Although knowledge spillovers are at the core of the innovation policy’s justification, they have never been properly measured by any impact evaluation. This paper fills this gap by estimating the spillover effects of the FONTAR program in Argentina. We use an employer-employee matched panel...

This paper analyses the link between human capitaland information technology(IT ) in the service production process. The analysis is based on 1994 cross-sectional data for 1929 German. Firms drawn from the first wave of the Mannheim Service Innovation Panel (MIP-S). Factor demand functions are...

We present evidence that the negative effect of the China shock on US manufacturing employment is lower for industries that use services inputs more intensively. Different potential mechanisms for this finding are analyzed. This reveals significant heterogeneity across different types of...

How do different switching costs affect choices and competition in a private pension system? I answer this question in a setting in which variation in employment status allows me to identify two switching costs that jointly affect enrollees' decisions: the cost of evaluating financial...

The COVID-19 pandemic has brought about unprecedented uncertainty and fear to the global economies. In this article, first, we discuss the impact of COVID-19 on the travel and tourism industry by examining the implications of the pandemic on the hospitality, leisure, and travel sub-sectors and...

Systemic risk arises when shocks lead to states where a disruption in financial intermediation adversely affects the economy and feeds back into further disrupting financial intermediation. We present a macroeconomic model with a financial intermediary sector subject to an equity capital...

This study develops a method to evaluate the quality of a legal framework for bank regulation and supervision (RS) by developing an extensive set of criteria and a coding system. Using this method, we generate an original set of measurements for RS by evaluating the letter of banking laws of 23...

The authors use simulations within the BoC-GEM-FIN, the Bank of Canada's version of the Global Economy Model with financial frictions in both the demand and supply sides of the credit market, to investigate the macroeconomic implications of changing bank regulations on the Canadian economy....

We examine banking competition when deposit or loan contracts contingent on macroeconomic shocks become feasible. We show that the risk allocation is efficient, provided that banks are not bailed out. In this case, banks may shift part of the risk to depositors. The private sector insures the...