scholarly journals Macroeconomic Regimes, Technological Shocks and Employment Dynamics

2019 ◽  
Vol 239 (4) ◽  
pp. 599-625
Author(s):  
Tommaso Ferraresi ◽  
Andrea Roventini ◽  
Willi Semmler
Keyword(s):  
Technology Shocks ◽  
Vector Autoregressions ◽  
Productivity Shocks ◽  
Hours Worked ◽  
Employment Dynamics ◽  
Large Display ◽  
The Face ◽  
Negative Effect ◽  
Impact Of Technology ◽  
The Impact

Abstract The debate about the impact of technology on employment has always had a central role in economic theory. At the same time, the nexus of technological progress and employment might depend on macroeconomic regimes. In this work we investigate the interrelations among technology, output and employment in the U.S. economy in growth recessions vs. growth expansions. More precisely, using U.S. data we estimate different threshold vector autoregressions (TVARs) with TFP, hours, and GDP, employing the latter as threshold variable, and assess the generalized impulse responses of GDP and hours as to TFP shocks. For our entire period of observation, 1957Q1–2011Q4, positive technology shocks, while spurring GDP growth, by and large, display a negative effect on hours worked in growth recessions, but they are not significantly different from zero in good times. Yet, since the mid eighties (1984Q1–2011Q4) productivity shocks increase hours worked in low growth periods. The results are mainly driven by the response of labor along the extensive margin (number of employees), and remain persistent so in the face of a battery of robustness checks.

scholarly journals Creative Destruction and Uncertainty

2019 ◽  
Vol 18 (4) ◽  
pp. 1814-1843
Author(s):  
Petr Sedláček
Keyword(s):  
Firm Dynamics ◽  
Creative Destruction ◽  
Technology Shocks ◽  
Dynamics Model ◽  
Vector Autoregressions ◽  
Firm Level ◽  
Productivity Shocks ◽  
Technology Growth ◽  
Structural Vector ◽  
Dot Com

Abstract Uncertainty rises in recessions. But does uncertainty cause downturns or vice versa? This paper argues that counter-cyclical uncertainty fluctuations are a by-product of technology growth. In a firm dynamics model with endogenous technology adoption, faster technology growth widens the dispersion of firm-level productivity shocks, a benchmark uncertainty measure. Moreover, faster technology growth spurs a creative destruction process, generates a temporary downturn, and renders uncertainty counter-cyclical. Estimates from structural vector autoregressions (VARs) on U.S. data confirm the model’s predictions. On average, 1/4 of the cyclical variation in uncertainty is driven by technology shocks. This fraction rises to 2/3 around the “dot-com” bubble.

scholarly journals Read All about It!! What Happens Following a Technology Shock?

2011 ◽  
Vol 101 (4) ◽  
pp. 1144-1179 ◽  
Author(s):  
Michelle Alexopoulos
Keyword(s):  
Information Technology ◽  
Total Factor Productivity ◽  
Technical Change ◽  
Economic Activity ◽  
New Technologies ◽  
Technology Shocks ◽  
Factor Productivity ◽  
Technology Shock ◽  
Impact Of Technology ◽  
The Impact

Existing indicators of technical change are plagued by shortcomings. I present new measures based on books published in the field of technology that resolve many of these problems and use them to identify the impact of technology shocks on economic activity. They are positively linked to changes in R&D and scientific knowledge, and capture the new technologies' commercialization dates. Changes in information technology are found to be important sources of economic fluctuations in the post-WWII period, and total factor productivity, investment, and, to a lesser extent, labor are all shown to increase following a positive technology shock. (JEL E22, E23, E32, O33, O34, O47)

scholarly journals Digital Cosmetics

2020 ◽  
Vol 16 (4) ◽  
pp. 551-580
Author(s):  
Massimo Leone
Keyword(s):  
Social Bias ◽  
Digital Version ◽  
Urgent Task ◽  
The Social ◽  
The Face ◽  
History Of ◽  
The Aesthetic ◽  
Impact Of Technology ◽  
The Impact ◽  
Facial Images

AbstractThe earliest extant depictions of the human face are not simply realistic but represented through specific technologies (means) and techniques (styles). In these representations, the face was probably idealized in order to empower its agency through simulacra. The history of art sees humans become increasingly aware of the impact of technology and technique on the production of visual representations of the face. With photography, and even more so with its digital version, technology is developed, hidden, and miniaturized so as to democratize and market technique. The result, however, a naturalization of technology, is increasingly problematic in the era of algorithms: artificial intelligence absorbs the social bias of its engineers. This is particularly evident in the domain of “digital cosmetics”: successful apps are used to process and share billions of facial images, yet few critically reflect on the aesthetic ideology underpinning them. This is an urgent task for visual, social, and cultural semiotics.

The time-varying and volatile macroeconomic effects of immigration

2021 ◽  
pp. 1-21
Author(s):  
Huachen Li
Keyword(s):  
Forecast Error ◽  
Error Variance ◽  
Time Varying ◽  
Vector Autoregressions ◽  
Hours Worked ◽  
Supply Shock ◽  
The Us ◽  
Forecast Error Variance ◽  
The Business Cycle ◽  
The Impact

Abstract This paper studies the impact of immigration on the US macroeconomy. I identify structural vector autoregressions (SVARs) with time-varying parameters (TVPs) and stochastic volatility (SV) using a novel set of restrictions. The TVP-SV-SVARs are estimated on a quarterly sample including average labor productivity (ALP), hours worked, immigration, consumption, and term spread from 1953 to 2017. An immigration supply shock increases domestic ALP and hours worked over the business cycle horizons. Movements in immigration are explained by its own shock and to a lesser extent by the productivity and news shocks. IRFs driven by these shocks vary over the sample, especially around changes in immigration policy such as the Immigration Act of 1990. In contrast, the forecast error variance decompositions exhibit little change over the sample. Immigration plays an important role in the US macroeconomy.

scholarly journals Time management in the family environment and the impact of technology invasion on socio-emotional relationships during the Covid-19 pandemic

2021 ◽  
Vol 7 ◽  
pp. 186-207
Author(s):  
Mauro Coutinho ◽  
Sue Anne Collares Maestri de Oliveira ◽  
João Paulo Vasconcelos Mendonça Junior ◽  
Patrizia Raphaela Chermont Galiza ◽  
Poliana Bentes de Almeida
Keyword(s):  
Family Environment ◽  
Time Management ◽  
Large Scale ◽  
Brazilian Amazon ◽  
Metropolitan Region ◽  
Emotional Relationships ◽  
The Face ◽  
Emotional Aspects ◽  
Impact Of Technology ◽  
The Impact

Computer technologies have significantly evolved in their ways of interacting with humans. This article analyzes the effects of the large-scale invasion of ICTs in the lives of families in the Brazilian Amazon, assessing the impacts on their socio-emotional relationships. The analysis is based on two exploratory and predominantly qualitative studies conducted with families living in the Metropolitan Region of Belém, State of Pará, located in the Brazilian Amazon. One of the studies monitored 143 families daily during the period of confinement imposed by the COVID-19 pandemic in April 2020. The second study surveyed 71 families, obtaining data on socio-emotional aspects. The findings point out a conservative behavior toward technology, even in the face of a radical behavior change in social interactions.

The effects of a tax dividend cut on payout policies: Canadian evidence

2015 ◽  
Vol 11 (1) ◽  
pp. 2-22 ◽  
Author(s):  
Manon Deslandes ◽  
Suzanne Landry ◽  
Anne Fortin
Keyword(s):  
Payout Policy ◽  
Share Repurchases ◽  
Individual Investors ◽  
Content Type ◽  
Tax Rate ◽  
Listed Firms ◽  
The Face ◽  
Negative Effect ◽  
The Impact ◽  
Dividend Tax

Purpose – The purpose of this paper is to examine whether the significant dividend tax rate reduction for individual investors in Canada in 2006 affected firms’ payout policies. Design/methodology/approach – Using regression models, the authors examine the impact of the 2006 dividend tax cut on dividends and share repurchases in Canadian listed firms from 2003 to 2008. The authors also ran a multinomial logit regression to examine choices between payout policies. Findings – Following the tax cut, firms increased their dividend payouts, with larger increases for firms in which shareholders benefited from the reduced tax rate. However, the 2006 tax cut appears to have had no negative effect on distributions through share repurchases. After the 2006 dividend tax cut, firms owned by shareholders subject to dividend taxes were more likely to use a combination of distribution mechanisms than share repurchases only, dividends only, or no payouts. Practical implications – Shareholders’ tax preferences are an important factor for firms to consider when designing payout distribution policies. Following the 2006 dividend tax cut, firms increased their dividend payouts. Social implications – The findings provide tax regulators with insight into how firms react to tax reform. They suggest that firms adapt their payout policy in the face of: a noteworthy dividend tax cut (6.2 per cent); a dividend tax cut that does not encourage tax arbitrage; and a dividend tax cut that does not economically favour dividend payment over share repurchases. Originality/value – The paper considers the 2006 dividend tax rate cut in Canada, which presents a number of significant features that allow capturing the effect of a tax cut on payout policies.

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