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["This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2) Europe's monetary union has increased intra-European trade and capital flows, but divergence in national price levels may destabilize output in the future; (3) The monetary analysis of the European Central Bank has little effect on the ECB's policy decisions; and (4) Countries with hard currency pegs experience unusually severe recessions when capital flight occurs."]
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3A1831653559.jsonld
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['Chapter 22. Inflation Targeting']
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19
3A1831653575.jsonld
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['Chapter 20. Wanting Robustness in Macroeconomics']
['Robust control theory is a tool for assessing decision rules when a decision maker distrusts either the specification of transition laws or the distribution of hidden state variables or both. Specification doubts inspire the decision maker to want a decision rule to work well for a ∅ of models surrounding his approximating stochastic model. We relate robust control theory to the so-called multiplier and constraint preferences that have been used to express ambiguity aversion. Detection error probabilities can be used to discipline empirically plausible amounts of robustness. We describe applications to asset pricing uncertainty premia and design of robust macroeconomic policies.']
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3A1831653583.jsonld
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3A1831653591.jsonld
{ "@graph": [ { "@id": "gnd:4019902-2", "sameAs": "Geldpolitik" }, { "@id": "gnd:4121333-6", "sameAs": "Geldtheorie" }, { "@id": "https://www.tib.eu/de/suchen/id/TIBKAT%3A1831653591", "@type": "bibo:Article", "creator": [ "Stella, Andrea", "Alesina, Alberto" ], "description": "Campusweiter Zugriff (Universit\u00e4t Hannover) - Vervielf\u00e4ltigungen (z.B. Kopien, Downloads) sind nur von einzelnen Kapiteln oder Seiten und nur zum eigenen wissenschaftlichen Gebrauch erlaubt. Keine Weitergabe an Dritte. Kein systematisches Downloaden durch Robots.", "identifier": [ "(doi)10.1016/B978-0-444-53454-5.00006-2", "(ppn)1831653591", "(firstid)KEP:083750495" ], "publisher": "North-Holland", "subject": [ "(classificationName=rvk)QK 900", "(classificationName=rvk)QC 320", "The Euro", "(classificationName=ddc)332.4", "Currency Unions", "Money", "Monetary policy", "Monetary Policy Rules", "(classificationName=rvk)QC 325", "(classificationName=loc)HG230.3", "Electronic books", "(classificationName=loc)HG221 .H24 1990", "Central Bank Independence", "(classificationName=linseach:mapping)oek", "Political Cycles" ], "title": "Chapter 18. The Politics of Monetary Policy", "abstract": "In this paper we critically review the literature on the political economy of monetary policy, with an eye on the questions raised by the recent financial crisis. We begin with a discussion of rules versus discretion. We then examine the issue of the central bank\u2019s independence (CBI) both in normal times and in times of crisis. Then we review the literature of electoral manipulation of policies. Finally we address international institutional issues concerning the feasibility, optimality, and political sustainability of currency unions in which more than one country shares the same currency. A brief review of the Euro experience concludes the paper.", "contributor": "Technische Informationsbibliothek (TIB)", "extent": "1001-1054", "isPartOf": [ "(collectioncode)ZDB-1-HBE", "(isbn13)9780444534712", "(isbn13)9780444534705", "(isbn)0444534709", "(collectioncode)ZDB-1-HBE-article", "(ppn)825903645" ], "issued": "2010", "language": "http://id.loc.gov/vocabulary/iso639-1/en", "license": "national licence", "medium": "rda:termList/RDACarrierType/1018", "dcterms:subject": [ { "@id": "gnd:4121333-6" }, { "@id": "gnd:4019902-2" } ], "pageStart": "1001", "isLike": "doi:10.1016/B978-0-444-53454-5.00006-2", "P30128": "Handbook of monetary economics", "P60163": "San Diego, CA" } ], "@id": "urn:x-arq:DefaultGraphNode", "@context": { "sameAs": "http://www.w3.org/2002/07/owl#sameAs", "subject": "http://purl.org/dc/elements/1.1/subject", "extent": "http://purl.org/dc/terms/extent", "identifier": "http://purl.org/dc/elements/1.1/identifier", "isPartOf": "http://purl.org/dc/terms/isPartOf", "publisher": "http://purl.org/dc/elements/1.1/publisher", "license": "http://purl.org/dc/terms/license", "issued": "http://purl.org/dc/terms/issued", "contributor": "http://purl.org/dc/terms/contributor", "creator": "http://purl.org/dc/elements/1.1/creator", "P60163": "http://www.rdaregistry.info/Elements/u/#P60163", "pageStart": "http://purl.org/ontology/bibo/pageStart", "P30128": "http://www.rdaregistry.info/Elements/m/#P30128", "abstract": "http://purl.org/dc/terms/abstract", "description": "http://purl.org/dc/elements/1.1/description", "language": { "@id": "http://purl.org/dc/terms/language", "@type": "@id" }, "medium": { "@id": "http://purl.org/dc/terms/medium", "@type": "@id" }, "isLike": { "@id": "http://umbel.org/umbel#isLike", "@type": "@id" }, "title": "http://purl.org/dc/elements/1.1/title", "umbel": "http://umbel.org/umbel#", "rdau": "http://www.rdaregistry.info/Elements/u/#", "owl": "http://www.w3.org/2002/07/owl#", "dcterms": "http://purl.org/dc/terms/", "bibo": "http://purl.org/ontology/bibo/", "rdam": "http://www.rdaregistry.info/Elements/m/#", "gnd": "http://d-nb.info/gnd/", "isbd": "http://iflastandards.info/ns/isbd/elements/", "rda": "http://rdvocab.info/", "doi": "https://doi.org/" } }
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['Chapter 18. The Politics of Monetary Policy']
['In this paper we critically review the literature on the political economy of monetary policy, with an eye on the questions raised by the recent financial crisis. We begin with a discussion of rules versus discretion. We then examine the issue of the central bank’s independence (CBI) both in normal times and in times of crisis. Then we review the literature of electoral manipulation of policies. Finally we address international institutional issues concerning the feasibility, optimality, and political sustainability of currency unions in which more than one country shares the same currency. A brief review of the Euro experience concludes the paper.']
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19
3A1831653613.jsonld
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['Chapter 16. Optimal Monetary Policy in Open Economies']
['This chapter studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature. In the model, the combination of complete exchange-rate pass-through (producer currency pricing) and frictionless asset markets ensuring efficient risk sharing, results in a form of openeconomy divine coincidence: in line with the prescriptions in the baseline New-Keynesian setting, the optimal monetary policy under cooperation is characterized by exclusively inward-looking targeting rules in domestic output gaps and GDP-deflator inflation. The chapter then examines deviations from this benchmark, when cross-country strategic policy interactions, incomplete exchange-rate pass-through (local currency pricing) and asset market imperfections are accounted for. Namely, failure to internalize international monetary spillovers results in attempts to manipulate international relative prices to raise national welfare, causing inefficient real exchange rate fluctuations. Local currency pricing and incomplete asset markets (preventing efficient risk sharing) shift the focus of monetary stabilization to redressing domestic as well as external distortions: the targeting rules characterizing the optimal policy are not only in domestic output gaps and inflation, but also in misalignments in the terms of trade and real exchange rates, and cross-country demand imbalances.']
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19
3A183165363X.jsonld
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Kein systematisches Downloaden durch Robots.", "identifier": [ "(ppn)183165363X", "(firstid)KEP:083750452", "(doi)10.1016/B978-0-444-53454-5.00002-5" ], "publisher": "North-Holland", "subject": [ "(classificationName=rvk)QC 325", "(classificationName=loc)HG221 .H24 1990", "Inflation Target", "Target Criterion", "(classificationName=ddc)332.4", "Monetary policy", "(classificationName=rvk)QK 900", "Loss Function", "Price-Level Target", "Commitment", "(classificationName=rvk)QC 320", "Linear-Quadratic Approximation", "Discretion", "Timeless Perspective", "Zero Lower Bound", "Ramsey Policy", "(classificationName=linseach:mapping)oek", "Electronic books", "Forecast Targeting", "Money", "(classificationName=loc)HG230.3" ], "title": "Chapter 14. Optimal Monetary Stabilization Policy", "abstract": "This chapter reviews the theory of optimal monetary stabilization policy in New Keynesian models, with particular emphasis on developments since the treatment of this topic in Woodford (2003). The primary emphasis of the chapter is on methods of analysis that are useful in this area, rather than on final conclusions about the ideal conduct of policy (that are obviously model-dependent, and hence dependent on the stand that one might take on many issues that remain controversial), and on general themes that have been found to be important under a range of possible model specifications. 1 1 Practical lessons of the modern literature on monetary stabilization policy are developed in more detail in Chapter 15 by Taylor and Williams (2010) and Chapter 22 by Svensson (2010) in this Handbook . With regard to methodology, some of the central themes of this review will be the application of the method of Ramsey policy analysis to the problem of the optimal conduct of monetary policy, and the connection that can be established between utility maximization and linear-quadratic policy problems of the sort often considered in the central banking literature. With regard to the structure of a desirable decision framework for monetary policy deliberations, some of the central themes will be the importance of commitment for a superior stabilization outcome, and more generally, the importance of advance signals about the future conduct of policy, the advantages of history-dependent policies over purely forward-looking approaches, and the usefulness of a target criterion as a way of characterizing a central bank's policy commitment.", "contributor": "Technische Informationsbibliothek (TIB)", "extent": "723-828", "isPartOf": [ "(collectioncode)ZDB-1-HBE-article", "(isbn13)9780444534705", "(collectioncode)ZDB-1-HBE", "(isbn)0444534709", "(isbn13)9780444534712", "(ppn)825903645" ], "issued": "2010", "language": "http://id.loc.gov/vocabulary/iso639-1/en", "license": "national licence", "medium": "rda:termList/RDACarrierType/1018", "dcterms:subject": [ { "@id": "gnd:4019902-2" }, { "@id": "gnd:4121333-6" } ], "pageStart": "723", "isLike": "doi:10.1016/B978-0-444-53454-5.00002-5", "P30128": "Handbook of monetary economics", "P60163": "San Diego, CA" } ], "@id": "urn:x-arq:DefaultGraphNode", "@context": { "sameAs": "http://www.w3.org/2002/07/owl#sameAs", "subject": "http://purl.org/dc/elements/1.1/subject", "isPartOf": "http://purl.org/dc/terms/isPartOf", "license": "http://purl.org/dc/terms/license", "title": "http://purl.org/dc/elements/1.1/title", "identifier": "http://purl.org/dc/elements/1.1/identifier", "language": { "@id": "http://purl.org/dc/terms/language", "@type": "@id" }, "contributor": "http://purl.org/dc/terms/contributor", "pageStart": "http://purl.org/ontology/bibo/pageStart", "abstract": "http://purl.org/dc/terms/abstract", "issued": "http://purl.org/dc/terms/issued", "medium": { "@id": "http://purl.org/dc/terms/medium", "@type": "@id" }, "description": "http://purl.org/dc/elements/1.1/description", "P60163": "http://www.rdaregistry.info/Elements/u/#P60163", "publisher": "http://purl.org/dc/elements/1.1/publisher", "creator": "http://purl.org/dc/elements/1.1/creator", "P30128": "http://www.rdaregistry.info/Elements/m/#P30128", "extent": "http://purl.org/dc/terms/extent", "isLike": { "@id": "http://umbel.org/umbel#isLike", "@type": "@id" }, "umbel": "http://umbel.org/umbel#", "rdau": "http://www.rdaregistry.info/Elements/u/#", "owl": "http://www.w3.org/2002/07/owl#", "dcterms": "http://purl.org/dc/terms/", "bibo": "http://purl.org/ontology/bibo/", "rdam": "http://www.rdaregistry.info/Elements/m/#", "gnd": "http://d-nb.info/gnd/", "isbd": "http://iflastandards.info/ns/isbd/elements/", "rda": "http://rdvocab.info/", "doi": "https://doi.org/" } }
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['Chapter 14. Optimal Monetary Stabilization Policy']
["This chapter reviews the theory of optimal monetary stabilization policy in New Keynesian models, with particular emphasis on developments since the treatment of this topic in Woodford (2003). The primary emphasis of the chapter is on methods of analysis that are useful in this area, rather than on final conclusions about the ideal conduct of policy (that are obviously model-dependent, and hence dependent on the stand that one might take on many issues that remain controversial), and on general themes that have been found to be important under a range of possible model specifications. 1 1 Practical lessons of the modern literature on monetary stabilization policy are developed in more detail in Chapter 15 by Taylor and Williams (2010) and Chapter 22 by Svensson (2010) in this Handbook . With regard to methodology, some of the central themes of this review will be the application of the method of Ramsey policy analysis to the problem of the optimal conduct of monetary policy, and the connection that can be established between utility maximization and linear-quadratic policy problems of the sort often considered in the central banking literature. With regard to the structure of a desirable decision framework for monetary policy deliberations, some of the central themes will be the importance of commitment for a superior stabilization outcome, and more generally, the importance of advance signals about the future conduct of policy, the advantages of history-dependent policies over purely forward-looking approaches, and the usefulness of a target criterion as a way of characterizing a central bank's policy commitment."]
['2010']
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19
3A1831653648.jsonld
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['Chapter 13. The Optimal Rate of Inflation']
['Observed inflation targets around the industrial world are concentrated at two percent per year. This chapter investigates the extent to which the observed magnitudes of inflation targets are consistent with the optimal rate of inflation predicted by leading theories of monetary non-neutrality. We find that consistently those theories imply that the optimal rate of inflation ranges from minus the real rate of interest to numbers insignificantly above zero. Furthermore, we argue that the zero bound on nominal interest rates does not represent an impediment for setting inflation targets near or below zero. Finally, we find that central banks should adjust their inflation targets upward by the size of the quality bias in measured inflation only if hedonic prices are more sticky than nonquality-adjusted prices.']
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['Geldpolitik', 'Geldtheorie']
19
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3A1831653680.jsonld
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['Reflections on the Economics of Education']
['Modern research on the economics of education began in the 1950s with research by T. W. Schultz, Jacob Mincer, Sherwin Rosen and some others, although there are earlier precedents, including analyses by Adam Smith, Alfred Marshall, and Milton Friedman. This new literature treats education as an investment that has both costs and returns. The returns analyzed are principally the increase in earnings because of greater amounts of schooling. The costs included tuition, fees, and other direct expenses from schooling, and the earnings foregone by being in school rather than at work. Higher education has boomed throughout the world during the past three decades in many poorer and in all rich nations. An important part of the explanation for this development is that new technologies, such as computers and the Internet, increased the demand for persons with college education, because college graduates more easily utilize and adapt to these technologies. Other important developments explaining the greater incentives to get a higher education are the shift to high-skilled services, such as the education and health sectors, and away from manufacturing and increased globalization that helped spread the demand for these new technologies throughout the world.']
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20
3A1831653729.jsonld
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Kein systematisches Downloaden durch Robots.", "identifier": [ "(doi)10.1016/B978-0-444-53444-6.00009-2", "(firstid)KEP:083750363", "(ppn)1831653729" ], "publisher": "North Holland", "subject": [ "EDUCATION ; History", "Finance", "Electronic books", "Majority Voting", "(classificationName=loc)LC66", "Human Capital Accumulation", "Wages", "Opting Out", "(classificationName=bk, id=106414623)85.04 - Ausbildung, Beruf, Organisationen", "Effect of education on", "United States", "EDUCATION ; Comparative", "(classificationName=bk, id=106416340)83.14 - Einkommen, Besch\u00e4ftigung, Arbeitsmarkt", "Wages ; Effect of education on", "(classificationName=linseach:mapping)oek", "Education ; Economic aspects", "(classificationName=ddc)370.973", "Tiebout Sorting", "(classificationName=linseach:mapping)pae", "Education ; Finance", "Economic aspects", "Aufsatzsammlung", "Ausbildung", "Education Funding", "Political Economy", "Education", "Lohn", "Bildungs\u00f6konomie" ], "title": "Chapter 9. The Political Economy of Education Funding", "abstract": "In most countries, the government is the main provider of education services. Even when a private education sector exists, it is often subsidized. Given the substantial involvement of governments in the education sector and the importance of skill acquisition for individual and national welfare, understanding how societies allocate public resources for education is a crucial issue. The purpose of this chapter is to review positive models of public funding for education. Models reviewed in this chapter consist of a private layer and a political economy layer. In the private layer, firms and households make their decisions taking as given the public policies. In the political economy layer, voters or groups with conflicting interests determine the public policy, taking into account the private sector response to the policy. The questions addressed by the models in this chapter include: What is the majority preferred level of funding for public education when private options are available? How do various dimensions of household heterogeneity (e.g., income, age, ability, tastes) alter the political equilibrium? What is the level of public funding in each community when households can sort themselves into multiple communities? Why are large-scale vouchers in education so rare across the world? Why are public education expenditures as a fraction of GDP rising along the development path? The focus of this chapter is theory, but calibrated versions of the theory that rely on empirical work are also included. 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['Chapter 9. The Political Economy of Education Funding']
['In most countries, the government is the main provider of education services. Even when a private education sector exists, it is often subsidized. Given the substantial involvement of governments in the education sector and the importance of skill acquisition for individual and national welfare, understanding how societies allocate public resources for education is a crucial issue. The purpose of this chapter is to review positive models of public funding for education. Models reviewed in this chapter consist of a private layer and a political economy layer. In the private layer, firms and households make their decisions taking as given the public policies. In the political economy layer, voters or groups with conflicting interests determine the public policy, taking into account the private sector response to the policy. The questions addressed by the models in this chapter include: What is the majority preferred level of funding for public education when private options are available? How do various dimensions of household heterogeneity (e.g., income, age, ability, tastes) alter the political equilibrium? What is the level of public funding in each community when households can sort themselves into multiple communities? Why are large-scale vouchers in education so rare across the world? Why are public education expenditures as a fraction of GDP rising along the development path? The focus of this chapter is theory, but calibrated versions of the theory that rely on empirical work are also included. We also review the empirical evidence that has bearing on the theoretical models in this chapter.']
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['Chapter 9. The Political Economy of Education Funding']
['In most countries, the government is the main provider of education services. Even when a private education sector exists, it is often subsidized. Given the substantial involvement of governments in the education sector and the importance of skill acquisition for individual and national welfare, understanding how societies allocate public resources for education is a crucial issue. The purpose of this chapter is to review positive models of public funding for education. Models reviewed in this chapter consist of a private layer and a political economy layer. In the private layer, firms and households make their decisions taking as given the public policies. In the political economy layer, voters or groups with conflicting interests determine the public policy, taking into account the private sector response to the policy. The questions addressed by the models in this chapter include: What is the majority preferred level of funding for public education when private options are available? How do various dimensions of household heterogeneity (e.g., income, age, ability, tastes) alter the political equilibrium? What is the level of public funding in each community when households can sort themselves into multiple communities? Why are large-scale vouchers in education so rare across the world? Why are public education expenditures as a fraction of GDP rising along the development path? The focus of this chapter is theory, but calibrated versions of the theory that rely on empirical work are also included. We also review the empirical evidence that has bearing on the theoretical models in this chapter.']
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['Chapter 8. Dropouts and Diplomas : The Divergence in Collegiate Outcomes']
['Although collegiate attainment rates have risen in many developed and developing countries over the last three decades, they have remained essentially flat in the United States over the same period. In this chapter, we distinguish various models of degree attainment in the general context of theoretical and empirical specifications of educational attainment. To explain collegiate degree attainment, we consider the roles of student demand, the supply side of the postsecondary education market, and the role of public support in determining outcomes. Although the study of college degree attainment has traditionally focused on demand-side determinants of attainment, including how students finance college attainment and academic preparation, we present here the evidence that supply-side determinants including the level of public subsidies and the associated stratification among colleges and universities are also important determinants of degree attainment. Review of this evidence and research suggests a number of unexplored areas for economic research related to college choice, in-college attainment, and the supply-side determinants of stratification and resources per student.']
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['Chapter 8. Dropouts and Diplomas : The Divergence in Collegiate Outcomes']
['Although collegiate attainment rates have risen in many developed and developing countries over the last three decades, they have remained essentially flat in the United States over the same period. In this chapter, we distinguish various models of degree attainment in the general context of theoretical and empirical specifications of educational attainment. To explain collegiate degree attainment, we consider the roles of student demand, the supply side of the postsecondary education market, and the role of public support in determining outcomes. Although the study of college degree attainment has traditionally focused on demand-side determinants of attainment, including how students finance college attainment and academic preparation, we present here the evidence that supply-side determinants including the level of public subsidies and the associated stratification among colleges and universities are also important determinants of degree attainment. Review of this evidence and research suggests a number of unexplored areas for economic research related to college choice, in-college attainment, and the supply-side determinants of stratification and resources per student.']
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['Chapter 7. Educational Vouchers in International Contexts']
['International evidence on school choice largely focuses on educational voucher or voucher-like systems. The research to date primarily focuses on two complementary questions: what are the effects of school choice on students who exercise school choice? and what are the effects of school choice on the overall system that allows choice? In this chapter, we review the educational voucher focusing on these two research questions. We primarily focus on educational voucher programs in Chile, Colombia, and Sweden. We discuss each of these programs and the accompanying literature in depth. We briefly discuss research from other countries, especially ongoing research in India, which may provide key insights into voucher and school-choice debates. Although there are a number of similarities between research on school choice in the United States and abroad, research on school choice abroad presents an entirely different set of political circumstances, institutions, and funding schemes. We discuss these issues and their impact on generalizeability of international research. We also recommend future directions for voucher research, particularly, in identifying key components of voucher systems that have led to the observed effects to date.']
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['Chapter 7. Educational Vouchers in International Contexts']
['International evidence on school choice largely focuses on educational voucher or voucher-like systems. The research to date primarily focuses on two complementary questions: what are the effects of school choice on students who exercise school choice? and what are the effects of school choice on the overall system that allows choice? In this chapter, we review the educational voucher focusing on these two research questions. We primarily focus on educational voucher programs in Chile, Colombia, and Sweden. We discuss each of these programs and the accompanying literature in depth. We briefly discuss research from other countries, especially ongoing research in India, which may provide key insights into voucher and school-choice debates. Although there are a number of similarities between research on school choice in the United States and abroad, research on school choice abroad presents an entirely different set of political circumstances, institutions, and funding schemes. We discuss these issues and their impact on generalizeability of international research. We also recommend future directions for voucher research, particularly, in identifying key components of voucher systems that have led to the observed effects to date.']
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['Chapter 6. The Design of Performance Pay in Education']
['This chapter analyzes the design of incentive schemes in education while reviewing empirical studies that evaluate performance pay programs for educators. Several themes emerge. First, education officials should not use one assessment system to create both educator performance metrics and measures of student achievement. To mitigate incentives for coaching, incentive systems should employ assessments that vary in both format and item content. Separate no-stakes assessments provide more reliable information about student achievement because they create no incentives for educators to take hidden actions that contaminate student test scores. Second, relative performance schemes are too rare in education. These schemes are more difficult to manipulate than systems built around psychometric or subjective performance standards. Third, assessment-based incentive schemes are mechanisms that complement rather than substitute for systems that promote parental choice, e.g. vouchers and charter schools.']
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['Chapter 6. The Design of Performance Pay in Education']
['This chapter analyzes the design of incentive schemes in education while reviewing empirical studies that evaluate performance pay programs for educators. Several themes emerge. First, education officials should not use one assessment system to create both educator performance metrics and measures of student achievement. To mitigate incentives for coaching, incentive systems should employ assessments that vary in both format and item content. Separate no-stakes assessments provide more reliable information about student achievement because they create no incentives for educators to take hidden actions that contaminate student test scores. Second, relative performance schemes are too rare in education. These schemes are more difficult to manipulate than systems built around psychometric or subjective performance standards. Third, assessment-based incentive schemes are mechanisms that complement rather than substitute for systems that promote parental choice, e.g. vouchers and charter schools.']
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['Chapter 5. Inequality, Human Capital Formation, and the Process of Development']
["Conventional wisdom about the relationship between income distribution and economic development has been subjected to dramatic transformations in the past century. While Classical economists advanced the hypothesis that inequality is beneficial for economic development, the Neoclassical paradigm, which had subsequently dominated the field of macroeconomics, dismissed the Classical hypothesis and promoted the viewpoint that the study of income distribution has no importance for the understanding of macroeconomic activity and the growth process. A metamorphosis in these perspectives has taken place in the past two decades. Theory and subsequent empirical evidence have demonstrated that income distribution has a significant impact on the growth process. The modern approach has demonstrated that in the presence of credit market imperfections, income distribution has a long-lasting effect on investment in human capital, entrepreneurial activity, aggregate income, and economic development. Moreover, in contrast to the Classical viewpoint, which underscored beneficial effects of inequality for the growth process, the modern perspective advanced the hypothesis that inequality may be detrimental for human capital formation and economic development. The replacement of physical capital accumulation by human capital accumulation as the prime engine of economic growth has changed the qualitative impact of inequality on the process of development. In early stages of industrialization, as physical capital accumulation was a prime source of economic growth, inequality enhanced the process of development by channeling resources toward individuals whose marginal propensity to save is higher. However, in later stages of development, as human capital has become the main engine of economic growth, a more equal distribution of income, in the presence of credit constraints, has stimulated investment in human capital and economic growth. While the process of industrialization raised the importance of human capital in the production process, reflecting its complementarity with physical capital and technology, human capital accumulation has not benefited all sectors of the economy. Inequality in the ownership of factors of production has generated an incentive for some better-endowed agents to block the implementation of institutional changes and policies that promote human capital formation, resulting in a suboptimal level of investment in human capital from a growth perspective. The transition from an agricultural to an industrial economy changed the nature of the main economic conflict in society. Unlike the agrarian economy, which was characterized by a conflict of interests between the landed aristocracy and the masses, the process of industrialization has brought about an additional conflict between the entrenched landed elite and the emerging capitalist elite. In light of a lower degree of complementarity between human capital and the agricultural sector, education has increased the productivity of labor in industrial production more than in agricultural and primary good production, inducing rural-to-urban migration and a decline in the return to landowners. Thus, while industrialists have had a direct economic incentive to support education policies that would foster human capital formation, landowners, whose interests lay in the reduction of the mobility of their labor force, have favored policies that deprived the masses of education. The adverse effect of the implementation of public education on landowners' income from agricultural production has been magnified by the concentration of land ownership. As long as landowners affected the political process and thereby the implementation of growth-enhancing education policies, inequality in the distribution of land ownership has been a hurdle for human capital accumulation, slowing the process of industrialization, and the transition to modern growth. Variation in the distribution of ownership over land and other natural resources across countries has contributed to disparity in human capital formation and the industrial composition of the economy, and thus to divergent development patterns across the globe. Moreover, in some societies, geographical conditions that led to income inequality brought about oppressive institutions designed to maintain the political power of the elite and to preserve the existing inequality."]
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20
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['Chapter 5. Inequality, Human Capital Formation, and the Process of Development']
["Conventional wisdom about the relationship between income distribution and economic development has been subjected to dramatic transformations in the past century. While Classical economists advanced the hypothesis that inequality is beneficial for economic development, the Neoclassical paradigm, which had subsequently dominated the field of macroeconomics, dismissed the Classical hypothesis and promoted the viewpoint that the study of income distribution has no importance for the understanding of macroeconomic activity and the growth process. A metamorphosis in these perspectives has taken place in the past two decades. Theory and subsequent empirical evidence have demonstrated that income distribution has a significant impact on the growth process. The modern approach has demonstrated that in the presence of credit market imperfections, income distribution has a long-lasting effect on investment in human capital, entrepreneurial activity, aggregate income, and economic development. Moreover, in contrast to the Classical viewpoint, which underscored beneficial effects of inequality for the growth process, the modern perspective advanced the hypothesis that inequality may be detrimental for human capital formation and economic development. The replacement of physical capital accumulation by human capital accumulation as the prime engine of economic growth has changed the qualitative impact of inequality on the process of development. In early stages of industrialization, as physical capital accumulation was a prime source of economic growth, inequality enhanced the process of development by channeling resources toward individuals whose marginal propensity to save is higher. However, in later stages of development, as human capital has become the main engine of economic growth, a more equal distribution of income, in the presence of credit constraints, has stimulated investment in human capital and economic growth. While the process of industrialization raised the importance of human capital in the production process, reflecting its complementarity with physical capital and technology, human capital accumulation has not benefited all sectors of the economy. Inequality in the ownership of factors of production has generated an incentive for some better-endowed agents to block the implementation of institutional changes and policies that promote human capital formation, resulting in a suboptimal level of investment in human capital from a growth perspective. The transition from an agricultural to an industrial economy changed the nature of the main economic conflict in society. Unlike the agrarian economy, which was characterized by a conflict of interests between the landed aristocracy and the masses, the process of industrialization has brought about an additional conflict between the entrenched landed elite and the emerging capitalist elite. In light of a lower degree of complementarity between human capital and the agricultural sector, education has increased the productivity of labor in industrial production more than in agricultural and primary good production, inducing rural-to-urban migration and a decline in the return to landowners. Thus, while industrialists have had a direct economic incentive to support education policies that would foster human capital formation, landowners, whose interests lay in the reduction of the mobility of their labor force, have favored policies that deprived the masses of education. The adverse effect of the implementation of public education on landowners' income from agricultural production has been magnified by the concentration of land ownership. As long as landowners affected the political process and thereby the implementation of growth-enhancing education policies, inequality in the distribution of land ownership has been a hurdle for human capital accumulation, slowing the process of industrialization, and the transition to modern growth. Variation in the distribution of ownership over land and other natural resources across countries has contributed to disparity in human capital formation and the industrial composition of the economy, and thus to divergent development patterns across the globe. Moreover, in some societies, geographical conditions that led to income inequality brought about oppressive institutions designed to maintain the political power of the elite and to preserve the existing inequality."]
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19
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['Chapter 4. Migration and Education']
["Sjaastad (1962) viewed migration in the same way as education: as an investment in the human agent . Migration and education are decisions that are indeed intertwined in many dimensions. Education and skill acquisition play an important role at many stages of an individual's migration. Differential returns to skills in origin and destination country are a main driver of migration. The economic success of the immigrant in the destination country is to a large extent determined by his or her educational background, how transferable these skills are to the host country labor market and how much he or she invests in further skills after arrival. The desire to acquire skills in the host country that have a high return in the country of origin may be another important reason for a migration. From an intertemporal point of view, the possibility of a later migration may affect educational decisions in the home country long before a migration is realized. In addition, the decisions of migrants regarding their own educational investment and their expectations about future migration plans may affect the educational attainment of their children. But migration and education are not only related for those who migrate or their descendants. Migrations of some individuals may have consequences for educational decisions of those who do not migrate, both in the home and in the host country. By easing credit constraints through remittances, migration of some may help others to go to school. By changing the skill base of the receiving country, migration may change incentives to invest in certain types of human capital. In addition, migrants and their children may create externalities that influence educational outcomes of nonmigrants in the destination country. This chapter will discuss some of the key areas that connect migration and education."]
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19
3A183165377X.jsonld
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Migration and Education", "abstract": "Sjaastad (1962) viewed migration in the same way as education: as an investment in the human agent . Migration and education are decisions that are indeed intertwined in many dimensions. Education and skill acquisition play an important role at many stages of an individual's migration. Differential returns to skills in origin and destination country are a main driver of migration. The economic success of the immigrant in the destination country is to a large extent determined by his or her educational background, how transferable these skills are to the host country labor market and how much he or she invests in further skills after arrival. The desire to acquire skills in the host country that have a high return in the country of origin may be another important reason for a migration. From an intertemporal point of view, the possibility of a later migration may affect educational decisions in the home country long before a migration is realized. In addition, the decisions of migrants regarding their own educational investment and their expectations about future migration plans may affect the educational attainment of their children. But migration and education are not only related for those who migrate or their descendants. Migrations of some individuals may have consequences for educational decisions of those who do not migrate, both in the home and in the host country. By easing credit constraints through remittances, migration of some may help others to go to school. By changing the skill base of the receiving country, migration may change incentives to invest in certain types of human capital. In addition, migrants and their children may create externalities that influence educational outcomes of nonmigrants in the destination country. 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['Chapter 4. Migration and Education']
["Sjaastad (1962) viewed migration in the same way as education: as an investment in the human agent . Migration and education are decisions that are indeed intertwined in many dimensions. Education and skill acquisition play an important role at many stages of an individual's migration. Differential returns to skills in origin and destination country are a main driver of migration. The economic success of the immigrant in the destination country is to a large extent determined by his or her educational background, how transferable these skills are to the host country labor market and how much he or she invests in further skills after arrival. The desire to acquire skills in the host country that have a high return in the country of origin may be another important reason for a migration. From an intertemporal point of view, the possibility of a later migration may affect educational decisions in the home country long before a migration is realized. In addition, the decisions of migrants regarding their own educational investment and their expectations about future migration plans may affect the educational attainment of their children. But migration and education are not only related for those who migrate or their descendants. Migrations of some individuals may have consequences for educational decisions of those who do not migrate, both in the home and in the host country. By easing credit constraints through remittances, migration of some may help others to go to school. By changing the skill base of the receiving country, migration may change incentives to invest in certain types of human capital. In addition, migrants and their children may create externalities that influence educational outcomes of nonmigrants in the destination country. This chapter will discuss some of the key areas that connect migration and education."]
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['Introduction']
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['Introduction']
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['Introduction to the Series']
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19
3A1831653877.jsonld
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['Chapter 10. Housing Valuations of School Performance']
['In this Chapter, we critically review the sizable literature that values school quality and performance through housing valuations. While highly variable in terms of research quality, the literature consistently finds housing valuations to be significantly higher in places where measured school quality is higher. Thus parents are prepared to pay substantial amounts of money to get their children educated in better performing schools. This conclusion emerges from studies across many countries, using a variety of identification strategies, and at different levels of the education system.']
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['Chapter 10. Housing Valuations of School Performance']
['In this Chapter, we critically review the sizable literature that values school quality and performance through housing valuations. While highly variable in terms of research quality, the literature consistently finds housing valuations to be significantly higher in places where measured school quality is higher. Thus parents are prepared to pay substantial amounts of money to get their children educated in better performing schools. This conclusion emerges from studies across many countries, using a variety of identification strategies, and at different levels of the education system.']
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['Chapter 9. The GED']
["The General Educational Development (GED) credential is issued on the basis of an eight-hour subject-based test. The test claims to establish equivalence between dropouts and traditional high school graduates, opening the door to college and positions in the labor market. In 2008 alone, almost 500,000 dropouts passed the test, amounting to 12% of all high school credentials issued in that year. This chapter reviews the academic literature on the GED, which finds minimal value of the certificate in terms of labor market outcomes and that only a few individuals successfully use it as a path to obtain post-secondary credentials. Although the GED establishes cognitive equivalence on one measure of scholastic aptitude, recipients still face limited opportunity due to deficits in noncognitive skills such as persistence, motivation, and reliability. The literature finds that the GED testing program distorts social statistics on high school completion rates, minority graduation gaps, and sources of wage growth. Recent work demonstrates that, through its availability and low cost, the GED also induces some students to drop out of school. The GED program is unique to the United States and Canada, but provides policy insight relevant to any nation's educational context."]
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['Chapter 9. The GED']
["The General Educational Development (GED) credential is issued on the basis of an eight-hour subject-based test. The test claims to establish equivalence between dropouts and traditional high school graduates, opening the door to college and positions in the labor market. In 2008 alone, almost 500,000 dropouts passed the test, amounting to 12% of all high school credentials issued in that year. This chapter reviews the academic literature on the GED, which finds minimal value of the certificate in terms of labor market outcomes and that only a few individuals successfully use it as a path to obtain post-secondary credentials. Although the GED establishes cognitive equivalence on one measure of scholastic aptitude, recipients still face limited opportunity due to deficits in noncognitive skills such as persistence, motivation, and reliability. The literature finds that the GED testing program distorts social statistics on high school completion rates, minority graduation gaps, and sources of wage growth. Recent work demonstrates that, through its availability and low cost, the GED also induces some students to drop out of school. The GED program is unique to the United States and Canada, but provides policy insight relevant to any nation's educational context."]
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['Chapter 8. School Accountability']
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['Chapter 8. School Accountability']
["School accountability—the process of evaluating school performance on the basis of student performance measures—is increasingly prevalent around the world. In the United States, accountability has become a centerpiece of both Democratic and Republican federal administrations' education policies. This chapter reviews the theory of school-based accountability, describes variations across programs, and identifies key features influencing the effectiveness and possible unintended consequences of accountability policies. The chapter then summarizes the research literature on the effects of test-based accountability on students and teachers, concluding that the preponderance of evidence suggests positive effects of the accountability movement in the United States during the 1990s and early 2000s on student achievement, especially in math. The effects on teachers and on students' long-run outcomes are more difficult to judge. It is also clear that school personnel respond to accountability in both positive and negative ways, and that accountability systems run the risk of being counter-productive if not carefully thought out and monitored."]
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['Chapter 7. The Economics of Tracking in Education']
["Tracking refers to the practice of dividing students by ability or achievement. Students may be tracked within schools by placing them into different classrooms based on achievement, which is the typical practice in countries such as the United States or Canada. Alternatively, students could be streamed into different schools, with either vocational or academic emphases, as has been practiced commonly in Europe. Proponents of tracking argue that tracking can increase the efficiency of schooling by focusing on the needs of distinct groups of students. Opponents' main concerns relate to perpetuating and aggravating inequality. Evaluating effects of tracking on average student achievement and the distribution of achievement is difficult, in part because of variations from study to study and from country to country in the characteristics of the tracking system. Early work, largely in the United States and Britain, used variation across and within schools, and often found that tracking increased inequality in achievement. But more recent work in the United States has questioned these findings, suggesting that careful attention to endogenous placement of students into classrooms and endogenous use of tracking across schools changes results dramatically. Experimental studies on within-school tracking in the United States have produced mixed results, and one experiment in Kenya suggests that tracking can boost the achievement of both low-achieving and high-achieving students. A large body of work now uses geographical variation across regions, countries, grades, and time to identify the effects of tracking. These studies for the most part suggest that tracking aggravates inequality in outcomes. These results are fairly strong, and may be identifying the more dramatic effects that obtain when students are separated into vocational schools and more academically oriented schools, as opposed to the effects of within-school tracking. The paper concludes with an outline of how future research might better categorize and rigorously evaluate the real-world nuances of tracking."]
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The Economics of Tracking in Education", "abstract": "Tracking refers to the practice of dividing students by ability or achievement. Students may be tracked within schools by placing them into different classrooms based on achievement, which is the typical practice in countries such as the United States or Canada. Alternatively, students could be streamed into different schools, with either vocational or academic emphases, as has been practiced commonly in Europe. Proponents of tracking argue that tracking can increase the efficiency of schooling by focusing on the needs of distinct groups of students. Opponents' main concerns relate to perpetuating and aggravating inequality. Evaluating effects of tracking on average student achievement and the distribution of achievement is difficult, in part because of variations from study to study and from country to country in the characteristics of the tracking system. 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['Chapter 7. The Economics of Tracking in Education']
["Tracking refers to the practice of dividing students by ability or achievement. Students may be tracked within schools by placing them into different classrooms based on achievement, which is the typical practice in countries such as the United States or Canada. Alternatively, students could be streamed into different schools, with either vocational or academic emphases, as has been practiced commonly in Europe. Proponents of tracking argue that tracking can increase the efficiency of schooling by focusing on the needs of distinct groups of students. Opponents' main concerns relate to perpetuating and aggravating inequality. Evaluating effects of tracking on average student achievement and the distribution of achievement is difficult, in part because of variations from study to study and from country to country in the characteristics of the tracking system. Early work, largely in the United States and Britain, used variation across and within schools, and often found that tracking increased inequality in achievement. But more recent work in the United States has questioned these findings, suggesting that careful attention to endogenous placement of students into classrooms and endogenous use of tracking across schools changes results dramatically. Experimental studies on within-school tracking in the United States have produced mixed results, and one experiment in Kenya suggests that tracking can boost the achievement of both low-achieving and high-achieving students. A large body of work now uses geographical variation across regions, countries, grades, and time to identify the effects of tracking. These studies for the most part suggest that tracking aggravates inequality in outcomes. These results are fairly strong, and may be identifying the more dramatic effects that obtain when students are separated into vocational schools and more academically oriented schools, as opposed to the effects of within-school tracking. The paper concludes with an outline of how future research might better categorize and rigorously evaluate the real-world nuances of tracking."]
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3A1831653915.jsonld
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Licensure : Exploring the Value of this Gateway to the Teacher Workforce", "abstract": "Empirical research bears out the conventional wisdom that teacher quality is the key schooling resource influencing student achievement, so it is not surprising that policy makers attempt to influence it by regulating admission into the teacher labor market through licensure systems. Most of these systems require teachers to graduate from an approved teacher training institution and pass one or more tests, the notion being that these preservice requirements ensure a basic level of teacher competence. A criticism, however, is that these requirements dissuade talented individuals from attempting to become teachers, thereby lowering the quality of teachers in the workforce. It is shocking how little we actually know about key aspects of the teacher licensure\u2013teacher quality equation. The great majority of the empirical literature on licensure speaks to one crucial link in the teacher licensure\u2013teacher quality equation: the correlation between licensure requirements and student achievement. In general this literature suggests only weak links between specific licensure requirements and student achievement. 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['Chapter 6. Licensure : Exploring the Value of this Gateway to the Teacher Workforce']
['Empirical research bears out the conventional wisdom that teacher quality is the key schooling resource influencing student achievement, so it is not surprising that policy makers attempt to influence it by regulating admission into the teacher labor market through licensure systems. Most of these systems require teachers to graduate from an approved teacher training institution and pass one or more tests, the notion being that these preservice requirements ensure a basic level of teacher competence. A criticism, however, is that these requirements dissuade talented individuals from attempting to become teachers, thereby lowering the quality of teachers in the workforce. It is shocking how little we actually know about key aspects of the teacher licensure–teacher quality equation. The great majority of the empirical literature on licensure speaks to one crucial link in the teacher licensure–teacher quality equation: the correlation between licensure requirements and student achievement. In general this literature suggests only weak links between specific licensure requirements and student achievement. Far less evidence exists on the impact of licensure on the pool of potential teachers, or who school district hiring officials would employ in the face of fewer requirements, or the absence of requirements altogether.']
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3A1831653915.jsonld
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['Chapter 6. Licensure : Exploring the Value of this Gateway to the Teacher Workforce']
['Empirical research bears out the conventional wisdom that teacher quality is the key schooling resource influencing student achievement, so it is not surprising that policy makers attempt to influence it by regulating admission into the teacher labor market through licensure systems. Most of these systems require teachers to graduate from an approved teacher training institution and pass one or more tests, the notion being that these preservice requirements ensure a basic level of teacher competence. A criticism, however, is that these requirements dissuade talented individuals from attempting to become teachers, thereby lowering the quality of teachers in the workforce. It is shocking how little we actually know about key aspects of the teacher licensure–teacher quality equation. The great majority of the empirical literature on licensure speaks to one crucial link in the teacher licensure–teacher quality equation: the correlation between licensure requirements and student achievement. In general this literature suggests only weak links between specific licensure requirements and student achievement. Far less evidence exists on the impact of licensure on the pool of potential teachers, or who school district hiring officials would employ in the face of fewer requirements, or the absence of requirements altogether.']
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['Chapter 3. Education and Family Background : Mechanisms and Policies']
["In every society for which we have data, people's educational achievement is positively correlated with their parents' education or with other indicators of their parents' socio-economic status. This topic is central in social science, and there is no doubt that research has intensified during recent decades, not least thanks to better data having become accessible to researchers. The purpose of this chapter is to summarize and evaluate recent empirical research on education and family background. Broadly speaking, we focus on two related but distinct motivations for this topic. The first is equality of opportunity. Here, the major research issues are: How important a determinant of educational attainment is family background, and is family background—in the broad sense that incorporates factors not chosen by the individual—a major, or only a minor, determinant of educational attainment? What are the mechanisms that make family background important? Have specific policy reforms been successful in reducing the impact of family background on educational achievement? The second common starting point for recent research has been the child development perspective. Here, the focus is on how human-capital accumulation is affected by early childhood resources. Studies with this focus address the questions: What types of parental resources or inputs are important for children's development, why are they important, and when are they important? In addition, this literature focuses on exploring which types of economic policy, and what timing of the policy in relation to children's social and cognitive development, are conducive to children's performance and adult outcomes. The policy interest in this research is whether policies that change parents' resources and restrictions have causal effects on their children."]
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['Chapter 2. The Economics of International Differences in Educational Achievement']
['An emerging economic literature over the past decade has made use of international tests of educational achievement to analyze the determinants and impacts of cognitive skills. The cross-country comparative approach provides a number of unique advantages over national studies: It can exploit institutional variation that does not exist within countries; draw on much larger variation than usually available within any country; reveal whether any result is country-specific or more general; test whether effects are systematically heterogeneous in different settings; circumvent selection issues that plague within-country identification by using system-level aggregated measures; and uncover general-equilibrium effects that often elude studies in a single country. The advantages come at the price of concerns about the limited number of country observations, the cross-sectional character of most available achievement data, and possible bias from unobserved country factors like culture. This chapter reviews the economic literature on international differences in educational achievement, restricting itself to comparative analyses that are not possible within single countries and placing particular emphasis on studies trying to address key issues of empirical identification. While quantitative input measures show little impact, several measures of institutional structures and of the quality of the teaching force can account for significant portions of the large international differences in the level and equity of student achievement. Variations in skills measured by the international tests are in turn strongly related to individual labor-market outcomes and, perhaps more importantly, to cross-country variations in economic growth.']
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['Chapter 2. The Economics of International Differences in Educational Achievement']
['An emerging economic literature over the past decade has made use of international tests of educational achievement to analyze the determinants and impacts of cognitive skills. The cross-country comparative approach provides a number of unique advantages over national studies: It can exploit institutional variation that does not exist within countries; draw on much larger variation than usually available within any country; reveal whether any result is country-specific or more general; test whether effects are systematically heterogeneous in different settings; circumvent selection issues that plague within-country identification by using system-level aggregated measures; and uncover general-equilibrium effects that often elude studies in a single country. The advantages come at the price of concerns about the limited number of country observations, the cross-sectional character of most available achievement data, and possible bias from unobserved country factors like culture. This chapter reviews the economic literature on international differences in educational achievement, restricting itself to comparative analyses that are not possible within single countries and placing particular emphasis on studies trying to address key issues of empirical identification. While quantitative input measures show little impact, several measures of institutional structures and of the quality of the teaching force can account for significant portions of the large international differences in the level and equity of student achievement. Variations in skills measured by the international tests are in turn strongly related to individual labor-market outcomes and, perhaps more importantly, to cross-country variations in economic growth.']
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3A1831654032.jsonld
{ "@graph": [ { "@id": "gnd:4019902-2", "sameAs": "Geldpolitik" }, { "@id": "gnd:4121333-6", "sameAs": "Geldtheorie" }, { "@id": "https://www.tib.eu/de/suchen/id/TIBKAT%3A1831654032", "@type": "bibo:Article", "creator": [ "Song Shin, Hyun", "Adrian, Tobias" ], "description": "Campusweiter Zugriff (Universit\u00e4t Hannover) - Vervielf\u00e4ltigungen (z.B. Kopien, Downloads) sind nur von einzelnen Kapiteln oder Seiten und nur zum eigenen wissenschaftlichen Gebrauch erlaubt. Keine Weitergabe an Dritte. Kein systematisches Downloaden durch Robots.", "identifier": [ "(doi)10.1016/B978-0-444-53238-1.00012-0", "(firstid)KEP:083750053", "(ppn)1831654032" ], "publisher": "North-Holland", "subject": [ "Monetary Economics", "Electronic books", "(classificationName=rvk)QK 900", "Financial Intermediation", "(classificationName=linseach:mapping)oek", "(classificationName=ddc)332.4", "(classificationName=rvk)QC 325", "(classificationName=loc)HG230.3", "Risk Taking Channel", "(classificationName=rvk)QC 320", "Money", "Monetary policy", "Bank Lending Channel", "(classificationName=loc)HG221 .H24 1990" ], "title": "Chapter 12. Financial Intermediaries and Monetary Economics", "abstract": "We reconsider the role of financial intermediaries in monetary economics, and explore the hypothesis that the financial intermediary sector is the engine that drives the financial cycle through fluctuations in the price of risk. In this framework, balance sheet quantities emerge as a key indicator of risk appetite and, hence, for the \u201crisk-taking channel\u201d of monetary policy. We document evidence that balance sheets of financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are found to be important in influencing the size of financial intermediary balance sheets. Our findings suggest that the traditional focus on the money stock for the conduct of monetary policy may have more modern counterparts, and suggest the importance of tracking balance sheet quantities.", "contributor": "Technische Informationsbibliothek (TIB)", "extent": "601-650", "isPartOf": [ "(isbn)0444534709", "(collectioncode)ZDB-1-HBE-article", "(isbn13)9780444534705", "(ppn)825903645", "(collectioncode)ZDB-1-HBE", "(isbn13)9780444534712" ], "issued": "2010", "language": "http://id.loc.gov/vocabulary/iso639-1/en", "license": "national licence", "medium": "rda:termList/RDACarrierType/1018", "dcterms:subject": [ { "@id": "gnd:4121333-6" }, { "@id": "gnd:4019902-2" } ], "pageStart": "601", "isLike": "doi:10.1016/B978-0-444-53238-1.00012-0", "P30128": "Handbook of monetary economics", "P60163": "San Diego, CA" } ], "@id": "urn:x-arq:DefaultGraphNode", "@context": { "sameAs": "http://www.w3.org/2002/07/owl#sameAs", "title": "http://purl.org/dc/elements/1.1/title", "language": { "@id": "http://purl.org/dc/terms/language", "@type": "@id" }, "isPartOf": "http://purl.org/dc/terms/isPartOf", "identifier": "http://purl.org/dc/elements/1.1/identifier", "creator": "http://purl.org/dc/elements/1.1/creator", "description": "http://purl.org/dc/elements/1.1/description", "P30128": "http://www.rdaregistry.info/Elements/m/#P30128", "subject": "http://purl.org/dc/elements/1.1/subject", "P60163": "http://www.rdaregistry.info/Elements/u/#P60163", "abstract": "http://purl.org/dc/terms/abstract", "issued": "http://purl.org/dc/terms/issued", "pageStart": "http://purl.org/ontology/bibo/pageStart", "publisher": "http://purl.org/dc/elements/1.1/publisher", "license": "http://purl.org/dc/terms/license", "contributor": "http://purl.org/dc/terms/contributor", "medium": { "@id": "http://purl.org/dc/terms/medium", "@type": "@id" }, "isLike": { "@id": "http://umbel.org/umbel#isLike", "@type": "@id" }, "extent": "http://purl.org/dc/terms/extent", "umbel": "http://umbel.org/umbel#", "rdau": "http://www.rdaregistry.info/Elements/u/#", "owl": "http://www.w3.org/2002/07/owl#", "dcterms": "http://purl.org/dc/terms/", "bibo": "http://purl.org/ontology/bibo/", "rdam": "http://www.rdaregistry.info/Elements/m/#", "gnd": "http://d-nb.info/gnd/", "isbd": "http://iflastandards.info/ns/isbd/elements/", "rda": "http://rdvocab.info/", "doi": "https://doi.org/" } }
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['Chapter 12. Financial Intermediaries and Monetary Economics']
['We reconsider the role of financial intermediaries in monetary economics, and explore the hypothesis that the financial intermediary sector is the engine that drives the financial cycle through fluctuations in the price of risk. In this framework, balance sheet quantities emerge as a key indicator of risk appetite and, hence, for the “risk-taking channel” of monetary policy. We document evidence that balance sheets of financial intermediaries provide a window on the transmission of monetary policy through capital market conditions. Short-term interest rates are found to be important in influencing the size of financial intermediary balance sheets. Our findings suggest that the traditional focus on the money stock for the conduct of monetary policy may have more modern counterparts, and suggest the importance of tracking balance sheet quantities.']
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19
3A1831654067.jsonld
{ "@graph": [ { "@id": "gnd:4019902-2", "sameAs": "Geldpolitik" }, { "@id": "gnd:4121333-6", "sameAs": "Geldtheorie" }, { "@id": "https://www.tib.eu/de/suchen/id/TIBKAT%3A1831654067", "@type": "bibo:Article", "creator": "Fuhrer, Jeffrey C.", "description": "Campusweiter Zugriff (Universit\u00e4t Hannover) - Vervielf\u00e4ltigungen (z.B. Kopien, Downloads) sind nur von einzelnen Kapiteln oder Seiten und nur zum eigenen wissenschaftlichen Gebrauch erlaubt. Keine Weitergabe an Dritte. Kein systematisches Downloaden durch Robots.", "identifier": [ "(ppn)1831654067", "(doi)10.1016/B978-0-444-53238-1.00009-0", "(firstid)KEP:083750029" ], "publisher": "North-Holland", "subject": [ "Inflation Persistence", "Phillips Curve", "(classificationName=linseach:mapping)oek", "(classificationName=rvk)QC 325", "Money", "Electronic books", "(classificationName=loc)HG230.3", "(classificationName=ddc)332.4", "Monetary policy", "(classificationName=loc)HG221 .H24 1990", "(classificationName=rvk)QC 320", "Autocorrelation", "(classificationName=rvk)QK 900" ], "title": "Chapter 9. Inflation Persistence", "abstract": "This chapter examines the concept of inflation persistence in macroeconomic theory. It begins by defining persistence \u2014 emphasizing the difference between reduced-form and structural persistence. It then examines a number of empirical measures of reduced-form persistence, considering the possibility that persistence may have changed over time. The chapter then examines the theoretical sources of persistence, distinguishing \u201cintrinsic\u201d from \u201cinherited\u201d persistence, and deriving a number of analytical results on persistence, emphasizing the influence of the monetary policy regime. It summarizes the implications for persistence from the literature on imperfect information models, learning models, and so-called \u201ctrend inflation models,\u201d providing some new results throughout. Finally, it summarizes the results on persistence from the many studies of disaggregated price data.", "contributor": "Technische Informationsbibliothek (TIB)", "extent": "423-486", "isPartOf": [ "(collectioncode)ZDB-1-HBE", "(ppn)825903645", "(isbn)0444534709", "(isbn13)9780444534705", "(isbn13)9780444534712", "(collectioncode)ZDB-1-HBE-article" ], "issued": "2010", "language": "http://id.loc.gov/vocabulary/iso639-1/en", "license": "national licence", "medium": "rda:termList/RDACarrierType/1018", "dcterms:subject": [ { "@id": "gnd:4019902-2" }, { "@id": "gnd:4121333-6" } ], "pageStart": "423", "isLike": "doi:10.1016/B978-0-444-53238-1.00009-0", "P30128": "Handbook of monetary economics", "P60163": "San Diego, CA" } ], "@id": "urn:x-arq:DefaultGraphNode", "@context": { "sameAs": "http://www.w3.org/2002/07/owl#sameAs", "subject": "http://purl.org/dc/elements/1.1/subject", "medium": { "@id": "http://purl.org/dc/terms/medium", "@type": "@id" }, "identifier": "http://purl.org/dc/elements/1.1/identifier", "title": "http://purl.org/dc/elements/1.1/title", "issued": "http://purl.org/dc/terms/issued", "isPartOf": "http://purl.org/dc/terms/isPartOf", "license": "http://purl.org/dc/terms/license", "P60163": "http://www.rdaregistry.info/Elements/u/#P60163", "language": { "@id": "http://purl.org/dc/terms/language", "@type": "@id" }, "abstract": "http://purl.org/dc/terms/abstract", "publisher": "http://purl.org/dc/elements/1.1/publisher", "contributor": "http://purl.org/dc/terms/contributor", "P30128": "http://www.rdaregistry.info/Elements/m/#P30128", "pageStart": "http://purl.org/ontology/bibo/pageStart", "extent": "http://purl.org/dc/terms/extent", "description": "http://purl.org/dc/elements/1.1/description", "creator": "http://purl.org/dc/elements/1.1/creator", "isLike": { "@id": "http://umbel.org/umbel#isLike", "@type": "@id" }, "umbel": "http://umbel.org/umbel#", "rdau": "http://www.rdaregistry.info/Elements/u/#", "owl": "http://www.w3.org/2002/07/owl#", "dcterms": "http://purl.org/dc/terms/", "bibo": "http://purl.org/ontology/bibo/", "rdam": "http://www.rdaregistry.info/Elements/m/#", "gnd": "http://d-nb.info/gnd/", "isbd": "http://iflastandards.info/ns/isbd/elements/", "rda": "http://rdvocab.info/", "doi": "https://doi.org/" } }
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['Chapter 9. Inflation Persistence']
['This chapter examines the concept of inflation persistence in macroeconomic theory. It begins by defining persistence — emphasizing the difference between reduced-form and structural persistence. It then examines a number of empirical measures of reduced-form persistence, considering the possibility that persistence may have changed over time. The chapter then examines the theoretical sources of persistence, distinguishing “intrinsic” from “inherited” persistence, and deriving a number of analytical results on persistence, emphasizing the influence of the monetary policy regime. It summarizes the implications for persistence from the literature on imperfect information models, learning models, and so-called “trend inflation models,” providing some new results throughout. Finally, it summarizes the results on persistence from the many studies of disaggregated price data.']
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19
3A1831654075.jsonld
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Kein systematisches Downloaden durch Robots.", "identifier": [ "(ppn)1831654075", "(doi)10.1016/B978-0-444-53238-1.00008-9", "(firstid)KEP:083750010" ], "publisher": "North-Holland", "subject": [ "Monetary policy", "(classificationName=linseach:mapping)oek", "(classificationName=loc)HG221 .H24 1990", "Electronic books", "Stability", "(classificationName=ddc)332.4", "(classificationName=rvk)QC 325", "Money", "Monetary Transmission", "(classificationName=rvk)QC 320", "(classificationName=rvk)QK 900", "Monetary Policy", "(classificationName=loc)HG230.3" ], "title": "Chapter 8. How Has the Monetary Transmission Mechanism Evolved Over Time?", "abstract": "We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission \u2014 the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest rates, equity prices, and the exchange rate, and the consequent effects on household and business demand \u2014 have remained steady from early policy-oriented models (like the Penn-MIT-SSRC MPS model) to modern dynamic, stochastic general equilibrium (DSGE) models. In contrast, non-neoclassical channels, such as credit-based channels, have remained outside the core models. In conjunction with this evolution in theory and modeling, there have been notable changes in policy behavior (with policy more focused on price stability) and in the reduced form correlations of policy interest rates with activity in the United States. Regulatory effects on credit provision have also changed significantly. As a result, we review the empirical evidence on the changes in the effect of monetary policy actions on real activity and inflation and present new evidence, using both a relatively unrestricted factor-augmented vector autoregression (FAVAR) and a DSGE model. Both approaches yield similar results: Monetary policy innovations have a more muted effect on real activity and inflation in recent decades as compared to the effects before 1980. 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['Chapter 8. How Has the Monetary Transmission Mechanism Evolved Over Time?']
['We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission — the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest rates, equity prices, and the exchange rate, and the consequent effects on household and business demand — have remained steady from early policy-oriented models (like the Penn-MIT-SSRC MPS model) to modern dynamic, stochastic general equilibrium (DSGE) models. In contrast, non-neoclassical channels, such as credit-based channels, have remained outside the core models. In conjunction with this evolution in theory and modeling, there have been notable changes in policy behavior (with policy more focused on price stability) and in the reduced form correlations of policy interest rates with activity in the United States. Regulatory effects on credit provision have also changed significantly. As a result, we review the empirical evidence on the changes in the effect of monetary policy actions on real activity and inflation and present new evidence, using both a relatively unrestricted factor-augmented vector autoregression (FAVAR) and a DSGE model. Both approaches yield similar results: Monetary policy innovations have a more muted effect on real activity and inflation in recent decades as compared to the effects before 1980. Our analysis suggests that these shifts are accounted for by changes in policy behavior and the effect of these changes on expectations, leaving little role for changes in underlying private-sector behavior (outside shifts related to monetary policy changes).']
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19
3A1831654083.jsonld
{ "@graph": [ { "@id": "gnd:4019902-2", "sameAs": "Geldpolitik" }, { "@id": "gnd:4121333-6", "sameAs": "Geldtheorie" }, { "@id": "https://www.tib.eu/de/suchen/id/TIBKAT%3A1831654083", "@type": "bibo:Article", "creator": [ "Christiano, Lawrence J.", "Walentin, Karl", "Trabandt, Mathias" ], "description": "Campusweiter Zugriff (Universit\u00e4t Hannover) - Vervielf\u00e4ltigungen (z.B. Kopien, Downloads) sind nur von einzelnen Kapiteln oder Seiten und nur zum eigenen wissenschaftlichen Gebrauch erlaubt. Keine Weitergabe an Dritte. Kein systematisches Downloaden durch Robots.", "identifier": [ "(firstid)KEP:083750002", "(doi)10.1016/B978-0-444-53238-1.00007-7", "(ppn)1831654083" ], "publisher": "North-Holland", "subject": [ "(classificationName=rvk)QC 325", "New Keynesian DSGE Models", "Electronic books", "Money", "Working Capital Channel", "(classificationName=rvk)QC 320", "Output Gap", "(classificationName=rvk)QK 900", "Taylor Principle", "(classificationName=ddc)332.4", "Monetary policy", "(classificationName=loc)HG230.3", "(classificationName=linseach:mapping)oek", "Potential Output", "Vector Autoregression", "Limited Information Bayesian Estimation", "Unemployment", "Frisch Labor Supply Elasticity", "Materials Input for Production", "HP Filter", "(classificationName=loc)HG221 .H24 1990", "Impulse Response Function" ], "title": "Chapter 7. DSGE Models for Monetary Policy Analysis", "abstract": "Monetary DSGE models are widely used because they fit the data well and they can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The chapter describes and implements Bayesian moment matching and impulse response matching procedures for this purpose.", "contributor": "Technische Informationsbibliothek (TIB)", "extent": "285-367", "isPartOf": [ "(isbn13)9780444534705", "(collectioncode)ZDB-1-HBE", "(collectioncode)ZDB-1-HBE-article", "(ppn)825903645", "(isbn)0444534709", "(isbn13)9780444534712" ], "issued": "2010", "language": "http://id.loc.gov/vocabulary/iso639-1/en", "license": "national licence", "medium": "rda:termList/RDACarrierType/1018", "dcterms:subject": [ { "@id": "gnd:4019902-2" }, { "@id": "gnd:4121333-6" } ], "pageStart": "285", "isLike": "doi:10.1016/B978-0-444-53238-1.00007-7", "P30128": "Handbook of monetary economics", "P60163": "San Diego, CA" } ], "@id": "urn:x-arq:DefaultGraphNode", "@context": { "sameAs": "http://www.w3.org/2002/07/owl#sameAs", "subject": "http://purl.org/dc/elements/1.1/subject", "publisher": "http://purl.org/dc/elements/1.1/publisher", "contributor": "http://purl.org/dc/terms/contributor", "identifier": "http://purl.org/dc/elements/1.1/identifier", "isPartOf": "http://purl.org/dc/terms/isPartOf", "title": "http://purl.org/dc/elements/1.1/title", "description": "http://purl.org/dc/elements/1.1/description", "P60163": "http://www.rdaregistry.info/Elements/u/#P60163", "issued": "http://purl.org/dc/terms/issued", "medium": { "@id": "http://purl.org/dc/terms/medium", "@type": "@id" }, "extent": "http://purl.org/dc/terms/extent", "creator": "http://purl.org/dc/elements/1.1/creator", "pageStart": "http://purl.org/ontology/bibo/pageStart", "P30128": "http://www.rdaregistry.info/Elements/m/#P30128", "abstract": "http://purl.org/dc/terms/abstract", "isLike": { "@id": "http://umbel.org/umbel#isLike", "@type": "@id" }, "license": "http://purl.org/dc/terms/license", "language": { "@id": "http://purl.org/dc/terms/language", "@type": "@id" }, "umbel": "http://umbel.org/umbel#", "rdau": "http://www.rdaregistry.info/Elements/u/#", "owl": "http://www.w3.org/2002/07/owl#", "dcterms": "http://purl.org/dc/terms/", "bibo": "http://purl.org/ontology/bibo/", "rdam": "http://www.rdaregistry.info/Elements/m/#", "gnd": "http://d-nb.info/gnd/", "isbd": "http://iflastandards.info/ns/isbd/elements/", "rda": "http://rdvocab.info/", "doi": "https://doi.org/" } }
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['Chapter 7. DSGE Models for Monetary Policy Analysis']
['Monetary DSGE models are widely used because they fit the data well and they can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The chapter describes and implements Bayesian moment matching and impulse response matching procedures for this purpose.']
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3A1831654105.jsonld
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3A1831654113.jsonld
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['Chapter 4. Rational Inattention and Monetary Economics']
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3A1831654121.jsonld
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3A183165413X.jsonld
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['Chapter 14. Diffusion, Strategic Interaction, and Social Structure']
['We provide an overview and synthesis of the literature on how social networks influence behaviors, with a focus on diffusion. We discuss some highlights from the empirical literature on the impact of networks on behaviors and diffusion. We also discuss some of the more prominent models of network interactions, including recent advances regarding interdependent behaviors, modeled via games on networks.']
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3A1831654288.jsonld
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['Chapter 11. Does Culture Matter?']
['This paper reviews the literature on culture and economics, focusing primarily on the epidemiological approach. The epidemiological approach studies the variation in outcomes across different immigrant groups residing in the same country. Immigrants presumably differ in their cultures but share a common institutional and economic environment. This allows one to separate the effect of culture from the original economic and institutional environment. This approach has been used to study a variety of issues, including female labor force participaiton, fertility, labor market regulation, redistribution, growth, and financial development among others.']
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3A1831654296.jsonld
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['Chapter 10. Civic Capital as the Missing Link']
['This chapter reviews the recent debate about the role of social capital in economics. We argue that all the difficulties this concept has encountered in economics are due to a vague and excessively broad definition. For this reason, we restrict social capital to the set of values and beliefs that help cooperation, which for clarity we label civic capital . We argue that this definition differentiates social capital from human capital and satisfies the properties of the standard notion of capital. We then argue that civic capital can explain why differences in economic performance persist over centuries and discuss how the effect of civic capital can be distinguished empirically from other variables that affect economic performance and its persistence, including institutions and geography.']
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3A1831654342.jsonld
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3A1831654369.jsonld
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3A1831654377.jsonld
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['Index']
['This chapter is an index to the methods and terminologies that have been used in this publication titled Development Economics, volume 5. The chapter also highlights the page numbers where these have been used in the publication.']
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3A1831654652.jsonld
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Kein systematisches Downloaden durch Robots.", "identifier": [ "(firstid)KEP:083749446", "(ppn)1831654652", "(doi)10.1016/B978-0-444-52944-2.00011-2" ], "publisher": "North-Holland", "subject": [ "BUSINESS & ECONOMICS ; Structural Adjustment", "(classificationName=loc)HD82", "BUSINESS & ECONOMICS ; Development ; Economic Development", "BUSINESS & ECONOMICS ; Development ; Business Development", "student incentives", "training programs", "economic development", "D\u00e9veloppement \u00e9conomique ; Guides, manuels, etc", "POLITICAL SCIENCE ; Public Policy ; Economic Policy", "Guides, manuels, etc", "teacher incentives", "BUSINESS & ECONOMICS ; Government & Business", "demand-side educational policies", "(classificationName=rvk)QD 000", "Ontwikkelingseconomie", "human capital", "D\u00e9veloppement \u00e9conomique", "early childhood development", "experimental trials", "incentives for education", "(classificationName=loc)HD82 .H233 2010", "knowledge", "skills", "labor markets", "Handbooks, manuals, etc", "(classificationName=linseach:mapping)oek", "(classificationName=ddc)338.9", "Electronic books", "Economic development", "Handbooks and manuals", "program evaluation", "schooling", "school vouchers", "BUSINESS & ECONOMICS ; Development ; General", "education", "(classificationName=rvk)QC 340", "educational product markets", "teacher markets", "supply-side educational policies", "conditional cash transfers", "test scores", "preschool programs", "learning by doing", "Development economics" ], "title": "Chapter 73. Investment in EducationInputs and Incentives", "abstract": "From the point of view of economic development, education is the acquisition of knowledge and skills through experiences from conception onwards over the life cycle that increase productivity broadly defined. Education can occur through, but is not limited to, formal educational activities such as preschool programs, schools, and formal training programs. The proximate determinants of education are experiences or inputs into knowledge and skills production functions. Within a dynamic forward-looking model of human capital investments, these experiences are determined sequentially by a series of family or individual decisions given past, current and expected future resources, markets, policies, and other institutions. The context in which these microinvestment demands are made, in turn, reflects decisions of suppliers of services that are explicitly related to education as well as of options that may be importantly related to education through other experiences, such as in labor markets. To understand the nature of inputs and incentives related to education in developing countries, attention must be paid to both the demand and the supply sides for investments in education, both of which are conditioned significantly by policy choices. Therefore, there are numerous important policy questions related to educational inputs and incentives. What are critical inputs into different educational processes? How important are various incentives for improving these inputs? How effective are various demand-side policies versus supply-side policies? How important are policies that have direct impact on input decisions versus policies that alter longer-run incentives to invest in current education through altering expected longer-run returns from such investments? What are the benefits relative to the resource costs of alternative policies for improving educational inputs? 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['Chapter 73. Investment in EducationInputs and Incentives']
['From the point of view of economic development, education is the acquisition of knowledge and skills through experiences from conception onwards over the life cycle that increase productivity broadly defined. Education can occur through, but is not limited to, formal educational activities such as preschool programs, schools, and formal training programs. The proximate determinants of education are experiences or inputs into knowledge and skills production functions. Within a dynamic forward-looking model of human capital investments, these experiences are determined sequentially by a series of family or individual decisions given past, current and expected future resources, markets, policies, and other institutions. The context in which these microinvestment demands are made, in turn, reflects decisions of suppliers of services that are explicitly related to education as well as of options that may be importantly related to education through other experiences, such as in labor markets. To understand the nature of inputs and incentives related to education in developing countries, attention must be paid to both the demand and the supply sides for investments in education, both of which are conditioned significantly by policy choices. Therefore, there are numerous important policy questions related to educational inputs and incentives. What are critical inputs into different educational processes? How important are various incentives for improving these inputs? How effective are various demand-side policies versus supply-side policies? How important are policies that have direct impact on input decisions versus policies that alter longer-run incentives to invest in current education through altering expected longer-run returns from such investments? What are the benefits relative to the resource costs of alternative policies for improving educational inputs? This chapter assesses the current state of empirical knowledge, and gaps in that knowledge, on educational incentives and inputs in developing countries as related to such questions.']
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19
3A1831654660.jsonld
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Kein systematisches Downloaden durch Robots.", "identifier": [ "(firstid)KEP:083749438", "(doi)10.1016/B978-0-444-52944-2.00010-0", "(ppn)1831654660" ], "publisher": "North-Holland", "subject": [ "D\u00e9veloppement \u00e9conomique ; Guides, manuels, etc", "(classificationName=rvk)QC 340", "economic development", "BUSINESS & ECONOMICS ; Government & Business", "POLITICAL SCIENCE ; Public Policy ; Economic Policy", "BUSINESS & ECONOMICS ; Structural Adjustment", "BUSINESS & ECONOMICS ; Development ; Economic Development", "BUSINESS & ECONOMICS ; Development ; Business Development", "health", "Development economics", "(classificationName=ddc)338.9", "Economic development", "(classificationName=loc)HD82", "D\u00e9veloppement \u00e9conomique", "biology of health human capital", "(classificationName=loc)HD82 .H233 2010", "BUSINESS & ECONOMICS ; Development ; General", "(classificationName=linseach:mapping)oek", "Handbooks, manuals, etc", "Electronic books", "Guides, manuels, etc", "(classificationName=rvk)QD 000", "Ontwikkelingseconomie", "fertility and family planning", "Handbooks and manuals" ], "title": "Chapter 72. Population and Health Policies*", "abstract": "The program evaluation literature for population and health policies is in flux, with many disciplines documenting biological and behavioral linkages from fetal development to late life mortality, chronic disease, and disability, though their implications for policy remain uncertain. Both macro- and microeconomics seek to understand and incorporate connections between economic development and the demographic transition. The focus here is on research methods, findings, and questions that economists can clarify regarding the causal relationships between economic development, health outcomes, and reproductive behavior, which operate in many directions, posing problems for identifying causal pathways. 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['Chapter 72. Population and Health Policies*']
["The program evaluation literature for population and health policies is in flux, with many disciplines documenting biological and behavioral linkages from fetal development to late life mortality, chronic disease, and disability, though their implications for policy remain uncertain. Both macro- and microeconomics seek to understand and incorporate connections between economic development and the demographic transition. The focus here is on research methods, findings, and questions that economists can clarify regarding the causal relationships between economic development, health outcomes, and reproductive behavior, which operate in many directions, posing problems for identifying causal pathways. The connection between conditions under which people live and their expected life span and health status refers to “health production functions.” The relationships between an individual's stock of health and productivity, well-being, and duration of life encompasses the “returns to health human capital.” The control of reproduction improves directly the well-being of women, and the economic opportunities of her offspring. The choice of population policies may be country specific and conditional on institutional setting, even though many advances in biomedical and public health knowledge, including modern methods of birth control, are now widely available. Evaluation of a policy intervention in terms of cost effectiveness is typically more than a question of technological efficiency, but also the motivation for adoption, and the behavioral responsiveness to the intervention of individuals, families, networks, and communities. Well-specified research strategies are required to address (1) the economic production of health capacities from conception to old age; (2) the wage returns to increasing health status attributable to policy interventions; (3) the conditions affecting fertility, family time allocation, and human capital investments; and (4) the consequences for women and their families of policies which change the timing as well as number of births."]
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19
3A1831654687.jsonld
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["This chapter reviews what economists have learned about the impact of labor market institutions, defined broadly as government regulations and union activity on labor outcomes in developing countries. It finds that: (1) Labor institutions vary greatly among developing countries but less than they vary among advanced countries. Unions and collective bargaining are less important in developing than in advanced countries while government regulations are nominally as important. (2) Many developing countries' compliance with minimum wage regulations produces spikes in wage distributions around the minimum in covered sectors. Most studies find modest adverse effects of the minimum on employment so that the minimum raises the total income of low-paid labor. (3) In many countries minimum wages spillover to the unregulated sector, producing spikes in the wage distributions there as well. (4) Employment protection regulations and related laws shift output and employment to informal sectors and reduce gross labor mobility. (5) Mandated benefits increase labor costs and reduce employment modestly while the costs of others is shifted largely to labor, with some variation among countries. (6) Contrary to the Harris-Todaro two-sector model in which rural-urban migration adjusts to produce a positive relation between unemployment and wages across regions and sectors, wages and unemployment are inversely related by the wage curve. (7) Unions affect nonwage outcomes as well as wage outcomes. (8) Cross-country regressions yield inconclusive results on the impact of labor regulations on growth while studies of country adjustments to economic shocks, such as balance of payments problems, find no difference in the responses of countries by the strength of labor institutions. (9) Labor institution can be critical when countries experience great change, as in China's growth spurt and Argentina's preservation of social stability and democracy after its 20012002 economic collapse. Cooperative labor relations tend to produce better economic outcomes. (10) The informal sector increased its share of the work force in the developing world in the past two decades. The persistence of large informal sectors throughout the developing world, including countries with high rates of growth, puts a premium on increasing our knowledge of how informal sector labor markets work and finding institutions and policies to deliver social benefits to workers in that sector."]
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['Kluwer-EZUL-Testdatensatz (1) : Monte Carlo Simulations of Adsorbed Solutions in Heterogeneous Porous Materials']
['We present results of a Monte Carlo simulation study of binary mixtures of ethane and methane in silica gel. The molecular model treats the adsorbent as a matrix of silica microspheres. The adsorption isotherms, adsorption selectivities and isosteric heats of adsorption have been determined for these systems. The results are compared with predictions from the ideal adsorbed solution (IAS) theory and with experiment. The heats of adsorption are accurately described by the IAS theory. The adsorption isotherms are accurately described by the IAS theory at low bulk pressure but the IAS theory overpredicts the density at high bulk pressure. This latter effect is opposite to that observed in bulk mixtures of this type where nonidealities generally lead to a density increase on mixing. The pressure dependence of the selectivity does not exhibit a maximum at low pressure. We discuss this effect in terms of the adsorbent microstructure.']
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3A333940237.jsonld
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3A333940237.jsonld
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['We present results of a Monte Carlo simulation study of binary mixtures of ethane and methane in silica gel. The molecular model treats the adsorbent as a matrix of silica microspheres. The adsorption isotherms, adsorption selectivities and isosteric heats of adsorption have been determined for these systems. The results are compared with predictions from the ideal adsorbed solution (IAS) theory and with experiment. The heats of adsorption are accurately described by the IAS theory. The adsorption isotherms are accurately described by the IAS theory at low bulk pressure but the IAS theory overpredicts the density at high bulk pressure. This latter effect is opposite to that observed in bulk mixtures of this type where nonidealities generally lead to a density increase on mixing. The pressure dependence of the selectivity does not exhibit a maximum at low pressure. We discuss this effect in terms of the adsorbent microstructure.']
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3A333942108.jsonld
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['Kluwer-EZUL-Testdatensatz (2) : Monte Carlo Simulations of Adsorbed Solutions in Heterogeneous Porous Materials']
['We present results of a Monte Carlo simulation study of binary mixtures of ethane and methane in silica gel. The molecular model treats the adsorbent as a matrix of silica microspheres. The adsorption isotherms, adsorption selectivities and isosteric heats of adsorption have been determined for these systems. The results are compared with predictions from the ideal adsorbed solution (IAS) theory and with experiment. The heats of adsorption are accurately described by the IAS theory. The adsorption isotherms are accurately described by the IAS theory at low bulk pressure but the IAS theory overpredicts the density at high bulk pressure. This latter effect is opposite to that observed in bulk mixtures of this type where nonidealities generally lead to a density increase on mixing. The pressure dependence of the selectivity does not exhibit a maximum at low pressure. We discuss this effect in terms of the adsorbent microstructure.']
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3A333942108.jsonld
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3A729972925.jsonld
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3A729973565.jsonld
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Both notes were prepared to provide a framework for discussion at the meeting of the Global Forum on Competition (GFC) held on 10-11 February 2003. It was decided to link these topics together in the GFC's agenda after it was recognised that the objectives of competition law and policy can have an important bearing on the optimal design of a competition institution. However, it was agreed that the treatment of objectives should be oriented primarily towards a discussion of how they relate, or may relate, to the design of competition enforcement institutions within the broader government. Accordingly, the note on objectives does not fully explore the pros and cons of specific objectives that may be included in the competition law and policy objectives of one or more jurisdictions, although this topic is discussed to a degree. The principal focus of the two notes is to provide an analysis and synthesis of the responses to two questionnaires that were sent in advance to GFC meeting participants in respect of the respective topics. In addition, the objectives note incorporates some of the additional information provided by participants in their separate written contributions prepared for circulation at the GFC meeting. The most important themes emerging from the questionnaires and written contributions on Objectives were i) among OECD countries, there appears to be a shift away from use of competition laws to promote what might be characterised as broad public interest objectives; ii) there does not appear to be a strong correlation between competition law and policy objectives (broadly defined) and the design of the competition agency; iii) greater independence also was the step/measure most frequently identified as being likely to lead to better promotion/attainment of the articulated objectives. 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['The Objectives of Competition Law and Policy and the Optimal Design of a Competition Agency']
["This article comprises two notes by the Secretariat, one on the Objectives of Competition Law and Policy and the other one on the Optimal Design of a Competition Agency. Both notes were prepared to provide a framework for discussion at the meeting of the Global Forum on Competition (GFC) held on 10-11 February 2003. It was decided to link these topics together in the GFC's agenda after it was recognised that the objectives of competition law and policy can have an important bearing on the optimal design of a competition institution. However, it was agreed that the treatment of objectives should be oriented primarily towards a discussion of how they relate, or may relate, to the design of competition enforcement institutions within the broader government. Accordingly, the note on objectives does not fully explore the pros and cons of specific objectives that may be included in the competition law and policy objectives of one or more jurisdictions, although this topic is discussed to a degree. The principal focus of the two notes is to provide an analysis and synthesis of the responses to two questionnaires that were sent in advance to GFC meeting participants in respect of the respective topics. In addition, the objectives note incorporates some of the additional information provided by participants in their separate written contributions prepared for circulation at the GFC meeting. The most important themes emerging from the questionnaires and written contributions on Objectives were i) among OECD countries, there appears to be a shift away from use of competition laws to promote what might be characterised as broad public interest objectives; ii) there does not appear to be a strong correlation between competition law and policy objectives (broadly defined) and the design of the competition agency; iii) greater independence also was the step/measure most frequently identified as being likely to lead to better promotion/attainment of the articulated objectives. Turning to the note on Optimal Design, the key themes emerging from the responses to the questionnaire were i) there is a broad variety of different models and approaches to the design of competition agencies within the overall apparatus of government (broadly defined); ii) despite the institutional variety, there is a core of common tasks assigned to most competition agencies. Specifically, these agencies normally investigate, take at least certain kinds of decisions on competition cases and engage in competition advocacy; iii) around half the respondents reported having medium influence on their governments, legislative bodies, and other bodies of public administration through advocacy initiatives."]
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3A729973565.jsonld
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Both notes were prepared to provide a framework for discussion at the meeting of the Global Forum on Competition (GFC) held on 10-11 February 2003. It was decided to link these topics together in the GFC's agenda after it was recognised that the objectives of competition law and policy can have an important bearing on the optimal design of a competition institution. However, it was agreed that the treatment of objectives should be oriented primarily towards a discussion of how they relate, or may relate, to the design of competition enforcement institutions within the broader government. Accordingly, the note on objectives does not fully explore the pros and cons of specific objectives that may be included in the competition law and policy objectives of one or more jurisdictions, although this topic is discussed to a degree. 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['The Objectives of Competition Law and Policy and the Optimal Design of a Competition Agency']
["This article comprises two notes by the Secretariat, one on the Objectives of Competition Law and Policy and the other one on the Optimal Design of a Competition Agency. Both notes were prepared to provide a framework for discussion at the meeting of the Global Forum on Competition (GFC) held on 10-11 February 2003. It was decided to link these topics together in the GFC's agenda after it was recognised that the objectives of competition law and policy can have an important bearing on the optimal design of a competition institution. However, it was agreed that the treatment of objectives should be oriented primarily towards a discussion of how they relate, or may relate, to the design of competition enforcement institutions within the broader government. Accordingly, the note on objectives does not fully explore the pros and cons of specific objectives that may be included in the competition law and policy objectives of one or more jurisdictions, although this topic is discussed to a degree. The principal focus of the two notes is to provide an analysis and synthesis of the responses to two questionnaires that were sent in advance to GFC meeting participants in respect of the respective topics. In addition, the objectives note incorporates some of the additional information provided by participants in their separate written contributions prepared for circulation at the GFC meeting. The most important themes emerging from the questionnaires and written contributions on Objectives were i) among OECD countries, there appears to be a shift away from use of competition laws to promote what might be characterised as broad public interest objectives; ii) there does not appear to be a strong correlation between competition law and policy objectives (broadly defined) and the design of the competition agency; iii) greater independence also was the step/measure most frequently identified as being likely to lead to better promotion/attainment of the articulated objectives. Turning to the note on Optimal Design, the key themes emerging from the responses to the questionnaire were i) there is a broad variety of different models and approaches to the design of competition agencies within the overall apparatus of government (broadly defined); ii) despite the institutional variety, there is a core of common tasks assigned to most competition agencies. Specifically, these agencies normally investigate, take at least certain kinds of decisions on competition cases and engage in competition advocacy; iii) around half the respondents reported having medium influence on their governments, legislative bodies, and other bodies of public administration through advocacy initiatives."]
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3A729973565.jsonld
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['The Objectives of Competition Law and Policy and the Optimal Design of a Competition Agency']
["This article comprises two notes by the Secretariat, one on the Objectives of Competition Law and Policy and the other one on the Optimal Design of a Competition Agency. Both notes were prepared to provide a framework for discussion at the meeting of the Global Forum on Competition (GFC) held on 10-11 February 2003. It was decided to link these topics together in the GFC's agenda after it was recognised that the objectives of competition law and policy can have an important bearing on the optimal design of a competition institution. However, it was agreed that the treatment of objectives should be oriented primarily towards a discussion of how they relate, or may relate, to the design of competition enforcement institutions within the broader government. Accordingly, the note on objectives does not fully explore the pros and cons of specific objectives that may be included in the competition law and policy objectives of one or more jurisdictions, although this topic is discussed to a degree. The principal focus of the two notes is to provide an analysis and synthesis of the responses to two questionnaires that were sent in advance to GFC meeting participants in respect of the respective topics. In addition, the objectives note incorporates some of the additional information provided by participants in their separate written contributions prepared for circulation at the GFC meeting. The most important themes emerging from the questionnaires and written contributions on Objectives were i) among OECD countries, there appears to be a shift away from use of competition laws to promote what might be characterised as broad public interest objectives; ii) there does not appear to be a strong correlation between competition law and policy objectives (broadly defined) and the design of the competition agency; iii) greater independence also was the step/measure most frequently identified as being likely to lead to better promotion/attainment of the articulated objectives. Turning to the note on Optimal Design, the key themes emerging from the responses to the questionnaire were i) there is a broad variety of different models and approaches to the design of competition agencies within the overall apparatus of government (broadly defined); ii) despite the institutional variety, there is a core of common tasks assigned to most competition agencies. Specifically, these agencies normally investigate, take at least certain kinds of decisions on competition cases and engage in competition advocacy; iii) around half the respondents reported having medium influence on their governments, legislative bodies, and other bodies of public administration through advocacy initiatives."]
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12
3A729973565.jsonld
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Kein systematisches Downloaden durch Robots.", "Vol. 5, no. 1, p. 7-45" ], "identifier": [ "(firstid)HBZ:HT017344000", "(doi)10.1787/clp-v5-art2-en", "(ppn)729973565" ], "publisher": "OECD Publishing", "subject": [ "(classificationName=ssg)INTRECHT", "Wettbewerbsrecht", "(classificationName=linseach:mapping)sow", "(classificationName=ddc-dbn)360", "(classificationName=ssg)2", "Wettbewerbspolitik", "Governance", "OECD-Staaten", "(classificationName=ddc-dbn)330", "(classificationName=linseach:mapping)oek", "(classificationName=ddc-dbn)340", "(classificationName=linseach:mapping)jur", "(classificationName=linseach:mapping)pae" ], "title": "The Objectives of Competition Law and Policy and the Optimal Design of a Competition Agency", "abstract": "This article comprises two notes by the Secretariat, one on the Objectives of Competition Law and Policy and the other one on the Optimal Design of a Competition Agency. 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['The Objectives of Competition Law and Policy and the Optimal Design of a Competition Agency']
["This article comprises two notes by the Secretariat, one on the Objectives of Competition Law and Policy and the other one on the Optimal Design of a Competition Agency. Both notes were prepared to provide a framework for discussion at the meeting of the Global Forum on Competition (GFC) held on 10-11 February 2003. It was decided to link these topics together in the GFC's agenda after it was recognised that the objectives of competition law and policy can have an important bearing on the optimal design of a competition institution. However, it was agreed that the treatment of objectives should be oriented primarily towards a discussion of how they relate, or may relate, to the design of competition enforcement institutions within the broader government. Accordingly, the note on objectives does not fully explore the pros and cons of specific objectives that may be included in the competition law and policy objectives of one or more jurisdictions, although this topic is discussed to a degree. The principal focus of the two notes is to provide an analysis and synthesis of the responses to two questionnaires that were sent in advance to GFC meeting participants in respect of the respective topics. In addition, the objectives note incorporates some of the additional information provided by participants in their separate written contributions prepared for circulation at the GFC meeting. The most important themes emerging from the questionnaires and written contributions on Objectives were i) among OECD countries, there appears to be a shift away from use of competition laws to promote what might be characterised as broad public interest objectives; ii) there does not appear to be a strong correlation between competition law and policy objectives (broadly defined) and the design of the competition agency; iii) greater independence also was the step/measure most frequently identified as being likely to lead to better promotion/attainment of the articulated objectives. Turning to the note on Optimal Design, the key themes emerging from the responses to the questionnaire were i) there is a broad variety of different models and approaches to the design of competition agencies within the overall apparatus of government (broadly defined); ii) despite the institutional variety, there is a core of common tasks assigned to most competition agencies. Specifically, these agencies normally investigate, take at least certain kinds of decisions on competition cases and engage in competition advocacy; iii) around half the respondents reported having medium influence on their governments, legislative bodies, and other bodies of public administration through advocacy initiatives."]
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3A729974057.jsonld
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["Collective Pension Funds : International Evidence and Implications for China's Enterprise Annuities Reform"]
['Collective pension funds (CPFs) – occupational pension funds that cover the employees of more than one employer (enterprise) – have been operating in OECD countries for decades. Generally speaking, there are two models, i.e. closed pension funds, with membership restricted to a particular industry or group of industries, and open pension funds, open to all types of companies. The governance structure of such funds also operates in two ways – via an internal model (with trustees appointed by employers and employees) and an external model (with professional, commercial trustees). In this report, we first describe and analyse how CPFs are operated in selected OECD countries and non-OECD economies. Then, we review occupational pensions (or Enterprise Annuities – EA – in Chinese terminology) in general and CPFs in particular. Given the problems holding back the development of EA plans among small and medium-sized enterprises (SMEs) in China, and bearing in mind both China’s specific situations and international best practices, we propose a number of policy recommendations to promote the development of CPFs covering the SME sector. Our practical policy recommendations include: 1) industry funds with more open membership; 2) establishment of new purpose-built industry funds; 3) establishment of new regional EA administration centres acting as independent pension councils (trustees) for open pension funds; 4) in parallel to these policy initiatives in China, commercial trustees should be encouraged to establish CPFs targeting the SME sector.']
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3A729975037.jsonld
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3A729976270.jsonld
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['Tax systems in European Union countries']
['Despite recent cuts, the tax-to-GDP ratio in most EU countries remains much higher than in other economies. The tax mix is also different, with high tax wedges on labour and a stronger reliance on consumption and environmentally related taxes. While there is not much room for cutting taxes significantly without downsizing public spending, further re-balancing the tax burden away from labour could contribute to better employment performance. Greater reliance on property taxes, which are low by international standards, less use of reduced VAT rates and tax incentives targeted to specific saving vehicles should be considered. EU countries’ experience in reforming their tax system may also provide useful insights for other regions where international integration is deepening. The free movement of goods, people and capital within the EU area, combined with the advent of the single currency, has also affected the design of national tax systems and has brought to the fore a number of international taxation issues.']
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3A729976297.jsonld
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['Equity in Student Achievement Across OECD Countries : An Investigation of the Role of Policies']
['This paper focuses on inequalities in learning opportunities for individuals coming from different socio-economic backgrounds as a measure of (in)equality of opportunity in OECD countries and provides insights on the potential role played by policies and institutions in shaping countries’ relative positions. Based on harmonised 15-year old students’ achievement data collected at the individual level, the empirical analysis shows that while Nordic European countries exhibit relatively low levels of inequality, continental Europe is characterised by high levels of inequality – in particular of schooling segregation along socio-economic lines – while Anglo-Saxon countries occupy a somewhat intermediate position. Despite the difficulty of properly identifying causal relationship, cross-country regression analysis provides insights on the potential for policies to explain observed differences in equity in education.']
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3A729976319.jsonld
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['Secondary market liquidity in domestic debt markets : Key policy conclusions']
['The Tenth OECD/World Bank/IMF Annual Global Bond Market Forum highlighted that liquidity is a complex concept with different dimensions – micro liquidity vs. macro liquidity, market liquidity vs. funding liquidity, endogenous vs. exogenous liquidity, and so on. Relative liquidity (including ‘liquidity freezes or squeezes’) can best be explained by focusing on the market’s institutional structure, in particular the architecture of electronic trading platforms, the importance of OTC trading, the nature and width of the investor base, disclosure requirements, valuation methods, the role of primary dealers including market-making requirements or conventions, tax factors, and the role of issuers of government bonds and other fixed-income instruments in primary and secondary markets.']
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