Moonlighting Behavior over the Business Cycle Using data from the 1979 National Longitudinal Survey of Youth, we examine the cyclicality by sex of moonlighting and moonlighting hours. We find that, once we account for the sample selection into employment, both men and women exhibit procyclical moonlighting probabilities. Likewise, moonlighting hours for male multiple job holders are procyclical...

The paper studies the optimal distribution of business and residential land in a circular city. Once the optimum is characterized, we analyze the effect of changes in commuting costs and externality parameters. We also propose policies like labor subsidies, land taxes and zoning restrictions that can implement the efficient allocation as an equilibrium, or close the gap between the optimal and ...

We implement an endogeneous switching-regression model for labour productivity and firms’ decision to use business–to–business (B2B) e–commerce. Our approach allows B2B usage to affect any parameter of the labour productivity equation and to properly take account of strategic complementarities between the input factors and B2B usage. Empirical evidence from 1,394 German firms shows that firms u...

This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to cash consumption as well as a banking sector. The estimated model accounts very well for the business cycle data, a finding that standard monetary m...

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response to shocks. We use a stylised two-bloc...

This paper intends to harmonize two different approaches to the analysis of the business cycle and in doing so it retrieves the stylized facts of the business cycle in Europe. We start with the ‘classical’ approach proposed in Burns and Mitchell (1946) of dating and analyzing the business cycle; we then adopt the ‘modern’ alternative: the Markov-switching time series model proposed in Hamilton ...

Custodians play a key but discrete role in the global financial market infrastructure. In Europe, they are licensed as “credit institutions ”, legal requirement for European deposit-taking institutions, and therefore face same prudential requirements “traditional” banks. However, their business model risk profile different from those of traditional banks since core activity does not encompass b...

Nascent Entrepreneurs Nascent entrepreneurs are people who are engaged in creating new ventures. This chapter reviews the international evidence on how many of them are there around the world, what they are doing, who they are, what makes them different, and which ones see their vision through to eventual start-up. JEL Classification: J23

This study examines the effects of retirement on health investment behaviors. We conduct a large-scale international comparison of the change in health investment behaviors after retirement among 13 developed countries, using harmonized datasets. We find that the changes in most of health investment behaviors are heterogenous across countries. JEL Classification Numbers: I00, I100, I120

Analyzing a novel dataset we find significantly positive effects of basic, and applied and experimental knowledge stocks on domestic output and productivity for a panel of 10 OECD countries. This letter updates the work of, among others, Mansfield (1980), Griliches (1986) and Adams (1990), at an international setting. JEL Classification: F12: F2: O3.