Banking theories and macroeconomics

Mainstream models that allow for financial operations are characterized by the understanding of banks as intermediaries of outside money (IOM). This approach to banks became dominant thanks to a peculiar rhetorical device by Tobin (1963 Tobin, J. 1963. “Commercial Banks as Creators of ‘Money’.”Paper 205. New Haven, CT: Cowles Foundation. [Google Scholar]). In recent years, however, this understanding is being increasingly questioned and an old view of banks as originators of inside money (OIM) is being reconsidered. The present article highlights the fundamental differences of these alternative doctrines from a money supply perspective and provides a simple theoretical argument to consider the limits of a point of view à la Tobin and regard the OIM banking theory more general than the IOM theory.     

Quantifying knowledge exchange in R&D networks: a data-driven model

We propose a model that reflects two important processes in R&D activities of firms, the formation of R&D alliances and the exchange of knowledge as a result of these collaborations. In a data-driven approach, we analyze two large-scale data sets, extracting unique information about 7500 R&D alliances and 5200 patent portfolios of firms. These data are used to calibrate the model parameters for network formation and knowledge exchange. We obtain probabilities for incumbent and newcomer firms to link to other incumbents or newcomers able to reproduce the topology of the empirical R&D network. The position of firms in a knowledge space is obtained from their patents using two different classification schemes, IPC in eight dimensions and ISI-OST-INPI in 35 dimensions. Our dynamics of knowledge exchange assumes that collaborating firms approach each other in knowledge space at a rate μ for an alliance duration τ. Both parameters are obtained in two different ways, by comparing knowledge distances from simulations and empirics and by analyzing the collaboration efficiency \(\mathcal {\hat {C}}_{n}\). This is a new measure that takes in account the effort of firms to maintain concurrent alliances, and is evaluated via extensive computer simulations. We find that R&D alliances have a duration of around two years and that the subsequent knowledge exchange occurs at a very low rate. Hence, a firm’s position in the knowledge space is rather a determinant than a consequence of its R&D alliances. From our data-driven approach we also find model configurations that can be both realistic and optimized with respect to the collaboration efficiency \(\mathcal {\hat {C}}_{n}\). Effective policies, as suggested by our model, would incentivize shorter R&D alliances and higher knowledge exchange rates.     

International trade,job training,and labor reallocation

A large literature studies the impact of increased import competition on workers' outcomes, however, relatively few studies examine which policies can aid workers displaced by trade. In this article, we evaluate the impact of an industrial job training program in Brazil on workers displaced from manufacturing sectors. We find that industrial training increases the probability of re-entry into the formal labor market 1 year after displacement by about 17 percentage points and is even more effective for workers displaced from sectors exposed to high import competition. This effect is mainly associated with workers switching sectors and occupations after training.     

Booking and flying with low‐cost airlines

The first part of the paper develops a theoretical framework for the analysis of strategic behaviour of European low‐cost airlines that emphasises the role of product differentiation. The second part uses original survey data to assess the effectiveness of low‐cost airlines' distribution strategies. Finally, an econometric model is developed to assess the joint impact of the factors affecting the level of the fares charged by low‐cost airlines. The evidence suggests that, among other things, the highest prices normally are paid for tickets bought between 30 and 8 days before departure, and thus indicates an original pricing strategy that differentiates low‐cost airlines from traditional carriers. Copyright © 2002 John Wiley & Sons, Ltd.     

Having less: A personal project taxonomy of consumers' decluttering orientations,motives and emotions

This study examines consumers' orientations toward decluttering and what differentiates consumers' engagement with decluttering as a routine social practice. An internet survey was conducted with a convenience sample of 172 adult consumers who recently engaged in home decluttering projects. Cluster analysis used appraisals of personal project dimensions to create a taxonomy in which we identified three orientations toward decluttering: disengaged, enthusiastic, and challenged. Subsequent analyses compared appraisals of success and affective and motivational differences across the three orientations. Findings reveal that decluttering is enjoyable, easy, and most successful for consumers with an enthusiastic orientation who intrinsically value decluttering and link it to self-identify. Those who lack time or adequate control experience more stress and less success. Circumstances, and especially normative pressures, seemed to drive these orientations. All orientations experienced relatively high positive emotions after decluttering, which substantiates the positive influence of decluttering on emotional well-being.     

Multivariate Wold decompositions: a Hilbert A-module approach

Decisions in Economics and Finance - Orthogonal decompositions are essential tools for the study of weakly stationary time series. Some examples are given by the classical Wold decomposition of...     

Trade credit in Europe: Financial constraint and substitution effect in crisis times

This paper aims to prove whether financial rationing condition leads European enterprises to increase trade debt during the period 2008–2016 and whether companies offering deferred payments to customers obtain trade debt from suppliers. The work contributes to the existing literature by finding new empirical evidence on the substitution and matching hypotheses in times of crises, measuring the specific rationing conditions for businesses and distinguishing large, medium, small and micro-sized companies. The results revealed that, in times of crisis, medium, small and micro firms, highly likely to be constrained, employ trade credit more extensively, as those granting deferred payment terms.