16 results
Search Results
2. Innovation vs inertia: Entrepreneurial governments in 21st‐century rural Alberta.
- Author
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Hallstrom, Lars
- Subjects
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COMMUNITIES , *BUSINESS cycles , *MUNICIPAL government , *CITIES & towns , *RURAL development , *PROVINCIAL governments , *RURAL poor - Abstract
Rural development in Alberta is a long‐standing challenge, with local communities and economies often stuck between economic cycles, fiscal largesse from the Provincial Government, and a historical pattern of conservative leadership that seeks to leave the private sector unimpeded. As a result, many rural communities now face significant economic, social, political, and ecological challenges that, while not unique to Alberta, are marked by only modest innovation and a tendency to return to previous developmental initiatives. This paper is focused upon identifying the common challenges facing municipal government in the province, but also accounting for the inertial dynamics within municipal politics. Drawing from qualitative data collected from rural municipalities, it seeks to situate contemporary adaptive economic strategies and initiatives within the dominant public ideology of the province. This paper argues that while reform initiatives undertaken in the province broadly align with pragmatic municipalism as a necessary response to decades of neoliberal austerity and inertia, that pragmatism is tempered by a provincial rationality that limits, rather than enhances, the likelihood of meaningful change. This rationality, and its effects, are explained through four fallacies: home rule, agency, the Golden Age, and homogeneity. Key Messages: Albertan municipalities are innovative and pragmatic, and not solely embedded in reducing costs due to budgetary constraints.Provincial governments have a long history of limiting institutional, jurisdictional, or legislative changes that could facilitate municipal sustainability.Choices for municipalities are structured by an institutional inertia that rhetorically emphasizes the autonomy, individualism, responsibility, and accountability of rural municipalities. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
3. The variegated role of proximities in acquisitions by domestic and international companies in different phases of economic cycles.
- Author
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Kvĕtoň, Viktor, Bĕlohradský, Aleš, and Blažek, Jiří
- Subjects
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BUSINESS cycles , *FINANCIAL crises , *BUSINESS enterprises - Abstract
This paper aims at an understanding of acquisition processes in a strongly industrialized and export‐oriented economy in Central Europe. Drawing on a proximity framework and behaviour theory, the paper investigates that the geographical proximity dimension is more influential than the cognitive proximity dimension. At the same time, cognitive proximity matters more for foreign firms investing into the economy than for domestic acquisitions. While the role of cognitive proximity diminished during the economic crisis, geographical proximity keeps its importance throughout the economic cycle. Moreover, cognitive proximity has become more important for acquisitions of large companies and less for SMEs. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
4. House price volatility in China: Demand versus supply.
- Author
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Germaschewski, Yin
- Subjects
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HOME prices , *SUPPLY & demand , *BUSINESS cycles , *HOUSING developers , *PRICE fluctuations - Abstract
This paper studies the transmission mechanisms that underlie China's house price fluctuations using a dynamic stochastic general equilibrium (DSGE) model. The model is estimated with Bayesian methods, which accounts well for business cycle properties of the housing market. Results show that shocks to housing productivity and the government land supply to housing developers are the primary contributors to house price volatility, accounting for 37% of house price volatility in the short run and 32% in the long run. The importance of housing valuation shocks and shocks to migration only increases in models without the supply side of the housing market. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
5. Reflection on the Springer Nature initial public offering attempts in an evolving academic publishing market.
- Author
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Teixeira da Silva, Jaime A. and Fassin, Yves
- Subjects
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SCHOLARLY publishing , *GOING public (Securities) , *BUSINESS cycles , *MARKET leaders , *MERGERS & acquisitions - Abstract
Springer Nature became a formidable market leader in academic publishing after a 2015 merger. In 2018, Springer Nature made an initial public offering (IPO) attempt to reduce company debt and fortify company value. Three media sources (Reuters, Bloomberg and Nasdaq) indicated that there was a second IPO attempt in 2020, but neither of those IPO attempts reached fruition. This paper summarizes the main events surrounding those IPOs and offers some possible discussion points about them, including economic and market fluctuations. This case also highlights the highly competitive nature of the commercial publishing landscape in a non‐profit academic environment. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
6. Sticky wages in a world of ideas.
- Author
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Huang, Kevin X. D., Katayama, Munechika, Shintani, Mototsugu, and Tsuruga, Takayuki
- Subjects
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WAGES , *BUSINESS cycles , *PAY for performance , *MONETARY incentives - Abstract
This paper examines the implications of idea production and knowledge capital for monetary business cycles. We construct a sticky‐wage model where workers produce goods based on firm‐specific knowledge capital and researchers develop new ideas aided by economywide knowledge. As a quantitatively small group in the economy, researchers are inconsequential for the real effects of monetary shocks when the returns to research are low. However, when the returns to research are high, the result can be overturned. Monetary shocks can have significant real effects, even if wages are perfectly flexible for workers, who are quantitatively dominant in the economy. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
7. Performance assessment of biomass–geothermal configuration energy resources for cooling and power generation.
- Author
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Xu, Jian, Yao, Yanfei, Ehyaei, M. A., and Ahmadi, Abolfazl
- Subjects
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POWER resources , *RENEWABLE energy sources , *GEOTHERMAL resources , *ENERGY consumption , *BUSINESS cycles , *BIOMASS energy - Abstract
The emission of greenhouse gases from fossil fuels is the main environmental impact of energy resources. Moving toward the use of renewable energy resources is the only solution to tackle these problems. In this paper, a configuration of the hybrid biomass and geothermal energy resource is examined for cooling and electricity generation. In this study, water as a geothermal working fluid is heated up due to combustion of syngas produced in a digester and produce power in a steam turbine. So, the remaining heat of this geofluid runs an absorption chiller for cooling production. The results reveal that the energy and exergy efficiencies of this proposed cycle are 30.8% and 15.5%, respectively. Moreover, the economic analysis of this cycle concludes that the payback period is 2.8 years and the simple payback period for this configuration is 2.6 years. Moreover, the highest exergy destruction rate of 52.4% belongs to the absorption refrigeration cycle. Whereas the lowest exergy destruction of the steam line is the lowest value of 17.4%. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
8. Feasibility evaluation of an off‐grid solar‐biomass system for remote area electrification considering various economic factors.
- Author
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Mohseni, Mohammad, Moosavian, Seyed Farhan, and Hajinezhad, Ahmad
- Subjects
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ECONOMIC impact , *RENEWABLE energy sources , *BUSINESS cycles , *ENERGY consumption , *POWER resources , *CARBON emissions , *RURAL electrification - Abstract
Off‐grid renewable energy systems are a solution for power generation in areas where access to the grid is not possible or cost‐effective; in particular, low population rural areas located far away from grid lines or in rugged terrains. Furthermore, over‐reliance on fossil fuels for supplying global energy demand has led to the depletion of nonrenewable resources and environmental issues. This paper presents a feasibility assessment of an off‐grid hybrid renewable energy system for a remote rural area in Kohgiluye and Boyer‐Ahmad Province in Iran. Regarding the available energy resources in the region, a photovoltaic (PV)‐biomass energy system is considered. HOMER Pro software is utilized to find the optimized sizing of the PV‐biomass system to fulfill this load demand. The objective function in this optimization is the system's total net present cost. Due to the rapid fluctuation of economic factors in the country, several rates of inflation and discount rate are considered to investigate their influence on the costs of the system. The optimization result for the current inflation rate of 40% and the discount rate of 18% in the country proposes a hybrid energy system consisting of a 3 kW biogas‐fueled generator, 4.74 kW PV, 10 kWh battery, and 2.07 kW converter to meet the 2.64 kW peak load and 14.53 kWh/day consumption of the community. The total net present cost and cost of energy are $93,057 and 0.0933 $/kWh, respectively. Finally, the environmental assessment of the proposed hybrid system shows an annual CO2 emission of 2.95 kg, which means 99.9% CO2 emissions mitigation compared to a conventional coal‐based electrical plant. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
9. INTERNATIONAL TRANSMISSION MECHANISM AND WORLD BUSINESS CYCLE.
- Author
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Shen, Yifan and Abeysinghe, Tilak
- Subjects
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BUSINESS cycles , *AUTOREGRESSION (Statistics) , *INTERNATIONAL trade , *DYNAMICS , *MACROECONOMICS - Abstract
Understanding international transmission mechanism that generates the world business cycle is of immense interest. In this paper, we compile a rich global dataset and utilize a trade‐linked structural vector autoregression (SVAR) model with a relatively realistic identification scheme to construct a worldwide dynamic interdependency system. Empirical results indicate that the trade‐linked SVAR system can largely capture the common dynamic properties of national business cycle fluctuations, providing a meaningful transmission foundation to the world business cycle derived from dynamic factor models. Based on the worldwide trade‐linked SVAR system, we further shed light on three crucial topics in international economics. The findings and methods in this paper help to evaluate the macroeconomic consequences of recent trade dispute between world major economies. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
10. Labor supply and the business cycle: The "bandwagon worker effect".
- Author
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Martín‐Román, Ángel L., Cuéllar‐Martín, Jaime, and Moral, Alfonso
- Subjects
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BUSINESS cycles , *LABOR supply , *LABOR market , *SOCIAL influence , *ECONOMETRICS - Abstract
The relationship between labour force participation and the business cycle is a common topic in economic literature. However, few studies have examined if the cyclical sensitivity of labour force participation is influenced by social effects. In this paper, we construct a theoretical model defining a relatively new hypothesis, the bandwagon worker effect (BWE). We use spatial econometrics techniques to test the existence of the BWE in the local labour markets in Spain. Our results reveal a positive spatial dependence in the cyclical sensitivity of labour force participation that decreases as we fix a laxer neighbourhood criterion, which verifies the existence of the BWE. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
11. DOES THE NUMBER OF COUNTRIES IN INTERNATIONAL BUSINESS CYCLE MODELS MATTER?
- Author
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Kim, Myunghyun
- Subjects
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INTERNATIONAL business enterprises , *BUSINESS cycles , *FREE trade , *MACROECONOMICS , *BUSINESS models - Abstract
Until the 1980s, standard models with two large open economies (i.e., the United States and Europe) provided plausible representations of the world economy. However, with the emergence of many developing countries since the 1990s, this approach no longer seems reasonable. In line with this change to the global economic environment, cross‐country output correlations between the United States and other countries have risen. This paper extends the standard two‐country model to many countries to show that doing so produces closer cross‐country correlations to the data. In particular, based on analytical investigation with a simple model and quantitative analysis with a more general model, I show that the cross‐country output correlation rises and the cross‐country consumption correlation falls as the number of countries in the two models increases. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
12. BUSINESS CYCLE FLUCTUATIONS WITH THE DIVISION OF PERMANENT AND TEMPORARY EMPLOYMENT.
- Author
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Chen, Kuan‐Jen, Lai, Ching‐Chong, and Lai, Ting‐Wei
- Subjects
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BUSINESS cycles , *TEMPORARY employment , *LABOR market , *INDUSTRIAL productivity , *ECONOMIC development - Abstract
In the mainstream real business cycle (RBC) model, labor can be viewed as temporary employment since the firm's demand for labor behaves directly in response to stochastic productivity shocks in each period. This paper provides a tractable way of analyzing fluctuations in permanent and temporary employment over the business cycle, as well as the underlying driving forces. This inclusion of heterogeneity helps reconcile the RBC model with the U.S. data given that temporary employees in general only account for a small proportion of total private‐sector employment (about 2%–3%). We draw an explicit division between permanent and temporary employment and resort to this separation to account for stylized facts that characterize a two‐tier labor market. In particular, with regard to the U.S. labor market, our benchmark model can well explain the motivating facts: (1) temporary employment is much more volatile than permanent employment, (2) the share of temporary employment (the ratio of temporary to aggregate employment) exhibits strong pro‐cyclicality, (3) permanent employment lags by two quarters on average, and (4) the correlation between temporary employment and output is stronger than that involving the permanent counterpart. The quantitative analysis suggests that our proposed channels explain the main facts well and the model further provides plausible reasoning for a firm's labor hoarding. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
13. Skill‐Relatedness and Regional Economic Development in Spain during the International Crisis and the Post‐Crisis Period.
- Author
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Sánchez‐Moral, Simón, Vale, Mário, and Arellano, Alfonso
- Subjects
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REGIONAL development , *ECONOMIC development , *BUSINESS cycles , *ECONOMIC indicators - Abstract
The aim of this research was to study the influence of related variety on the economic performance of Spanish provinces during the international crisis (2009–2013) and the post‐crisis period (2014–2018), with the goal of contributing to assess the validity of the skill‐relatedness approach. The research is based on labor flows in a sample of more than one million affiliated workers. Our results confirmed the influence of related variety on the growth of GDP and employment in knowledge‐based industries, in protecting against unemployment, as well as on the creation of new firms, although with marked differences according to the economic cycle. Robustness issues and possible lines of progress using this novel methodology are also discussed. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
14. LEANING AGAINST WINDY BANK LENDING.
- Author
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Melina, Giovanni and Villa, Stefania
- Subjects
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BANK loans , *GENERAL equilibrium theory (Economics) , *MONETARY policy , *BUSINESS cycles , *ECONOMIC shock - Abstract
Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the United States during the Great Moderation. It then shows that the optimized simple interest-rate rule features no response to the growth of bank credit. However, the welfare loss associated to the empirical responsiveness is small. The sources of business cycle fluctuations are crucial in determining whether a 'leaning-against-the-wind' policy is optimal or not. In fact, the predominant role of supply shocks in the model gives rise to a trade-off between inflation and financial stabilization. ( JEL E32, E44, E52) [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
15. NEW FACTS ABOUT FIRM RISK ACROSS COUNTRIES AND OVER THE BUSINESS CYCLE.
- Author
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Moscoso Boedo, Hernan
- Subjects
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GREAT Recession, 2008-2013 , *FINANCIAL risk , *BUSINESS cycles , *RISK management in business , *SMALL business - Abstract
The characteristics of firm-level risk over the cycle and across countries are studied in this paper. Low idiosyncratic firm-level risk is found to be a feature of highly developed, stable economies, whereas the countercyclicality of firm-level risk is associated with flexible as well as stable economies. These facts are uncovered with the help of a theoretical model where small, risk-averse firms display procyclical risk, whereas larger, risk-neutral firms have countercyclical risk patterns that depend on the rigidity of the business environment. The predictions of the model are then confirmed by the data using a large international firm-level database (ORBIS) together with the World Bank Doing Business Database, during the 'Great Recession' across 55 countries. The findings are critical for the growing literature of uncertainty driven business cycles, and show that firm-level uncertainty cannot be treated as an exogenous parameter. ( JEL D21, D22, E32, F44, L11, L25) [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
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16. Local financialization, household debt, and the great recession.
- Author
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Petach, Luke
- Subjects
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CONSUMER credit , *FINANCIALIZATION , *RECESSIONS , *BUSINESS cycles , *HOUSING market - Abstract
To test the relationship between local financial sector activity and household borrowing, I exploit the credit‐supply shock that occurred prior to the Great Recession as a plausibly exogenous source of variation in borrowing behavior. Using a difference‐in‐differences approach I find that per‐capita indebtedness increased by several thousand dollars—approximately 10%—more in states with a large local financial sector during the housing market boom. A similar positive relationship between financialization and indebtedness holds at the county level. These results suggest the growing influence of local financial markets as a fundamental cause of the Great Recession. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
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