The Experts below are selected from a list of 95610 Experts worldwide ranked by ideXlab platform
Jacques Mairesse - One of the best experts on this subject based on the ideXlab platform.
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Oxford Scholarship Online - Labour Market Regulations and Capital Intensity
Oxford Scholarship Online, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:On the basis of a country*industry unbalanced panel data sample for 14 OECD countries and 18 industries covering the years 1988 to 2007, this study proposes an econometric investigation of the effects of the OECD Employment Protection Legislation (EPL) indicator on capital intensity for four capital components, and on the share of employment for two skill components. Our results relying on a difference-in-difference approach are the following: i) positive and significant effects for non-ICT physical capital intensity and the share of high-skilled employment; ii) non-significant effects for ICT capital intensity; and (iii) negative and significant effects for R&D capital intensity and the share of low-skilled employment. These results suggest that firms consider that the strengthening of Employment Protection Legislation is equivalent to a rise in the cost of labor, resulting in capital-to-labor substitution in favor of non-ICT capital and working at the disadvantage of low-skill relatively to high-skill workers. They indicate to the contrary that structural reforms for more labor flexibility weakening this legislation could have a favorable impact on firms’ R&D investment and their hiring of low-skill workers.
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Oxford Scholarship Online - Labour Market Regulations and Capital Intensity
Oxford Scholarship Online, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:On the basis of a country*industry unbalanced panel data sample for 14 OECD countries and 18 industries covering the years 1988 to 2007, this study proposes an econometric investigation of the effects of the OECD Employment Protection Legislation (EPL) indicator on capital intensity for four capital components, and on the share of employment for two skill components. Our results relying on a difference-in-difference approach are the following: i) positive and significant effects for non-ICT physical capital intensity and the share of high-skilled employment; ii) non-significant effects for ICT capital intensity; and (iii) negative and significant effects for R&D capital intensity and the share of low-skilled employment. These results suggest that firms consider that the strengthening of Employment Protection Legislation is equivalent to a rise in the cost of labor, resulting in capital-to-labor substitution in favor of non-ICT capital and working at the disadvantage of low-skill relatively to high-skill workers. They indicate to the contrary that structural reforms for more labor flexibility weakening this legislation could have a favorable impact on firms’ R&D investment and their hiring of low-skill workers.
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labour Market Regulations and capital intensity
National Bureau of Economic Research, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:What is the impact of labour Market Regulations as measured by the OECD indicator of employment protection legislation (EPL) on capital and skill composition? Precisely, this study investigates the effects of changes in EPL on changes in four types of capital and three components of labour skill. They include construction, non-ICT, ICT, and Rand D capital components on the one hand, and low-, medium-, and highly-skilled labour on the other. Our analysis is grounded on a large country-industry panel dataset of fourteen OECD countries, and eighteen manufacturing and Market service industries, from 1988 to 2007. It shows that strengthening EPL lowers ICT capital and, even more severely, R and D capital relative to non-ICT and construction capital; it also brings down low-skilled relative to highly-skilled workers' employment. These results suggest that structural reforms for more labour flexibility could have a favourable impact on firms' Rand D investment and hiring of low-skilled workers
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Upstream Product Market Regulations, ICT, R&D and Productivity
Review of Income and Wealth, 2017Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:Our study aims at assessing the actual importance of the two main channels usually contemplated in the literature through which upstream sector anticompetitive Regulations may impact productivity growth: business investments in R&D and in ICT. We thus precisely try to estimate what are the specific impacts of these two channels and their shares in total impact as against alternative channels of investments in other forms of intangible capital such as improvements in skills, management and organization. For this, we specify an extended production function relating productivity explicitly to R&D and ICT capital as well as to upstream Regulations, and two factor demand functions relating R&D and ICT capital to upstream Regulations. These relations are estimated on a panel of 14 OECD countries and 13 industries over the period 1987-2007. Our estimates confirm the results of previous similar studies finding that the impact of upstream Regulations on total factor productivity can be sizeable, and they provide evidence that a good part of the total impact, though not a predominant one, goes through both investments in ICT and R&D, and particularly the latter.
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Upstream Product Market Regulations, ICT, R&D and Productivity
Review of Income and Wealth, 2017Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:Our study investigates the importance of two main channels through which upstream anti-competitive sector Regulations impact productivity growth: investments in R&D and in ICT, as opposed to alternative channels we cannot explicitly consider for lack of appropriate data such as improvements in skills, management and organization. We specify a three equations model: an extended production function relating total factor productivity to both R&D and ICT capital, and to upstream Regulations, and two factor demand functions relating R&D and ICT capital to upstream Regulations. We estimate these relations on an unbalanced panel of 15 OECD countries and 13 industries over the period 1987–2007. We find that the total impact of upstream Regulations on total factor productivity is sizeable, a large part of which is transmitted through investments in R&D and ICT, mainly the former.
Takanobu Mizuta - One of the best experts on this subject based on the ideXlab platform.
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A Brief Review of Recent Artificial Market Simulation (Multi-Agent Simulation) Studies for Financial Market Regulations and/or Rules
2016Co-Authors: Takanobu MizutaAbstract:It is very difficult to discuss about changing financial Market Regulations and/or rules by only using results of empirical studies. An artificial Market, which is a kind of a multi-agent simulation, can isolate the pure contribution of changing the Regulations to the price formation and can treat situations that have never occurred. These are strong points of the artificial Market simulation study. Recently, some artificial Market studies contributed to discussion what financial Regulations and rules should be, for example, price variation limits and short selling regulation whether preventing bubbles and crushes or not, tick size, usage rate of dark pools, speed of order matching systems on financial exchanges, an interaction between leveraged ETF Markets and underlying Markets and micro-foundation of price variation model using intelligence of artificial Market simulation studies (http://ssrn.com/abstract=2710457). I will review those studies.
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A Brief Review of Recent Artificial Market Simulation (Agent-Based Model) Studies for Financial Market Regulations and/or Rules
2016Co-Authors: Takanobu MizutaAbstract:It is very difficult to discuss about changing financial Market Regulations and/or rules by only using results of empirical studies. An artificial Market, which is a kind of a multi-agent simulation, can isolate the pure contribution of changing the Regulations to the price formation and can treat situations that have never occurred. These are strong points of the artificial Market simulation study. Recently, some artificial Market studies contributed to discussion what financial Regulations and rules should be, for example, price variation limits and short selling regulation whether preventing bubbles and crushes or not, tick size, usage rate of dark pools, speed of order matching systems on financial exchanges, an interaction between leveraged ETF Markets and underlying Markets and micro-foundation of price variation model using intelligence of artificial Market simulation studies (http://ssrn.com/abstract=2710457). I will review those studies.
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a brief review of recent artificial Market simulation multi agent simulation studies for financial Market Regulations and or rules
Social Science Research Network, 2016Co-Authors: Takanobu MizutaAbstract:It is very difficult to discuss about changing financial Market Regulations and/or rules by only using results of empirical studies. An artificial Market, which is a kind of a multi-agent simulation, can isolate the pure contribution of changing the Regulations to the price formation and can treat situations that have never occurred. These are strong points of the artificial Market simulation study. Recently, some artificial Market studies contributed to discussion what financial Regulations and rules should be, for example, price variation limits and short selling regulation whether preventing bubbles and crushes or not, tick size, usage rate of dark pools, speed of order matching systems on financial exchanges, an interaction between leveraged ETF Markets and underlying Markets and micro-foundation of price variation model using intelligence of artificial Market simulation studies (http://ssrn.com/abstract=2710457). I will review those studies.
Gilbert Cette - One of the best experts on this subject based on the ideXlab platform.
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Oxford Scholarship Online - Labour Market Regulations and Capital Intensity
Oxford Scholarship Online, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:On the basis of a country*industry unbalanced panel data sample for 14 OECD countries and 18 industries covering the years 1988 to 2007, this study proposes an econometric investigation of the effects of the OECD Employment Protection Legislation (EPL) indicator on capital intensity for four capital components, and on the share of employment for two skill components. Our results relying on a difference-in-difference approach are the following: i) positive and significant effects for non-ICT physical capital intensity and the share of high-skilled employment; ii) non-significant effects for ICT capital intensity; and (iii) negative and significant effects for R&D capital intensity and the share of low-skilled employment. These results suggest that firms consider that the strengthening of Employment Protection Legislation is equivalent to a rise in the cost of labor, resulting in capital-to-labor substitution in favor of non-ICT capital and working at the disadvantage of low-skill relatively to high-skill workers. They indicate to the contrary that structural reforms for more labor flexibility weakening this legislation could have a favorable impact on firms’ R&D investment and their hiring of low-skill workers.
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Oxford Scholarship Online - Labour Market Regulations and Capital Intensity
Oxford Scholarship Online, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:On the basis of a country*industry unbalanced panel data sample for 14 OECD countries and 18 industries covering the years 1988 to 2007, this study proposes an econometric investigation of the effects of the OECD Employment Protection Legislation (EPL) indicator on capital intensity for four capital components, and on the share of employment for two skill components. Our results relying on a difference-in-difference approach are the following: i) positive and significant effects for non-ICT physical capital intensity and the share of high-skilled employment; ii) non-significant effects for ICT capital intensity; and (iii) negative and significant effects for R&D capital intensity and the share of low-skilled employment. These results suggest that firms consider that the strengthening of Employment Protection Legislation is equivalent to a rise in the cost of labor, resulting in capital-to-labor substitution in favor of non-ICT capital and working at the disadvantage of low-skill relatively to high-skill workers. They indicate to the contrary that structural reforms for more labor flexibility weakening this legislation could have a favorable impact on firms’ R&D investment and their hiring of low-skill workers.
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labour Market Regulations and capital intensity
National Bureau of Economic Research, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:What is the impact of labour Market Regulations as measured by the OECD indicator of employment protection legislation (EPL) on capital and skill composition? Precisely, this study investigates the effects of changes in EPL on changes in four types of capital and three components of labour skill. They include construction, non-ICT, ICT, and Rand D capital components on the one hand, and low-, medium-, and highly-skilled labour on the other. Our analysis is grounded on a large country-industry panel dataset of fourteen OECD countries, and eighteen manufacturing and Market service industries, from 1988 to 2007. It shows that strengthening EPL lowers ICT capital and, even more severely, R and D capital relative to non-ICT and construction capital; it also brings down low-skilled relative to highly-skilled workers' employment. These results suggest that structural reforms for more labour flexibility could have a favourable impact on firms' Rand D investment and hiring of low-skilled workers
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Upstream Product Market Regulations, ICT, R&D and Productivity
Review of Income and Wealth, 2017Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:Our study aims at assessing the actual importance of the two main channels usually contemplated in the literature through which upstream sector anticompetitive Regulations may impact productivity growth: business investments in R&D and in ICT. We thus precisely try to estimate what are the specific impacts of these two channels and their shares in total impact as against alternative channels of investments in other forms of intangible capital such as improvements in skills, management and organization. For this, we specify an extended production function relating productivity explicitly to R&D and ICT capital as well as to upstream Regulations, and two factor demand functions relating R&D and ICT capital to upstream Regulations. These relations are estimated on a panel of 14 OECD countries and 13 industries over the period 1987-2007. Our estimates confirm the results of previous similar studies finding that the impact of upstream Regulations on total factor productivity can be sizeable, and they provide evidence that a good part of the total impact, though not a predominant one, goes through both investments in ICT and R&D, and particularly the latter.
-
Upstream Product Market Regulations, ICT, R&D and Productivity
Review of Income and Wealth, 2017Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:Our study investigates the importance of two main channels through which upstream anti-competitive sector Regulations impact productivity growth: investments in R&D and in ICT, as opposed to alternative channels we cannot explicitly consider for lack of appropriate data such as improvements in skills, management and organization. We specify a three equations model: an extended production function relating total factor productivity to both R&D and ICT capital, and to upstream Regulations, and two factor demand functions relating R&D and ICT capital to upstream Regulations. We estimate these relations on an unbalanced panel of 15 OECD countries and 13 industries over the period 1987–2007. We find that the total impact of upstream Regulations on total factor productivity is sizeable, a large part of which is transmitted through investments in R&D and ICT, mainly the former.
Jimmy Lopez - One of the best experts on this subject based on the ideXlab platform.
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Oxford Scholarship Online - Labour Market Regulations and Capital Intensity
Oxford Scholarship Online, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:On the basis of a country*industry unbalanced panel data sample for 14 OECD countries and 18 industries covering the years 1988 to 2007, this study proposes an econometric investigation of the effects of the OECD Employment Protection Legislation (EPL) indicator on capital intensity for four capital components, and on the share of employment for two skill components. Our results relying on a difference-in-difference approach are the following: i) positive and significant effects for non-ICT physical capital intensity and the share of high-skilled employment; ii) non-significant effects for ICT capital intensity; and (iii) negative and significant effects for R&D capital intensity and the share of low-skilled employment. These results suggest that firms consider that the strengthening of Employment Protection Legislation is equivalent to a rise in the cost of labor, resulting in capital-to-labor substitution in favor of non-ICT capital and working at the disadvantage of low-skill relatively to high-skill workers. They indicate to the contrary that structural reforms for more labor flexibility weakening this legislation could have a favorable impact on firms’ R&D investment and their hiring of low-skill workers.
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Oxford Scholarship Online - Labour Market Regulations and Capital Intensity
Oxford Scholarship Online, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:On the basis of a country*industry unbalanced panel data sample for 14 OECD countries and 18 industries covering the years 1988 to 2007, this study proposes an econometric investigation of the effects of the OECD Employment Protection Legislation (EPL) indicator on capital intensity for four capital components, and on the share of employment for two skill components. Our results relying on a difference-in-difference approach are the following: i) positive and significant effects for non-ICT physical capital intensity and the share of high-skilled employment; ii) non-significant effects for ICT capital intensity; and (iii) negative and significant effects for R&D capital intensity and the share of low-skilled employment. These results suggest that firms consider that the strengthening of Employment Protection Legislation is equivalent to a rise in the cost of labor, resulting in capital-to-labor substitution in favor of non-ICT capital and working at the disadvantage of low-skill relatively to high-skill workers. They indicate to the contrary that structural reforms for more labor flexibility weakening this legislation could have a favorable impact on firms’ R&D investment and their hiring of low-skill workers.
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labour Market Regulations and capital intensity
National Bureau of Economic Research, 2018Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:What is the impact of labour Market Regulations as measured by the OECD indicator of employment protection legislation (EPL) on capital and skill composition? Precisely, this study investigates the effects of changes in EPL on changes in four types of capital and three components of labour skill. They include construction, non-ICT, ICT, and Rand D capital components on the one hand, and low-, medium-, and highly-skilled labour on the other. Our analysis is grounded on a large country-industry panel dataset of fourteen OECD countries, and eighteen manufacturing and Market service industries, from 1988 to 2007. It shows that strengthening EPL lowers ICT capital and, even more severely, R and D capital relative to non-ICT and construction capital; it also brings down low-skilled relative to highly-skilled workers' employment. These results suggest that structural reforms for more labour flexibility could have a favourable impact on firms' Rand D investment and hiring of low-skilled workers
-
Upstream Product Market Regulations, ICT, R&D and Productivity
Review of Income and Wealth, 2017Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:Our study aims at assessing the actual importance of the two main channels usually contemplated in the literature through which upstream sector anticompetitive Regulations may impact productivity growth: business investments in R&D and in ICT. We thus precisely try to estimate what are the specific impacts of these two channels and their shares in total impact as against alternative channels of investments in other forms of intangible capital such as improvements in skills, management and organization. For this, we specify an extended production function relating productivity explicitly to R&D and ICT capital as well as to upstream Regulations, and two factor demand functions relating R&D and ICT capital to upstream Regulations. These relations are estimated on a panel of 14 OECD countries and 13 industries over the period 1987-2007. Our estimates confirm the results of previous similar studies finding that the impact of upstream Regulations on total factor productivity can be sizeable, and they provide evidence that a good part of the total impact, though not a predominant one, goes through both investments in ICT and R&D, and particularly the latter.
-
Upstream Product Market Regulations, ICT, R&D and Productivity
Review of Income and Wealth, 2017Co-Authors: Gilbert Cette, Jimmy Lopez, Jacques MairesseAbstract:Our study investigates the importance of two main channels through which upstream anti-competitive sector Regulations impact productivity growth: investments in R&D and in ICT, as opposed to alternative channels we cannot explicitly consider for lack of appropriate data such as improvements in skills, management and organization. We specify a three equations model: an extended production function relating total factor productivity to both R&D and ICT capital, and to upstream Regulations, and two factor demand functions relating R&D and ICT capital to upstream Regulations. We estimate these relations on an unbalanced panel of 15 OECD countries and 13 industries over the period 1987–2007. We find that the total impact of upstream Regulations on total factor productivity is sizeable, a large part of which is transmitted through investments in R&D and ICT, mainly the former.
Giuseppe Nicoletti - One of the best experts on this subject based on the ideXlab platform.
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Do Product Market Regulations in Upstream Sectors Curb Productivity Growth? Panel Data Evidence for OECD Countries
Review of Economics and Statistics, 2013Co-Authors: Renaud Bourlès, Jimmy Lopez, Gilbert Cette, Jacques Mairesse, Giuseppe NicolettiAbstract:We identify the impact of intermediate goods Markets imperfections on productivity downstream. Our empirical specification is based on a model of multifactor productivity (MFP) growth in which the effects of upstream competition can vary with distance to frontier. This model is estimated on a panel of fifteen OECD countries and twenty industries over 1985 to 2007. Competitive pressures are proxied with industry product Market regulation data. We find evidence that anticompetitive upstream Regulations have significantly curbed MFP growth over the past fifteen years, and more strongly so for observations that are close to the productivity frontier.
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DO PRODUCT Market Regulations IN UPSTREAM SECTORS CURB PRODUCTIVITY GROWTH? PANEL DATA EVIDENCE FOR OECD COUNTRIES
2010Co-Authors: Renaud Bourlès, Jimmy Lopez, Gilbert Cette, Jacques Mairesse, Giuseppe NicolettiAbstract:The paper focuses on the influence of upstream competition for productivity outcomes in downstream sectors. This relation is illustrated with a neo-Schumpeterian theoretical model of innovation (Aghion et al., 1997) with Market imperfections in the production of intermediate goods. In this context, upstream Market imperfections create barriers to competition in downstream Markets and upstream producers use their Market power to share innovation rents sought by downstream firms. Thus, lack of competition in upstream Markets curbs incentives to improve productivity downstream, negatively affecting productivity outcomes. We test this prediction by estimating an error correction model that differentiates the potential downstream effects of lack of upstream competition in situations close and far from the global technological frontier. We measure competition upstream with regulatory burden indicators derived from OECD data on sectoral product Market regulation and the industry-level efficiency improvement and the distance to frontier variables by means of a multifactor productivity (MFP) index. Panel regressions are run for 15 OECD countries and 20 sectors over the 1985-2007 period with country, sector and year fixed effects. We find clear evidence that anticompetitive Regulations in upstream sectors have curbed MFP growth downstream over the past 15 years. These effects tend to be strongest for observations (i.e. country/sector/period triads) that are close to the global technological frontier. Our results suggest that, measured at the average distance to frontier and average level of anticompetitive Regulations, the marginal effect of increasing competition by easing such Regulations is to increase MFP growth by between 1 and 1.5 per cent per year in the OECD countries covered by our sample. Our results are robust to changes in the way MFP and the regulatory burden indicators are constructed, as well as to variations in the sample of countries and/or sectors.
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do product Market Regulations in upstream sectors curb productivity growth panel data evidence for oecd countries
National Bureau of Economic Research, 2010Co-Authors: Renaud Bourlès, Jimmy Lopez, Gilbert Cette, Jacques Mairesse, Giuseppe NicolettiAbstract:Based on an endogenous growth model, we show that intermediate goods Markets imperfections can curb incentives to improve productivity downstream. We confirm such prediction by estimating a model of multifactor productivity growth in which the effects of upstream competition vary with distance to frontier on a panel of 15 OECD countries and 20 sectors over 1985-2007. Competitive pressures are proxied with sectoral product Market regulation data. We find evidence that anticompetitive upstream Regulations have curbed MFP growth over the past 15 years, more strongly so for observations that are close to the productivity frontier.