity often involves the allocation of non-monetary goods or experiences. Existing evidence suggests that generosity may be higher in such contexts, though no direct comparison exists. Here, we compare generosity in decisions that vary whether allocations are monetary or non-monetary. In two experiments, generosity is significantly higher in non-monetary contexts. Thus, the typical monetary laboratory dictator game may underestimate generosity in many nonlaboratory contexts where allocations are non-monetary. We find weaker relationships between individuals' allocation decisions across monetary and non-monetary contexts than for allocations that hold constant the monetary nature of the context.
    Keywords: D03 ; D64 ; C91 ; ddc:330 ; Altruism ; generosity ; non-monetary ; harm ; experiment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
    Publication Date: 2018-11-16
    Description: We examine the impacts of an unconditional cash transfer in Lesotho using an experimental impact evaluation design. We find that the cash transfer led to different outcomes for girls and boys, overall favouring secondary school-aged girls. Girls in this age group were less likely to miss school, spent more time at school, and faced a reduced time burden in household chores. While the general results are maintained in households with a married couple present, in de jure female-headed households, outcomes improved among secondary school-aged boys relative to secondary school-aged girls. By contrast, having the father as recipient was more likely to have positive impacts on girls' schooling, decrease boys' labour in farming while simultaneously increasing boys' labour input in household chores. This puts into question the existence of gender preferences in schooling in Lesotho and suggests that impacts on child welfare are influenced by time and labour constraints and by gender-based differences in opportunity costs of a child's time.
    Keywords: D13 ; I38 ; I25 ; ddc:330 ; cash transfers ; gender ; child schooling ; child time use ; child farm labour ; female-headed households
    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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    London: Institute for Fiscal Studies (IFS)
    Publication Date: 2018-11-16
    Description: The accumulation (and "decumulation") of wealth is a process that has come increasingly under the spotlight in recent years. There is growing policy and societal interest in understanding when, how and why households are building up (and running down) wealth, how this differs between different types of households, and how this process has changed over time and might continue to change in future. Despite this interest, existing evidence for the UK is relatively limited - largely because until recently there has been a lack of good data on wealth holdings of individual households. In this report, we aim to improve understanding of these issues considerably using new data from the Wealth and Assets Survey (WAS). This is a panel survey, which interviews the same households every two years, and collects detailed data on households' wealth (in particular, the level of wealth held in many different types of assets). The first WAS interviews were conducted between 2006 and 2008, and to date there are three "waves" of data available (interviews conducted in 2006-08, 2008-10 and 2010-12). To set the scene, Chapters 2 and 3 describe the distribution and detailed composition of household wealth in Great Britain in 2010-12. We divide household wealth into three broad components - property, financial and pension - and also consider finer categories within these. The analysis shows the following. Total household wealth is distributed very unequally. The wealth of the median household - that is, the household in the middle of the wealth distribution - is £172,000, while 9% of households have no positive net wealth, and 5% of households have in excess of £1.2 million. The Gini coefficient - a commonly used measure of inequality, which takes the value 0 under complete equality and 1 under complete inequality - is 0.65 on total household wealth, compared to 0.40 for household net income. Financial wealth is the most unequally distributed component of wealth, with a Gini coefficient of 0.91, followed by private pension wealth (Gini of 0.73) and then property wealth (net of mortgage debt; Gini of 0.64). Some of the inequality in wealth holdings reflects lifecycle factors. All components of wealth display a "lifecycle" pattern with average wealth increasing with age until around the mid-60s, and then declining thereafter. For example, median total household wealth is £23,000 for those aged 25-34, £382,000 for those aged 55-64 and £173,000 among those aged 85 and over. [...]
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:report
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  • 9
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    Innsbruck: University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon)
    Publication Date: 2018-11-23
    Description: Affirmative action rules are often implemented to promote women on labor markets. Little is known, however, about how and whether such rules emerge endogenously in groups of potentially affected subjects. We experimentally investigate whether subjects vote for affirmative action rules, against, or abstain. If approved by the vote, a quota rule is implemented that favors women in one treatment, but members of an artificially created group based on random color assignment in another treatment. We find that quota rules based on gender are implemented frequently and do not affect the performance of men and women in a contest. Quota rules based on an arbitrary criterion, however, are less often approved and lead to strong individual reactions of advantaged and disadvantaged group members and to efficiency losses. These results show that the effects of affirmative action policies largely depend on whether these policies are viewed favorably within the affected groups.
    Keywords: C91 ; C92 ; D03 ; ddc:330 ; affirmative action ; competition ; discrimination ; experiment ; voting
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
    Publication Date: 2016-02-23
    Description: With the rise of the far-right parties in the European parliamentary elections, concerns over immigration and national identity have again come into the limelight. In this paper, we document the empirical relationships between immigration, native concerns over the economic and cultural impact of immigration, and the rise of rightwing political parties in Europe. Empirical analysis first establishes the critical and distinct roles played by economic and cultural concerns over immigration in determining citizen’s rightward ideology and voting for right-wing parties. Second, we investigate the determinants of economic and cultural concerns over immigration, finding strong and consistent evidence for the salience hypothesis, which suggests that immigrant share of a country’s population shapes citizen concerns over immigration. Thereafter, we document the roles of macro-level economic and cultural channels in determining the strength of salience effects. Finally, we investigate how the characteristics of the immigrant population affect native concerns over immigration.
    Keywords: D72 ; F22 ; Z13 ; ddc:330 ; group threat hypothesis ; attitudes toward immigrants ; cultural threat ; public opinion ; immigration policy ; and right-wing politics
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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