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  1. Information exposure and corporate citizenship
    Author: Liu, Lisa Yao; Lu, Shirley
    Published: [2021]
    Publisher:  Stigler Center for the Study of the Economy and the State, University of Chicago Booth School of Business, Chicago, IL

    We explore how information exposure, specifically information transmission within organizations, facilitates companies' roles as corporate citizens. We study whether US firms' business networks with China and Italy become their information advantage,... more

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    We explore how information exposure, specifically information transmission within organizations, facilitates companies' roles as corporate citizens. We study whether US firms' business networks with China and Italy become their information advantage, and examine whether firms use relevant information to mitigate the negative shocks of COVID-19. We start by validating our measurement of information exposure. Next, we find that a higher number of work-from-home ("WFH") policies, as evidenced by a higher stay-at-home ratio, are implemented in areas with more information-exposure companies, even before local governments impose a lockdown. To further demonstrate corporate citizenship, we document firms' positive social impact-lower COVID-19 growth and an influence on other firms' WFH policies-and show suggestive evidence on firms' social motives.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/262714
    Series: New working paper series / Chicago Booth, Stigler Center for the Study of the Economy and the State ; no. #312 (December 2021)
    Subjects: Information exposure; information transmission; business networks; COVID; corporate citizenship
    Scope: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  2. Green bonds as hedging assets before and after COVID
    a comparative study between the US and China
    Author: Guo, Dong; Zhou, Peng
    Published: November 2021
    Publisher:  Cardiff Business School, Cardiff University, Cardiff, United Kingdom

    The COVID pandemic reveals the fragility of the global financial market during rare disasters. Conventional safe-haven assets like gold can be used to hedge against ordinary risks, but tail dependence can substantially reduce the hedging... more

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    The COVID pandemic reveals the fragility of the global financial market during rare disasters. Conventional safe-haven assets like gold can be used to hedge against ordinary risks, but tail dependence can substantially reduce the hedging effectiveness. In contrast, green bonds focus on long-term, sustainable investments, so they become an important hedging tool against climate risks, financial risks, as well as rare disasters like COVID. The copula approach based on the TGARCH model is applied to estimate the joint distributions between green bonds and selected financial assets in both US and China. The quantile-based approach is also performed to offer a robustness check on tail dependence. The results show that all assets in the two countries have thick tails and tail dependence with time-varying features. The hedging effectiveness does decline during the COVID pandemic, but it is the hedging effectiveness against tail risks rather than against normal risks. It is argued that green bonds play a significant role in hedging against rare disasters especially in forex markets. It is also found that green bonds in the US and China converge in many aspects, suggesting a smaller cross-country difference than cross-asset difference.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/261221
    Series: Cardiff economics working papers ; no. E2021, 28
    Subjects: green bonds; hedging effectiveness; COVID
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. Behavior and the transmission of COVID-19
    Author: Atkeson, Andrew; Kopecky, Karen A.; Zha, Tao
    Published: 2021
    Publisher:  Federal Reserve Bank of Minneapolis, Minneapolis, MN

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    Language: English
    Media type: Book
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    Series: Staff report / Research Division, Federal Reserve Bank of Minneapolis ; no. 618 (February 2021)
    Subjects: COVID; Behavior; Epidemics
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  4. A parsimonious behavioral SEIR model of the 2020 COVID epidemic in the United States and the United Kingdom
    Author: Atkeson, Andrew
    Published: 2021
    Publisher:  Federal Reserve Bank of Minneapolis, Minneapolis, MN

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    Language: English
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    Series: Staff report / Research Division, Federal Reserve Bank of Minneapolis ; no. 619 (February 2021)
    Subjects: COVID; Behavior; Epidemics
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  5. Obesity and its impact on COVID occurrence
    evidence from India
    Author: Dang, Archana; Gupta, Indrani
    Published: May 2021
    Publisher:  Institute of Economic Growth, University of Delhi, Delhi, India

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    Language: English
    Media type: Book
    Format: Online
    Series: IEG working paper ; no. 430
    Subjects: COVID; overweight; obesity
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  6. The direct employment impact of public investment
    Author: Moszoro, Marian
    Published: May 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1... more

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    Orient-Institut Beirut
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    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1 million of public spending in infrastructure create 3-7 jobs in advanced economies, 10-17 jobs in emerging market economies, and 16-30 jobs in low-income developing countries. As a comparison, USD 1 million public spending on R and D yields 5-11 jobs in R and D in OECD countries. Green investment and investment with a larger R and D component deliver higher employment effect. Overall, we estimate that one percent of global GDP in public investment can create more than seven million jobs worldwide through its direct employment effects alone

     
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  7. The economics of walking about and predicting unemployment
    Author: Blanchflower, David G.; Bryson, Alex
    Published: 2021
    Publisher:  Global Labor Organization (GLO), Essen

    Unemployment is notoriously difficult to predict. In previous studies, once country fixed effects are added to panel estimates, few variables predict changes in unemployment rates. Using panel data for 29 European countries - Austria; Belgium;... more

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    Unemployment is notoriously difficult to predict. In previous studies, once country fixed effects are added to panel estimates, few variables predict changes in unemployment rates. Using panel data for 29 European countries - Austria; Belgium; Bulgaria; Croatia; Cyprus; Czechia; Denmark; Estonia; Finland; France; Germany; Greece; Hungary; Ireland; Italy; Latvia; Lithuania; Luxembourg; Malta; Netherlands; Poland; Portugal; Romania; Slovakia; Slovenia; Spain; Sweden; Turkey and the UK - over 439 months between January 1985 and July 2021 in an unbalanced country*month panel of just over 10000 observations, we predict changes in the unemployment rate 12 months in advance based on individuals' fears of unemployment, their perceptions of the economic situation and their own household financial situation. Fear of unemployment predicts subsequent changes in unemployment 12 months later in the presence of country fixed effects and lagged unemployment. Individuals' perceptions of the economic situation in the country and their own household finances also predict unemployment 12 months later. Business sentiment (industry fear of unemployment) is also predictive of unemployment 12 months later. The findings underscore the importance of the "economics of walking about". The implication is that these social survey data are informative in predicting economic downturns and should be used more extensively in forecasting. We also generate a 29 country-level annual panel on life satisfaction from 1985-2020 from the World Database of Happiness and show that the consumer level fear of unemployment variable lowers wellbeing over and above the negative impact of the unemployment rate itself. Qualitative survey metrics were able to predict the Great Recession and the economic slowdown in Europe just prior to the COVID pandemic.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    hdl: 10419/238742
    Series: GLO discussion paper ; no. 922
    Subjects: unemployment; fear; sentiment; social attitudes; life satisfaction; recession; COVID
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. Severe but plausible - or not?
    Author: Gavell, Stefan; Kritzman, Mark; Kulasekaran, Cel
    Published: [2021]
    Publisher:  MIT Sloan School of Management, [Cambridge, MA]

    In light of the COVID 19 crisis, the Federal Reserve has carried out stress tests to assess if major banks have sufficient capital to ensure their viability should a new and perhaps unprecedented crisis emerge. The Fed argues that the scenarios... more

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    In light of the COVID 19 crisis, the Federal Reserve has carried out stress tests to assess if major banks have sufficient capital to ensure their viability should a new and perhaps unprecedented crisis emerge. The Fed argues that the scenarios underpinning these stress tests are severe but plausible, yet they have not offered any evidence or framework for measuring the plausibility of their scenarios. If the scenarios are indeed plausible, it makes sense for banks to retain enough capital to withstand their occurrence. If, however, the scenarios are not reasonably plausible, banks will have deployed capital less productively than they otherwise could have, thereby impairing credit expansion and economic growth. The authors apply a measure of statistical unusualness, called the Mahalanobis distance, to assess the plausibility of the Fed’s stress scenarios. A first pass of their analysis, based on conventional statistical assumptions, reveals that the Fed’s scenarios are not even remotely plausible. However, the authors offer two modifications to their initial analysis that increase the scenarios’ plausibility. First, they show how the Fed can minimally modify their scenarios to render them marginally plausible in a Gaussian world. And second, they show how to evaluate the plausibility of the Fed’s scenarios by replacing the theoretical world of normality with a distribution that is empirically grounded

     
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    Edition: This version: January 9, 2021
    Series: MIT Sloan School working paper ; 6246 (21)
    Subjects: Alternative composite scenario; Comprehensive Capital Analysis and Review Program; COVID; Kurtosis; Mahalanobis distance; Severe but plausible; Skewness; Stress scenario; Stress test; Supervisory Capital Assessment Program
    Scope: 1 Online-Ressource (circa 30 Seiten)
  9. The reasury market in spring 2020 and the response of the federal reserve
    Author: Vissing-Jørgensen, Annette
    Published: 30 July 2021
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16410
    Subjects: Treasury markets; COVID; Quantitative easing; Federal Reserve
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  10. Working from home during COVID19
    evidence from time-use studies
    Author: Teodorovicz, Thomaz; Sadun, Raffaella; Kun, Andrew L.; Shaer, Orit
    Published: [2021]
    Publisher:  Harvard Business School, [Boston, MA]

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    Series: Working paper / Harvard Business School ; 21, 094
    Subjects: time-use; working-from-home; COVID; knowledge workers; managers
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  11. Teaching and testing by phone in a pandemic
    Author: Crawfurd, Lee; Evans, David K.; Hares, Susannah; Sandefur, Justin
    Published: [2021]
    Publisher:  Center for Global Development, Washington, DC

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    Language: English
    Media type: Book
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    Series: Working paper / Center for Global Development ; 591 (September 2021)
    Subjects: Education; COVID; distance learning; teachers
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  12. Has COVID changed consumer payment behavior?
    Author: Greene, Claire; Merry, Ellen; Stavins, Joanna
    Published: [2021]
    Publisher:  [Federal Reserve Bank of Boston], [Boston]

    The COVID-19 pandemic has caused large changes in consumer spending, including how people make their payments. We use data from a nationally representative survey of U.S. consumers collected before COVID in 2018 and 2019 and during COVID in 2020 to... more

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    The COVID-19 pandemic has caused large changes in consumer spending, including how people make their payments. We use data from a nationally representative survey of U.S. consumers collected before COVID in 2018 and 2019 and during COVID in 2020 to analyze changes in consumer payment behavior during the pandemic. We find that compared with their payment behavior in 2019, consumers had shifted some of their purchases from in person to online by fall 2020, significantly lowered their use of cash for purchases, and shifted their personto-person (P2P) payments away from paper (cash and checks). Those changes are consistent with what we might expect, as many people were less able or willing to shop in person. The adoption of electronic P2P increased, especially the use of payment apps such as PayPal, Venmo, and Zelle. Consumers who worked exclusively from home during COVID made significantly higher shares of their payments online or through mobile devices and were less likely to use cash at all compared with those who worked at least partly in person, even after we control for income and education levels. In contrast, payment-behavior changes that took place from 2018 to 2019 were smaller in magnitude and largely insignificant, suggesting that COVID likely accelerated any longer-term trends. Although it is too soon to determine whether these changes will persist for the longer term, we observed them several months after the onset of the pandemic, so they certainly were not just temporary shifts.

     
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    hdl: 10419/250729
    Edition: This version: October 2021
    Series: Working papers / Federal Reserve Bank of Boston ; no. 21, 12
    Subjects: consumer payments; consumer surveys; payment behavior; COVID
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  13. Fragmentation in the European Monetary Union
    is it really over?
    Author: Candelon, Bertrand; Luisi, Angelo; Roccazzella, Francesco
    Published: [2021]
    Publisher:  City University of Hong Kong, College of Business, Department of Economics & Finance, Hong Kong

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    Series: Global Research Unit working paper ; # 2021, 016
    Subjects: Euro Area; Sovereign bond; Fragmentation; COVID
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  14. The treasury market in spring 2020 and the response of the Federal Reserve
    Author: Vissing-Jørgensen, Annette
    Published: 2021
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
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    Edition: Revised July 28, 2021
    Series: BIS working papers ; no 966 (October 2021)
    Subjects: Treasury bonds; COVID; Federal Reserve; quantitative easing
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  15. Performance of long short-term memory artificial neural networks in nowcasting during the COVID-19 crisis
    Author: Hopp, Daniel
    Published: November 2021
    Publisher:  United Nations, Geneva

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    Series: UNCTAD research paper ; No. 74
    Subjects: Nowcasting; Economic forecast; Neural networks; Machinelearning; Python; R; MATLAB; Julia; LSTM; COVID
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  16. The direct employment impact of public investment
    Author: Moszoro, Marian
    Published: May 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1... more

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    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1 million of public spending in infrastructure create 3-7 jobs in advanced economies, 10-17 jobs in emerging market economies, and 16-30 jobs in low-income developing countries. As a comparison, USD 1 million public spending on R and D yields 5-11 jobs in R and D in OECD countries. Green investment and investment with a larger R and D component deliver higher employment effect. Overall, we estimate that one percent of global GDP in public investment can create more than seven million jobs worldwide through its direct employment effects alone

     
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