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Journal Cover CESifo Economic Studies
  [SJR: 0.599]   [H-I: 15]   [7 followers]  Follow
   Hybrid Journal Hybrid journal (It can contain Open Access articles)
   ISSN (Print) 1610-241X - ISSN (Online) 1612-7501
   Published by Oxford University Press (OUP) Homepage  [358 journals]
  • Cyclical Unemployment Fluctuations of Immigrants and Natives: Evidence
           from Austria
    • Authors: Prean, N; Mayr, K.
      Pages: 1 - 25
      Abstract: We analyze differences in unemployment between immigrants and natives over the business cycle, using a comprehensive matched employer–employee data set for Austria. We find that the unemployment rate of immigrants from outside the European Economic Area and their individual transition rates into unemployment are significantly more volatile over the cycle than those of natives. We test for existing theories according to which a greater variability in employment can be due to a selection of workers into specific industries, firms, or temporary jobs. We find no evidence for the differential unemployment response of immigrant workers in our sample to be driven by such selection.
      Keywords: E32 - Business Fluctuations; Cycles, J61 - Geographic Labor Mobility; Immigrant Workers
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv013
      Issue No: Vol. 62, No. 1 (2016)
  • Housing Wealth and Retirement Timing
    • Authors: Farnham, M; Sevak, P.
      Pages: 26 - 46
      Abstract: Labor-supply effects of changes in house value are potentially important but empirically neglected. Using the panel Health and Retirement Study merged to local house prices from the Federal Housing Finance Agency, we estimate the effect of house-price changes on actual and planned retirement timing. While we find no effect of house-price changes on the annual probability of retiring, we find that people respond to rising house prices by revising down their expected retirement age. We estimate that a 10% real increase in house value reduces expected retirement age by about 4 months. Our findings suggest that movements in the housing market may have important labor supply implications, especially in areas experiencing steep price declines.
      Keywords: D12 - Consumer Economics: Empirical Analysis, E21 - Consumption; Saving; Wealth, J26 - Retirement; Retirement Policies, R31 - Housing Supply and Markets
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv015
      Issue No: Vol. 62, No. 1 (2016)
  • Forward Guidance at the Zero Lower Bound in a Model of Price-Level
    • Authors: Illing, G; Siemsen, T.
      Pages: 47 - 67
      Abstract: We study monetary policy at the zero lower bound in a traceable three-period model, in which price-level targeting emerges endogenously in the welfare function. We characterize optimal price-level forward guidance under discretion and commitment. Potentially non-monotonic discretionary welfare losses are lowest with perfectly flexible prices. Price-level targeting introduces a new constraint on optimal forward guidance that restricts the credible amount of overshooting. With this constraint, the zero lower bound may be binding even after the shock has abated. We characterize conditions when the commitment to hold nominal rates at zero for an extended period is optimal. Finally, we introduce government spending and show that under persistently low policy rates optimal government spending becomes more front-loaded, while procyclical austerity fares worse than discretionary government spending.
      Keywords: E43 - Determination of Interest Rates; Term Structure of Interest Rates, E52 - Monetary Policy (Targets, Instruments, and Effects), E58 - Central Banks and Their Policies
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv011
      Issue No: Vol. 62, No. 1 (2016)
  • Rules Versus Human Beings, and the Mandate of the ECB
    • Authors: Fratzscher M.
      Pages: 68 - 87
      Abstract: The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial stability, and economic policy. It argues that this debate is not only about the weighing of the benefits against the costs of monetary policy, but it is primarily about the question which mandate the ECB should pursue. This question remains unanswered.
      Keywords: E50 - General, E58 - Central Banks and Their Policies, E60 - General
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv018
      Issue No: Vol. 62, No. 1 (2016)
  • What Makes an Effective Teacher? Quasi-Experimental Evidence
    • Authors: Lavy V.
      Pages: 88 - 125
      Abstract: I estimate in this article the effect of teaching practices on student achievements. I find that teaching based on the instilment of knowledge and comprehension (‘traditional’ teaching), and techniques that endow pupils with analytical and critical skills (‘modern’ teaching) has strong positive effect on test scores. However, a second element of modern teaching, instilment of the capacity for individual study has no effect while transparency, fairness, and feedback in teachers’ conduct with their students improve marginally academic performance. Heterogeneity in these effects suggests that it is best to target the two teaching practices differentially to students of different genders and abilities.
      Keywords: I21 - Analysis of Education, J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv001
      Issue No: Vol. 62, No. 1 (2016)
  • The Heterogeneity of the 'Private School Effect in Italian Primary
    • Authors: Agasisti, T; Murtinu, S, Sibiano, P.
      Pages: 126 - 147
      Abstract: In this study, we have carried out an empirical investigation on the potential differences in school performance between pupils attending public schools and those attending private schools in the most densely populated region of Italy (Lombardy), employing a new data set of about 77,000 students in the final or fifth year (grade 5) of around 1000 schools. This is the first study to be carried out on the effects of private schooling in primary education in Italy. Our analysis uses an Instrumental Variables methodology to test the effectiveness of the voucher plan implemented by the regional government—the Region. The results show that, on average, there is no statistically significant ‘private school effect’. However, when exploring the potential heterogeneity of such effect, we did find that attending a private school is associated with higher performance in standardized test scores for two categories of pupils: immigrants and those from a relatively disadvantaged socio-economic background. From a policy perspective, we believe that private schools at primary level can serve disadvantaged pupils better and so help to improve equal opportunities throughout the entire educational system. These results challenge previous evidence about the role of private schooling in the Italian educational system.
      Keywords: I21 - Analysis of Education
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv008
      Issue No: Vol. 62, No. 1 (2016)
  • An Economic Appraisal of MOOC Platforms: Business Models and Impacts on
           Higher Education
    • Authors: Belleflamme, P; Jacqmin, J.
      Pages: 148 - 169
      Abstract: We use various economic and pedagogical concepts to understand the specificities of MOOC (Massive Online Open Courses) platforms. We discuss how the private provision of MOOCs can be sustained. Using the theory of multisided platforms, we analyze five ways to monetize the MOOC business. We then claim that MOOC platforms can play a key transformative role in the higher education sector by making teaching practices evolve, rather than by replacing incumbent institutions. Finally, we derive a number of directions for public policy.
      Keywords: I21 - Analysis of Education, I23 - Higher Education Research Institutions, L25 - Firm Performance: Size, Diversification, and Scope, L31 - Nonprofit Institutions; NGOs, L86 - Information and Internet Services; Computer Software
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv016
      Issue No: Vol. 62, No. 1 (2016)
  • External Influence as an Indicator of Scholarly Importance
    • Authors: Chan, H. F; Frey, B. S, Gallus, J, Schaffner, M, Torgler, B, Whyte, S.
      Pages: 170 - 195
      Abstract: Although the external influence of scholars has usually been approximated by publication and citation count, the array of scholarly activities is far more extensive. Today, new technologies, in particular Internet search engines, allow more accurate measurement of scholars' influence on societal discourse. Hence, in this article, we analyse the relation between the internal and external influence of 723 top economists using the number of pages indexed by Google and Bing as a measure of external influence. We not only identify a small association between these scholars’ internal and external influence but also a correlation between internal influence, as captured by receipt of such major academic awards as the Nobel Prize and John Bates Clark Medal, and the external prominence of the top 100 researchers.
      Keywords: A11 - Role of Economics; Role of Economists; Market for Economists, A13 - Relation of Economics to Social Values, Z18 - Public Policy
      PubDate: 2016-03-02T00:46:09-08:00
      DOI: 10.1093/cesifo/ifv010
      Issue No: Vol. 62, No. 1 (2016)
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