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The article discusses the implementation of price regulation in the paper industry. The industry has several characteristics that tend to escalate the effects of price competition such as heavy investment in equipment and slow investment turnover, large actual or potential excess capacity, inelastic demand for the product and little differentiation of product in some branches. In addition, price competition is also intensified due to the inelasticity of demand for paper. Moreover, the economies of scale are very considerable in the industry, specifically in integrated mills producing the cheaper standard papers.

This article from Economic Policy provides a summary of five papers that contribute to our understanding of economic and policy issues. The first paper examines the impacts of historical conflicts on the current conflict in Ukraine, emphasizing the importance of demining, preserving social cohesion, and addressing gender imbalances and conflict-related sexual violence. The second paper evaluates the effectiveness of legislation aimed at restricting the mobility of unemployed individuals within specific areas of a city, finding that these laws are ineffective and have unintended negative consequences. The third paper analyzes the macroeconomic impact of structural reforms in Italy, showing that these reforms can lead to increased productivity and GDP growth. The fourth paper presents a comprehensive analysis of China's foreign lending practices, highlighting unconventional confidentiality clauses and collateral arrangements used by Chinese lenders. The final paper explores the question of higher education subsidies, finding that increased subsidies can have positive fiscal and welfare impacts in many countries. These papers offer evidence-based recommendations and policy lessons for policymakers in various contexts. [Extracted from the article]

This article from the Economic Policy journal covers a range of economic topics. The first paper examines the European Central Bank's pursuit of a 2% inflation target and identifies potential risks that could prevent the bank from achieving this goal. The second paper focuses on Turkey and discusses how unorthodox monetary policy has led to rising inflation and a depreciating currency. The third paper explores how municipalities in Swiss mountainous regions use hydropower royalties, primarily by lowering taxes. The fourth paper investigates the long-term impact of the COVID-19 pandemic on education, highlighting a decrease in learning time and potential consequences for inequality and skill development. The final paper analyzes bank dividend payouts and their economic policy implications, particularly in the context of the COVID-19 crisis. [Extracted from the article]

This paper presents a stock–flow consistent model of full-reserve banking. The paper investigates money creation through government spending in a full-reserve banking system. The results are contrasted against the cases in which government spending is increased under full-reserve banking without money creation and under endogenous money, that is, the current monetary system. It is found that output, employment and inflation evolve almost identically. In contrast to other cases, money creation in a full-reserve banking system leads to a permanent reduction in consolidated government debt. Monetary policy transmits effectively as an increase in central bank reserves translates into an almost equal increase in demand deposits. Furthermore, an unusually large change in the money supply induces only smooth and relatively small changes in interest rates. In addition, the paper compares three additional ways to create money. Money creation through tax cuts or citizen's dividend generates roughly the same results as creating money through government spending. In contrast, money creation through quantitative easing affects only monetary aggregates and interest rates but not the real economy. Although in every money creation experiment banks are able to fully satisfy the demand for loans, temporary credit crunches can occur under full-reserve banking. The occurrence of credit crunches depends on changes in private behaviour and economic policy as well as safety margins adopted by banks. [ABSTRACT FROM AUTHOR]

In this paper we analyse why an understanding of the global 'non-system', in which we now live, took so long to arrive after the Bretton Woods system collapsed in 1971. We first describe how knowledge of how an inflation-targeting regime would operate—what we call 'Taylor-rule macroeconomics'—was only gradually created during the 1970s, 1980s, and 1990s. We then describe how, subsequent to this, an awareness emerged, also gradually, of how the international non-system might work, depending, as it does, on Taylor-rule macroeconomics being already in place. We then discuss the Great Moderation, making clear that a well-functioning global non-system would require not just inflation targeting and floating exchange rates in each country, but also adequate fiscal discipline, and a satisfactory form of financial regulation. We describe how a well-functioning version of this global non-system would actually fit together. We then discuss how this non-system has responded to two enormous challenges of the last 15 years, namely the Global Financial Crisis and the Covid pandemic. This discussion of what has happened in the recent past provides the background to a discussion, in the companion paper by Subacchi and Vines in this issue of the Oxford Review of Economic Policy , of the challenges that the global non-system will face in the future. [ABSTRACT FROM AUTHOR]

Since the Global Financial Crisis, interest in financial cycles has risen significantly. While much of modern macroeconomics conceives financial crises as the results of exogenous shocks, Minsky's financial instability hypothesis posits that financial cycles are endogenous to the economic system. The main contribution of this paper is to use historical macroeconomic data for the United States (1889–2014) to econometrically test for endogenous Minsky cycles: the interaction of procyclical private debt-to-income ratios and a dampening effect of private debt on economic activity. We analyze corporate debt-gross domestic product (GDP) growth cycles, which feature in Minsky's original writings, and mortgage debt-GDP growth cycles as in some recent Minsky-inspired models. We find robust evidence of endogenous corporate debt-GDP cycles over the last 125 years. These results are driven by the pre-World War II (WWII), and post-1973 periods, which had a more liberal economic policy orientation. We find no evidence of mortgage debt-GDP cycles. [ABSTRACT FROM AUTHOR]

This paper investigates the role of short-term economic dynamism in responding to crisis induced supply shortages. We focus on the domestic manufacturing ramp-up of surgical masks, respirators, and their intermediary products in response to the COVID-19 pandemic. We develop a novel method for timely identification and validation of the evolving state of domestic manufacturing. To unpack the activities of domestic manufacturers and related institutions, we triangulate across 56 qualitative interviews, certifications, Thomasnet.com®, industry associations, and other public data. We find that while large manufacturers could rapidly scale up, onshore, or diversify production to enter into domestic production of critical medical supplies, these large manufacturers alone were insufficient to meet the spike in demand. In face of this shortage, small and medium enterprises (SME), who entered into mask and respirator production as de novo firms, spin-offs, and by diversifying, were important in increasing overall domestic capacity and serving markets unmet by large hospital distributors. These firms often had fewer competencies and resources compared to larger firms, and received less effective government support. Despite these disadvantages, a number of SMEs succeeded in entering into domestic production, and our interviews suggest this capacity could have been better integrated into the national response. We propose new theory for how and when federal and state governments should support short-term economic dynamism (firm entry into target products and/or markets) during crises to address supply shortages, and the types of market and network failures federal or state governments may be most effective at addressing. [ABSTRACT FROM AUTHOR]

This paper introduces and summarizes this issue of the Oxford Review of Economic Policy , on management practices. We outline key concepts in the empirical study of structured management practices, then summarize each of the eight papers that follows. We conclude by speculating on future directions for research and policy development in this area. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between specialisation patterns in science, technology and economic performance in Norway by using the following indicators: business R&D specialisation, economic specialisation in terms of value-added and employment, and scientific publications involving Norwegian industry compared with scientific publication patterns in the country. Important economic sectors have been identified and their research and publication output analysed. It is demonstrated that these sectors are unusually active in research activities compared to EU15. [ABSTRACT FROM AUTHOR]

Japan makes little effort to promote human rights in Southeast Asia, although it sees itself as an advanced industrialized democracy. In comparison with the United States and the European Union (EU), Tokyo's approach is less intrusive and coercive, and more tolerant and accommodative. What can be described as the economic-interest explanation holds that Japan takes a non-intrusive approach in order to maintain favorable relations with the Southeast Asian countries, so as to maximize its interests in the areas of trade and investment, and official development assistance (ODA). The present study finds that this line of argument is insufficient, and thus puts forward an alternative explanation. The identity explanation holds that Japan has been sympathetic to the special concern of the Southeast Asian countries over state sovereignty, and thus takes a non-intrusive approach. This is because while Japan sees itself as an advanced industrialized democracy it also identifies itself as an Asian country. [ABSTRACT FROM AUTHOR]

This editorial discusses the four papers printed in this issue, placing their contributions in the context of wider policy debates and scientific literatures. Richard Freeman and Ronald Schettkat use time-use surveys to document that "non-working" individuals, especially women, are indeed working hard in their own homes. The article by Claudia Buch, et al. takes an important step towards pinning down the empirical determinants of foreign direct investment. The paper by Shaun Hargreaves Heap examines the consequences for traditional public service broadcasting of resulting much greater competition for viewer attention. Jerome Adda and Marco Ottaviani offer a careful analysis of a specific aspect in digital television.

This document is an introduction to a journal issue titled "Economic Policy." The issue includes four papers that address various policy questions. The first paper examines the role of real estate investment in Chinese growth and the vulnerabilities of local government debt. The second paper explores people's preferences for labor regulation based on a cross-country survey. The third paper investigates the dynamics of business creation during the Covid-19 pandemic, showing a surge in new firms. The fourth paper analyzes the importance of estate planning and inter-vivos transfers towards individuals' end of life. These papers were presented at a panel meeting and sparked lively debates. [Extracted from the article]

This issue of the Oxford Review of Economic Policy addresses whether and how to tax the rich more, drawing on the expertise of 16 author teams, most of whom are economists but also spanning legal scholarship and political science. The papers in this issue ask a range of research and policy questions about the way governments tax the rich. How can we measure the effective tax rates on the incomes and/or wealth of the rich? How do governments tax specific sources of income that the rich earn, and is there need for reform? Who bears the burden of different types of taxes, and do potential gains from reducing the tax burden on the rich 'trickle down'? How do the rich respond to the taxes imposed on them? [ABSTRACT FROM AUTHOR]

An enduring idea in economics and management sciences is that successful business strategies exploit complementarities across management practices within a firm. From this complementarity perspective, the success of business strategy requires utilizing a variety of interdependencies across management practices. Navigating large arrays of possible interdependencies implies that strategic decision-making is often conducted under high complexity and uncertainty. This paper provides an introduction to the conceptual foundations of complementarities in business strategy, and its implications for strategic decision-making and managerial learning. Against this backdrop, I outline issues of measurement and data collection for strategy practices, drawing on recent measurement efforts by academic researchers as well as national statistical agencies. The last part of the paper discusses how increased large-scale data collection on firm activity complementarities and strategy practices can inform a variety of policy areas, such as antitrust policy and merger review, industrial and innovation policy, tax policy, and public–private partnerships. [ABSTRACT FROM AUTHOR]

This paper presents a summary of this issue of the Oxford Review of Economic Policy , on microfinance. The paper explores the evolving landscape of microfinance, with particular emphasis on its broadening scope. It summarizes the four parts of this journal issue, focusing on: (i) microfinance and its providers; (ii) the challenges of taking microfinance to scale; (iii) microfinance and digital credit; and (iv) microfinance and repayment flexibility. [ABSTRACT FROM AUTHOR]

This paper investigates the long-run effect of a wide set of labor market institutions (LMIs) and macroeconomic variables on aggregate unemployment for a panel of 22 European countries over the period 1990–2019. First-difference feasible generalized least squares model, Prais-Winsten regression with panel-corrected standard errors, two-step generalized method of moments estimation of the fixed effects, and fixed-effects regression with Driscoll and Kraay standard errors are estimated. The results suggest that employment protection legislation, wage bargaining coordination and centralization, minimum wage, and immigration inflows are significantly and negatively associated with the aggregate unemployment rate. Conversely, union density, product market regulation (PMR), and tax wedge have a positive and significant correlation with unemployment rate. The impact of corporate tax rate and government size is mostly positive. Moreover, the interaction between LMIs does matter and may sometimes change the interpretation of some reforms taken in isolation. Stronger wage-setting institutions may offset the negative impact of PMR and the tax wedge. Macroeconomic variables are generally consistent with the major literature and do not change LMIs interpretation. Among macroeconomic factors, capital accumulation plays the most important role in reducing the unemployment rate. Finally, my findings suggest the implementation of economic policies consistent with Keynesian theory and all those economists—such as Solow (1990) —who look at the labor market as a social institution. [ABSTRACT FROM AUTHOR]

What are the institutional features that incentivize established powers to join rising powers' new institutions? Going beyond alliance versus rivalry, this paper develops a novel theory in answering this question. We argue that the established power must address two primary design issues: 1. how to navigate the control and burden-sharing trade-off and 2. how to limit the potential diffusion of power by rendering the new institution "complementary" to the existing order. To the extent that these issues are resolved in line with the established power's (EP's) preferences, the EP is more likely to join the rising powers' institutions. We support our theory with an in-depth case analysis of the Japanese-led Asian Development Bank, utilizing primarily archival materials. The relatively under-theorized core question has both historical and contemporary relevance. The paper also advances the history of US multilateral economic policy. [ABSTRACT FROM AUTHOR]

Is fiscal federalism associated with economic policy responses and stimulus measures adopted by national and sub-national governments to mitigate the adverse economic effects of the COVID-19 pandemic? In this paper, we provide empirical evidence that it indeed is. Our results indicate that even after controlling for various relevant factors, countries with fiscally federal (decentralised) governments have adopted larger fiscal and macro-financial policy packages (as a percent of GDP). However, there are no significant differences in monetary-policy responses between centralised and decentralised governments. We also show that these results are robust to using different federalism measures, including different sets of control variables and different econometric specifications that include an instrumental variable estimation. [ABSTRACT FROM AUTHOR]

The application of rules relating to merger review often depends on turn over related threshold but also on criteria defining the type of concentration to be submitted to control. [ABSTRACT FROM AUTHOR]

Thanks to the rapid advance in technology, the arrival of artificial intelligence, and easy digital connectivity across nations, the ground beneath the global economy is shifting. This has given rise to new social and political problems and challenges for market capitalism. The paper argues the need for original work in economic theory to capture and understand the essence of markets in this new, digital age; and goes on to speculate about what shape this may take. The paper discusses the need to think out of the box in terms of economic policy, arguing that the reach of antitrust law is inadequate for our digital-platform-based economy, and we have to think of new forms of regulation. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between ethics and market design. It argues that market design should not rely wholly on preference utilitarianism in order to make ethical judgements. It exposits an alternative normative framework—informed neutrality between reasonable ethical positions. [ABSTRACT FROM AUTHOR]

This paper derives an inspection policy for an economic production quantity (EPQ) model under the assumption that a process may produce non-conforming (NC) items. In various stages of a production process, a department receiving an order uses a single sampling inspection policy to detect NC items. Under such a policy, a lot is accepted if the number of NC items in the inspected sample is equal to or less than the acceptance number. The proposed model considers both EPQ- and quality-related costs. Moreover, economic production order quantity, sample size and acceptance number are considered decision variables. A numerical example is presented, and a set of sensitivity analysis are provided to highlight the effectiveness of the proposed model. The results reveal that when the inspection cost is high, the classical EPQ model achieves a lower expected total cost for the production system compared with the EPQ model with the inspection. In contrast, when the NC cost is high, the EPQ model with the inspection policy outperforms the classical EPQ model, which can significantly decrease the expected total cost. [ABSTRACT FROM AUTHOR]

In this double issue of the Oxford Review of Economic Policy we publish a set of papers concerned with the mobilization of domestic and foreign capital in support of the United Nations' Sustainable Development Goals that were launched in September 2015. The papers were originally presented at a conference on 'Financing for Development' organized by the International Monetary Fund and the Centre for Finance and Development at the Graduate Institute in Geneva in April 2015. [ABSTRACT FROM AUTHOR]

This article presents an introduction to the rest of the publication featuring various issues of macroeconomic policy.

Much of this data is increasingly controlled by private firms, which raises important questions about whether the underlying data resources are under-utilized resulting in inefficiently low levels of production of knowledge public goods. Such knowledge public goods could have broad societal benefit, but may yield little monetary benefit to the respective data owners, which may also simply lack the human capital required to carry out basic research. Such knowledge public goods could have broad societal benefit, but may yield little monetary benefit to the respective data owners, who may simply lack the human capital required to carry out basic research. [Extracted from the article]

This paper gives an overview of current thinking by economists about the consequences of ongoing technological progress for labour markets, and discusses policy implications. In economics, the impact of technological progress on labour markets is understood by the following two channels: (i) the nature of interactions between differently skilled workers and new technologies affecting labour demand and (ii) the equilibrium effects of technological progress through consequent changes in labour supply and product markets. The paper explains how the ongoing Digital Revolution is characterized by a complex interplay between worker skills and digital capital in the workplace, and consequent changes in job mobility for workers and in output prices affecting consumer demand for goods and services. In particular, it explains how current worker–technology interactions and the equilibrium effects they entail combine to create economy-wide job polarization with winners and losers from ongoing technological progress. The paper therefore concludes by discussing a set of policy interventions to ensure that the benefits of the Digital Revolution are broadly shared. [ABSTRACT FROM AUTHOR]

This issue of the Oxford Review of Economic Policy explores the origins of the US-led liberal multilateral economic order in the post-war world and the threats which that order now faces, drawing on contributions from two different groups of people—academic international relations (IR) scholars and international economists. This introductory essay attempts to weave the various strands of this intellectual collaboration together. First, it provides a narrative history of how economic collaboration emerged in the aftermath of the Second World War. Second, it describes the nature of the global economic governance that emerged and provides a new formal framework for analysing it, making use of the idea of 'concerted unilateralism'. Third, it explores how contemporary challenges—a broadening of policy requirements, the rise of economic nationalism, and the rise of China as a new hegemon—mean that the global economic order is now in flux. And finally, it concludes with a general observation that runs through the paper: that IR scholars are inclined to analyse international economic regimes, economists to study particular policy proposals, and that these two perspectives can—and should—complement one another. [ABSTRACT FROM AUTHOR]

Prime Minister Fumio Kishida and his government have implemented bold defence, diplomatic and economic policies against the challenges to the status quo order posed by Russia's invasion of Ukraine and increased Chinese assertiveness. What do these policies unveil about Japan's strategy and response to the transformed strategic environment? This article argues that the Kishida government has upgraded Japan to a front-line guardian of the status quo order. To achieve its front-line role, the Kishida government has consolidated Japan's deterrence policy, namely focusing on two main pillars—military and rules. To ensure Japan's frontline role is sustainable, this policy paper makes three recommendations: Japan must develop strategic clarity and clear operational plans on how to respond to a regional contingency, such as the Taiwan Strait; Japan must resolve domestic problems that prevent the increase in defence spending to 2 per cent in the period to 2027. Japan's role as a front-line state to protect the status quo order is very much dependent on the availability of resources that would be provided by this increase in defence spending; Japan should re-energize its efforts towards east Asia through a sustained diplomatic, economic and security means. This is important in securing support for Japan's preferred vision of regional and global order from not only like-minded partners and friends in east Asia, but also China. Japan's approach should underscore how the extant status quo order benefits all states, including China, especially in terms of spreading economic prosperity, development and connectivity. [ABSTRACT FROM AUTHOR]

I begin this essay by reflecting on my ancient paper (Nelson, 1959) as a period piece. Needless to say, I find it highly gratifying that the concepts contained in it have been influential in shaping the discussion of science and technology policy over the last forty years, at least among economists. However, at the time it was written, economists were just beginning to get into analysis of the key processes and institutions involved in technological advance. A lot has been learned since that time, and the discussion has become much more sophisticated. In particular, I want to highlight two of those intellectual developments: (i) the growing recognition that technological advance must be understood as an evolutionary process and (ii) recognition that the institutions involved in that process include much more than the simple market institutions on which economists usually focus. Then, I turn to the contemporary policy arena that is the focus of this conference: issues relating to intellectual property. Both to link the discussion to my old paper and because my own recent research has been focused there, I shall focus particularly on the patenting of "science." Finally, I will consider the institutional division of labor in research and development (R&D) and argue that the question of what should be private and what should be public about science and technology cannot be explored adequately without explicit consideration of mechanisms of funding, and of who is expected to do the work under what terms. I will focus particularly on the role of universities in the system of institutions that do R&D. [ABSTRACT FROM AUTHOR]

This article presents an overview of this issue in relation to the periodical's twentieth anniversary. The author discusses the organization of a anniversary panel in London, England to mark the occasion, and to review articles from the history of the periodical focusing on economic-policy development during these 20 years. The article also provides an introduction to other articles presented in this issue, including one concerning the evolution of exchange-rate management, the effects of government debts on interest rates, and higher education reform in Europe.

This special issue of the Oxford Review of Economic Policy , based on papers presented at a Bank of England conference, explores the impact of artificial intelligence (AI) on financial services. This opening article provides an overview of AI and its increased use in the financial sector; considers the implications for consumers and competition in the sector; looks at the consequences for central bankers and regulators; and reflects on a more distant world where AI is far more advanced than today. In short, the effect of AI on financial services is likely to be transformative, but that impact remains complex and uncertain. [ABSTRACT FROM AUTHOR]

This paper explores the reasons for the suboptimal fiscal–monetary policy mix in the euro area in the aftermath of the global financial crisis and ways in which the status quo can be improved. A comparison of fiscal and monetary policy and of economic outcomes in the euro area, the United States and Japan suggests that both fiscal and monetary policies in the euro area have been overly tight. Fiscal policy has been hampered by the institutional framework which constrains individual states and lacks instruments to secure an appropriate aggregate stance. Monetary policy has been hampered by the distributional effects of balance sheet policies which needed to be adopted at the zero lower bound and by discretionary decisions taken before the crisis such as the reliance on credit rating agencies for determining collateral eligibility for monetary operations. The compromising of the 'safe asset' status of euro area sovereign debt during the crisis complicated fiscal and monetary policies. Changes in the discretionary decisions governing the implementation of monetary policy in the euro area can potentially reduce the distributional effects of policy and improve the fiscal–policy mix and longer-term prospects for the euro area. [ABSTRACT FROM AUTHOR]

Marks the 10th anniversary of China's comprehensive health system While health financing in China continues to reform and de- Papers in this collection demonstrate that health reform in China China: China's reform of public hospitals and trends from industrialized Lated competition in the health care system: what can China learn from. [Extracted from the article]

During the past few decades, developing countries have been pushed by international economic institutions and developed countries to effectively abandon promotion of industrialization and structural transformation as a key developmental agenda. In addition, the 'development' debate of recent decades has tended to focus solely on internal factors as if external economic forces are always benign. Within this context, this paper analyzes the key ideas of Gebrehiwot Baykedagn (GHB) (1886–1919), traces their lineages and considers their feasibility and relevance for current developing economies. In a nutshell, for GHB, the main keys to economic development are the creation, accumulation and use of knowledge and skill, technology, innovation and technical change and the means of economic development are deliberate, dynamic and comprehensive sets of state-directed, synergistic interventions that aim at moving an economy away from 'nature-intensive' economic activities towards knowledge-, skill-, technology- and innovation-based ones. Based on analysis of historical and theoretical evidence, this paper argues that the main ideas of GHB and his colleagues are still valid, feasible and relevant for today's developing economies as long as they are innovatively tailored to the unique context of each country and to the broader international policy context. [ABSTRACT FROM AUTHOR]

In this essay it is suggested that the success of Japan and the newly industrialized countries (NICs) is, in no small measure, due to their intuitive grasp of the relationships between technology, growth and economic policy as these countries constantly adjusted economic policy to reflect changed economic circumstances, with concomitant changes in economic structure. The key element to the explanation in this paper is 'economic organization'. Economic organization refers to more than the simple dichotomy between 'centralization' and 'decentralization' of decision making at the highest level. As is now widely recognized, market economies consist of many firms; these firms, however, may be organized in different ways. At one extreme each may be highly centrally controlled, in which case the economy can be thought of as a polyarchy of hierarchies. There are two aspects of economic organization of particular relevance: the ability to monitor and to innovate. Changes in technology have profound effects on how well different organizational structures can perform these central functions and, on the other hand, an important aspect of economic development is organizational innovations which affect the ability of the economic system to monitor and innovate. Moreover, the performance of an economy depends not just on the internal organization of its firms and the market structure; it depends on how well capital markets function. These too may be organized in markedly different ways. The paper is organized into six sections. The first describes the major phenomena to be explained, the stylized facts with which any explanation of growth must come to terms. [ABSTRACT FROM AUTHOR]

In the analysis of economic growth factors, researchers often use the Cobb–Douglas production function model to calculate the contribution rate of various influential factors upon economic growth. However, the traditional Cobb–Douglas production function model fails to consider the influence of policy factors on economic growth at different stages. Therefore, this paper establishes a modified model of the Cobb–Douglas production function. With regard to parameter estimation of the model, this paper proposes an improved simulated annealing algorithm; this method is characterized by high precision and rapid convergence. In terms of calculating the contribution rate of factors, the traditional method has a larger error. Therefore, by utilizing the modified Cobb–Douglas production function model, the paper proposes a new method to calculate the contribution rate of a factor accurately. Finally, the paper empirically analyses the contribution rate of various influential factors to economic growth in China. [ABSTRACT FROM AUTHOR]

We also recognize that care recipient diagnoses can have an impact on caregiver experiences of burden and isolation, but we also recognize that some experiences are universally shared amongst caregivers regardless of care recipient diagnoses. Specific to the United States, policymakers should use the information from this paper to further stimulate policy surrounding technology-based service delivery, caregiver training and well-being, and caregiver-centered care. Keywords: Caregiving; COVID-19; Health policy; Scoping review; Telehealth EN Caregiving COVID-19 Health policy Scoping review Telehealth 131 135 5 10/26/22 20221001 NES 221001 Decades of research have documented the increasing reliance of health systems and older adults on caregivers ("unpaid family members or friends"; [17]; [25]). To further align with a caregiver-centered care approach, vendors should also consider the caregiver needs, values, preferences, and cultural contexts when designing and revising EMR portals. [Extracted from the article]

This paper analyses the distortions that banks' cross-border activities, such as foreign assets, deposits and equity, can introduce into regulatory interventions. We find that while each individual dimension of cross-border activities distorts the incentives of a domestic regulator, a balanced amount of cross-border activities does not necessarily cause inefficiencies, as the various distortions can offset each other. Empirical analysis using bank-level data from the recent crisis provides support to our theoretical findings. Specifically, banks with a higher share of foreign deposits and assets and a lower foreign equity share were intervened at a more fragile state, reflecting the distorted incentives of national regulators. We discuss several implications for the supervision of cross-border banks in Europe. - Thorsten Beck, Radomir Todorov and Wolf Wagner [ABSTRACT FROM AUTHOR]

The papers in this special section present approaches to either tracing or improving the prediction of outcomes or effects of R&D activities in programs or organizations. The effects of the creation of knowledge are notoriously difficult to predict and, when effects are observed, very difficult to trace back to specific research activities or R&D investments. Both of these problems, one at the front end of the R&D process and the other at the back end, are crucial concerns in research evaluation. The first is always required of good planning and the justification of new programs and investments. The second is inherent in demonstrating that investments made and past activities have either resulted in the desired outcomes or, if not, what changes would have to be made for future success. In sum, these are problems at the heart of evaluation as the 'nervous system' of policy learning. [ABSTRACT FROM AUTHOR]

An introduction is presented to the issue, which focuses on policy-oriented economic research.

The four papers in the July 2004 issue of the journal "Economic Policy" were presented at the Economic Policy Panel hosted by the Bank of Italy in Rome in October 2003. The contributions of the papers to scientific understanding and to current policy debates were discussed. The entry of the European Union's new members on May 1, 2004 is one of the most important political and constitutional development of recent years. The distribution of voting power between European Union members was examined. Social unrest related to attempted reform of pension systems has been a recent feature of the political scene in a number of European countries. The impact of pensions contributions on the functioning of labor markets was outlined. The paper by Felix Eschenbach and Ludger Schuknecht sheds important light on the issue by considering a broad range of theoretical possibilities and empirical experiences.

This section introduces a series of articles that address issues related to the economic policies of various countries. Over the last three decades, the annual number of applications for asylum in European Union (EU) countries has increased from about 15,000 to more than 300,000. This has resulted to a political backlash, a revolution in policy and academic debate. The paper by Tim Hatton examines the evolution of asylum flows and asylum policy across the EU since the early 1980s. Hatton's analysis shows that asylum applications did respond to policies affecting the costs and benefits of making them. The state and prospects of pension systems are among the issues that rival immigration as a focus of public debate in most industrialized countries. Increasing lifetimes and low birth rates will make it difficult for pay-as-you-go pension systems to finance numerous pensions out of the social security contributions of the working-age population. Faster productivity growth could potentially compensate for demographic slowdown and aging. In fact, it could not only alleviate pension-system problems but also solve all sorts of other policy problems, from high national debt/income ratios, to unemployment as a result of excessive wage aspirations.

Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with China, underperformed. As the virus spread to Europe and the United States, corporate debt and cash holdings emerged as important value drivers, relevant even after the Fed intervened in the bond market. The content and tone of conference calls mirror this development over time. Overall, the results illustrate how anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels. (JEL G01, G12, G14, G32, F14) Received: May 27, 2020; editorial decision June 16, 2020 by Editor Andrew Ellul. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The Lehman failure precipitated the Great Recession and forced economic policy into unchartered terrain. This paper provides a retrospective on the policy response and links to the underwhelming economic recovery. The exposition is kept non-technical to facilitate wider access. Contrary to perceptions that banks remain vulnerable, this paper argues that regulation strengthened US banks across a variety of dimensions. The deleveraging involved in the transition to stronger banks tightened financial conditions and offset the significant monetary stimulus. The failure to fully capture these offsetting policy forces explains the systematic forecasting errors—both markets and the Fed have consistently overestimated the strength of the economic cycle. Quantitative Easing resulted in a ballooning of excess reserves in the banking system, but payment of interest on excess reserves helped bank recapitalisation. The combination of stronger banks and excess reserves has the potential, unlike in previous cycles, to drive a late-cycle surge in growth. [ABSTRACT FROM AUTHOR]

Market design seeks to translate economic theory and analysis into practical solutions to real-world problems. By redesigning both the rules that guide market transactions and the infrastructure that enables those transactions to take place, market designers can address a broad range of market failures. In this paper, we illustrate the process and power of market design through three examples: the design of medical residency matching programmes; a scrip system to allocate food donations to food banks; and the recent ‘Incentive Auction' that reallocated wireless spectrum from television broadcasters to telecoms. Our lead examples show how effective market design can encourage participation, reduce gaming, and aggregate information, in order to improve liquidity, efficiency, and equity in markets. We also discuss a number of fruitful applications of market design in other areas of economic and public policy. [ABSTRACT FROM AUTHOR]

EURO20:POLICYMIX The fiscal-monetary policy mix in the euro area in the aftermath of the global financial crisis has been the object of an intense scrutiny. He suggests that both fiscal and monetary policy in the Eurozone have been overly tight. EDITORS'INTRODUCTION 403 Downloaded from https://academic.oup.com/economicpolicy/article/35/103/403/6224109 by 81695661, OUP on 15 April 2021 Orphanides critically compares fiscal and monetary policies, and related economic outcomes, in the Eurozone, the United States and Japan. [Extracted from the article]

In this paper, we discuss financialisation as the development of fictitious capital in more developed and less developed countries. The controversies surrounding the meaning of fictitious capital require a preliminary discussion on its conceptual definition, which is done by means of an analysis of the relationship between real and fictitious capital within the labour theory of value. Once theoretically explained why the relative autonomy of circulation from production supports financialisation as the development of fictitious capital, we focus on the limits of this relative autonomy, which is something objectified in economic crises. Relevant data were gathered to determine how the concentration of financial investments in fictitious capital in a few markets was able to underpin its enormous and lasting development, even though this fictitious capital, by definition, does not generate surplus or new (labour) value. Furthermore, the analysis of net capital flows between developed and developing countries also demonstrates that the latter are net donors of capital. Therefore, it is possible to verify the relationship between the development of fictitious capital and the increase of inequality between countries. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has created both a medical crisis and an economic crisis. As others have noted, we face challenges just as big as those in the Spanish Flu Pandemic and the Great Depression—all at once. The tasks facing policy-makers are extraordinary. Many new kinds of intervention are urgently required. This issue of the Oxford Review of Economic Policy has two objectives. The first is to explore these new interventions: evaluating their use, suggesting how they might be improved, and proposing alternatives. The second is to show that the challenges facing us are global and will require international cooperation if they are to be dealt with effectively. This short introductory essay positions the papers in the issue within an overall conceptual framework, with the aim of telling an overarching story about the pandemic. [ABSTRACT FROM AUTHOR]

Mongolia is a vast landlocked, sparsely populated, country which shares borders with China and Russia. Two decades of democratic government has coincided with rapid cultural, social, environmental and economic change marred by increasing inequality. Addressing the challenges of inequality demands meaningful engagement between state and non-state actors in the emergent democracy of Mongolia. This article focuses on research with Citizens' Groups, semi-formal grassroots groups involved in community development in ger districts of Ulaanbaatar, the capital city. Drawing on research undertaken in 2017 with members of Citizens' Groups and employed staff of Non-Government Organizations it explores the interaction between government (in the form of local government or Khoroo) and civil society (in the form of Citizens' Groups). Data was collected via interviews, focus groups and site visits with over thirty people. Accordingly, the paper continues a focus on emerging community development practices in East Asia, a region both benefiting from and challenged by urbanization from rural to urban settings. The paper concludes that Citizens' Groups are key to realizing the Government's commitment to building social capital, social innovation and the social economy. To realize this goal, however further work is required to promote a democratic political culture, expand citizen participation and strengthen co-operation between the State and civil society. [ABSTRACT FROM AUTHOR]