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Quantitative easing in the euro area: implications for income and wealth inequality
Stojanović, Dušan
2023 - English
This study examines how and to what extent quantitative easing of the ECB affects household income and wealth inequality in the euro area. Previous theoretical models have investigated the dynamics of inequality measures through differential access of households to financial/capital market (the portfolio rebalancing channel), neglecting the labor market differential (the earnings heterogeneity channel). Although the portfolio rebalancing channel may provide insight into wealth inequality and non-labor income inequality, this is not the case with labor (and thus total) income inequality. To be in line with the empirical evidence on labor income inequality, this study also considers segmented labor market on the basis of capital-skill complementarity in production and asymmetric real wage rigidities. When only financial market segmentation is considered, the quantitative results indicate a drop in total income inequality that is diminished over time, while wealth inequality experiences a rise that gradually becomes weaker. The introduction of the segmented labor market significantly mitigates the observed drop in total income inequality, while a rise in wealth inequality is largely amplified. Given the possible broadening of the ECB’s mandate towards distributional issues in the future, the analysis of segmented labor and financial markets can be more beneficial to the ECB as it provides a clearer picture of the inequality effects.
Keywords:
quantitative easing; capital-skill complementarity; asymmetric real wage rigidity
Fulltext is available at external website.
Quantitative easing in the euro area: implications for income and wealth inequality
This study examines how and to what extent quantitative easing of the ECB affects household income and wealth inequality in the euro area. Previous theoretical models have investigated the dynamics of ...
Good vs. Bad Volatility in Major Cryptocurrencies: The Dichotomy and Drivers of Connectedness
Šíla, Jan; Kočenda, Evžen; Kukačka, Jiří; Krištoufek, Ladislav
2023 - English
Cryptocurrencies exhibit unique statistical and dynamic properties compared to those of traditional financial assets, making the study of their volatility crucial for portfolio managers and traders. We investigate the volatility connectedness dynamics of a representative set of eight major crypto assets. Methodologically, we decompose the measured volatility into positive and negative components and employ the time-varying parameters vector autoregression (TVP-VAR) framework to show distinct dynamics associated with market booms and downturns. The results suggest that crypto connectedness reflects important events and exhibits more variable and cyclical dynamics than those of traditional financial markets. Periods of extremely high or low connectedness are clearly linked to specific events in the crypto market and macroeconomic or monetary history. Furthermore, existing asymmetry from good and bad volatility indicates that information about market downturns spills over substantially faster than news about comparable market surges. Overall, the connectedness dynamics are predominantly driven by fundamental crypto factors, while the asymmetry measure also depends on macro factors such as the VIX index and the expected inflation.
Keywords:
Volatility; Dynamic connectedness; Asymmetric effects; Cryptocurrency
Fulltext is available at external website.
Good vs. Bad Volatility in Major Cryptocurrencies: The Dichotomy and Drivers of Connectedness
Cryptocurrencies exhibit unique statistical and dynamic properties compared to those of traditional financial assets, making the study of their volatility crucial for portfolio managers and traders. ...
Extrapolative income expectations and retirement savings
Cota, Marta
2023 - English
Why do employees’ retirement contributions gradually increase throughout their careers? This paper uses a structural life-cycle model based on household expectations data to explain workers’ retirement contribution decisions. The Michigan Survey of Consumers data shows that young households extrapolate from their recent income realizations and overstate the persistence and volatility of their future income. The structural life-cycle model with extrapolative expectations quantifies the difference in retirement contribution rates compared to rational expectations. Contrary to rational workers, extrapolative workers’ contributions match the data on retirement contributions over the life cycle. Consequently, mandating automatic enrollment yields negligible effects on retirement savings.
Keywords:
extrapolative expectations; forecast errors; illiquid savings
Fulltext is available at external website.
Extrapolative income expectations and retirement savings
Why do employees’ retirement contributions gradually increase throughout their careers? This paper uses a structural life-cycle model based on household expectations data to explain workers’ ...
Determinants of Financial Inclusion in Africa and OECD Countries
Kočenda, Evžen; Eshun, S. F.
2023 - English
Sub-Saharan Africa (SSA) has been identified as one of the least financially inclusive regions in the world with a huge disparity in comparison to highly financially inclusive regions. Using a dynamic panel data analysis, we explore the factors influencing financial inclusion in Sub-Saharan Africa (SSA) using countries belonging to the Organisation for Economic Co-operation and Development (OECD) as a benchmark. We employ the System Generalized Method of Moments (GMM) estimator and assess 31 SSA and 38 OECD countries from 2000-2021. We show that the differences in trade openness, banks' efficiency, income, and remittances are some macro-level factors that explain the variation in financial inclusion levels. We highlight the importance of quality literacy policies, trade improvement with restrictions on cross-border capital flows, and a more efficient financial system to promote financial inclusion.
Keywords:
Financial Inclusion; Financial Inclusion Index; Sub-Saharan Africa
Fulltext is available at external website.
Determinants of Financial Inclusion in Africa and OECD Countries
Sub-Saharan Africa (SSA) has been identified as one of the least financially inclusive regions in the world with a huge disparity in comparison to highly financially inclusive regions. Using a dynamic ...
Social ties at work and effort choice: experimental evidence from Tanzania
Chegere, M.; Falco, P.; Menzel, Andreas
2023 - English
Many firms hire workers via social networks. Whether workers who are socially connected to their employers exert more effort on the job is an unsettled debate. We address this question through a novel experiment with small-business owners in Tanzania. Participants are paired with a worker who conducts a real-effort task, and receive a payoff that depends on the worker’s effort. Some business owners are randomly paired with workers they are socially connected with, while others are paired with strangers. With a design that is sufficiently powered to detect economically meaningful effects, we find that being socially connected to one’s employer does not affect workers’ effort.\n
Keywords:
firms; hiring; productivity
Fulltext is available at external website.
Social ties at work and effort choice: experimental evidence from Tanzania
Many firms hire workers via social networks. Whether workers who are socially connected to their employers exert more effort on the job is an unsettled debate. We address this question through a novel ...
Human capital affects religious identity: causal evidence from Kenya
Alfonsi, L.; Bauer, Michal; Chytilová, Julie; Miguel, E.
2023 - English
We study how human capital and economic conditions causally affect the choice of religious denomination. We utilize a longitudinal dataset monitoring the religious history of more than 5,000 Kenyans over twenty years, in tandem with a randomized experiment (deworming) that has exogenously boosted education and living standards. The main finding is that the program reduces the likelihood of membership in a Pentecostal denomination up to 20 years later when respondents are in their mid-thirties, while there is a comparable increase in membership in traditional Christian denominations. The effect is concentrated and statistically significant among a sub-group of participants who benefited most from the program in terms of increased education and income. The effects are unlikely due to increased secularization, because the program does not reduce measures of religiosity. The results help explain why the global growth of the Pentecostal movement, sometimes described a “New Reformation”, is centered in low-income communities.
Keywords:
human capital; economic conditions; religious denomination
Fulltext is available at external website.
Human capital affects religious identity: causal evidence from Kenya
We study how human capital and economic conditions causally affect the choice of religious denomination. We utilize a longitudinal dataset monitoring the religious history of more than 5,000 Kenyans ...
Characterization of five mosaic mortar beds from Austria produced by A. Neuhauser/Tiroler Glasmalerei and J. Pfefferle
Bauerová, Pavla; Frankeová, Dita; Slížková, Zuzana
2023 - English
The report contains the results of material analyses of five mortar beds of mosaics produced by the Austrian studios Neuhauser/Tiroler Glasmalerei and Josef Pfefferle. The analysed samples come from mosaics made at the turn of the 19th and 20th centuries and located in various places in Tyrol. The mortars were analysed by SEM-EDS and thermal analysis. The results showed that, in addition to traditional materials such as marble dust, they also contain atypical or innovative components such as waste ceramic and glass shards or early Portland cement.
Keywords:
SEM-EDS analysis; historic mortar; mosaic; thermal analysis
Available at various institutes of the ASCR
Characterization of five mosaic mortar beds from Austria produced by A. Neuhauser/Tiroler Glasmalerei and J. Pfefferle
The report contains the results of material analyses of five mortar beds of mosaics produced by the Austrian studios Neuhauser/Tiroler Glasmalerei and Josef Pfefferle. The analysed samples come from ...
Measurements on Turbine Cascade KOBRA
Luxa, Martin; Hála, Jindřich; Šimurda, David
2023 - English
The report contains results and evaluation of aerodynamic measurement on a blade cascade representing the section imitating the conical stream line in the last rotor row of a gas trubine under considerable off-design condition. The research report contains detailed specifications of the measured model, overview of the results of the optical measurements (interferometry, schlieren method in Toepler configuration) and pneumatic measurements (traversing with five hole conical probe downstream the cascade).
Keywords:
turbine cascade; turbine off-design condition; tarnsonic flow
Available at various institutes of the ASCR
Measurements on Turbine Cascade KOBRA
The report contains results and evaluation of aerodynamic measurement on a blade cascade representing the section imitating the conical stream line in the last rotor row of a gas trubine under ...
Fish stock survey of the Lake Sevan in 2023 – final report
Prchalová, Marie; Kubečka, Jan
2023 - English
Final report on survey of fish stock of the Lake Sevan in July 2023.
Keywords:
gillnets; hydroacoustics; biomass
Available at various institutes of the ASCR
Fish stock survey of the Lake Sevan in 2023 – final report
Final report on survey of fish stock of the Lake Sevan in July 2023.
Novel embedding resins for 3D-SEM
Šlouf, Miroslav; Pavlova, Ewa; Strachota, Beata; Strachota, Adam; Nebesářová, Jana; Týč, Jiří; Krzyžánek, Vladislav; Skoupý, Radim
2022 - English
The report contains the detailed analysis of novel embedding resins for 3D-SEM.
Keywords:
novel embedding resins; 3D-SEM microscopy; higher e-beam resistance
Available at various institutes of the ASCR
Novel embedding resins for 3D-SEM
The report contains the detailed analysis of novel embedding resins for 3D-SEM.
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