From the Tribal to the Open Society: The Role of Medieval Craft Guilds in the Emergence of a Market Order

The emergence of a legally constituted State in 16th century western societies represents the final lap of a process extending the sphere of the indivudal freedoms necessary for the emergence of the market order. A peculiar stage of this process came in the form of guilds. They materialised into a need for emancipation from the values of the archaic society and became the keepers of a peace and a justice on the market by ensuring the respect of new rules of conduct (1). This analysis of the behaviour of craft guilds will illustrate the question of the possibility of rational economic activity in medieval society (2).     

The Impact of Career Capital on Expatriates' Perceived Marketability

We examine how the development of three types of career capital (knowing how, knowing whom, and knowing why) during an international assignment affects the perceived marketability of organizational expatriates. Using the perceived marketability perspective and long‐term follow‐up data, we show that knowing how is seen as the most transferable type of career capital, while the development of other aspects of career capital has little impact on perceived marketability. We also show that career capital development is more recognized in the external market than by current employers. Our findings expand our understanding of long‐term career marketability among people who have completed international assignments. © 2015 Wiley Periodicals, Inc.     

Why do parents make their children work? A test of the poverty hypothesis in rural areas of Burkina Faso

It is often argued that child labour is caused by poverty. However,much child labour takes place in rural areas characterized bysubstantial labour market imperfections. A model of rural householdlabour supply is developed that provides testable implicationsfor two versions of the poverty hypothesis: that child labouris due to a binding subsistence constraint and that child leisureis a luxury good. We find that in rural Burkina Faso childrendo not provide labour to meet households' subsistence needsand that child leisure is a normal good. The evidence suggeststhat labour market imperfections are a main reason for usingchild labour.     

Does transparency in central bank intervention policy bring noise to the FX market?: The case of the Bank of Japan

This paper empirically investigates the induced effect of a more and less transparent central bank intervention (CBI) policy on rumors that can emerge. Using the case of Japan, we estimate a dynamic-probit model that explains the main determinants of false reports (i.e. falsely reported interventions) and anticipative rumors (i.e. rumors about future interventions) with reference to the intervention strategy adopted by the central bank for actual and oral interventions, and the uncertainty climate of the market captured by two volatility measures. Our results suggest that the induced effect of a transparent CBI policy on market rumors critically depends on the type of speeches made by officials.     

The Learning Transfer System Inventory (LTSI) translated into French: internal structure and predictive validity

The Learning Transfer System Inventory (LTSI, Holton et al., 2000 ) considers 16 factors likely to influence the transfer of training to the workplace. The purpose of this study is to translate the Learning Transfer System Inventory into French and to examine (1) the internal structure of the translated instrument; and (2) its predictive validity. The Learning Transfer System Inventory was administered to 328 participants from six companies during the week following the end of a training program. The transfer questionnaire was filled in by 106 of those participants 1–3 months later. The results showed that a principal component analysis reveals a factor structure very similar to the original structure: the 16 original factors are replicated. Second, seven factors display statistically significant correlations with transfer: learner readiness, motivation to transfer, transfer design, opportunity to use, transfer‐performance expectations, performance‐outcomes expectations and performance self‐efficacy. Comparisons with four similar previous studies allow us to draw directions for future research on the instrument.     

The Effect of International Work Experience on the Career Success of Expatriates: A Comparison of Assigned and Self‐Initiated Expatriates

This article is one of the first to examine the long‐term effect of expatriation on careers, comparing the impact of international work experience on the career success of assigned and self‐initiated expatriates. Our sample consists of employees who were working abroad in 2004, and we examine their subjective and objective career success eight years later. Despite the “dark side of international careers” arguments associated with the repatriation literature, we find that the long‐term impacts of international work experience on career success are generally positive and mainly unrelated to whether the work experience was acquired as an assigned or self‐initiated expatriate. Companies recruit employees with international experience externally but are much more likely to offer further internal jobs to assigned expatriates. This reinforces the need for further research and for companies to see all those with international experience as important elements of the workforce. © 2017 Wiley Periodicals, Inc.     

Official central bank interventions and exchange rate volatility: Evidence from a regime-switching analysis

In this paper, we investigate the effect of central bank interventions on the weekly returns and volatility of the DEM/USD and YEN/USD exchange rate returns. In contrast with previous analyses, we allow for regime-dependent specifications and investigate whether official interventions can explain the observed volatility regime switches. It is found that, depending on the prevailing volatility level, coordinated central bank interventions can lead to either a stabilizing or a destabilizing effect. Our results lead us to challenge the usual view that such interventions always imply increases in volatility.     

Hollowing out of middle-pay jobs in Ohio: An exploratory analysis

Hollowing out is a term that refers to the decline in the share of middle-pay and middle-skilled jobs relative to low-pay and high-pay jobs. This study employs county-level occupational data at the place of employment to document hollowing out of middle-pay jobs across regions in Ohio. The county-level data with occupational information allow us to study how regions' economic heterogeneity contributes to the decline of middle-paying jobs in Ohio over the 2001–2019 period. Of 88 counties in Ohio, 77 counties experienced declines in the shares of middle-paying jobs. On average, Appalachian Ohio counties experienced higher hollowing out rates than other counties. We found that the hollowing out of middle-paying jobs in Ohio is associated with the declines in the shares of manufacturing and mining jobs.     

Structural estimation of congestion costs

We estimate a structural model of congestion costs using a Bayesian Nash equilibrium approach: The individual's preference for traveling depends on the anticipated level of congestion, which in turn is determined by travelers’ decisions of mobility. The model is estimated using a French transportation household survey. Results confirm the presence of incomplete information and show that aversion to congestion is 6.6% lower during peak times than during off-peak times. A traveler's willingness-to-pay to save 1 min in traffic is estimated at 0.73 euros during peak times and 0.25 euros during off-peak times.