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Using proprietary data from AngelList Talent, we study how startup job seekers' search and application behavior changed during the COVID-19 downturn. We find that workers shifted their searches and applications away from less-established startups and toward more-established ones, even within the same individual over time. At the firm level, this shift was not offset by an influx of new job seekers. Less-established startups experienced a relative decline in the quantity and quality of applications, ultimately affecting their hiring. Our findings uncover a flight-to-safety channel in the labor market that may amplify the procyclical nature of entrepreneurial activities. [ABSTRACT FROM AUTHOR]

This paper explores the relationship between individual environmental priorities and national economic conditions, addressing the commonly held belief that individuals prioritize economic concerns over environmental concerns during economic downturns. Introducing the novel concept of attitudinal decoupling, this study empirically analyzes the relationship between environmental priorities and economic conditions using a comprehensive dataset from five waves of the World Values Survey (1994–2022) encompassing 52 countries of varying economic statuses. The findings generally support the existence of a tradeoff that suggests that environmental priorities waver when economic conditions decline. However, the results also highlight significant variations across different countries and periods, with some instances showing increased environmental concern during economic decline. Additionally, the study found that political orientation significantly influences this relationship, particularly in high-income countries. These insights show that the interplay between economic and environmental priorities is complex and nuanced. [ABSTRACT FROM AUTHOR]

We investigate the impact of household earnings shocks on in-school mental health designations in the context of the Great Recession using propensity score matching and a unique data set of linked administrative educational and tax data. Relative to children who did not experience recessionary earnings losses, the rate of new mental health designations among children with earnings losses was 0.5 percentage points higher (20 percent) during the recession. The effect of experiencing a recessionary earnings loss is persistent and grows, especially among children who experienced the loss when they were aged 10 or younger. [ABSTRACT FROM AUTHOR]

The onset of the Covid-19 pandemic prompted projections of economic contraction and a resulting decline in immigrant remittances, which are fundamental to many migrant household survival strategies. However, in the first year of the pandemic, remittances from the United States to Mexico and other Latin American countries remained surprisingly stable. Using novel survey and interview data, we investigate this apparent divergence, and the dynamic familial networks that sustained remittances during the first year of Covid-19. We identify patterns masked by the overall macro trend of resilient remittance flows, including heterogeneity across remitters' responses to the pandemic and household-level strain of remitting during this period. Specifically, we find evidence of an intensified expanded remittance pool, wherein remittance responsibility spread across household and extended family members—especially US citizens, authorized immigrants, and those who were more financially stable—in response to job loss and income instability within remitting households. During a period of extreme hardship, the continued need for remittances among nonmigrant family members contributed to the purposive intensification of these expanded pools. Our study of immigrant remittances during Covid-19 demonstrates the utility of examining complexity, change, and oftentimes strain at the micro-household level that undergirds apparent stability at a macro-level of analysis. [ABSTRACT FROM AUTHOR]

Purpose: This study is to investigate the impact of the coexistence of basic intermittent exotropia and vertical incomitance in the form of the V and sub-V pattern on the results of surgical correction of intermittent exotropia. Methods: The records of 81 pediatric patients who had surgery for intermittent exotropia and a follow-up of more than 1 year were reviewed retrospectively. They were divided into groups: a concomitant group which underwent only horizontal muscle surgery of bilateral lateral rectus recession and a V pattern group which had additional inferior oblique recession, further separated into two subgroups: ≥ 15 prism diopters (classic V pattern group) and ≥ 10 < 15 prism diopters (sub-V pattern group). The surgical outcome, deviation control, stereoacuity, and postoperative drift were assessed after 3 months and 1 year postoperatively. Results: Patients with sub-V and classic V pattern intermittent exotropia showed significantly better surgical success rate (p = 0.025) and less postoperative drift (p = 0.042) than patients without vertical incomitance. One year after surgery, successful surgical outcome was achieved in 83.72% of the vertically incomitant group: 80.76% for the classic V pattern and 88.24% for the sub-V pattern group, while only in 60.53% of nonpattern patients. Conclusions: Patients operated for intermittent exotropia with a coexistent V pattern have consistently better surgical long-term results than those with only horizontal deviation. Additional inferior oblique recessions in the sub V pattern group provided excellent outcomes with no overcorrections; therefore, surgeons should consider addressing vertical incomitance even when the typical criteria for the V pattern are not met. [ABSTRACT FROM AUTHOR]

Despite the unfavourable labour market and work environment conditions that have emerged in the last decade, this study identifies the factors that positively influence employee motivation. The study was conducted in Greece's banking sector, which was at the epicentre of the economic crisis. A new research model is proposed exploring the relationships between employee motivating factors, employee performance and organizational effectiveness. This model is empirically tested using structural equation modelling on data from 328 bank employees. The results are controversial, showing that non‐financial incentives motivate Greek bank employees most, emphasizing their need to stay in their jobs. Highly motivated workers may boost corporate effectiveness by improving employee performance. Even though this study found that non‐financial incentives motivate employees most, management should not overlook financial and job‐related reward programmes. Managers must provide financial compensation, job security, and supportive leadership to reduce employee dissatisfaction and keep employees motivated. Managers should view recognition as an essential component of motivation because it contributes to the creation of an environment that is both productive and efficient for the organization. The conclusions drawn from studying Greece's 10‐year‐long economic crisis are significant because many other countries around the world are experiencing (or may experience) a similar crisis. [ABSTRACT FROM AUTHOR]

This article argues that the anthropology of critique has been hampered by an implicit framing of critique as the content of knowledge rather than an orientation to knowledge about the world. It does so building on an ethnographic account of a group of critical citizens in post‐recession Dublin, Ireland. It stages a comparison between two different forms of critique of importance to them: art and activism. Contrary to the assumption that activism and detachment, and moral advocacy and empiricism, are at odds, this ethnographic comparison reveals that here the ultimate critical skill is thought to be the ability to take up different critical attitudes. Moreover, it isn't a lack of detachment but the creation of a 'critical community' that makes critique political. Drawing from this ethnographic instance of what counts as critique, this article thus makes a case for an anthropology of critique as itself a critical practice – one that is becoming increasingly urgent as critique as we know it has come to exhibit a hegemony of form in the social sciences and public cultures of debate. [ABSTRACT FROM AUTHOR]

• Cyclicality in aggregate productivity predicts the efficiency of resources reallocation. • Aggregate productivity growth originates from within-plants, allocative efficiency gain, and due to entry and exit. • We exploit the Great Recession to analyse the validity of the 'Cleansing' or 'Scarring' effect of recession and 'Schumpeterian Darwinian Selection' for Indian manufacturing. • The contributions to aggregate productivity growth from within-plant and net-entry effects are procyclical. • Plants in export-oriented industries are crucial in explaining the pro-cyclicality. • The exporting sectors during 2008-09 shifted resources from more productive to less productive plants. • The relatively productive exporters exited the markets following the global crisis, scarring the economy. • The positive contribution from the net-entry exit effect of plants during the economic downturn validates the 'Schumpeterian approach of Darwinian Selection'. Understanding the cyclicality in aggregate productivity helps answer whether the economy allocates resources efficiently or not. The paper analyses the sources of aggregate productivity growth, such as direct efficiency gain within-plants, allocative efficiency gain, and gains due to entry and exit during economic fluctuations. In particular, we exploit the economic shock of the Great Recession to analyse the validity of the 'Cleansing' or 'Scarring' effect of recession and 'Schumpeterian Darwinian Selection' for Indian manufacturing. The rise and fall of within-plant and net-entry effects during the economic fluctuations explains the pro-cyclicality of productivity growth. Plants in export-oriented industries are crucial in explaining the pro-cyclicality. Negative external shock to exporting sectors during 2008–09 shifted resources from more productive to less productive plants. The relatively productive exporters exited the markets following the global crisis, scarring the economy. Nonetheless, the positive effect from the net-entry exit of plants during the economic downturn makes the 'Schumpeterian approach of Darwinian Selection' valid. [ABSTRACT FROM AUTHOR]

It is imperative to explore the contribution of the Indian state to the country's impressive long-term growth performance during the free-market era, given the looming demand deficiency problem arising from this iniquitous growth process. Drawing on Marx's idea of circuit of capital, this article investigates the various ways in which the state contributes to the process of accumulation and economic growth, especially in the context of India during the period of market-oriented reforms. Additionally, this study aims to trace the changing nature of interventions of the Indian state to ascertain the domain and extent of its withdrawal and continued presence. Furthermore, it investigates the interventions undertaken by the Indian state to sustain or cushion the growth momentum at times of economic downturn during the free-market era. JEL Classification : B51, E62, O11, P16 [ABSTRACT FROM AUTHOR]

In the context of a global economic slowdown and structural shifts, comprehending labor market stability is crucial for devising effective macro-employment strategies. This research introduces an innovative framework to analyze employment resilience in the wake of China's smart city pilot policy. Utilizing data from 275 prefecture-level cities across China, spanning 2008 to 2020, the study delves into the beneficial effects of the smart city pilot policy on employment resilience. It employs a dual approach, integrating the Differences-in-Differences method (DID) with robustness analysis. Findings indicate that employment resilience in smart city pilot cities is approximately 0.58% higher compared to non-pilot cities. Factors such as location, size, and city type exhibit varying influences on this outcome. The research further reveals that entrepreneurial activities significantly mediate the link between smart city policies and employment resilience. Additionally, the concentration of manufacturing and productive services, along with their interplay, demonstrates notable moderating effects. This investigation broadens the economic research scope regarding smart cities and offers fresh empirical insights into the labor market impacts of smart city pilot policies, serving as a valuable guide for policymakers in managing employment markets. [ABSTRACT FROM AUTHOR]

Using quasi-random variation in graduation years of Swedish vocational high school females at the sudden onset of a deep national recession, we study how deteriorated early labor market prospects affected economic and family outcomes during the following decades. Labor market consequences were severe but not permanent. In contrast, family outcomes were permanently altered, in particular for low-GPA women. These women married and had children earlier, and they partnered with lower-performing spouses. Divorce and single-motherhood rates rose, and welfare claims remained elevated for decades. This suggests that temporary shocks to female labor market prospects can propagate into long-run poverty through endogenous adjustments of marriage-quality thresholds. [ABSTRACT FROM AUTHOR]

Prior studies have documented the pattern of decreased state funding for higher education in periods of economic contraction (i.e., the balance wheel phenomenon). This qualitative case study examines how policymakers in California and Texas made decisions about funding higher education at the onset of the COVID-19 pandemic, when policymakers faced an economic downturn. Data comprise 28 interviews with key state actors and 69 documents. The analysis expands prior understandings of how state policymakers make budgeting decisions that affect higher education by exploring how they perceive certain target populations as deserving or undeserving of state support. The study also sheds light on the tenuous relationship between policymakers' views of higher education and their funding decisions. [ABSTRACT FROM AUTHOR]

This paper provides a novel dataset of time-varying measures on the degree of countercyclicality of fiscal policies for advanced and developing economies between 1980 and 2021. The use of time-varying measures of fiscal stabilization, with special attention to potential endogeneity issues, overcomes the major limitation of previous studies and allows the analysis to account for both country-specific as well as global factors. The paper also examines the key determinants of countercyclicality of fiscal policy with a focus on factors as severe crises, informality, financial development and governance. Empirical results show that (i) fiscal policy tends to be more countercyclical during severe crises than typical recessions, especially for advanced economies; (ii) fiscal countercyclicality has increased over time for many economies over the last two decades; (iii) discretionary and automatic countercyclicality are both strong in advanced economies but acyclical (at times procyclical) in low-income countries; (iv) fiscal countercyclicality operates primarily through the expenditure channel, particularly for social benefits; and (v) better financial development, larger government size and stronger institutional quality are associated with larger countercyclical effects of fiscal policy. Our results are robust to various specifications and endogeneity checks. [ABSTRACT FROM AUTHOR]

Let us say that a coincidence involving two events, where one seems to predict the other, happens a number of times. How many times until it can be considered not only a coincidence, but a statistically significant pattern? We propose a framework to answer this question. Using the framework, we find that the number of times required is 7. We illustrate the practical application of our framework in the context of a very important phenomenon: When the percentage difference between 10-year and 3-month U.S. Treasury yields falls below zero, a U.S. recession appears to occur within the next 18 months. [ABSTRACT FROM AUTHOR]

In today's global economy, transitioning from industry to academia is popular. Professionals from the corporate sector contribute priceless insights that enhance students' educational experiences. However, this change was not without difficulties. Understanding the goals, experiences, and challenges moving professionals face is essential to ensuring a smooth transition and maximizing their contributions to business education. A qualitative investigation in Cebu, Philippines, explores people's motivations, encounters, and perceived difficulties when making this shift. This study demonstrates how the move from industry to academics guarantees that course material will always be relevant to the changing needs of the business sector. Numerous elements, including andragogical knowledge acquisition, coworker support, and economic issues, impact the process. Giving transitioning professionals the necessary tools and assistance requires a sophisticated grasp of these factors. Furthermore, retiring and going into academia is advantageous since it provides chances to stay involved and accomplish goals related to lifetime learning and service. Furthermore, even in the face of external shocks and economic downturns, academia offers stability and opportunities for career transition. This paper clarifies the challenges of moving from business to academics, especially in the Cebu environment. Organizations and governments can use these insights to create customized programs supporting transferring professionals and promoting strong industry-academia engagement. This will allow them to exploit new opportunities and harness associated advantages. [ABSTRACT FROM AUTHOR]

Introduction: The nursing profession is a cornerstone in the healthcare workforce. Yet, it remains vulnerable to severe mental health challenges, stemming from a complex interplay of social and occupational factors. It is evident that crisis situations have profound influence on the mental-wellbeing of nurses. Objective: To explore the association between behavioural modification in response to the prevailing economic crisis and mental health outcomes of nurses from teaching hospitals, Sri Lanka. Methods: This cross-sectional study was carried out among nursing professionals (n = 261) who are employed in distinct teaching hospitals (n = 7) in Sri Lanka. Considering the bed-capacity of each hospital, participants were purposively selected and invited to complete an online-based self-administered questionnaire to collect demographic characteristics and lifestyle modifications to deal with the economic crisis, while Depression, Anxiety, and Stress Scale (DASS-21) a set of three self-reported scales to assess the level of depression, anxiety, and stress, was used. Data was analyzed using the SPSS 23.0 version, Descriptive analysis was performed to present frequencies of both demographic characteristics and lifestyle and symptoms of depression, anxiety, and stress, while the Chi-square test was used to determine the association between selected independent variables and mental health outcomes. A multivariate regression model was performed to determine the predictors of mental health outcomes of the study participants. Results: There were a total of 261 participants, 86.2% were married, and 66.2% had children. The proportion of mild to extreme depression, anxiety, and stress were 58.2%, 65.9%, and 72.0% respectively. In response to the economic challenges, 91.6% of study participants reported reducing expenditures on general household needs, while the proportion of participants who curtailed spending on food, monthly savings, and entertainment were 75.9%, 79.3%, and 73.6% respectively. Notably, 81.6% of participants initiated the process of applying for overseas employment, and 50.6% pursued academic programs to be eligible for foreign placements. Conclusion: The present study observed a higher level of depression, anxiety and stress among nurses from teaching hospitals in Sri Lanka. It was noted that nurses had taken steps to respond to financial strain by reducing essential elements of their routine. Additionally, study participants chose to seek foreign placements as a solution to the economic burden, as a result just over half of the respondents completed an academic program in order to be qualified for jobs abroad. Further, these initiatives are significantly associated with negative emotional disorders of the participants. Therefore, interventions should be implemented to promote positive mental health outcomes of nursing professionals in Sri Lanka. [ABSTRACT FROM AUTHOR]

Background: Air pollution affects residents' health to varying extents according to differences in socioeconomic status. However, there has been a lack of research on whether air pollution contributes to unfair health costs. Methods: In this research, data from the China Labour Force Dynamics Survey are matched with data on PM2.5 average concentration and precipitation, and the influence of air pollution on the health expenditures of residents is analysed with econometric methods involving a two-part model, instrument variables and moderating effects. Results: The findings reveal that air pollution significantly impacts Chinese residents' health costs and leads to low-income people face health inequality. Specifcally, the empirical evidence shows that air pollution has no significant influence on the probability of residents' health costs (β = 0.021, p = 0.770) but that it increases the amount of residents' total outpatient costs (β = 0.379, p < 0.006), reimbursed outpatient cost (β = 0.453, p < 0.044) and out-of-pocket outpatient cost (β = 0.362, p < 0.048). The heterogeneity analysis of income indicates that low-income people face inequality due to health cost inflation caused by air pollution, their total and out-of-pocket outpatient cost significantly increase with PM2.5 (β = 0.417, p = 0.013; β = 0.491, p = 0.020). Further analysis reveals that social basic medical insurance does not have a remarkable positive moderating effect on the influence of air pollution on individual health inflation (β = 0.021, p = 0.292), but supplementary medical insurance for employees could reduce the effect of air pollution on low-income residents' reimbursed and out-of-pocket outpatient cost (β=-1.331, p = 0.096; β=-2.211, p = 0.014). Conclusion: The study concludes that air pollution increases the amount of Chinese residents' outpatient cost and has no significant effect on the incidence of outpatient cost. However, air pollution has more significant impact on the low-income residents than the high-income residents, which indicates that air pollution leads to the inequity of medical cost. Additionally, the supplementary medical insurance reduces the inequity of medical cost caused by air pollution for the low-income employees. [ABSTRACT FROM AUTHOR]

We combine two dominant approaches to studying how issues influence elections: one that emphasizes parties' issue positions, and the other parties' issue ownership. Research from the latter approach shows that voters ascribe greater economic competence to right-wing parties. Based on this finding, we argue that parties enhance their economic issue ownership when voters perceive them shifting to the right. In the following step, we show that perceived rightward shifts of parties also lead to subsequent increases in electoral support. We analyze economic ownership survey data and election outcomes in 15 democracies over the period 1986–2015 that supports the expectations that parties' perceived rightward shifts result in increases in economic ownership and subsequent vote shares. We also show that the right-shift vote gains are strongest during recessions when voters prioritize parties' economic competence. [ABSTRACT FROM AUTHOR]

Developed countries have long tried to increase their environmental standards to mitigate the negative effects of economic activities. For this purpose, they impose environmental taxes, energy taxes, and emission limits. In the last decade, a new measurement technique for environmental policy was introduced: the Environmental Policy Stringency Index (EPS index). This index takes values from 0.00 to 6.00, and higher values refer to more stringent environmental policies, whereas lower values suggest lax policies. This study aims to explore the impact of the EPS index on economic activities at the aggregate and sectoral levels for 20 European countries covering the period 1995–2020. For this purpose, this study utilizes the dynamic panel data approach, the two‐step system generalized method of moments (GMM) estimation method. The empirical findings show that an increase in the EPS index causes a decline in economic growth at the aggregate level. At the sectoral level, it was found that the industry sector is negatively affected by increases in environmental standards. In addition to the system GMM results, this study employs the Dumitrescu–Hurlin panel non‐causality test to detect causal linkages between variables. The empirical findings show that the EPS index Granger causes economic activity in almost all sectors. The empirical results indicate that environmental regulations should be carefully designed to prevent economic contraction. Policymakers need to develop policies to decrease dependency on fossil fuels in industrial production. Thus, they can subsidize firms to invest in productive and innovative areas. [ABSTRACT FROM AUTHOR]

The "publicness" of services provided by governments can be gauged with reference to the extent to which services are "non‐rival in consumption." Services that are more "rival in consumption" (e.g., education and medical care) are more likely to be "parceled out" between citizens. With greater personal experience, voters are more likely to be aware of private‐good benefits and therefore are far more likely to perceive these services as part of a personal "endowment." In economic downturns, they attach priority to sustaining expenditures on more "private" services and vote‐maximizing governments respond by diverting expenditure from "more public" to "more private" services. Consequently, government expenditures are more cyclical the more they finance non‐rival services. Predictions are tested with reference to government expenditures in 28 OECD countries between 1997 and 2019. [ABSTRACT FROM AUTHOR]

This study employs an online experimental approach to explore why an appropriate message appeal that resonates with consumers is crucial during a recession, rather than reducing investments in marketing, such as advertising spending. Drawing upon congruity theory and the accessibility–diagnosticity framework, the results of this experimental study demonstrate an interaction effect between message appeals and the state of a recession on consumers' booking intentions. Furthermore, this effect is mediated by perceived advertisement diagnosticity, but only in the context of a price discount appeal in advertisements during a recession. This research contributes to extending the existing literature by examining the dynamic relationship between message appeals and the state of a recession on consumers' behavioral intentions, mediated by their perceived advertisement diagnosticity. This explanation plays a significant role in bridging the gap in the lack of theoretical reasoning regarding relationships beyond the conceptual threshold through empirical testing. Second, the results of this study suggest more effective and actionable propositions for marketing and advertising professionals. [ABSTRACT FROM AUTHOR]

Existing research has demonstrated that government policies often prioritise growth over climate during economic downturns. Yet government stimulus spending during economic downturns also offers an opportunity for decarbonisation through long-term investments in infrastructure, transportation electrification, building efficiency, and clean energy technologies able to reduce emissions and sustainably shift the economy away from fossil fuels. We study the size and distribution of green stimulus spending in response to two recent economic downturns – the 2008 financial crisis and the 2020 Covid-19 pandemic. Focusing on Canada and the US – two major economies with strong incumbent fossil fuel interests – we explore the determinants of green stimulus spending. Counter to conventional wisdom, our findings provide little evidence to support the notion that institutional permeability to industry lobbying influenced the share of green stimulus spending. Instead, drawing on a novel dataset on green recovery spending and lobbying, we show that the strength of liberal parties in the legislatures shapes the distribution of stimulus funds. Our analysis suggests that liberal parties committed to decarbonisation can leverage economic crises to align economic and climate policy making, even in the face of strong lobbying efforts by the fossil fuel sector. [ABSTRACT FROM AUTHOR]

The article explores the childcare arrangements made by Spanish migrants in Belgium, Germany and the United Kingdom. The research is based on semi‐structured interviews conducted after an exploratory survey. The respondents, mostly women with university degrees, had engaged in intra‐European mobility between the economic recession of 2008 and the health crisis of 2020. In the narratives, women in dual‐career couples with young children reflect on how approaching work‐family balance depends on receiving social, institutional and family support. In addition, gender expectations affect negotiations around the sharing of roles and responsibilities in different‐sex couples. Interviewees underline that the gender divide persists or is even reinforced in relation to employment and technological change. Non‐standard and ‐flexible jobs, little access to services or incompatible teleworking with children at home reveal the fragility of care and welfare regimes and, consequently, the limited ability of couples to find satisfaction in the search for a work–family balance. [ABSTRACT FROM AUTHOR]

While service providers strive to maintain customer relationships, a nontrivial number of customers downgrade their services, something that has been particularly true during the post-pandemic period or economic recession. Studying downgrade behavior is vital because it damages the bottom-line performance of service providers and reflects a reduced customer commitment. Unlike previous studies, we further divide downgrade behavior based on whether there is a change in the product category, that is, a downgrade to a lower-priced service option within the same product category ("pure downgrade") versus a downgrade to a lower-priced service option in a different product category ("hybrid downgrade"). An analysis of customer data collected from a major telecommunications company shows fundamental differences in the determinants and consequences of these two downgrades. Transaction-related variables, such as service usage, have a significantly stronger positive effect on the likelihood of hybrid downgrade than on that of pure downgrade. Conversely, relationship-related variables like relationship length have an inverted U-shaped effect on pure downgrade but barely affect the likelihood of hybrid downgrade. Interestingly, customers who engage in pure downgrade are more likely to churn than those who engage in hybrid downgrade. The empirical findings offer valuable insights on customer relationships and churn management. [ABSTRACT FROM AUTHOR]

This article examines the healthcare crisis in Sri Lanka, which has been exacerbated by the country's economic downturn in 2022. Prior to the crisis, Sri Lanka had enjoyed a robust healthcare system and good health indicators. However, the current situation has led to shortages of essential medicines and medical devices, as well as a rise in out-of-pocket expenditures (OOPE) for healthcare. The article analyzes the root causes of the high OOPE, including inadequate public financing, inefficiencies in the healthcare system, and the lack of a national health insurance scheme. It also discusses the potential social and geopolitical implications of a strained healthcare system in Sri Lanka, such as the erosion of trust in the government, challenges in economic cooperation, and the potential for regional instability. The article concludes by suggesting potential solutions, including improving healthcare financing, implementing healthcare technology assessment, and fostering international cooperation to address the crisis. Addressing the healthcare challenges in Sri Lanka is crucial not only for the well-being of its population but also for regional peace and stability. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic, the Russia–Ukraine and the Israel–Hamas conflicts, and the resulting global economic shocks will affect the world economy for several years. This paper analyzes and discusses monetary finance (MF) using the Quantity Theory of Money (QTM) to understand economic dynamics. To achieve this goal, we utilize a Structural Vector Autoregressive (SVAR) identification scheme with sign restrictions on datasets from advanced economies. The findings indicate that monetary growth plays a role in short-term inflationary dynamics, while its effects are less significant in the medium to long term. The aim of the paper is to contribute to ongoing debate surrounding the potential strategies for addressing the economic downturn through the reintroduction of monetary finance (MF). [ABSTRACT FROM AUTHOR]

There are certain times in our economic and financial environments when it makes sense to assess carefully and dispassionately where we are in the credit cycle and how this cycle relates to the business cycle. Now, mid-2024, is one of those times, as the economic uncertainties are at substantial levels. This note reflects my long history of studying credit cycles dating back to the early 1970s. My current assessment is that the Benign Credit Cycle we have enjoyed since 2010, with the exception of a few months in 2016 and early 2020, ended in 2023. We recently reached an inflection point for an average credit risk scenario. This assessment is based on an analysis of a number of historical indicators over the last 50 years. This conclusion is tempered by the possibility that the U.S. credit picture will continue its heightened risk trend toward a Stressed Scenario by the end of 2024, and combined with a "hard-landing" economic recession, we could witness another financial-credit crisis. [ABSTRACT FROM AUTHOR]

Overconfidence (hubris or overestimation of one's ability to perform) has been viewed in the finance literature as a character trait that is stable over time, e.g., assuming that if a manager is overconfident, he/she is overconfident all the time. In this paper, we aim to show that managerial overconfidence can be state-contingent, i.e., the level of managerial overconfidence could be influenced by an external economic shock such as the global financial crisis in 2008. A novelty of this paper is to provide evidence for and application of the concept of state-based managerial overconfidence, which is new in the finance literature. Two empirical studies were reported. In the first study (Study 1), we analyzed real market data by linear regression. We found that managerial overconfidence could vary according to changes in the state of the macroeconomy or tightening of corporate governance policies. In the second study (Study 2), we conducted a lab experiment simulating how external manipulations could alter participants' confidence level. Both our empirical studies provide strong evidence of state-contingent overconfidence by Student's t-test and contribute to the current finance literature, which assumes overconfidence as a personality trait. Our findings have important practical implications for the credit market. According to the state-contingent overconfidence hypothesis, creditors might reduce the loan amount or the loan duration (or other loan contract terms) too excessively by more than the efficient level during an economic downturn if the offsetting effect of state-contingent overconfidence is ignored. [ABSTRACT FROM AUTHOR]

Standard recession forecasting based on economic indicators has become unsettled due to COVID‐19 pandemic's limited but influential data. This paper proposes a new non‐parametric approach to computing predictive probabilities of future recessions that is robust to influential observations and other data irregularities. The method simulates forecasts using past data histories embedded into a symbolic space. Then, the forecasts are converted into probability statements, which are weighted by the forecast probabilities of their respective symbols. Using GDP data from G7, our proposal outperforms other parametric approaches in classifying future national business cycle phases, especially including data from 2020 in the sample. [ABSTRACT FROM AUTHOR]

High-tech small- and medium-sized enterprises (SMEs) need to innovate and invest in research and development (R&D) activities to remain competitive. However, due to their liability of smallness, the returns from R&D in terms of financial performance may not be as expected in such firms. Combining the resource management perspective with managerial ability research, we elaborate upon how managerial ability influences the effect of R&D on the financial performance of high-tech SMEs. We also investigate how this moderation is affected by the external environment in which high-tech SMEs operate. Using a moderated moderating model and the panel data of 256 Chinese high-tech SMEs from 2007 to 2019, we find that managerial ability strengthens the impact of R&D on the financial performance of high-tech SMEs. This moderating effect is more pronounced during the economic downturn and in regions with better digital economy development. Our findings provide important implications for high-tech SMEs on their R&D strategies and human capital management as well as the government. [ABSTRACT FROM AUTHOR]

Objectives: This article examines whether older adults' perceptions of an increase in their cost of living during a time of rapid inflation are associated with multiple aspects of psychological distress, as well as whether mastery buffers these associations. Methods: Data were derived from a two-wave longitudinal survey of older adults gathered in 2021 and 2022 (N = 4,010). Multiple regression models examined symptoms of depression, anxiety, and anger. Results: Perceptions of moderate or large increases in cost of living were associated with higher levels of distress at follow-up. Taking baseline financial strain, mastery, and psychological distress into account weakened these associations, but perceptions of a large increase in cost of living were still substantially linked with anger and anxiety. Mastery also buffered associations with anxiety and anger. Discussion: Macroeconomically derived adversities can shape anxiety and anger in later-life, but these mental health consequences fall more heavily on individuals possessing lower levels of mastery. [ABSTRACT FROM AUTHOR]

The zero-lower bound (ZLB) may constrain the ability of Federal Reserve (Fed) to influence financial markets and the economy. This note examines the effectiveness of the interest rate channel and the credit channel of conventional and unconventional monetary policy while accounting for business cycle fluctuations. We use intraday industry returns and a number of industry-specific and firm-specific indicators to capture the sensitivity of firms' demand to interest rates (interest rate channel) and firms' financial constraints (credit channel). Our results indicate a dramatic change in the effectiveness of the transmission channels across business cycles and across periods. We find that the interest rate channel operates equally well during recessions and expansions pre-ZLB, but that this channel has ceased to function during the ZLB regardless of the stage of the business cycle. In contrast, the credit channel operates only during recessions in the conventional period, while it has been remarkably effective during both recessions and expansions in the ZLB era.1 [ABSTRACT FROM AUTHOR]

It is possible to solve unbounded convex vector optimization problems (CVOPs) in two phases: (1) computing or approximating the recession cone of the upper image and (2) solving the equivalent bounded CVOP where the ordering cone is extended based on the first phase. In this paper, we consider unbounded CVOPs and propose an alternative solution methodology to compute or approximate the recession cone of the upper image. In particular, we relate the dual of the recession cone with the Lagrange dual of weighted sum scalarization problems whenever the dual problem can be written explicitly. Computing this set requires solving a convex (or polyhedral) projection problem. We show that this methodology can be applied to semidefinite, quadratic, and linear vector optimization problems and provide some numerical examples. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyse the evolution of Spanish households' indebtedness and financial vulnerability over the course of this century using micro-data from the Household Finance and Consumption Survey. Our results show a growing debt participation of Spanish households and an increase in the stock of outstanding debt of indebted households, a trend that reversed with the end of the Great Recession. Moreover, the percentage of financially vulnerable households according to three indicators grew dramatically until the end of the downward phase of the last economic cycle and showed considerable signs of improvement during the second half of 2010s. These results, nonetheless, call attention to the number of Spanish households being unable to service their debts in the face of an economic downturn. [ABSTRACT FROM AUTHOR]

Cash transfer programs have emerged as potent tools for alleviating poverty and enhancing the living conditions of the most deprived households in developing nations. Such initiatives have now become integral components of social protection systems in many developing countries, including Pakistan. Evaluating the efficacy of these safety nets is crucial to comprehend their value in terms of public expenditure. This research employed a well-being index to gauge the impact of unconditional cash transfers on the socioeconomics of recipients. By employing three rounds of the BISP impact assessment survey conducted in 2011, 2016, and 2019. The study measured the overall impact of cash transfers on well-being by utilizing Principal Component Analysis in conjunction with a Difference-in-Differences Quasi-Experimental design over the years. The findings of the study indicate that between 2011 and 2016, the socioeconomic status declined for both treatment and control groups, but the reduction was less pronounced among those who received treatment compared to the control group with insignificant. From 2016 to 2019, there was a marginal positive increase in socioeconomic status, although it was of insignificance. Overall, the well-being of both the control and treatment groups decreased from 2011 to 2019, with a slightly more pronounced improvement observed in the treatment group. This trend suggests that the impact of the BISP unconditional cash transfer program had a limited effect on altering the well-being of the beneficiaries. The lack of substantial impact from the BISP's cash transfers on household well-being can be attributed to factors such as inflation, unemployment, economic slowdown, payment challenges, insufficient funding, and gaps between installments. The government of Pakistan should reconsider the substantial investment in BISP within the context of value for money. It is advisable for the government and policymakers to channel this substantial investment into income generation, capital asset development, microbusinesses, climate-resilient agriculture, and livestock in order to stimulate the real economy sectors. [ABSTRACT FROM AUTHOR]

Conspiracy beliefs entail a scapegoating function by attributing the consequences of crises, such as economic downturns, to the secret action of outgroups. While conspiracy beliefs have been described as reactions to economic threats, we argue that this factor alone is not sufficient. Rather, perceiving one's ingroup as unfairly deprived compared to other groups (i.e., group relative deprivation) might be key to explaining the situation in terms of secret, intentional wrongdoings. Furthermore, individuals high in national narcissism (i.e., a perceived lack of recognition of the ingroup's greatness), may be especially sensitive to this dynamic. Three pilot studies (N = 1237) attested the robustness of the link between group relative deprivation and conspiracy beliefs. Then, Study 1 (N = 812) revealed that the effect of group relative deprivation on conspiracy beliefs was moderated by national narcissism. In Study 2 (N = 728), we found effects of induced national narcissism and group relative deprivation on conspiracy beliefs in a fictitious setting. Study 3 (N = 846) replicated the moderation of national narcissism on the link between group relative deprivation and conspiracy beliefs at the cross‐sectional level. Overall, these studies provide evidence that conspiracy beliefs in reaction to group relative deprivation are especially likely among collective narcissists. We discuss the scapegoating function of conspiracy beliefs during crises. [ABSTRACT FROM AUTHOR]

The advancement of the logistics industry has fostered the enhancement of operational efficacy within the socioeconomic domain. However, the current inevitable privacy leaks in the process of logistics transportation have seriously affected the development of the industry, which led to a crisis of consumer trust and even caused economic recession. This paper proposes a self-sovereign identity privacy protection scheme tailored specifically for logistics transportation contexts. First, the scheme entails furnishing users with one-time-use tokens while establishing decentralized identities capable of concealing identity information and ensuring the secure transmission of data. Furthermore, the scheme integrates fuzzy identity-based encryption to encrypt identity information, thereby guaranteeing the confidentiality and integrity of logistics user identities along with their associated data. Compared with other schemes, this scheme exhibits superior security in the realm of logistics transportation. Its targeted encryption technology and self-sovereignty strategies address the critical issue of privacy leakage, thereby safeguarding consumer privacy rights and interests while facilitating the sustainable development of the logistics industry. [ABSTRACT FROM AUTHOR]

Purpose: This essay presents the results of a theoretical research using the existing literature on human resource churning within the economic context. The research examines how institutions and society address human resource churning from the economy. To accomplish this, two specific objectives were established: the examination of the key variables impacting churning within the economic context, and the creation and analysis of a theoretical model. The research question that emerged was: “How do institutions and society deal with the occurrence of churning arising from the economic context?” Originality/value: The relevance of this essay rests in its potential to contribute to the existing literature and enhance the advancement of knowledge in a field that despite its complexity and relevance remains relatively underexplored in the area of human resource management. In this regard, understanding the impact that the economic context plays on the phenomenon of human resource churning is a key aspect for organizations to take mitigation measures. Design/methodology/approach: It follows a theoretical approach by means of a literature review which has allowed the exploration, analysis, deepening and broadening of the existing literature. Findings: Upon analysis of the results, it was found that during periods of economic recession the churning rate is lower compared to periods of economic recovery. As a result, organizations need to adapt their policies to the economic context in order to retain their employees and avoid costs arising from replacements (churning). [ABSTRACT FROM AUTHOR]

How will climate change affect risks to economic activity? Research on climate impacts has tended to focus on effects on the average level of economic growth. I examine whether climate change may make severe contractions in economic activity more likely using quantile regressions linking growth to temperature. The effects of temperature on downside risks to economic growth are large and robust across specifications. These results suggest the growth at risk from climate change is large—climate change may make economic contractions more likely and severe and thereby significantly impact economic and financial stability and welfare. [ABSTRACT FROM AUTHOR]

Purpose: With the global economic slowdown in 2023, most universities in the central and western regions of China may face the problem of shortage of government financial funding, which is directly related to the development of science and technology of the universities. With the support of the local government, most of the ordinary universities have shifted attention to the transfer and transformation of intellectual property based on school-enterprise cooperation, hoping to seek more commercialization income as an extra source of income. Therefore, this paper aimed to study the current situation of university intellectual property, i.e. the reserve and distribution of transferable patents, discipline distribution of patents, and regional cooperation of university patents. Design/methodology/approach: A patent database of 10 key universities in Henan Province of China from 2012 to 2021 was established. The evaluation indicator model by the Entropy method was conducted to reveal the interaction mechanism between quantity indicators, quality indicators, and value indicators. Based on the data analysis, the development direction of the discipline construction and school-enterprise cooperation for local universities was clear. Findings: The findings indicated that the number of patent applications from ten key universities in Henan Province has been increasing rapidly over the years. The trend for authorized invention patents has remained relatively stable. Compared with the patent applications and authorizations, the growth of transferable patents was notably slow. The significance of strategic layout of dominant disciplines and related high-value patents was not appreciated enough by Chinese government and universities. There was a large difference of dominant disciplines between 10 key universities, and the patent level of each university was directly proportional to the number of dominant disciplines. The university patent level heavily relied on the researchers' contributions and the distribution mechanism of scientific research resources within the university. Guangdong Province and the Yangtze River Delta of China, being economically developed regions, exhibited the most active engagement in patent technology cooperation. Conversely, the central and western regions displayed relatively lower participation in high-value patent research and development. Research limitations/implications: This study can provide a unique perspective to understand and solve the financial bottleneck problem of ordinary universities in the central and western regions of China. The discipline construction and school-enterprise cooperation are just one of the existing schemes, but it still cannot solve the financial problems faced by local universities in China towards the government. Practical implications: The findings of this study can serve as a foundation for further investigation into policies aimed at improving the financial problems of ordinary universities in the central and western regions of China. Originality/value: As an important attempt, the study tried to focus the financial problem of universities in the central and western regions of China based on the evaluation of the current situation of university intellectual property. This research findings are of great value in finding optimal layout between university patents, disciplines and school-enterprise cooperation. [ABSTRACT FROM AUTHOR]

Previous studies have documented that crisis trends are associated with negative changes in healthcare satisfaction. Yet, most research has focused on the role of self-interest and little is known about the ideological dimension of these changes. The article investigates this underexplored topic by examining the ideological divide in satisfaction with healthcare in two countries strongly hit by the recent economic crisis, Portugal and Ireland. The results of the empirical analysis based on the European Social Survey data from 2008 to 2015 show that ideology played a role in shaping healthcare satisfaction in both countries. In Portugal, healthcare satisfaction declined more for the left- than for the right-oriented, while in Ireland the right-oriented demonstrated a stronger decline in satisfaction than the left-oriented. In addition, the results identify an interaction between ideology and self-interest, showing that ideology trumps self-interest among the low income, but the opposite is true among the high income groups. Overall, these findings suggest that there is a substantive ideology-driven dimension in public satisfaction with health systems and point to the need for theoretical integration of different approaches in the analysis of healthcare attitudes in the crisis context. [ABSTRACT FROM AUTHOR]

While medical and health science librarians' median salaries have increased over the last forty years; however, inflation-adjusted salaries are lower than in 2008. Utilizing data from the Medical Library Association's salary surveys from 1983 to 2023, this column explores median salary changes over time by discussing the median salary's performance against inflation and how the 2008 recession and the 2020 COVID-19 pandemic impacted salaries. From 2017 to 2023, the median salary increased by 18%, but after adjusting for inflation, the median salary decreased by almost 6%. The findings have serious implications for recruitment and retention in medical and health sciences librarianship. [ABSTRACT FROM AUTHOR]

BACKGROUND: With at least one-quarter of the U.S. adult population reporting one or more disabilities in 2020, people with disabilities represent a large and diverse group of individuals who often face significant barriers in the labor market, especially job displacement - involuntary job loss due to external factors. OBJECTIVE: We examine how rates of job displacement varied for people with different types of disabilities from 2007–2021, a period that includes the 2008 Great Recession and the COVID-19 pandemic. METHODS: We use data from six waves of Current Population Study Displaced Worker Supplement (CPS DWS, N = 344,729) and a series of logistic regression models to examine differences in displacement by disability status and type. RESULTS: People with disabilities were approximately twice as likely as those without disabilities to experience job displacement, but more during times of economic turmoil. Although displacement disparities by disability status were decreasing from a high of 6.5 percentage points during the Great Recession, the pandemic increased the gap to 5.8 percentage points. CONCLUSION: Involuntary job loss among people with disabilities is exacerbated by exogenous shocks. We extend work on disability and displacement, incorporating the COVID-19 pandemic in our discussion of explanations of both labor market disadvantage and precarity. [ABSTRACT FROM AUTHOR]

According to the real business cycle theory, business cycles mainly result from random exogenous shocks. In this paper, this argument is tested. I extend the Wald–Wolfowitz runs test under the assumption that a recession lasts for two periods at least and an expansion lasts for $k$ periods at least with k ≥ 2. I apply the extended runs test to the three two-valued data recession-expansion series generated by the National Bureau of Economic Research and the Center for Economic and Policy Research. The test results reject the null hypothesis that they are generated in a random way for any $k$ even at the 1% significance level. [ABSTRACT FROM AUTHOR]

In some classes of macroeconomic models with financial frictions, an adverse financial shock successfully explains a decrease in real activity but simultaneously induces a stock price boom. The latter theoretical result is not consistent with data from actual financial crises. This study aims to provide a theoretical explanation for both prolonged recessions and stock price declines. I develop a simple macroeconomic model featuring a banking sector, financial frictions, and R&D-based endogenous growth. Both the analytical and numerical investigations show that endogenous R&D investment and a shock hindering banks' financial intermediary function can be key to generating both a prolonged recession and a drop in firms' stock prices. [ABSTRACT FROM AUTHOR]

This study examines the causal relationship between informality and globalisation in 30 African countries. It deviates from traditional research by adopting a bi-directional framework to address reverse causality. By applying the DH causality method in both linear and nonlinear frameworks, this research challenges the assumption of a linear relationship and finds that the causal structure is better explained within a nonlinear asymmetric context. This paper provides recommendations based on the identified causal relationships. For countries in which globalisation leads to informality, such as Angola, Congo, Guinea, Gambia, Mozambique, Sierra Leone, Tunisia, Tanzania, Uganda, Zambia, and Zimbabwe, the paper suggests policy measures to integrate the informal sector into the formal economy. These measures include designing programmes to facilitate transition, implementing skill development initiatives, and establishing support mechanisms for entrepreneurship and small businesses. Additionally, this paper advises the development of social safety nets, improved market access, effective monitoring and regulation mechanisms, education on the benefits of globalisation, and international cooperation. For countries experiencing positive shocks from informality to globalisation, this paper recommends targeted support programs for entrepreneurship, initiatives to formalize the sector, the enhancement of market access, and skill development tailored to the needs of the informal sector. These policy recommendations aim to capitalize on the positive shocks in informality by fostering entrepreneurship, formalization, market access, and skill development. In the case of negative shocks in globalisation leading to positive shocks in informality, the paper suggests implementing resilience-building policies for the informal sector during economic downturns, establishing social safety nets, and adopting flexible labour policies. [ABSTRACT FROM AUTHOR]

A resilient economy is a strong base for large volume of trade as it provides a perfect solution to poverty. Synthesis of Yoruba textiles and modern technology for resilient economy in this turbulent era is the concern of this paper. It highlights how Yoruba indigenous textiles are face lifted by modern technology to eradicate economic downturn. The paper gives insight to improvement on the production of Yoruba textiles therefore giving opportunity of job creation and self-reliance through the fusion. The huge tragedy of the Nigerian experience hinges on the downturn of economy which is at its peak of crashing. Most Nigerian are not believing that indigenous textile contents can increase drastically the income of the nation if facelifted or rebranded. The high rate at which naira is depreciating is very alarming at present ($1USD = ₦ 1440) being because of fluctuation now. The paper projects a way out of economic turbulence with the synthesis of Yoruba textiles and modern technology by building a resilient economy. The paper further discusses the new orientation and training involved; raw materials used, computer knowledge, recommendations, and conclusion. [ABSTRACT FROM AUTHOR]

The last decade has seen a boom in pain medicine, basic science and interventional pain management. Concomitantly, there is a need to educate trainees, young attendings, and seasoned attendings on these innovations. There has been a growth in the number of societies that represent pain medicine physicians, each with its own philosophy and guiding principles. The variety of thought within pain management, within the various groups that practice this field, and amongst the societies which protect those missions inherently creates divergence and isolation within these different communities. There is the enormous opportunity for our field to grow, but we need the voices of all different specialties and sub-specialties which practice pain medicine to collectively design the future of our emerging field. The explosion of revolutionary percutaneous surgeries, medications, psychotherapy, and research and development in our field has outpaced the ability of payers to fully embrace them. There is an increased number of pain practitioners using novel therapies, postgraduate training programs do not adequately train users in these techniques thereby creating a potential for sub-optimal outcomes. In part, this is a reason why payers for many of our more novel treatments have decreased patient access or eliminated remuneration for some of them. We believe that society-based collaborative regulation of education, research, and treatment guidelines is needed to improve visibility for payers and end users who provide these treatments. Furthermore, postgraduate chronic pain fellowship education has been deemed by many to be insufficient to educate on all of the necessary requirements needed for the independent practice of pain medicine, especially the consummation of newer technologies. Here, we draw comparison with this tenuous stage in pain management history with the last United States recession to remind us of how poor institutional regulation and neglect for long-term growth hampers a community. [ABSTRACT FROM AUTHOR]

Libraries, since their existence, have always had to face disruptions like natural and man-made disasters, rapid advances in technology, economic downturns, and even pandemics, affecting the level of service they provide. A library’s ability to survive such phenomena is of utmost importance and is worth noting and sharing. This paper highlights and shares the experience of librarians at the Hiram S. Walters Resource Centre at Northern Caribbean University, Jamaica, in navigating the COVID-19 pandemic. Specifically, the paper describes the library’s response to the crisis, and details how the library supported the university’s full online teaching and learning from March 16, 2020, to well beyond the lifting of the stay-at-home order by the Government of Jamaica, via newly explored initiatives such as online patron self-registration, document delivery, acquisition of digitisation equipment, website redesign, quarantining of books, creation of “how to” videos, and revision of the library’s circulation policy. The paper is scaffolded on a combination of the author’s personal experience working at the Hiram S. Walters Resource Centre and interviews with the Director of Library Services and librarians representing each campus of the university. The paper finds that the drive for survival in a crisis stimulates the inventive use of ordinary resources that might otherwise be ignored or discarded. The paper highlights strategies employed by the Hiram S. Walters Resource Centre, considerations of what can be developed and improved for the future, and includes recommendations for successfully navigating a public health crisis. Overall, this paper provides insights and practical solutions in responding to a global health crisis that may be helpful at other libraries in similar circumstances. [ABSTRACT FROM AUTHOR]