Unions as Insurance: Workplace Unionization and Workers' Outcomes During COVID-19
Nils Braakmann, Boris Hirsch
Industrial Relations: A Journal of Economy and Society,
Nr. 2,
2024
Abstract
We investigate to what extent workplace unionization protects workers from external shocks by preventing involuntary job separations. Using the COVID-19 pandemic as a plausibly exogenous shock hitting the whole economy, we compare workers who worked in unionized and non-unionized workplaces directly before the pandemic in a difference-in-differences framework. We find that unionized workers were substantially more likely to remain working for their pre-COVID employer and to be in employment. This greater employment stability was not traded off against lower working hours or labor income.
Artikel Lesen
Recovery and Beyond: Lessons for Trade Adjustment and Competitiveness
Filippo di Mauro, Benjamin Mandel
ECB E-Book,
May
2011
Abstract
The great trade collapse in the wake of the 2008-9 financial crisis provideda unique insight into the complexities inherent to international markets, and underlined a number of lessons for us to consider as we evaluate the shape of the global trade recovery. While the factors contributing to the crisis were diverse and multifaceted, it is arguable that persisting imbalances across the globe played a role. How will trade imbalances unwind and what is the role for policies influencing international transactions for goods and services? A precursor to answering this question is a broad understanding of how trade flows react to changes in the macroeconomy, and therefore much of this book will focus on recent assessments of the drivers of trade adjustment. A closely related concept affecting the degree to which countries trade is their relative competitive position. To tie in the chapters with the broader policy emphasis on competitiveness, we will also define and evaluate several drivers of international trade competitiveness.
Artikel Lesen
Assessing European Competitiveness: the Contribution of CompNet Research
Filippo di Mauro, Maddalena Ronchi
CompNet Report,
June
2015
Abstract
Restoring competitiveness is broadly acknowledged as the critical building block for achieving sustainable growth, but defining competitiveness, both in terms of tools as well as objectives, is a matter of debate. The Competitiveness Research Network (CompNet) adopts a pragmatic approach, defining “a competitive economy [as] one in which institutional and macroeconomic conditions allow productive firms to thrive… [thus supporting] the expansion of employment, investment and trade” (Draghi, 2012). This approach requires handling (i) firm-level features, most notably productivity, (ii) macroeconomic factors, and (iii) cross-border aspects related to the operation of global value chains (GVCs). While at first concentrating solely on the original mandate of explaining export competitiveness, the Network has extended the scope of its research to broader aspects related to productivity drivers.
Artikel Lesen
Euro Area External Imbalances and the Burden of Adjustment
Filippo di Mauro, Francesco Pappadà
Journal of International Money and Finance,
November
2014
Abstract
The objective of this paper is to explore the consequences of the correction of Euro area trade imbalances on real exchange rates. This analysis requires one additional dimension with respect to the standard Global Imbalances framework à la Obstfeld and Rogoff (2005), since the adjustment takes place within and outside the Euro area. Both types of adjustments are analyzed in a three-country general equilibrium model with a tradable and a non-tradable sectors, and heterogeneous firms built upon Pappadà (2011). ECB (CompNet) data are used to measure the differences in firm size and productivity dispersion across Euro area countries. With respect to the surplus country (Germany), countries running a trade deficit (Spain, Italy) are characterised by a productivity distribution with a lower mean and a less fat right tail. This increases the relative price movement associated with the external adjustment because of the limited role played by the extensive margin. We show that the real exchange rate movements are underestimated when the cross-country differences in terms of productivity distributions are neglected.
Artikel Lesen
Assessing European Competitiveness: The New CompNet Microbased Database
Paloma Lopez-Garcia, Filippo di Mauro
ECB Working Paper,
Nr. 1764,
2015
Abstract
Drawing from confidential firm-level balance sheets for 17 European countries (13 Euro-Area), the paper documents the newly expanded database of cross-country comparable competitiveness-related indicators built by the Competitiveness Research Network (CompNet). The new database provides information on the distribution of labour productivity, TFP, ULC or size of firms in detailed 2-digit industries but also within broad macrosectors or considering the full economy. Most importantly, the expanded database includes detailed information on critical determinants of competitiveness such as the financial position of the firm, its exporting intensity, employment creation or price-cost margins. Both the distribution of all those variables, within each industry, but also their joint analysis with the productivity of the firm provides critical insights to both policy-makers and researchers regarding aggregate trends dynamics. The current database comprises 17 EU countries, with information for 56 industries, including both manufacturing and services, over the period 1995-2012. The paper aims at analysing the structure and characteristics of this novel database, pointing out a number of results that are relevant to study productivity developments and its drivers. For instance, by using covariances between productivity and employment the paper shows that the drop in employment which occurred during the recent crisis appears to have had “cleansing effects” on EU economies, as it seems to have accelerated resource reallocation towards the most productive firms, particularly in economies under stress. Lastly, this paper will be complemented by four forthcoming papers, each providing an in-depth description and methodological overview of each of the main groups of CompNet indicators (financial, trade-related, product and labour market).
Artikel Lesen
The Age of Global Value Chains: Maps and Policy Issues
Joao Amador, Filippo di Mauro
CEPR Press,
2015
Abstract
Global value chains (GVCs) - referring to the cross-border flows of goods, investment, services, know-how and people associated with international production networks - have transformed the world. Their emergence has resulted in a complete reconfiguration of world trade, bearing a strong impact on the assessment of competitiveness and economic policy. The contributions to this eBook are based on research carried out within the scope of the Eurosystem Competitiveness Research Network (CompNet), bringing together participants from EU national central banks, universities and international organisations interested in competitiveness issues. The mapping of GVCs and full awareness about their implications are essential to informed public debate and improved economic policy.
Artikel Lesen
Banks Credit and Productivity Growth
Fadi Hassan, Filippo di Mauro, Gianmarco Ottaviano
ECB Working Paper,
Nr. 2008,
2017
Abstract
Financial institutions are key to allocate capital to its most productive uses. In order to examine the relationship between productivity and bank credit in the context of different financial market set-ups, we introduce a model of overlapping generations of entrepreneurs under complete and incomplete credit markets. Then, we exploit firm-level data for France, Germany and Italy to explore the relation between bank credit and productivity following the main derivations of the model. We estimate an extended set of elasticities of bank credit with respect to a series of productivity measures of firms. We focus not only on the elasticity between bank credit and productivity during the same year, but also on the elasticity between credit and future realised productivity. Our estimates show a clear Eurozone core-periphery divide, the elasticities between credit and productivity estimated in France and Germany are consistent with complete markets, whereas in Italy they are consistent with incomplete markets. The implication is that in Italy firms turn to be constrained in their long-term investments and bank credit is allocated less efficiently than in France and Germany. Hence capital misallocation by banks can be a key driver of the long-standing slow productivity growth that characterises Italy and other periphery countries.
Artikel Lesen
Macro-Financial Modelling of the Singapore Economy: a GVAR Approach
Alessandro Galesi, Filippo di Mauro
Monetary Authority of Singapore Macroeconomic Review,
October
2017
Abstract
Globalisation has greatly increased the degree of interdependence across countries. Macroeconomic policy must therefore take a global perspective, particularly in the case of small open economies such as Singapore. From a modeller’s point of view, this requires considering many countries, regions and markets, as well as multiple channels of transmission, including trade and financial linkages. Cross-country interdependencies are increasingly reflected in the effects of global shocks, to oil or food prices for example, as well as technology and policy uncertainty spillovers.
Artikel Lesen
The Impact of Debtor Distress and Unemployment on Support for Extremist and Populist Political Parties in the Czech Republic 2001–2017
Jakub Grossmann, Štěpán Jurajda, Lucie Zapletalová
IDEA CERGE EI Studie,
Nr. 11,
2023
Abstract
In this study, we analyze the relationships between rising rates of distraint orders and electoral support for populist political parties and extreme left and right wing political parties at the local level. (This publication is written in czech language.)
Artikel Lesen
The Long-term Legacy of the Liberation of the Sudetenland by the Red and US Armies
Jakub Grossmann, Štěpán Jurajda
IDEA CERGE EI Studie,
Nr. 7,
2022
Abstract
Forced migration results in trauma to the millions of people displaced from their homes, but very little is known about the fate of those who avoided expulsion and became a minority in the new society. This analysis reveals how and to what degree the manner and extent of the post-war expulsion of the German population from the Sudetenland influenced the country’s long-term social development. (This publication is written in czech language.)
Artikel Lesen
