Number of found documents: 931
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The effects of government spending in segmented labor and financial markets
Stojanović, Dušan
2023 - English
This paper develops a model with high-skilled and low-skilled workers to show the expansionary effects of government spending despite large training costs for new hires. The main idea is that a fiscal stimulus induces changes in the composition of the labor force conditional on the extent of aggregate demand pressure. A period of high aggregate demand pressure is followed by a high value of forgone output as training activity causes production disruption. In this period firms decide to hire more low-skilled workers, who constitute a cheaper part of the labor force. When aggregate demand pressure is diminished, firms switch to hiring more high-skilled workers. However, the current literature considers only high-skilled workers, who tend to increase saving in government bonds to protect against poor employment prospects. In this case, the combination of weak employment prospects and the crowding-out effects of higher lump-sum taxes and government debt on private consumption and capital investment gives rise to recessionary effects. In contrast, this paper provides a model with a more realistic labor and financial market structure and suggests that countercyclical government spending in the form of government consumption and especially government investment can be used to deal with recessions.\n Keywords: government spending; training cost; search and match frictions Fulltext is available at external website.
The effects of government spending in segmented labor and financial markets

This paper develops a model with high-skilled and low-skilled workers to show the expansionary effects of government spending despite large training costs for new hires. The main idea is that a fiscal ...

Stojanović, Dušan
Národohospodářský ústav, 2023

Sexual-orientation discrimination and biological attributions: experimental evidence from Russia
Baghumyan, Gayane
2023 - English
Understanding what drives discriminatory behavior is important in order to identify the best strategy to combat it. In this study, I exogenously manipulate participants’ beliefs about the origins of sexual orientation by providing evidence that supports biological causes of homosexuality. I employ money allocation tasks to measure discrimination. This allows me to causally identify the impact of information on discriminatory behavior. I first document the prevalence of discrimination against individuals with same-sex partners in Russia. On average, roughly 54% of participants exhibit discriminatory behavior against profiles with same-sex partners by allocating 16 percentage points less money to them. Further, the results suggest that exposure to evidence on the biological causes of homosexuality negatively affects discriminatory behavior. Participants in the treatment group allocate less money to profiles with same-sex partners, relative to participants in the baseline group. Potential rationales for this behavior could include the following: (i) the provision of information that contradicts existing beliefs might cause cognitive dissonance, triggering irritation and intensifying discriminatory tendencies, (ii) the information might foster beliefs that individuals in same-sex partnerships are fundamentally ’other’ - even at a biological level - thereby widening the perceived social gap between participants and these sexual minority groups and fostering discrimination further. Keywords: discrimination; information; sexual minorities Fulltext is available at external website.
Sexual-orientation discrimination and biological attributions: experimental evidence from Russia

Understanding what drives discriminatory behavior is important in order to identify the best strategy to combat it. In this study, I exogenously manipulate participants’ beliefs about the origins of ...

Baghumyan, Gayane
Národohospodářský ústav, 2023

Platy učitelů v roce 2022 a výhled: cesta z propasti a zase zpět
Münich, Daniel; Smolka, Vladimír
2023 - Czech
Výše relativních učitelských platů spoluurčuje atraktivitu učitelské profese a zajišťuje dostatečný zájem o profesi. Výběrovost profese, jak na straně vysokoškolské přípravy, tak během kariéry, spoluurčuje kvalitu vzdělávání. Tyto procesy se realizují dlouhodobě průběžnými příchody a odchody do a z profese a dalším vzděláváním. Proto lze dopady učitelských platů na zájem o profesi, kvalitu práce učitelů a vzdělávací výsledky země vysledovat až s dlouhodobým odstupem. The relative amounts of teachers‘ salaries helps to define the attractiveness of entering the teaching profession and can be a component in ensuring sufficient interest in the profession. Selectivity into teaching, both at entry and throughout the career, determines the quality of education. These processes are realised in the long term through continuous entries and exits from teaching, and ongoing training during the career. Therefore, the effects of teacher salaries on interest in entering the profession, the quality of teachers' work, and ultimately a country's educational outcomes can only be tracked over the long term. Keywords: teachers’ salaries; Czech Republic Fulltext is available at external website.
Platy učitelů v roce 2022 a výhled: cesta z propasti a zase zpět

Výše relativních učitelských platů spoluurčuje atraktivitu učitelské profese a zajišťuje dostatečný zájem o profesi. Výběrovost profese, jak na straně vysokoškolské přípravy, tak během kariéry, ...

Münich, Daniel; Smolka, Vladimír
Národohospodářský ústav, 2023

Máme příliš mnoho vysokoškoláků? Co lze vyčíst z celoživotních mzdových profilů
Hrendash, Taras; Jurajda, Štěpán; Münich, Daniel; Doleželová, P.; Mrázek, P.
2023 - Czech
Od počátku nového století došlo v ČR k dynamickému růstu VŠ vzdělané pracovní síly. V ČR k tomu nejdříve přispěl vznik a rozvoj soukromých vysokých škol na konci 90. let a posléze výrazné otevírání veřejných vysokých škol po roce 2005. Podíl VŠ vzdělaných ve věkové skupině 30–34 let se tak během tří dekád více než zdvojnásobil. Nemáme už v Česku z ekonomického pohledu příliš mnoho vysokoškolsky vzdělaných? Odpověď na otázku je důležitá pro rozhodování, do jaké míry by měl stát finančně či jinak podporovat další růst počtu VŠ studentů a absolventů a nakolik by měl občany k počátečnímu a celoživotnímu VŠ studiu motivovat. Odpověď je důležitá i do debaty o potřebě posílení dnes velmi nízké úrovně a rozsahu finanční podpory VŠ studentů. V předkládané studii vytváříme popisné statistiky o mzdách a platech zaměstnanců, které jsou užitečným podkladem pro diskusi o této důležité otázce. Srovnáváme vývoj úrovně mezd a platů vysokoškoláků pro kohorty narozené v letech 1960, 1970, 1980 a 1990. Tyto kohorty se výrazně liší co do zastoupení vysokoškolsky vzdělaných. Zároveň pro tyto kohorty sledujeme vývoj mzdového (platového) poměru mezi absolventy vysokých a středních škol (VŠ/SŠ), tj. procentního rozdílu průměrných, resp. mediánových mezd (platů) středoškolsky a vysokoškolsky vzdělaných zaměstnanců. Since the beginning of the 21st century, the Czech Republic has experienced dynamic growth in its university-educated workforce. This trend was initially driven by the foundation and growth of private universities in the Czech Republic in the late 1990s, followed from 2005 onwards by a substantial opening-up of public universities. The share of the population aged between 30 and 34 with higher education has more than doubled over the course of three decades. From an economic perspective, do we now have too many university graduates in the Czech Republic? The answer to this question is crucial when it comes to deciding the extent to which the state should – financially or otherwise – support future growth in the numbers of university students and graduates, and how much it should encourage citizens to pursue initial or lifelong university education. The answer is also an important factor in debates about the need to increase the currently low financial support available to university students. The study we present here provides descriptive statistics about employees’ wages and salaries, which serve as a useful basis for any discussion of this important question. We compare trends in university-educated employees’ wages and salaries for cohorts born in 1960, 1970, 1980 and 1990. The shares of university graduates in these cohorts differ substantially. Further, we observe trends in the earnings ratio for these cohorts between university- and secondary-educated employees, i.e., the percentage differences between the mean or median earnings of employees with higher education and those of employees with only secondary education. Keywords: university education; human capital; Czech Republic Fulltext is available at external website.
Máme příliš mnoho vysokoškoláků? Co lze vyčíst z celoživotních mzdových profilů

Od počátku nového století došlo v ČR k dynamickému růstu VŠ vzdělané pracovní síly. V ČR k tomu nejdříve přispěl vznik a rozvoj soukromých vysokých škol na konci 90. let a posléze výrazné otevírání ...

Hrendash, Taras; Jurajda, Štěpán; Münich, Daniel; Doleželová, P.; Mrázek, P.
Národohospodářský ústav, 2023

Ruská imperiální válka a potřeba pomoci Ukrajině během války a po ní
Švejnar, Jan
2023 - Czech
V této eseji se na základě historického pohledu na imperiální ambice Ruska a Sovětského svazu zabývám Putinovou invazí na Ukrajinu a potřebou rozhodné pomoci západu Ukrajině během války a po ní. Zdůrazňuji, že role, kterou v západní reakci sehrály země středovýchodní Evropy, byla rozhodující, stejně jako je a v budoucnu může být jiným způsobem rozhodující role Číny. Západní sankce doposud nebyly příliš účinné, protože Evropa nadále dovážela ruskou ropu a plyn a většina západních firem Rusko neopustila. Na globální úrovni Putinova invaze na Ukrajinu také do značné míry předznamenává, že se žádná země nikdy nevzdá svých jaderných zbraní výměnou za bezpečnostní záruky velmocí. In this essay, I use a historical perspective on Russia’s and Soviet Union’s imperial ambitions to examine Putin’s invasion of Ukraine and the need for the West to assist Ukraine decisively during and after the War. I emphasize that the part played by the countries of Central-East Europe in western response has been critical, as is and may in the future be, in a different way, the part played by China. Western sanctions have not been very effective as Europe has continued importing Russian oil and gas and most western firms have not left Russia. At the global level, Putin’s invasion of Ukraine also pretty much ensures that no country will ever give up its nuclear weapons in return for security guarantees by the Great Powers. Keywords: Russia; invasion of Ukraine; assistance Fulltext is available at external website.
Ruská imperiální válka a potřeba pomoci Ukrajině během války a po ní

V této eseji se na základě historického pohledu na imperiální ambice Ruska a Sovětského svazu zabývám Putinovou invazí na Ukrajinu a potřebou rozhodné pomoci západu Ukrajině během války a po ní. ...

Švejnar, Jan
Národohospodářský ústav, 2023

Racial discrimination and lost innovation: evidence from US inventors, 1895–1925
Coluccia, D. M.; Dossi, G.; Ottinger, Sebastian
2023 - English
How can racial discrimination harm innovation? We study this question using data on US inventors linked to population censuses in 1895-1925. Our novel identification strategy leverages plausibly exogenous variation in the timing of lynchings and the name of the victims.\nWe find an immediate and persistent decrease in patents granted to inventors who share their names with the victims of lynchings, but only when victims are Black. We hypothesize that lynchings accentuate the racial content of the victim’s name to patent examiners,\nwho do not observe inventor race from patent applications. We interpret these findings as evidence of discrimination by patent examiners and provide evidence against alternative mechanisms. Keywords: discrimination; innovation; lynchings Fulltext is available at external website.
Racial discrimination and lost innovation: evidence from US inventors, 1895–1925

How can racial discrimination harm innovation? We study this question using data on US inventors linked to population censuses in 1895-1925. Our novel identification strategy leverages plausibly ...

Coluccia, D. M.; Dossi, G.; Ottinger, Sebastian
Národohospodářský ústav, 2023

Quo vadis? Evidence on new firm-bank matching and firm performance following “sin” bank closures
Goncharenko, R.; Mamonov, Mikhail; Ongena, S.; Popova, S.; Turdyeva, N.
2023 - English
In this paper, we analyze how firms search for new lenders after a financial regulator forcibly closes their prior banks, and what happens to the firms’ performance during this transition period. In 2013, the Central Bank of Russia launched a large-scale bank closure policy and started detecting fraudulent (sin) banks and revoking their licenses. By 2020, two-thirds of all operating banks had been shuttered. We analyze this unique period in history using credit register data. First, we establish that before sin bank closures, there was no informational leakage and the borrowing firms remain unaffected. After the closures, there is a clear sorting pattern: poorly-performing firms rush to other (not-yet-detected) sin banks, while profitable firms transfer to financially solid banks. We find that the coupling of poorly-performing firms and not-yet-detected sin banks occurs more frequently when the two sin banks (the prior and the next lender) are commonly owned or when the local banking market is unconcentrated. Finally, we show that during the transition period (i.e., after the sin bank closures and before matching to new banks), poorly-performing firms shrink in size and experience a sharp decline in borrowings and market sales, whereas profitable firms strengthen in terms of employment, investment, and market sales. A potential mechanism involves credit risk underpricing by sin banks: we find that poorly-performing firms (especially commonly owned) received loans at lower interest rates than profitable firms prior to sin bank closures. Keywords: credit register; bank clean-up; regulatory forbearance Fulltext is available at external website.
Quo vadis? Evidence on new firm-bank matching and firm performance following “sin” bank closures

In this paper, we analyze how firms search for new lenders after a financial regulator forcibly closes their prior banks, and what happens to the firms’ performance during this transition period. In ...

Goncharenko, R.; Mamonov, Mikhail; Ongena, S.; Popova, S.; Turdyeva, N.
Národohospodářský ústav, 2023

The price of war: macroeconomic and cross-sectional effects of sanctions on Russia
Mamonov, Mikhail; Pestova, Anna
2023 - English
How much do sanctions harm the sanctioned economy? We examine the case of Russia, which has faced three major waves of international sanctions over the last decade (in 2014, 2017, and 2022). In a VAR model of the Russian economy, we first apply sign restrictions to isolate shocks to international credit supply to proxy for the financial sanctions shocks. We provide a microeconomic foundation for the sign restriction approach by exploiting the syndicated loan deals in Russia. We then explore the effects of the overall sanctions shocks (financial, trade, technological, etc.) by employing a high-frequency identification (HFI) approach. Our HFI is based on each OFAC/EU sanction announcement and the associated daily changes in the yield-to-maturity of Russia’s US dollar-denominated sovereign bonds. Our macroeconomic estimates indicate that Russia’s GDP may have lost no more than 0.8% due to the financial sanctions shock, and up to 3.2% due to the overall sanctions shock cumulatively over the 2014–2015 period. In 2017, the respective effects are 0 and 0.5%, and in 2022, they are 8 and 12%. Our cross-sectional estimates show that the real income of richer households declines by 1.5–2.0% during the first year after the sanctions shock, whereas the real income of poorer households rises by 1.2% over the same period. Finally, we find that the real total revenue of large firms with high (low) TFPs declines by 2.2 (4.0)% during the first year after the sanctions shock, whereas the effects on small firms are close to zero. Overall, our results indicate heterogeneous effects of sanctions with richer households residing in big cities and larger firms with high TFPs being affected the most. Keywords: sanctions news shock; monetary policy; commodity terms-of-trade Fulltext is available at external website.
The price of war: macroeconomic and cross-sectional effects of sanctions on Russia

How much do sanctions harm the sanctioned economy? We examine the case of Russia, which has faced three major waves of international sanctions over the last decade (in 2014, 2017, and 2022). In a VAR ...

Mamonov, Mikhail; Pestova, Anna
Národohospodářský ústav, 2023

Dopady exekucí a nezaměstnanosti na podporu krajní pravice, levice a populismu v České republice v letech 2001–2017
Grossmann, Jakub; Jurajda, Štěpán; Zapletalová, Lucie
2023 - Czech
Ve studii analyzujeme vztahy mezi zvýšeným výskytem exekucí a volební podporou populistických politických stran a stran extrémní levice a pravice na úrovni obcí. In this study, we analyze the relationships between rising rates of distraint orders and electoral support for populist political parties and extreme left and right wing political parties at the local level. Keywords: distraint orders; electoral behaviour; populist political parties Fulltext is available at external website.
Dopady exekucí a nezaměstnanosti na podporu krajní pravice, levice a populismu v České republice v letech 2001–2017

Ve studii analyzujeme vztahy mezi zvýšeným výskytem exekucí a volební podporou populistických politických stran a stran extrémní levice a pravice na úrovni obcí....

Grossmann, Jakub; Jurajda, Štěpán; Zapletalová, Lucie
Národohospodářský ústav, 2023

(Ne)zvyšování sociálních dávek v letech 2012–2023: přehled
Janský, Petr; Kolář, Daniel
2023 - Czech
V tomto přehledu mapujeme vývoj dávek sociálního charakteru v posledních deseti letech ve srovnání s vývojem inflace, průměrných mezd a starobních důchodů. Pokud má být zachována reálná kupní síla dávek, měl by jejich růst odpovídat alespoň inflaci. Pokud má úroveň sociálního zajištění držet krok s dlouhodobým ekonomickým vývojem, měla by se úroveň dávek zvyšovat zhruba tempem růstu mezd v ekonomice a objem výdajů na dávky zhruba tempem růstu HDP. In this overview, we map trends in the value of social benefits over the past ten years and compare them to trends in inflation, average salaries and old age pensions. If the real purchase power of benefits is to remain stable, they should be raised at least at the same rate as inflation. If we want social benefits to continue to provide the same level of financial security, keeping pace with economic developments in the long term, then their value should rise at approximately the same rate as the average salary, and spending on benefits should increase at approximately the same rate as GDP. Keywords: social benefits; real purchase power; inflation Fulltext is available at external website.
(Ne)zvyšování sociálních dávek v letech 2012–2023: přehled

V tomto přehledu mapujeme vývoj dávek sociálního charakteru v posledních deseti letech ve srovnání s vývojem inflace, průměrných mezd a starobních důchodů. Pokud má být zachována reálná kupní síla ...

Janský, Petr; Kolář, Daniel
Národohospodářský ústav, 2023

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