The effects of exchange rate regimes on real exchange rate misalignment

The literature on exchange rate regimes has paid little attention to the effects of exchange rate policies on real exchange rate misalignments. This paper contributes to filling that gap by exploring such relation empirically. Because the underlying model is probably not linear and the treated individuals differ from non-treated individuals, we rely on Matching models rather than on standard regressions. Our main finding is that pegs are associated with more overvaluation. The results are robust to different exchange rate regime classifications, misalignment indexes, and matching estimators. The evidence presented suggests that policy-makers concerned with overvaluation should avoid sticking with rigid arrangements for too long.     

Analysis of Categorical Data for Complex Surveys

This paper reviews methods for handling complex sampling schemes when analysing categorical survey data. It is generally assumed that the complex sampling scheme does not affect the specification of the parameters of interest, only the methodology for making inference about these parameters. The organisation of the paper is loosely chronological. Contingency table data are emphasised first before moving on to the analysis of unit‐level data. Weighted least squares methods, introduced in the mid 1970s along with methods for two‐way tables, receive early attention. They are followed by more general methods based on maximum likelihood, particularly pseudo maximum likelihood estimation. Point estimation methods typically involve the use of survey weights in some way. Variance estimation methods are described in broad terms. There is a particular emphasis on methods of testing. The main modelling methods considered are log‐linear models, logit models, generalised linear models and latent variable models. There is no coverage of multilevel models.     

Antecedents and consequences of home-sharing stays: Evidence from a nationwide household tourism survey

This study aims to understand the demand for home-sharing lodging and whether this accommodation choice influences guest experiences, in terms of overall trip satisfaction and perceived value. Using a dataset from a large-scale nationwide household tourism survey, we adopted a two-step empirical analysis to investigate the antecedents and consequences of home-sharing stays. In the first step, results from logit models highlight various factors explaining the drivers behind choosing home-sharing lodging versus hotel lodging, such as tourists' tripographics, prior travel experiences, tech savviness, sociodemographics, destination home-sharing supply, and crime rate. In the second step, we employed propensity score matching to compare trip satisfaction and perceived value between home-sharing users and hotel users who were matched based on a similar propensity to choose home-sharing. Results suggest that while home-sharing users perceive a higher value for the trip, no significant difference exists between the two groups’ trip satisfaction. Lastly, practical implications are provided.     

Geography of plant breeding systems,agroclimatic similarity,and agricultural productivity: evidence from Nigeria

Agroclimatic conditions and agricultural research and development (R&D) including plant breeding activities by the public sector are some of the most significant exogenous factors in the agricultural sector. However, the effects of the interactions between these two sets of factors on agricultural productivity have not been studied widely in developing countries, despite potentially important implications on their plant breeding strategies. Using three‐wave panel data of agricultural households in Nigeria and spatial data on various agroclimatic parameters, we show that agricultural productivity and technical efficiency at the agricultural household level is significantly positively affected by the similarity of agroclimatic conditions between locations where agricultural households are located, and locations where major plant breeding institutes are located. These results hold after controlling for various socioeconomic characteristics of these households, including their physical distances to the breeding institutes. Findings are robust across parametric and nonparametric specifications such as Data Envelopment Method, and after addressing potential endogeneity of agroclimatic similarity and agricultural inputs variables in the production function. Productivity effects due to the locations of plant breeding institutes and resulting agroclimatic similarity can be potentially sizable given Nigeria's past productivity growth speed.     

The economic impact of lockdowns: A theoretical assessment

The sudden appearance of the SARS-CoV-2 virus and the onset of the COVID-19 pandemic triggered extreme and open-ended “lockdowns” to manage the disease. Should these drastic interventions be the blueprint for future epidemics? We construct an analytical framework, based on the theory of random matching, which makes explicit how epidemics spread through economic activity. Imposing lockdowns by assumption not only prevents contagion and reduces healthcare costs, but also disrupts income-generation processes. We characterize how lockdowns impact the contagion process and social welfare. Numerical analysis suggests that protracted, open-ended lockdowns are generally suboptimal, bringing into question the policy responses seen in many countries.     

Education decisions and labour market outcomes

The financial return to a college degree is an increasing concern amid rising tuition costs and stagnant wages. Using the Education Longitudinal Study of 2002 (ELS:2002), I analyse the effect of post-secondary choices on wages for individuals entering the labour force between 2004 and 2012. Matching methods provide evidence of strong returns to earning a bachelor’s degree for both genders, similar to previous literature. Relative to high school graduates, women see wage benefits of 8–21% for some college attendance. However, men see negative effects of between 6%–13% from some college relative to high school graduates. The returns to a sub-baccalaureate degree as compared to earning some two-year credits is between 8%–25% for women and 8–14% for men. Further, the wage returns to a sub-baccalaureate degree as compared to earning some four-year credits is between 9%–17% for women and 9–20% for men. This translates into an additional $2,500-$4,700 per year for women and an additional $2,900-$6,400 per year for men. Since the average respondent with some four-year college experience has 2.3 years of earned post-secondary credits, shifting some into sub-baccalaureate programs may substantially decrease both the financial and time commitments of post-secondary education while increasing the returns after degree attainment.     

Improving estimates of job matching efficiency with different measures of unemployment

Traditional measures of unemployment can mask important changes in the labor market across time. We therefore use broader definitions of unemployment to estimate time-varying job-matching efficiency rates that are consistent with vacancies and hiring activity data for the U.S. Our efficiency rates are then modelled along with employment data to study their dynamic, non-linear relationship. We find that including marginally attached workers and part-time workers for economic reasons helps explain the changes in employment patterns observed after the global financial crisis. This finding emphasizes the importance of accounting for labor underutilization, particularly during the latest economic recovery.     

双元领导对“90后”员工创新能力的影响——以人岗匹配度和组织差错管理氛围为中介变量

研究旨在探索双元领导如何提高“90后”员工的创新能力。从认知视角出发，基于自我决定理论，从个人和组织两个层面揭示双元领导通过人岗匹配度和组织差错管理氛围影响“90后”员工创新能力的内在机制。研究结果显示，双元领导正向影响“90后”员工创新能力，人岗匹配度和组织差错管理氛围在双元领导与“90后”员工创新能力之间起部分中介作用。为领导者采取动态双元领导风格进而提高“90后”员工创新能力提供了新视角，并对企业创新实践具有指导意义。     

Financial stability of Islamic banking and the global financial crisis: Evidence from the Gulf Cooperation Council

Using a sample of 76 banks from the Gulf Cooperation Council region, we use accounting- as well as market-based measures of financial stability to examine whether Islamic banks outperformed conventional banks in the time of financial shocks during the period 2000–2013. We find that the difference between the two banking types was initially not significant during the GFC. However, when the financial shock spread to the real economy during the later phases of the crisis, Islamic banks suffered a significantly higher level of financial instability than conventional banks. This result holds true for large banks but not for small Islamic banks. Small Islamic banks demonstrated a relatively better handling of the economic downturn than large Islamic banks, supporting the argument that Islamic banks are more stable when they operate at a small scale but lose this stability when they increase their scale of operations. Hence, while Islamic banks may have escaped the consequences of highly volatile financial instruments, they were not spared from a major shock in the real economic sectors.     

Tell me a story about yourself: The words of shopping experience and self-satisfaction

In this paper we investigate the verbal expression of shopping experience obtained by a sample of customers asked to freely verbalize how they felt when entering a store. Using novel tools of Text Mining and Social Network Analysis, we analyzed the interviews to understand the connection between the emotions aroused during the shopping experience, satisfaction and the way participants link these concepts to self-satisfaction and self-identity. The results show a prominent role of emotions in the discourse about the shopping experience before purchasing and an inward-looking connection to the self. Our results also suggest that modern retail environment should enhance the hedonic shopping experience in terms of fun, fantasy, moods, and emotions.