During the global response to COVID-19, the analogy of fighting a war was often used. In 2022, the world faced a different war altogether, an unprovoked Russian invasion of Ukraine. Since 2020 the world has faced these unprecedented shocks. Although we realise these events' health and economic...

This article was prepared for the Special Issue "Celebrated Econometricians: Katarina Juselius and Søren Johansen" of Econometrics. It is based on material recorded on 30-31 October 2018 in Copenhagen. It explores Katarina Juselius’ research, and discusses inter alia the following issues:...

This working paper was written by Yin-wong Cheung (University of California, Santa Cruz), Kon S. Lai (California State University, Los Angeles) and Michael Bergman (Lund University).The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion...

This working paper was written by Yin-wong Cheung (University of California, Santa Cruz) and Kon S. Lai (California State University, Los Angeles).This study investigates whether greater nominal exchange rate flexibility aids real exchange rate adjustment based on data from dual exchange rates...

Temporal evolution of extreme temperature effects on agriculture is important for understanding adaptation to climate change but has not been sufficiently studied. This study examines the time-varying impacts of extreme temperatures on Chinese agriculture over 1981 to 2010. We estimate a...

With respect to climate change, the principal focus of both research and public policy has been on mitigation – on reducing greenhouse gas emissions so as to reduce anticipated adverse effects. But it is increasingly clear that adaptation must also be a high priority. Climate-related risks –...

Eine quantitativ-qualitative Studie über ukrainische Geflüchtete in Deutschland, die im Mai und Juni 2022 mit 936 Befragten einer Online/Offline-Umfrage und 17 qualitativen Befragten durchgeführt wurde, ermöglicht es, die soziodemografischen Merkmale von Ukrainischen Geflüchteten zu...

Since its introduction, the European Emissions Trading Scheme (EU ETS) has been struggling with an oversupply of emission allowances and a highly volatile allowance price. One reason for the price decline is technological progress and ist demand-reducing effect, which is only partially taken...

Agents forming adaptive expectations generally make systematic mistakes. This characterization has fostered the rejection of adaptive expectations in macroeconomics. Experimental evidence, however, shows that in complex environments human subjects frequently rely on adaptive heuristics –...

Nach dem Mindestlohngesetz hat die Mindestlohnkommission die Aufgabe, alle zwei Jahre über eine Anpassung des Mindestlohns zu entscheiden. Neben einer Gesamtabwägung soll sie sich dabei nachlaufend an der Tariflohnentwicklung orientieren. Dieses Regelbindungselement hat sich bewährt. Das...

A pervasive problem in the literature on the health costs of pollution is that optimizing individuals may compensate for increases in pollution by reducing their exposure to protect their health. This implies that estimates of the health effects of pollution may vastly understate the full...

The purchasing power parity puzzle relates to the adjustment of real exchange rates. Real exchange rates are extremely volatile, suggesting that temporary shocks emanate from the monetary sector. But the half-life of real exchange rate deviations is extremely large -- 2.5 to 5 years. This...

Agents forming adaptive expectations generally make systematic mistakes. This characterization has fostered the rejection of adaptive expectations in macroeconomics. Experimental evidence, however, shows that in complex environments human subjects frequently rely on adaptive heuristics –...

Temporal evolution of extreme temperature effects on agriculture is important for understanding adaptation to climate change but has not been sufficiently studied. This study examines the time-varying impacts of extreme temperatures on Chinese agriculture over 1981 to 2010. We estimate a...

Economic models of climate policy (or policies to combat other environmental problems) typically neglect psychological adaptation to changing life circumstances. People may adapt or become more sensitive, to different degrees, to a deteriorated environment. The present paper addresses these...

We often observe minority ethnic groups at a disadvantage relative to the majority. Why is this and what can be done about it? Efforts made to assimilate, and time, are two elements working to bring the minority into line with the majority. A third element, the degree to which the majority...

The relationship between training and firm-level employment adjustment given an unanticipated fall in product demand has been central to human capital theory. The most cataclysmic negative output shock occurred in 1929/30. At this time, easily the most important source of United Kingdom general...

The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion rate. This study examines the mechanism by which PPP deviations are corrected. Nominal exchange rate adjustment, not price adjustment, is shown to be the key engine governing the...

This study investigates whether greater nominal exchange rate flexibility aids real exchange rate adjustment based on data from dual exchange rates in developing countries. Specifically, we analyze whether the more flexible parallel market rate produces faster real exchange rate adjustment than...

Recent studies found evidence for nominal wage rigidity during periods of relatively high nominal GDP growth. It has been argued, however, that in an environment with low nominal GDP growth, when nominal wage cuts become customary, workers' opposition to nominal cuts would erode and, hence,...

This paper presents a simple model of state-dependent pricing that allows identification of the relative importance of the degree of price rigidity that is inherent to the price setting mechanism (intrinsic) and that which is due to the price's driving variables (extrinsic). Using two data sets...

The picture of U.S. labor market dynamics is opaque. Empirical studies of U.S. gross worker flows have yielded contradictory findings, and it is not easy to get a sense of the key moments of the data. Debates have emerged regarding the implications of these flows for the understanding of the...

This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which monetary policy should be employed in maintaining the exchange rate. The traditional approach maintains that exchange rate flexibility is desirable in the presence of real...

A number of truly disruptive events have occurred in recent times, from the financial crisis and the pandemic to political conflict with broad ramifications for international business conduct. National borders have been severely constrained with radical effects on global value-chains and supply...

En los programas de préstamo del Fondo Monetario Internacional (FMI o Fondo) a países miembros con dificultades de desequilibrio exterior, el acceso a la financiación queda condicionado al cumplimiento de una serie de medidas y reformas, contenidas en un programa económico, que el país...

This duality model is used to investigate the dynamic structure of vertically linked sectors of the U.S. beef industry. The model employed allows for explicit hypothesis tests of the adjustment process and technology change. Vertically related sectors of the beef industry are included to emulate...

Climate change will most likely confront agricultural producers with natural, economic, and political conditions that have not previously been observed and are largely uncertain. As a consequence, extrapolation from past data reaches its limits, and a process‐based analysis of farmer...