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While recessions have many adverse consequences for individuals and organizations, we propose that they have positive implications for job satisfaction. We argue that during bad economic times, people will be less attuned to other possible jobs, and more likely to see their own jobs favorably. We find support for these predictions across three studies. Study 1 (n = 23,335) utilizes a large cross-sectional survey of American adults collected over four decades and finds that job satisfaction increases during recessions and declines during booms. Study 2 (n = 12,859) replicates this result using a large longitudinal survey of British adults and finds that job satisfaction rises and falls with the unemployment rate even within the same people. Finally, Study 3 (n = 512) uses an experimental design and finds that the relationship between economic conditions and job satisfaction is mediated by the reduced salience of alternative jobs. While scholars have long recognized that job satisfaction is affected by situational features inside organizations, our findings suggest that conditions outside the workplace can also influence how people think about and evaluate their jobs. [ABSTRACT FROM AUTHOR]

We analyze optimal monetary policy and its implications for asset prices when aggregate demand has inertia. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (above their steady‐state levels consistent with current potential output). Overshooting leads to a temporary disconnect between the performance of financial markets and the real economy, but accelerates the recovery. When there is a lower bound constraint on the discount rate, good macroeconomic news is better news for asset prices when the output gap is more negative. Finally, we document that during the COVID‐19 recovery, the policy‐induced overshooting was large. [ABSTRACT FROM AUTHOR]

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The COVID 19 pandemic has exposed businesses to high uncertainty through a number of channels. While the magnitude of this economic disruption is much larger than the 2008–2009 global financial crisis, there are pertinent learnings from the latter which can accelerate the recovery envisaged after the current crisis. To identify that, in this paper, we analyse the determinants of firms' ability to maintain positive performance during an unexpected downturn. We do this by using a multinomial logit analysis on Italian automotive industry firm-level data covering the years before and after the 2008 financial crisis. The most significant results are that innovation and intangible assets play a key role in shaping the degree of firm ability to face external shocks. Our findings provide insights into solutions that have practical importance for companies pertaining to a mature industry like automotive. Learning from the economic downturn faced in 2008–2009, which we highlight in this study, can act as the first step into a green and sustainable recovery desired in the aftermath of the COVID 19 pandemic. [ABSTRACT FROM AUTHOR]

Debt overhang is associated with higher financial fragility and slower recovery from recession. However, while household credit booms have been extensively documented to have this property, we find that corporate debt does not fit the same pattern. Newly collected data on nonfinancial business liabilities for 18 advanced economies over the past 150 years shows that, in the aggregate, greater frictions in corporate debt resolution make for slower recoveries, with weak investment and more persistent "zombie firms" and that this is an important factor in explaining the difference in outcomes relative to household credit booms. [ABSTRACT FROM AUTHOR]

With a few exceptions, most studies on tropospheric ozone (O 3) variability during and following the COrona VIrus Disease (COVID-19) economic downturn focused on high-emission regions or urban environments. In this work, we investigated the impact of the societal restriction measures during the COVID-19 pandemic on surface O 3 at several high-elevation sites across North America and western Europe. Monthly O 3 anomalies were calculated for 2020 and 2021, with respect to the baseline period 2000–2019, to explore the impact of the economic downturn initiated in 2020 and its recovery in 2021. In total, 41 high-elevation sites were analyzed: 5 rural or mountaintop stations in western Europe, 19 rural sites in the western US, 4 sites in the western US downwind of highly polluted source regions, and 4 rural sites in the eastern US, plus 9 mountaintop or high-elevation sites outside Europe and the United States to provide a "global" reference. In 2020, the European high-elevation sites showed persistent negative surface O 3 anomalies during spring (March–May, i.e., MAM) and summer (June–August, i.e., JJA), except for April. The pattern was similar in 2021, except for June. The rural sites in the western US showed similar behavior, with negative anomalies in MAM and JJA 2020 (except for August) and MAM 2021. The JJA 2021 seasonal mean was influenced by strong positive anomalies in July due to large and widespread wildfires across the western US. The polluted sites in the western US showed negative O 3 anomalies during MAM 2020 and a slight recovery in 2021, resulting in a positive mean anomaly for MAM 2021 and a pronounced month-to-month variability in JJA 2021 anomalies. The eastern US sites were also characterized by below-mean O 3 for both MAM and JJA 2020, while in 2021 the negative values exhibited an opposite structure compared to the western US sites, which were influenced by wildfires. Concerning the rest of the world, a global picture could not be drawn, as the sites, spanning a range of different environments, did not show consistent anomalies, with a few sites not experiencing any notable variation. Moreover, we also compared our surface anomalies to the variability of mid-tropospheric O 3 detected by the IASI (Infrared Atmospheric Sounding Interferometer) satellite instrument. Negative anomalies were observed by IASI, consistent with published satellite and modeling studies, suggesting that the anomalies can be largely attributed to the reduction of O 3 precursor emissions in 2020. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic simultaneously affected most economic sectors and has already caused severe worldwide social and economic damage. In response, authorities introduced social distancing measures, with an adverse impact on economic activity. If policymakers were aware of the existing vulnerabilities, including those derived from the positioning on the business cycle, resilience could have been increased. The aim of this article is to describe various methods of dating business cycles in several Central and Eastern European (C.E.E.) countries, namely Czechia, Hungary, Poland and Romania. Furthermore, a Probit model regarding the probability of a recession is estimated, confirming the adverse effects of the pandemic, in contrast with a brightening outlook given vaccination campaigns and the E.U. recovery package. However, in case of the Romanian economy, an in-sample estimation showed a high probability of negative growth rates even in a pre-pandemic world, due to the high macroeconomic imbalances. [ABSTRACT FROM AUTHOR]

We examine the immediate and bounce-back effects from six modern health crises that preceded Covid-19. Time-series models for a large cross-section of economies indicate that real GDP growth falls by around 2 percentage points in affected economies relative to unaffected economies in the year of the outbreak. Bounce-back in GDP growth is rapid and strong, especially when compared to non-health crises. Unemployment for less educated workers is higher and exhibits more persistence, and there is significantly greater persistence in female unemployment than male. Moreover, the negative initial effects of pandemics and bounce-back are economically contagious through international trade. The negative effects on GDP and unemployment are felt less in economies with larger first-year responses in government spending, especially on health care. Our estimates imply that the impact effect of the Covid-19 shock on world GDP growth is approximately four standard deviations worse than the average past pandemic. [ABSTRACT FROM AUTHOR]

Personal vehicle miles traveled (VMT) in the United States has seen a dip from 2004 to 2014, owing to the recent economic recession. News reports and academic articles relate this change to Millennials' (those born in the last two decades of the twentieth century) travel patterns. Some researchers argue that the existing mobility patterns of Millennials may not persist as the U.S. economy fully recovers from the Great Recession. This study examines the changes in automobile travel patterns across generations. The empirical study builds on three most recent nationwide travel surveys. Research results reveal that residential location choice and life course events have stronger associations with Millennials' automobility travel patterns than those of Gen Xers. We also find as personal wealth increases, the Millennials generation will not increase auto mileage as much as the preceding generations. Analyzing the driving distances by trip purposes while accounting for the differences between weekdays and weekends offers timely insights on formulating effective policy provisions for specific periods or planning targets. [ABSTRACT FROM AUTHOR]

The Great Financial Crisis and the COVID‐19 pandemic have raised concerns about business cycles. In this paper, we examine the dynamics of past business cycles in CAEMC economies to infer the shapes of recessions and subsequent recoveries. We use annual GDP data covering the period 1960–2020 and non‐parametric approach. The main results are fourfold. First, recessions are, on average, long with a positive duration dependence relationship and the strength of recoveries is independent of the duration and the depth of the associated recessions. Second, recessions and recoveries are not all alike, meaning that history cannot be used as a guide for forecasting issue. Third, nearly 45% of the recessions and subsequent recoveries are V‐shaped, and the L, U and W patterns appear when governments are heavily indebted. Fourth, a regional cycle sometimes emerges. The results suggest a strengthening of the capacities of CAEMC states and a resilient supply chain management. [ABSTRACT FROM AUTHOR]

The economic recession caused by the restrictions on the spread of the Coronavirus disrupted the economic life of many countries. The primary purpose of the paper is to measure the impacts of intra-regional trade and investment on the green recovery of five Central Asian economies over 2010–2021 through employing annual data and the panel co-integration approach. The results confirmed that the degree of green trade openness positively and significantly affects the green recovery. The estimated coefficient of direct foreign investment is negative. The patent coefficient is not statistically significant, and the official exchange rate has a positive effect. Financial development has a positive and significant coefficient. The paper has several policy implications, such as enhancing green FDI (Foreign Direct Investment), supporting green innovation, and promoting green trade liberalism for scholars and policymakers. [ABSTRACT FROM AUTHOR]

World economic trends in recent times have been grossly influenced by the ramifications of COVID-19. The paper endeavours to assess the severity of world economic downturn due to the COVID-19 pandemic of 2019-2021 relative to the global recession of 2008-2010. It also attempts to surface emerging trends for accelerating economic recovery while building resilience. It employed desk review with a mixed approach. The sample size spanned the 4 main international economies and 21 representative countries. A One-Paired 2 Sample means t-Test at α 0.05, 1-tail, 8 df shows that, the economic collapse experienced due to the pandemic was just as bad as that of the 2008-2010 economic recession. Monitoring database reveals that low income and emerging markets are recovering faster than advanced economies from the shocks of the pandemic. Meanwhile, the t-Test α 0.05, 1-tail, 8 df again shows that, the world economy is steadily recovering. The recovery can be accelerated and made resilient through economic restructuring by integrating emerging trends such as AI, technology, education and greening into economies. [ABSTRACT FROM AUTHOR]

Through the lens of a DSGE model, I find that financial shocks in conjunction with downward nominal wage rigidities (DNWR) are important features in explaining the degree of asymmetry that U.S. business cycles exhibit. Financial shocks are constructed as residuals of the borrowing constraint faced by firms in a similar fashion to Jermann and Quadrini (2012). The effects of these shocks on aggregate quantity variables are amplified by DNWR, especially during the global financial crisis. Moreover, my model explains a large part of the upward shift in the labor wedge that occurred during this recession. [ABSTRACT FROM AUTHOR]

In this research note, we propose a classification method for identifying whether a 501c3 nonprofit organization is considered essential for economic recovery. During the first few months of the COVID‐19 pandemic, many nonprofit organizations experienced negative financial effects from the economic recession. While these nonprofits saw increased demand for their services, the weakness in the overall economy led to a decline in donations. Fiscal assistance by local, state, and federal government to essential organizations was a critical element to an economic recovery, and governments needed to prioritize aid to the most essential organizations first. By identifying essential nonprofit organizations in advance, these organizations could quickly and efficiently receive financial assistance. Using descriptive text data provided by Ohio nonprofit organizations in their IRS tax filings, we propose a novel natural language processing (NLP) technique to measure the degree of "essentialness" to a nonprofit's work. We show that our model offers an improvement to the classification system known as the National Taxonomy of Exempt Organizations (NTEE). Our machine learning model is also compared to an independent evaluation of a nonprofit's essentialness produced by human researchers. [ABSTRACT FROM AUTHOR]

COVID‐19 caused a major economic downturn, the like of which had not been seen since the Great Recession although the underlying causes of the two crises were very different; systemic risk versus a virus. Here we look at how flexible work practices, allied with adequate supports and lifelong learning opportunities, aided economic recovery following the earlier crisis in order to see if there are any lessons to be learnt for post‐pandemic recovery. Overall, the results indicated that flexicurity provided a modest growth dividend during the Great Recession, typically no more than one percentage point. Of the individual components, the short‐run results indicated that security along with life‐long learning and part‐time work proved the most beneficial, although flexible work practices also boosted growth, albeit to a lesser extent. For flexible labour markets, the long‐run results indicated that the growth gains were highest in trusting economies with, or without, social partner engagement. [ABSTRACT FROM AUTHOR]

This paper extends the existing studies of cyclical fiscal policy by providing the first systematic theoretical and empirical study of cyclical quasi‐fiscal investment of state‐owned enterprises (SOEs) in China. Using data from Chinese listed companies and the System GMM method, the results show that: (1) both central and local SOEs exhibit expansion‐biased investment behaviours; (2) the expansion‐biased investment of central SOEs mainly goes to the tertiary industry and the western regions of China, while the expansion‐biased investment of local SOEs mainly occurs in the tertiary industry and the middle and western regions of China; (3) during the economic recession, the higher the local growth targets, the more bank credit central and local SOEs can obtain, and the more pronounced the expansion‐biased investment. The study shows that apart from the countercyclical fiscal policy implemented by central and local governments, the quasi‐fiscal function of central and local SOE investments is also key for the Chinese economy to quickly recover from recessions. [ABSTRACT FROM AUTHOR]

This paper investigates how institutional quality and its components (quality, impartiality, and control of corruption) are associated with the economic recovery in the aftermath of the global recession (2010–2016). The evidence suggests that the postcrisis dynamism of a region depends on whether its economy is accompanied by a good governance at the local level. The results also show the heterogeneity in the effects of institutional characteristics and other traditional determinants of growth for the high‐income club (core) and the low‐income club (periphery), respectively. This evidence can provide indications to define ad hoc policies apt to mitigate the recent surge in inequality among EU regions. [ABSTRACT FROM AUTHOR]

The economic downturn due to lockdown measures at the beginning of the COVID-19 crisis raised the question whether any adaptations to the short-term statistics (STS) were needed to ensure accurate and relevant output. We limit ourselves to STS on turnover and related variables like volume of production. We looked into the different stages of the production process – from data collection to output – and anticipated a number of potential lockdown effects. With respect to output relevance, there was an increased interest in faster and specific output. With respect to the output accuracy, we took measures to check whether the anticipated effects really occurred and measures to mitigate the consequences. Examples of such measures are the calculation of an additional editing score function, alternative imputations and extensions of the regular analysis step. In this paper we give an overview of the anticipated effects, the subsequent measures that we took, we evaluate to what extent the anticipated effects occurred in practice and we mention some unforeseen effects. We end this paper by discussing to what extent the developed measures are also useful to keep after the economy has recovered. [ABSTRACT FROM AUTHOR]

Purpose: This paper to identify those states that suffered the largest job losses, largest GDP declines and the highest unemployment rates and those states whose employment levels, unemployment rates and GDP declines were smallest during the COVID-19 recession. In addition, this paper endeavors to provide at least preliminary insights into why some states faired so poorly, whereas other states suffered so little during this downturn. Design/methodology/approach: This paper uses descriptive statistics and regression analysis to analyze the differences in state performance during the COVID-19 recession and recovery. Findings: The results from the two estimated regression models suggest that where you lived determined the severity of the recession and living in a blue state negatively impacted the strength of state's unemployment rate recovery. Research limitations/implications: This paper looks at only a two-year period starting with the COVID-19 recession and ending in December 2021. Practical implications: This paper provides a regional assessment of the COVID-19 recession and recovery on both a state and regional level. Social implications: The paper uses descriptive statistics to characterize the substantial state-level differences in the relative magnitude of economic decline due to the Covid-19 recession. Regression analysis reveals that blue states experienced weaker recovery as compared to red states. Originality/value: The study uses publicly available data to identify states that suffered the largest job losses and highest peak unemployment rates during the Covid-19 recession. The results are among the first to analyze the economic impact of the Covid-19 recession at the state level. [ABSTRACT FROM AUTHOR]

This study examines the impact of the Economic Recovery and Growth Plan (ERGP) on Nigeria's economic recovery in the post-recession era. The ERGP was introduced in 2017 as a response to the economic recession that hit Nigeria in 2016. The plan aimed to revitalize the country's economy and achieve sustained economic growth through a series of policy measures and reforms. Using a mixed-method approach, this study analyzes the impact of the ERGP on key economic indicators, such as the Voluntary Assets and Income Declaration Scheme (VAIDS); agriculture and food security; energy and industrialization policies. The study finds that both the Voluntary Assets and Income Declaration Scheme (VAIDS); agriculture and food security; energy and industrialization policies have a significant impact on Economic Recovery and Growth Plan (ERGP) on Nigeria's economic recovery in the postrecession era. It is recommended that the government should promote tax compliance by means of enforcing Voluntary Assets and Income Declaration Scheme (VAIDS), as this has the potential to augment government revenue and alleviate the budget deficit. It is recommended that the government should prioritize investment in the agricultural sector, specifically in irrigation, mechanization, and research and development to enhance crop yields and augment productivity for the purpose of achieving food security. It is recommended that the government should offer inducements to the private sector to encourage investment in manufacturing and industrialization. Such incentives may include tax exemptions and improved access to financial resources. [ABSTRACT FROM AUTHOR]

This paper investigates the evolution of unconventional monetary policies under a binding zero lower bound (ZLB) constraint for the U.S. economy. In doing so, this study provides a comprehensive empirical assessment on the economic and statistical implications of allowing conventional and unconventional monetary policies to work in mutually exclusive union using shadow rates. Shadow rate Taylor rules and policy counterfactuals implied by time‐varying coefficient structural vector autoregression (VAR) models show: (i) one can reconcile plausible economic results using shadow rates when short‐term interest rates approach the ZLB and (ii) unconventional monetary policies are a viable response to recession and facilitate stability during economic recovery. [ABSTRACT FROM AUTHOR]

Managerial attention to exploitation and exploration has a strong influence on organizational performance. However, there is hardly any knowledge about whether senior managers need to adjust their distribution of attention to exploitation and exploration in response to major changes in demand patterns in their industry. Drawing on the analysis of a panel data set of 86 firms in the information technology industry exposed to an economic recession and recovery, we find that successfully navigating an economic downturn demands more managerial attention to exploration, while leveraging the subsequent upswing requires more attention to exploitation. As such, this study contributes to the literature by providing a dynamic perspective on ambidexterity: that is, senior managers need to redistribute their attention to exploration and exploitation to effectively meet the changing environmental demands over time. [ABSTRACT FROM AUTHOR]

The article examines the impact of the COVID‐19 pandemic on economies in Africa through the application of a novel Debt, Investment and Growth model with a segmented Labor market (DIG‐Labor). The pandemic is modeled via supply shock that disrupts economic activities in countries in Africa, followed by effects on household consumption behavior and welfare, and business investment decisions. The DIG‐Labor model is calibrated to account for informality, which is a key characteristic of economies in Africa. We find that, in the absence of appropriate remedial measures, the COVID‐19 pandemic reduces employment in the formal and informal sectors and scales back consumption for savers and non‐savers, with the reduction in consumption being more pronounced for savers. These contractions lead to an economic recession in Africa and widen the fiscal and current account deficits, among others. The effects of fiscal stimulus packages in response to the COVID‐19 pandemic and various financing mechanisms are also examined. A key finding is that various policy responses to the emerging COVID‐19 induced macroeconomic imbalances have diverse implications, which should be carefully examined to mitigate the negative consequences while maximizing the opportunities for a swift, stronger and more inclusive economic recovery. [ABSTRACT FROM AUTHOR]

The literature reveals that linear models do not accurately represent the asymmetric relationship between economic growth and energy consumption (EC). To fill this gap, we examined the asymmetric relationship between EC and economic growth in a non-linear panel autoregressive distributed lag (ARDL) framework of 85 countries as a whole sample and of Brazil, Russia, India, China, and South Africa (BRICS), the Next Eleven, Big Four in Western Europe, Asia-Pacific region, Group of Seven, South Asian Association for Regional Cooperation (SAARC), Economic Cooperation Organization (ECO) and the Arab League as a sub-sample analysis from 1977 to 2014. A second generational unit root test has been applied to check the problem of cross-sectional dependency. Asymmetric co-integration was employed to analyse the co-integration between the variables of interest. Long-run and short-run estimates have been calculated using the non-linear panel ARDL method. Results indicate that positive shocks to energy use tend to have a growth-enhancing effect in ECO and the Next Eleven while in the rest of the regions, the effect is growth contraction. Moreover, economic recovery from a positive shock to energy use is the case in the Arab League, Asia-Pacific region, Group of Seven and in the whole sample. However, a negative shock to EC is observed in the Group of Seven, Asia Pacific region, Big Four in Western Europe and ECO, and the whole sample worsens the economic contraction. We can deduct from this study's results that information on the asymmetric relationship between the subject variables is needed to design sound economic policy decisions across different economic regions. [ABSTRACT FROM AUTHOR]

Motivation: The coronacrisis has highlighted the fragility of the highly interdependent world economic order. The economic recession following numerous lockdowns weakened the position of the West in the geopolitical arena. Thus economic recovery is a must, though its significance for the US and the EU differs considerably. Aim: The paper aims to discuss the state and prospects of transatlantic relations in the era of new challenges posed in front of the US and the EU. We have selected two main issues: the incremental rivalry between the US and China, and the solidarity principle within the EU. The departure point for the analysis is the assumption that the tightening of economic cooperation between the US and the EU seems desired, but it might also lead to socioeconomic consequences questioning European solidarity in the long term. We employ the perspective of institutionalist political economy to understand the interplay between actors and the rules they create. We assume thus that actors pursue their goals, but must take various limitations into account. We also refer to the literature on economic policymaking and economic systems. Results: Under possible regionalization of the world economy after the COVID-19 pandemic, transatlantic relations will be under pressure to generate growth. As far as the US is willing to embrace this imperative, the EU might face the dilemma between struggling for better economic performance and rebuilding solidarity between member countries. [ABSTRACT FROM AUTHOR]

We show that economic conditions when managers enter the labor market have long-run effects on their career paths and managerial styles. Managers who began their careers during recessions become CEOs more quickly, but at smaller firms. They also have more conservative styles, such as lower investment in capital expenditures and research and development, more cost cutting, and lower leverage and working capital needs. These recession effects appear to be largely driven by the characteristics of the CEO’s first job (recession CEOs tend to start in smaller or private firms), which suggests that the early work environment is important to the formation and selection of managers. [ABSTRACT FROM AUTHOR]

Since the Great Recession in 2007–2009, U.S. real GDP has failed to return to its previously projected path, a phenomenon widely associated with secular stagnation. We investigate whether this stagnation was due to hysteresis effects from the Great Recession, a persistent negative output gap following the recession, or slower trend growth for other reasons. To do so, we develop a new Markov-switching time series model of output growth that accommodates two different types of recessions: those that permanently alter the level of real GDP and those with only temporary effects. We also account for structural change in trend growth. Estimates from our model suggest that the Great Recession generated a large, persistent negative output gap rather than any substantial hysteresis effects, with the economy eventually recovering to a lower trend path that appears to be due to a reduction in productivity growth that began prior to the onset of the Great Recession. [ABSTRACT FROM AUTHOR]

This article journeys one leader's trust in the wisdom of many to cultivate positive institutions across continents, for post-pandemic US economic recovery and for nation-building in a South American country whose elections were battered by ethnic violence. [ABSTRACT FROM AUTHOR]

A positive start to 2021 ended abruptly when the Delta variant of COVID-19 swept over India, killing millions. Since peaking in May, the pandemic has abated, and the government has vaccinated a large share of the population. The Bharatiya Janata Party continues to dominate the country’s politics, having centralized power further despite a lackluster performance in state elections. The economy recovered vigorously from its COVID-induced recession of 2020, but it is unclear whether growth will return to the 8–9% annual rates witnessed in the 2000s. India is more bogged down in its neighborhood than before: it has been unable to retrieve the territory it lost to China last year, and the fall of Afghanistan to the Taliban threatens an increase in terrorism in Kashmir. The country is at a crossroads, and much will depend on how the relatively unfettered senior leadership of the BJP responds to these challenges. [ABSTRACT FROM AUTHOR]

Economic policy uncertainty (EPU) hinders global economic recovery and is an important cause of economic recession. Additionally, EPU also hinders the development of firms. In this context, using firms' markups as the breakthrough point, this study analyses how EPU and financial constraints affect firms' markups with the assistance of an econometric model and using an index of EPU and data from Chinese Annual Survey of Industrial Firms. The conclusions are as follows: (1) EPU has a significantly negative impact on firms' markups; (2) both the internal and external financial constraints have a significantly negative impact on firms' markups; (3) the interaction between EPU and internal and external financial constraints has a significantly negative impact on the firms' markups. This study also analyses the differences of firms' heterogeneity. This study is helpful for firms to fully understand the different impacts of internal and external shocks on firms' markups, and provide more targeted reference for policy-making departments, and thus improve the policies' effectiveness. [ABSTRACT FROM AUTHOR]

The 2020 pandemic has led to economic recession in the European Union, rising unemployment, falling purchasing power among the majority of citizens and has forced national institutions to intervene with many measures that have led to rising budget deficits and public debt. As of 2021, the Recovery and Resilience Facility has been approved at EU level, to the purpose of economic recovery and increasing the economic resilience of EU Member States. This paper analyses Romania's fulfilment of the nominal convergence criteria, the evolution of Romania's gross domestic product pre- and post-pandemic, the main measures foreseen in Romania's National Recovery and Resilience Plan to ensure a green, digital transition and economic and social resilience, as well as the funds available to Romania through the NRRP for investments and structural reforms necessary for economic growth and nominal convergence. [ABSTRACT FROM AUTHOR]

The Covid 19 pandemic has disrupted life in all countries and communities, affecting global economic growth in 2020 in ways that have not been seen in a century. Governments responded to the extraordinary reduction in economic activity by enacting several policies, which included monetary policies aimed at stabilizing financial markets and ensuring the flow of credit. Governments used quarantines and social isolation in the second phase, while policy activities moved to budgetary measures aimed at sustaining economic growth. To response to repeated crises and pandemic-induced global economic stagnation, a new paradigm is required. This qualitative study intended to examine various Islamic financing techniques and services that can help the economy recover from the pandemic crisis' disruption. Countries that follow Islamic economic principles in their economic transactions, such as Indonesia, have begun to adopt some of these principles, and it is believed that the application of the Islamic economic system can be a golden momentum to restore economic recession of these countries following the effects of national policies aimed at combating the effects of Covid pandemic. This study examines different stages of economic challenges that have occurred because of the Covid 19 pandemic to examine different Islamic financial services and their application to minimize the crisis developed at each stage. [ABSTRACT FROM AUTHOR]

This paper compares and contrasts interactions between monetary and fiscal policies in major economies following the recent pandemic recession with selected episodes from the past, notably the Great Inflation of the 1970s, the Great Moderation of the 1990s, and the Great Financial Crisis and its aftermath. Interactions between fiscal and monetary policies in these periods were characterised respectively by the collapse of consensus about fiscal dominance, strict separation of monetary and fiscal policies, and intermittent close coordination. The paper tentatively argues that a consensus on the "new normal" for the two policies is unlikely to emerge in the near term. [ABSTRACT FROM AUTHOR]

Economic changes impact the construction industry and the associated stakeholders involved in construction projects. Construction companies are not immune to economic downturns, as evidenced by the sharp decline and long recovery period associated with the Great Recession of 2007–2009. Therefore, construction companies and construction industry stakeholders need to infuse specific economic strategies into their business operations. To determine effective strategies for construction companies to consider for weathering the risks associated with economic downturns, a Delphi study methodology was employed. Three rounds were conducted with qualified construction economic and financial experts representing financial officers, certified public accountants, and sureties to collect and confirm the existence and effectiveness of economic strategies employed by construction firms during economic downturns and recessions. From the Delphi study, 40 strategies were confirmed as highly or moderately effective methods based on the consensus criteria established from the Delphi study across six categories (1) organizational and project management, (2) direct-cost, (3) overhead, (4) financial, (5) preconstruction and marketing, and (6) efficiency strategies. This study contributes to the body of knowledge by providing a roadmap of economic, managerial, and financial strategies that can be implemented by construction companies to improve their financial health during different economic cycles. [ABSTRACT FROM AUTHOR]

The article addresses a topical issue which is extremely relevant in crisis periods – evaluation of the level of the shadow economy in all Lithuanian regions. By applying the MIMIC modelling, three equations were developed for three different periods: economic upturn, economic downturn (crisis) and economic recovery. The number of immigrants, employment rate and population’s density were identified as the major shadow economy determinants in Lithuanian regions. The determinants identified are unique in the case of Lithuania because they reveal that the labour market (employment rate, the number of immigrants) and population’s density are the key factors that show how municipalities address the issues of the shadow economy. 10 municipalities with respectively high or low levels of the shadow economy were ranked for each period under consideration. The maps developed for different periods illustrate the general trends of the evolution of the shadow economy. This is the first study that estimates the size of the shadow economy in 60 municipalities (a small regional division) with different economic periods taken into account. Scientific novelty manifests through consideration of the regional shadow economy and proving significance of the labour market and immigration in reducing regional disparities. [ABSTRACT FROM AUTHOR]

Did government mortgage programs mitigate the adverse economic effects of the 2007–2009 Great Recession? We find that counties with greater participation in precrisis government mortgage programs experienced less‐severe economic downturns during the Great Recession. In particular, counties with higher proportions of Federal Housing Administration (FHA), Fannie Mae and Freddie Mac lending prior to the financial crisis had smaller increases in serious delinquency and foreclosure rates; smaller declines in mortgage purchase originations, house prices, and new automobile purchases; and smaller increases in unemployment rates. Some of these effects were still evident in 2014 despite numerous new government policies and programs designed to promote economic recovery. We conclude that preexisting mortgage programs with more stable underwriting standards, credit risk pricing and liquidity played a key role in supporting economic conditions during the Great Recession. [ABSTRACT FROM AUTHOR]

This paper explores the evolution of the driving forces that shape individual subjective well-being (SWB) in Spain from 2013 to 2018. Several socio-demographic, material conditions and quality of life (QoL) variables are considered as potential drivers of SWB. The data come from a large survey carried in two different time periods. The first one (2013) is characterized by a negative economic scenario as a result of the global financial crisis of 2008. The second one (2018) is characterized by fast economic recovery. Our results suggest that the material conditions variables, especially unemployment, have a much deeper impact on SWB during economic downturns than during economic recovery periods. Social connections and health status are determinant factors behind SWB, especially if the economy is working well. Our results also point to changes in gender effects. While women were happier than men in 2013, this effect disappears in 2018. Paradoxically, this suggest an increase in female expectations about their own lives during this period. [ABSTRACT FROM AUTHOR]

Although it is assumed that CEOs attempt to use corporate reputation ratings to justify increases in their annual compensation, controversy persists on the relationship between corporate reputation ratings and CEO compensation. Based on agency theory and signaling theory, we predict a positive relationship between corporate reputation ratings and CEO compensation but only during periods of economic recovery. Using a subset of Fortune's "Most Admired" companies, this study demonstrates that corporate reputation ratings are significantly associated with CEO compensation during periods of economic recovery but not during periods of economic recession, after controlling the potential extraneous factors that may influence CEO pay. [ABSTRACT FROM AUTHOR]

We investigate the gap in welfare use between immigrants and natives over a 24-year period using the Annual Social and Economic Supplement of the Current Population Survey from 1995 to 2018, spanning periods of economic recessions and recoveries, changes in welfare policy regimes, and policies towards immigrants. A novel contribution of our research is to adopt the Oaxaca–Blinder decomposition analysis to study the effects of demographic factors, macroeconomic trends and policy on welfare use gap between immigrants and natives. Our analysis leads to three main findings: one, if immigrants had the same demographic characteristics as natives their participation in means-tested programs would have been much less overall and much below those of natives. This finding holds true across broader measures of welfare receipt capturing cash and near cash programs and health insurance as well as participation in five specific safety net programs. It also holds true across periods of economic recessions and recovery. Second, we find evidence that the business cycle impacts immigrant and native welfare participation differently. Immigrant participations in Temporary Assistance to Needy Families, Supplemental Nutritional Assistance Program and State Children's Health Insurance Program are more sensitive to the business cycle than native participations. Three, we find that changes in program eligibility explain only a modest proportion of the immigrant-native gap in welfare use. A possible explanation for this finding is that changes in eligibility rules have affected only specific immigrant populations (e.g. new immigrants) whereas our analysis pertains to all immigrants. [ABSTRACT FROM AUTHOR]