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Displaying results 1 to 25 of 87.

  1. Resolving China's zombies
    tackling debt and raising productivity
    Author: Lam, W. Raphael; Schipke, Alfred; Tan, Yuyan; Tan, Zhibo
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Nonviable 'zombie' firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt... more

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    Nonviable 'zombie' firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to much of the rise in debt, and face weak fundamentals. Empirical results also show that resolving these weak firms can generate significant gains of 0.7-1.2 percentage points in long-term growth per year. These results also shed light on the ongoing government strategy to tackle these issues by evaluating the effects of different restructuring options. In particular, deleveraging, reducing government subsidies, as well as operational restructuring through divestment and reducing redundancy have significant benefits in restoring corporate performance for zombie firms

     
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  2. Firms and the decline in earnings inequality in Brazil
    Author: Alvarez, Jorge; Benguria, Felipe; Engbom, Niklas; Moser, Christian
    Published: November 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit high-dimensional worker and firm fixed effects models to understand the sources of this decrease. Firm... more

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    We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit high-dimensional worker and firm fixed effects models to understand the sources of this decrease. Firm effects account for 40 percent of the total decrease and worker effects for 29 percent. Changes in observable worker and firm characteristics contributed little to these trends. Instead, the decrease is primarily due to a compression of returns to these characteristics, particularly a declining firm productivity pay premium. Our results shed light on potential drivers of earnings inequality dynamics

     
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  3. Finance and employment in developing countries
    the working capital channel
    Author: Dao, Mai; Liu, Lucy Qian
    Published: August 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to... more

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    We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to illustrate how the need for working capital financing of a firm affects the link between financial constraint and the firm's job creation. We show that the effect of relaxing financial constraint on job creation is greater the smaller the firm scale and the more labor-intensive its production structure. We use the World Bank Enterprise Surveys data to test the main predictions of the model, and find strong evidence for the working capital channel of external finance on firm employment

     
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  4. Corporate indebtedness and low productivity growth of Italian firms
    Author: Anderson, Gareth; Raissi, Mehdi
    Published: February 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Productivity growth in Italy has been persistently anemic and has lagged that of the euro area over the period 1999-2015, while the indebtedness of its corporate sector has increased. Using the ORBIS firm-level database, this paper studies the... more

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    Productivity growth in Italy has been persistently anemic and has lagged that of the euro area over the period 1999-2015, while the indebtedness of its corporate sector has increased. Using the ORBIS firm-level database, this paper studies the long-term impact of persistent corporate-debt accumulation on the productivity growth of Italian firms and investigates whether total factor productivity growth varies with the level of corporate indebtedness. We employ a novel estimation technique proposed by Chudik, Mohaddes, Pesaran, and Raissi (2017) to account for dynamics, bi-directional feedback effects, cross-firm heterogeneity, and cross-sectional dependence arising from unobserved common factors (for example, oil price shocks, labor and product market frictions, and stance of global financial cycle). Filtering out the effects of unobserved common factors and controlling for firmspecific characteristics, we find significant negative effects of persistent corporate debt build-up on total factor productivity growth, and weak evidence of a threshold level of corporate debt, beyond which productivity growth drops off significantly. Our results have strong policy implications, for example the design of the tax system should discourage persistent corporate debt accumulation, and effective and timely frameworks to reduce corporate debt overhangs are essential

     
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  5. Structural reforms and firms' productivity
    evidence from developing countries
    Author: Kouamé, Wilfried A.; Tapsoba, Sampawende Jules-Armand
    Published: March 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper assesses the effects of structural reforms on firm-level productivity for 37 developing countries from 2006 to 2014 period. It takes advantage of the IMF Monitoring of Fund Arrangements dataset for reform indexes and the World Bank... more

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    This paper assesses the effects of structural reforms on firm-level productivity for 37 developing countries from 2006 to 2014 period. It takes advantage of the IMF Monitoring of Fund Arrangements dataset for reform indexes and the World Bank Enterprise Surveys for firm-level productivity. The paper highlights the following results. Structural reforms such as financial, fiscal, real sector, and trade reforms, significantly improve firm-level productivity. Interestingly, real sector reforms have the most sizeable effects on firm-level productivity. The relationship between structural reforms and firm-level productivity is nonlinear and shaped by some firms' characteristics such as the financial access, the distortionary environment, and the size of firms. The pace of structural reforms matters since being a 'strong reformer' is associated with a clear productivity dividend for firms. Finally, except for financial and trade reforms, all structural reforms under consideration are bilaterally complementary in improving firm-level productivity. These findings are robust to several sensitivity checks

     
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  6. On the impact of structural reforms on output and employment
    evidence from a cross-country firm-level analysis
    Author: Almeida, Luiza Antoun de; Balasundharam, Vybhavi
    Published: April 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging market economies over the period... more

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    This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging market economies over the period 2003-2014. In line with previous studies, it finds that structural reforms have in general a positive impact on output and employment in the medium term. Furthermore, the paper also assesses whether the impact of structural reforms varies with firm-specific characteristics, such as size, leverage, profitability, and sector. We find evidence that firm characteristics do influence the effectiveness of structural reforms. These findings have relevant policy implications as they help policymakers tailor the design of structural reforms to maximize their payoffs, taking into account their heterogeneous impact on firms

     
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  7. Pouring oil on fire
    interest deductibility and corporate debt
    Author: Dallari, Pietro; End, Nicolas; Miryugin, Fedor; Tieman, Alexander F.; Yousefi, Seyed Reza
    Published: 2018
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a significant driver of leverage, for... more

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    This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a significant driver of leverage, for both small and medium-sized enterprises and larger firms, with its effect accounting for about a quarter of leverage. The strength of this effect differs with firm size, the availability of collateral, income and income volatility, cash flow, and capital intensity. We conclude that leveling the playing field between debt and equity finance through tax policy reform would decrease NFC leverage, reducing economic risks posited by leverage

     
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  8. Digital Advertising and Market Structure
    Implications for Privacy Regulation
    Author: Deisenroth, Daniel; Manjeer, Utsav; Sohail, Zarak; Tadelis, Steve; Wernerfelt, Nils
    Published: July 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    Digital advertising, which uses consumer data to target ads to users, now accounts for most of global ad expenditures. Privacy concerns have prompted regulations that restrict the use of personal data. To inform these policy debates, we develop an... more

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    Digital advertising, which uses consumer data to target ads to users, now accounts for most of global ad expenditures. Privacy concerns have prompted regulations that restrict the use of personal data. To inform these policy debates, we develop an equilibrium model of advertising and market structure to analyze the impact of privacy regulation on market outcomes. We test the model's predictions using the launch of Apple's App Tracking Transparency feature, which created a natural experiment that limited the use of consumer data. Leveraging data from all U.S. advertisers on Meta combined with offline administrative data, we find that reductions in digital ad effectiveness led to decreases in investments in advertising, increases in market concentration, and increases in product prices. These effects are economically meaningful in magnitude and suggest potential harms to both firms and consumers from privacy regulation

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32726
    Subjects: Datenschutz; Online-Marketing; Marktstruktur; Differenz von Differenzen; USA; Firm Behavior: Empirical Analysis; General; Other; Government Policy and Regulation
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  9. The Speed of Firm Response to Inflation
    Author: Yotzov, Ivan; Bloom, Nicholas; Bunn, Philip; Mizen, Paul; Thwaites, Gregory
    Published: July 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper analyses the response of firms to monthly CPI inflation releases using high-frequency data from a large economy-wide business survey. CPI inflation perceptions respond very quickly, in a matter of hours after the release. We also find that... more

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    This paper analyses the response of firms to monthly CPI inflation releases using high-frequency data from a large economy-wide business survey. CPI inflation perceptions respond very quickly, in a matter of hours after the release. We also find that firms' expected own-price growth has a strong positive correlation with changes in CPI inflation, particularly for increases in inflation. This sensitivity is stronger when inflation is high. Firms are also more responsive when inflation coverage in the media is elevated and appear to have had a supply-side view of the economy since 2022: higher aggregate inflation leads to lower expected sales volume growth and higher expected cost growth. Firms also seem to anticipate the monetary policy response, as positive inflation changes are associated with higher expected borrowing rates

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32731
    Subjects: Inflation; Ankündigungseffekt; Elektronisches Handelssystem; Preismanagement; Absatz; Kosten; Großbritannien; Survey Methods; Sampling Methods; Firm Behavior: Empirical Analysis; Expectations; Speculations; Price Level; Inflation; Deflation
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  10. Firm Climate Investment
    A Glass Half-Full
    Author: Srivastava, Prachi; Bloom, Nicholas; Bunn, Philip; Mizen, Paul; Thwaites, Gregory; Yotzov, Ivan
    Published: October 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We analyse the importance of climate-related investment using a large economy-wide survey of UK firms. Over half of firms expect climate change to have a positive impact on their investment in the medium term, with around a quarter expecting a large... more

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    We analyse the importance of climate-related investment using a large economy-wide survey of UK firms. Over half of firms expect climate change to have a positive impact on their investment in the medium term, with around a quarter expecting a large impact of over 10%. Around two-thirds of these investments are expected to be in addition to normal capital expenditure, with some firms investing less elsewhere. These investments will be driven by larger firms as well as those in more energy-intensive sectors. Climate investments are expected mainly in switching to green energy sources and improving energy efficiency, and firms expect to finance these mainly using internal cash reserves. Overall, although firms are expecting to invest more resources in adapting to climate change, under reasonable assumptions, these investments are still not sufficient to meet the estimated targets implied by the UK Net Zero Pathway

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: NBER working paper series ; no. w33081
    Subjects: Investitionsentscheidung; Erneuerbare Energie; Energieeinsparung; Großbritannien; Survey Methods; Sampling Methods; Firm Behavior: Empirical Analysis; Intertemporal Firm Choice: Investment, Capacity, and Financing; Expectations; Speculations
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  11. Firm-to-Firm Referrals
    Author: Cai, Jing; Lin, Wei; Szeidl, Adam
    Published: October 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We make randomized firm-to-firm referrals between 700 supplier and client firms in the industry producing the Chinese writing brush. Subsidized referrals lead to subsequent transactions and a partial crowding out of prior partners; information-only... more

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    We make randomized firm-to-firm referrals between 700 supplier and client firms in the industry producing the Chinese writing brush. Subsidized referrals lead to subsequent transactions and a partial crowding out of prior partners; information-only referrals have no effect. The referrals increase revenue, profit, and hours worked in supplier firms and growth-oriented client firms. Treated suppliers increase product quality, while treated clients expand product variety into higher-quality products, suggesting that the referrals enable complementary upgrading. Treated firms increase beliefs about the value of partners, search for partners, and the number of non-referred partners, suggesting that pessimistic beliefs is a key partnering friction. The referrals generate very large private and social returns

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w33082
    Subjects: Unternehmenskooperation; Feldforschung; China; Theorie; Firm Behavior: Empirical Analysis; General; Microeconomic Analyses of Economic Development
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  12. Technology Adoption and Career Concerns
    Evidence from the Adoption of Digital Technology in Motion Pictures
    Author: Goehring, Grant; Mezzanotti, Filippo; Ravid, Simon Abraham
    Published: August 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper studies the impact of career concerns on technological change by analyzing the adoption of digital cinematography in the US motion picture industry. This setting allows us to collect rich data on the adoption of this new technology at the... more

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    This paper studies the impact of career concerns on technological change by analyzing the adoption of digital cinematography in the US motion picture industry. This setting allows us to collect rich data on the adoption of this new technology at the project-level (i.e., movie) as well as on the career of the main decision maker (i.e., director). We find that early career directors played a leading role in the adoption of digital technology and that this effect appears to be explained by career concerns, rather than alternative motives we consider and analyze. Technological savviness also plays a role

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: NBER working paper series ; no. w32844
    Subjects: Filmwirtschaft; Digitalisierung; Technischer Fortschritt; Innovationsakzeptanz; Innovationsdiffusion; Digitale Kompetenz; Erwerbsverlauf; USA; Firm Behavior: Empirical Analysis; Firm Objectives, Organization, and Behavior; Other
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  13. Digitalization and tax compliance spillovers
    evidence from a VAT e-invoicing reform in Peru
    Author: Bellon, Matthieu; Chang, Jillie; Dabla-Norris, Era; Khalid, Salma; Paliza, Juan Carlos; Villena, Pilar
    Published: 2022 MAR
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Our study uses administrative data on firm-to-firm transactions and quasi- experimental variation in the rollout of electronic invoicing reforms in Peru to study the diffusion of e-invoicing through firm networks and its effect on tax compliance. We... more

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    Our study uses administrative data on firm-to-firm transactions and quasi- experimental variation in the rollout of electronic invoicing reforms in Peru to study the diffusion of e-invoicing through firm networks and its effect on tax compliance. We find that voluntary e-invoicing adoption is higher amongst firms with partners who are mandated to adopt e-invoicing, implying positive technology adoption spillovers. Spillovers are stronger from downstream partners and from export-oriented firms. Firms are less likely to continue transacting with a partner who has been mandated into e-invoicing, with the effect only partially reversed if both firms adopt e-invoicing, suggesting that network segmentation may occur. Smaller firms who transact with partners mandated into e-invoicing report 11 percent more sales and pay 17 more VAT in the year that their partner is mandated to adopt e-invoicing, suggesting positive spillovers in tax compliance behavior for this subset of firms

     
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  14. Digitalization and resilience
    firm-level evidence during the COVID-19 pandemic
    Author: Abidi, Nordine; El Herradi, Mehdi; Sakha, Sahra
    Published: 2022 FEB
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The COVID-19 pandemic has resulted in an unprecedented shock to firms with adverse consequences for existing productive capacities. At the same time, digitalization has increasingly been touted as a key pathway for mitigating economic losses from the... more

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    The COVID-19 pandemic has resulted in an unprecedented shock to firms with adverse consequences for existing productive capacities. At the same time, digitalization has increasingly been touted as a key pathway for mitigating economic losses from the pandemic, and we expect firms facing digital constraints to be less resilient to supply shocks. This paper uses firm-level data to investigate whether digitally-enabled firms have been able to mitigate economic losses arising from the pandemic better than digitally-constrained firms in the Middle East and Central Asia region using a difference-in-differences approach. Controlling for demand conditions, we find that digitally-enabled firms faced a lower decline in sales by about 4 percentage points during the pandemic compared to digitally-constrained firms, suggesting that digitalization acted as a hedge during the pandemic. Against this backdrop, our results suggest that policymakers need to close the digital gap and accelerate firms' digital transformation. This will be essential for economies to bounce back from the pandemic, and build the foundations for future resilience

     
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  15. Dynamic Price Competition
    Theory and Evidence from Airline Markets
    Author: Hortaçsu, Ali; Oery, Aniko; Williams, Kevin R.
    Published: August 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We introduce a model of oligopoly dynamic pricing where firms with limited capacity face a sales deadline. We establish conditions under which the equilibrium is unique and converges to a system of differential equations. Using unique and... more

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    We introduce a model of oligopoly dynamic pricing where firms with limited capacity face a sales deadline. We establish conditions under which the equilibrium is unique and converges to a system of differential equations. Using unique and comprehensive pricing and bookings data for competing U.S. airlines, we estimate our model and find that dynamic pricing results in higher output but lower welfare than under uniform pricing. Our theoretical and empirical findings run counter to standard results in single-firm settings due to the strategic role of competitor scarcity. Pricing heuristics commonly used by airlines increase welfare relative to estimated equilibrium predictions

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30347
    Subjects: Fluggesellschaft; Passagierluftverkehr; Luftverkehr; Preismanagement; Oligopol; Unvollkommener Markt; Schätzung; USA; Stochastic and Dynamic Games; Evolutionary Games; Repeated Games; Firm Behavior: Theory; Firm Behavior: Empirical Analysis; Oligopoly and Other Forms of Market Imperfection; General; Oligopoly and Other Imperfect Markets; Air Transportation
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  16. Does the Invisible Hand Efficiently Guide Entry and Exit? Evidence from a Vegetable Market Experiment in India
    Author: Banerjee, Abhijit V.; Fischer, Greg; Karlan, Dean; Lowe, Matt; Roth, Benjamin N.
    Published: August 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    What accounts for the ubiquity of small vendors operating side-by-side in the urban centers of developing countries? Why don't competitive forces drive some vendors out of the market? We ran an experiment in Kolkata vegetable markets in which we... more

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    What accounts for the ubiquity of small vendors operating side-by-side in the urban centers of developing countries? Why don't competitive forces drive some vendors out of the market? We ran an experiment in Kolkata vegetable markets in which we induced (via subsidizing) some vendors to sell additional produce. The vendors earned higher profits, even when excluding the value of the subsidy. Nevertheless, after the subsidies ended vendors largely stopped selling the additional produce. Our results are consistent with collusion and inertial business practices suppressing competition and efficient market exit

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30360
    Subjects: Gemüse; Ambulanter Handel; Experiment; Markteintritt; Marktaustritt; Indien; Firm Behavior: Empirical Analysis
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  17. Working from Home Around the World
    Author: Aksoy, Cevat Giray; Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; Dolls, Mathias; Zarate, Pablo
    Published: September 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    The pandemic triggered a large, lasting shift to work from home (WFH). To study this shift, we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. Our cross-country comparisons control for age, gender,... more

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    The pandemic triggered a large, lasting shift to work from home (WFH). To study this shift, we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. Our cross-country comparisons control for age, gender, education, and industry and treat the U.S. mean as the baseline. We find, first, that WFH averages 1.5 days per week in our sample, ranging widely across countries. Second, employers plan an average of 0.7 WFH days per week after the pandemic, but workers want 1.7 days. Third, employees value the option to WFH 2-3 days per week at 5 percent of pay, on average, with higher valuations for women, people with children and those with longer commutes. Fourth, most employees were favorably surprised by their WFH productivity during the pandemic. Fifth, looking across individuals, employer plans for WFH levels after the pandemic rise strongly with WFH productivity surprises during the pandemic. Sixth, looking across countries, planned WFH levels rise with the cumulative stringency of government-mandated lockdowns during the pandemic. We draw on these results to explain the big shift to WFH and to consider some implications for workers, organization, cities, and the pace of innovation

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30446
    Subjects: Coronavirus; Telearbeit; Welt; Firm Behavior: Empirical Analysis; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; General; Organization of Production
    Scope: 1 Online-Ressource, illustrations (black and white)
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  18. Firming up Price Inflation
    Author: Bunn, Philip; Anayi, Lena S.; Bloom, Nicholas; Mizen, Paul; Thwaites, Gregory; Yotzov, Ivan
    Published: September 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We use data from a large panel survey of UK firms to analyze the economic drivers of price setting since the start of the Covid pandemic. Inflation responded asymmetrically to movements in demand. This helps to explain why inflation did not fall much... more

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    We use data from a large panel survey of UK firms to analyze the economic drivers of price setting since the start of the Covid pandemic. Inflation responded asymmetrically to movements in demand. This helps to explain why inflation did not fall much during the negative initial pandemic demand shock. Energy prices and shortages of labor and materials account for most of the rise during the rebound. Inflation rates across firms have become more dispersed and skewed since the start of the pandemic. We find that average price inflation is positively correlated with the dispersion and skewness of the distribution. Finally, we also introduce a novel measure of subjective inflation uncertainty within firms and show how this has increased during the pandemic, continuing to rise in 2022 even as sales uncertainty dropped back

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30505
    Subjects: Inflation; Unternehmen; Inflationserwartung; Erhebungstechnik; Großbritannien; Survey Methods; Sampling Methods; Firm Behavior: Empirical Analysis; Expectations; Speculations; Price Level; Inflation; Deflation
    Scope: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  19. Intangible Marketing Capital
    Author: Bronnenberg, Bart J.; Dubé, Jean-Pierre H.; Syverson, Chad
    Published: June 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We present several empirical facts about trends in marketing investment in the US. We also present estimates of the private value of brands to firms and aggregate intangible brand capital stocks created by these investments. These investments include... more

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    We present several empirical facts about trends in marketing investment in the US. We also present estimates of the private value of brands to firms and aggregate intangible brand capital stocks created by these investments. These investments include the creation and maintenance of a brand name and all its corresponding brand elements (e.g., awareness, reputation, image, etc.), along with the investments in the labor force used to manage and oversee the branding. We then discuss the private benefits to firms from their advertising and the established academic wisdom for the striking magnitude of marketing outlays. Finally, we explore the welfare implications of investments in brand capital

     
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  20. Investing with the Government
    A Field Experiment in China
    Author: Colonnelli, Emanuele; Li, Bo; Liu, Ernest
    Published: June 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both... more

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    We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both sides of the market: the capital investors and the private firms managing the invested capital by deploying it to high-growth entrepreneurs. Our respondents together account for nearly $1 trillion in assets under management. Each respondent evaluates synthetic profiles of potential investment partners, whose characteristics we randomize, under the real-stakes incentive that they will be introduced to real partners matching their preferences. Our main result is that the average firm dislikes investors with government ties, indicating that the benefits of political connections are small compared to the cons of having the government as an investor. We show that such dislike is not present with government-owned firms, and this dislike is highest with best-performing firms. Additional results and follow-up surveys suggest political interference in decision-making is the leading mechanism why government capital is unattractive to private firms. We feed our experimental estimates and administrative data into a simple model of two-sided search to discuss the distributional effects of government participation. Overall, our findings point to a "grabbing hand" interpretation of state-firm relationships reflecting a desire by the government to keep control over the private sector

     
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  21. Politics At Work
    Author: Colonnelli, Emanuele; Pinho Neto, Valdemar Rodrigues de; Teso, Edoardo
    Published: June 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    We study how individual political views shape firm behavior and labor market outcomes. Using new micro-data on the political affiliation of business owners and private-sector workers in Brazil over the 2002-2019 period, we first document the presence... more

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    We study how individual political views shape firm behavior and labor market outcomes. Using new micro-data on the political affiliation of business owners and private-sector workers in Brazil over the 2002-2019 period, we first document the presence of political assortative matching: business owners are significantly more likely to employ copartisan workers. Political assortative matching is larger in magnitude than assortative matching along gender and racial lines. We then provide three sets of results consistent with the presence of employers' political discrimination. First, several patterns in the micro-data and an event study are consistent with a discrimination channel. Second, we conduct an incentivized resume rating field experiment showing that owners have a direct preference for copartisan workers opposed to workers from a different party. Third, we conduct representative large- scale surveys of owners and workers revealing that labor market participants view employers' discrimination as the leading explanation behind our findings. We conclude by presenting evidence suggesting that political discrimination in the workplace has additional real consequences: copartisan workers are paid more and are promoted faster within the firm, despite being less qualified; firms displaying stronger degrees of political assortative matching grow less than comparable firms

     
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  22. The Shift to Remote Work Lessens Wage-Growth Pressures
    Author: Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; Meyer, Brent; Mihaylov, Emil; Altig, David
    Published: July 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior... more

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    The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel survey data to quantify its force. Our data imply a cumulative wage-growth moderation of 2.0 percentage points over two years. This moderation offsets more than half the real-wage catchup effect that Blanchard (2022) highlights in his analysis of near-term inflation pressures. The amenity-values gains associated with the recent rise of remote work also lower labor's share of national income by 1.1 percentage points. In addition, the "unexpected compression" of wages since early 2020 (Autor and Dube, 2022) is partly explained by the same amenity-value effect, which operates differentially across the earnings distribution

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w30197
    Subjects: Telearbeit; Lohnbildung; Lohnniveau; Lohnquote; USA; Firm Behavior: Empirical Analysis; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; Aggregate Factor Income Distribution; Price Level; Inflation; Deflation; General
    Scope: 1 Online-Ressource, illustrations (black and white)
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  23. Combating Cross-Border Externalities
    Author: Shiyi, Chen; Zivin, Joshua S. Graff; Wang, Huanhuan; Xiong, Jiaxin
    Published: July 2022
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper investigates the impact of a pioneering pollution reduction program, the Ecological Compensation Initiative (ECI) in China, which establishes side payments between upstream and downstream provinces along the same river. The program... more

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    This paper investigates the impact of a pioneering pollution reduction program, the Ecological Compensation Initiative (ECI) in China, which establishes side payments between upstream and downstream provinces along the same river. The program includes both Coasian and pay-for-performance elements. Instructed by a theoretical model, we employ a difference-in-differences empirical design and find strong evidence that the ECI mitigates the spillover effect of water pollution at the province boundary and brings about sharp reductions in water pollutant emissions from upstream firms, especially those in heavily polluting industries. This initiative also reduces upstream firms' output and pollution intensity relative to downstream firms. The impact is stronger for upstream firms closer to the river and the point at which it enters the downstream province. Further evidence shows a significant increase in the rate of firms' entry into neighboring prefectures, but no impact on firms' exit from that region due to the initiative. Evidence from similar programs, later established in other river systems, suggests that cross-jurisdictional negotiations can effectively mitigate cross-border pollution externalities

     
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  24. The shift to remote work lessens wage-growth pressures
    Author: Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; Meyer, Brent; Mihaylov, Emil; Altig, David
    Published: [2022]
    Publisher:  Stanford Institute for Economic Policy Research (SIEPR), Stanford, CA

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Auch erschienen als: NBER working paper series no. 30197
    Working paper / Stanford Institute for Economic Policy Research (SIEPR) ; no. 22, 24 (July, 2022)
    Subjects: Telearbeit; Lohnbildung; Lohnniveau; Lohnquote; USA; Firm Behavior: Empirical Analysis; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; Aggregate Factor Income Distribution; Price Level; Inflation; Deflation; General; remote work; amenity value; wage growth; inflation dynamics; recession risk; business expectations; labor's share of national income; wage compression
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  25. Private sector job creation in MENA
    prioritizing the reform agenda
    Author: Baduel, Bénédicte; Geginat, Carolin; Pierre, Gaëlle
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper examines the extent to which firms in selected MENA countries reported being constrained by the business environment around the time of the Arab Spring and the extent to which these constraints affected their employment performance. The... more

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    This paper examines the extent to which firms in selected MENA countries reported being constrained by the business environment around the time of the Arab Spring and the extent to which these constraints affected their employment performance. The results suggest that small firms in MENA faced more structural constraints than similar firms in other regions. We also find that MENA firms' weaker job creation can be explained in great part by the macroeconomic environment and structural constraints. Low GDP growth, falling external competitiveness, corruption, lack of access to finance and poor access to electricity are found to explain a significant part of the lack of employment growth in MENA firms compared to their peers

     
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