The determinants of migrating with a pre-arranged job and of the initial duration of urban unemployment: an analysis based on Indian data on rural-to-urban migrants

"Based on survey data on 1,400 rural migrants in Delhi, this paper examines within a multivariate context the determinants of migrating with a pre-arranged job and of the initial duration of urban unemployment. The results show that the probability of moving with a pre-arranged job increases with education and with age, and is higher for those who seek non-manual jobs. For migrants who arrive in the city without a pre-arranged job, unemployment duration depends on marital status, premigration information on urban employment opportunities, and on the reliance on contacts for job search."     

Investing in irrigation development in North West Queensland,Australia

This study uses a dynamic multi‐regional Computable General Equilibrium model of the Australian economy to examine the impacts of developing irrigated agriculture in remote North West Queensland. A potential investment and operational scenario is implemented using three alternative forecast baselines. In the first run using a business‐as‐usual baseline, there is a welfare loss from irrigation development, even with an optimistic shift in farm productivity and factor endowments in North West Queensland. In the second run, baseline demand for Australia's exports is assumed to grow at a faster rate and there is a small welfare gain. Simulating climate change impacts on crop yields, the forecast baseline of the third run includes a gradual reduction in farmland productivity in southern Australia. The simulations show the impacts of both supply and demand shifts on the welfare outcome, but on balance, clear welfare gains do not arise from the potential irrigation development.     

Forecasting with factor-augmented error correction models

As a generalization of the factor-augmented VAR (FAVAR) and of the Error Correction Model (ECM), Banerjee and Marcellino (2009) introduced the Factor-augmented Error Correction Model (FECM). The FECM combines error-correction, cointegration and dynamic factor models, and has several conceptual advantages over the standard ECM and FAVAR models. In particular, it uses a larger dataset than the ECM and incorporates the long-run information which the FAVAR is missing because of its specification in differences. In this paper, we examine the forecasting performance of the FECM by means of an analytical example, Monte Carlo simulations and several empirical applications. We show that FECM generally offers a higher forecasting precision relative to the FAVAR, and marks a useful step forward for forecasting with large datasets.     

The relative importance of capital inflows: some evidence from emerging market economies

This article examines the relative importance of the main components of capital inflows for a sample of emerging market economies. Does composition matter? Is there a nexus between capital inflow components? We assess, firstly, how each capital inflow component reacts to important macro and policy variables, and secondly, how the components themselves interact. We find that bank inflows appear the most sensitive to macro factors, institutions matter more for Latin America and external financial factors matter more for Asia. Further, for Latin America, capital inflows interact largely as complements, while for Asia, any expansion of bank inflows might crowd out FDI and portfolio flows.     

Markets and violence

ABSTRACT

In this commentary, I address different forms of corporate violence, in particular how some contemporary corporate practices result in violence. Violence is carried out often without impunity by a market-state nexus that enables accumulation by dispossession. Structural violence concentrates power on certain groups while creating a class of disposable labour. Epistemic violence involves using language and law to disempower specific groups of people. The state often uses instrumental violence to quell resistance. I discuss how violence operates in the political economy by discussing conflicts in the extractive industries.     

Retailer Dominance and Quality Variation: Observations and a Theoretical Explanation

A number of consumer and business reports suggest that slightly lower quality (or feature) versions of products are being sold through dominant retailers, while higher quality versions continue to be sold through weaker retailers and, customers are uninformed about such subtle differences. We study two intriguing questions based on this phenomenon namely (1.) why are lower quality-lower priced versions sold primarily through dominant retailers and not the weaker retailers? (2.) Why do sometimes the weaker retailers not inform customers about these quality differences? Using a game theoretic model, we find that when quality is noncontractible an increase in retail dominance leads to a decrease in quality offered by the dominant retailer vis-à-vis the weaker retailer. However, we show that the weaker retailer does not have an incentive to advertise its higher quality if quality differences are not too high. This situation arises endogenously when the dominant retailer is not too powerful as compared to the weaker retailer or when retail differentiation is high. The motivation for this result is traced to the threat of increased competition in the event of such advertising.     

The role of behavioural factors and opportunity costs in farmers' participation in voluntary agri-environmental schemes: A systematic review

Agri-environmental schemes (AESs) are increasingly implemented to promote the adoption of environmentally friendly practices by farmers. We use a systematic review to explore the role of behavioural factors and opportunity costs in farmers' decisions to participate in AESs in Australia, Europe and North America. Behavioural factors influence how farmers value and perceive options, while opportunity costs relate to farmers' forgone utility when choosing to participate in schemes. We synthesise insights from 79 articles and over 700 factors explaining the participation in AESs. We find that a set of behavioural factors seem consistently connected to participation, including agricultural training, advice and having positive attitudes towards AESs. Moreover, several factors related to opportunity costs also have a rather consistent relationship with AES participation, including market conditions, implementation efforts, profitability, and management and contract flexibility. However, many relationships of behavioural factors and opportunity costs with AES participation are not as consistent and generalizable as sometimes portrayed and require context-specific interpretation. Those factors with mixed results can still provide insights into farmers' participation decisions as several of them are either ‘positively and insignificantly’ or ‘negatively and insignificantly’ related to participation, such as environmental attitude, trust and farm size. These results suggest that their relationship with AES participation depends on other factors or the setting, highlighting interactions and raising important new research questions. Overall, our results provide several entry points for both researchers and policy-makers, highlighting uncertainties in relationships between factors and participation that should be considered when designing policies.     

Predicting long-run risk factors of stock returns: Evidence from Australia

This study utilises the stock market data provided by the Australian Equity Database to analyse the long-run relationship between Australian stock returns and key macroeconomic variables over the period 1926–2017. To measure the diverse risk factors in the stock market, we examine the possible determinants in four main categories: real, financial, domestic and international. Our results reveal that historical stock returns are strongly connected to financial and international factors as compared to real and domestic factors. Both the 1973–1974 OPEC Oil Price Crisis and 2007–2008 Global Financial Crisis had dampening effects on stock returns. There is a positive association between the US and Australian stock markets in the long-run. These findings on stock market dynamics and their linkages with domestic and international macroeconomic policy changes in the long-run have important implications for traders and practitioners.     

Meaning-oriented consumption: A systematic review and research agenda

The quest for finding meaning in life is central to human existence. Evidence supporting consumption as a source of meaning in life is scant and lies in discrete studies across multiple disciplines. We call consumption that engenders a sense of meaning in life ‘meaning-oriented consumption’. In this paper we conduct a systematic literature review of 102 papers, using the Scientific procedures and rationales for systematic literature reviews (SPAR-4-SLR) (Paul et al. (2021). International Journal of Consumer Studies, 45(4)). We draw on the theory of meaning in life to arrive at a theoretically grounded conceptualization of meaning-oriented consumption. We discuss the antecedents and consequences of meaning-oriented consumption, categories and processes that make consumption meaningful. We gather insights into the relationship between hedonic and meaning-oriented consumption. Finally, we identify knowledge gaps in theory, context, constructs and methodology. This review identifies several consumption contexts and situations that offer potential for marketers to design meaningful offerings.     

Nature of comovements in US state and MSA housing prices

This study analyzes the time-varying nature and determinants of comovements in US housing prices using state and metropolitan statistical area (MSA) data. We employ dynamic factor models with time-varying loadings and stochastic volatility (DFM-TV-SV) to estimate the national, regional, and state factors. The time-varying factor loadings and stochastic volatility features enrich the dynamic factor model structures and are an effective tool to examine the comovements in housing prices. We find that the national factor is the dominant factor in explaining the movement of housing prices. The national factor accounts for 79% of the variation in state-level housing prices on average, with the greatest magnitude occurring during the housing boom and bust periods in many regions and states. We also find that the factors and synchronization effects are time-varying and heterogeneous across regions. The state-level housing prices contain higher national housing factor components in states with more diverse economies, higher wages and house prices, and lower unemployment rates. These findings shed light on the effectiveness of residential real estate diversification across the United States and the potential for elevated national housing risk amid economic downturns due to increased national housing price integration.