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This study investigates the impact of Central Bank interventions on the pricing dynamics of select stock markets. The research utilizes the instrumental variables three-stage least square (3SLS) model approach. It analyses the effects of variations in the Federal Reserve's balance sheet size across three distinct intervention scenarios: the 2008–2013 Great Recession, the 2020–2021 COVID-19 pandemic periods, and an overarching analysis spanning these timelines. Our methodology includes estimations of the Seemingly Unrelated Regression Equations (SURE), and the results are robust under the two-step Generalized Method of Moments (GMM). Our findings indicate that changes in the size of the Fed's balance sheet correlate significantly with the pricing of principal U.S. equity market indices. This correlation reflects a time-dependent effect emanating from the Fed's balance sheet expansion, marking a growing divergence between the adaptability of pricing mechanisms in equity and debt markets. Notably, the Federal Reserve's interventions during the COVID-19 crisis are associated with an increase of approximately 0.0403 basis points per billion in treasury yields. This research makes a significant contribution to the understanding of financial asset pricing, particularly by elucidating the extent to which interventions in government debt securities engender price distortions in certain equity markets. [ABSTRACT FROM AUTHOR]

This paper analyzes the effects of central bank interventions via large-scale purchases of government debt securities on the pricing of stock market indices. This study examines the effects of changes in the size of the Federal Reserve's balance sheet in three intervention scenarios: during the 2008–2013 period, the 2020–2022 period, and in the years between by using the instrumental variables three-stage least squares (3SLS) method for a time series approach, and calculates the effects of these interventions on each index in a fund of funds setup using the panel data strategy. This study confirms that large-scale purchases of government debt securities in response to the Great Recession and COVID-19 crises influenced the pricing of equity markets via their effect on the pricing of treasury bonds, with different degrees of sensitivity of each index to the effects on yields. Although the findings apply to the U.S. market, the results indicate that the pricing of small capitalization indices such as the Russell 2000 are less sensitive to changes in treasury yields caused by central bank interventions than large capitalization indices such as the DJIA. This research contributes to the understanding of financial asset pricing, particularly by identifying price distortions within equity market portfolios. [ABSTRACT FROM AUTHOR]

This is the first U.S. study on the causal relationship between unemployment insurance (UI) expansions during the Great Recession and the use of prescribed opioids. Using annual county‐level prescription data from 2006 to 2013 and plausibly exogenous variation in state and federal policies, we estimate that a one standard deviation increase in UI generosity ($10,800) reduces per‐capita prescription opioid use by 1.9%. We supplement our main analysis with a border discontinuity design and find a similar effect. We also find no evidence of pre‐trends in the outcome. Finally, additional analyses suggest that increased health care utilization after exposure to higher UI generosity could be a plausible explanation for the declines in opioid prescriptions. [ABSTRACT FROM AUTHOR]

We investigate the coinciding effects of the implementation of Auditing Standard No. 5 (AS5), the change in the Public Company Accounting Oversight Board's (PCAOB) inspection regime, and the Great Recession on the audit fees and audit quality of accelerated filers. AS5 took effect in November 2007 and promulgated a top-down, risk-based audit approach to SOX 404(b) audits of accelerated filers. Concurrently, the PCAOB adopted a stricter approach to its inspections of audit firms, which encouraged them to improve audit quality and reduce audit fees. Moreover, the Great Recession pressured audit firms to reduce fees. We find that, following the three events, audit fees decreased and quality increased for accelerated filers. We also find that audit fees and audit quality increased for non-accelerated filers, although these filers were not directly affected by AS5. [ABSTRACT FROM AUTHOR]

We investigate recent trends in U.S. suicide mortality using a "structural determinants of health" framework. We access restricted-use multiple cause of death files to track suicide rates among U.S. Black, White, American Indian/Alaska Native, and Latino/a men and women between 1990 and 2017. We examine suicide deaths separately by poisonings and nonpoisonings to illustrate that (1) women's suicide rates from poisonings track strongly with increases in prescription drug availability and (2) nonpoisoning suicide rates among all adult Americans track strongly with worsening economic conditions coinciding with the financial crash and Great Recession. These findings suggest that institutional failures elevated U.S. suicide risk between 1990 and 2017 by increasing access to more lethal means of self-harm and by increasing both exposure and vulnerability to economic downturns. Together, these results support calls to scale up to focus on the structural determinants of U.S. suicide. [ABSTRACT FROM AUTHOR]

Black homeownership declines across the U.S.A. at significantly higher rates than white, Hispanic, or Asian homeownership. Although the cost to own a home is lower in Republican states, Black Americans are much less likely to maintain homeownership in those areas. This article attempts to gain leverage on the following question: "what is the penalty of political parties on Black homeownership in America?" The findings presented here provide support to the notion that there is a nationwide penalty of political parties on Black homeownership. The variation in this penalty is dependent on a given state's opportunity structure for institutional racism, which changes based on the state's foreclosure laws and partisan leanings. To support the nationwide findings, this article provides a case study on Black homeownership across the state of New York's judicial districts with 221 partisan-elected judges, revealing that there remains a penalty in Republican judicial districts. Previous scholarship has analyzed the relationship between parties and foreclosures, as well as the relationship between race and foreclosures. This article assesses the intertwined relationship of parties, race, and foreclosures. [ABSTRACT FROM AUTHOR]

The aim of this paper is to study empirically the existence of precautionary saving in Spain at the end of the Great Recession using the micro data provided by the Spanish Survey of Household Finances. Using the panel component of these data, I construct a measure of income uncertainty for each household from the observed household real income and use it to test for the strength of precautionary saving. I find that an increase of 1% in the standard deviation of income reduces household consumption by 8.8% when using the logarithm of the household consumption as dependent variable; however, when using the ratio between consumption and average income as dependent variable, given the average normal income and consumption in the sample, consumption will decrease by 8.1%. [ABSTRACT FROM AUTHOR]

Summary: Barsky and Sims (2012, AER) demonstrated, via indirect inference, that confidence innovations can be viewed as noisy signals about medium‐term economic growth. They highlighted that the connection between confidence and subsequent activity, such as consumption and output, is primarily driven by news shocks about the future. We expand upon their research by incorporating the Great Recession and ZLB episodes, during which animal spirits have a greater potential to influence economic activity. Nevertheless, we confirm the main finding of Barsky and Sims (2012) that this relationship is predominantly driven by news about the future rather than animal spirits. [ABSTRACT FROM AUTHOR]

The Spanish Political Attitudes Panel Dataset (POLAT) is an ongoing panel study carried out in Spain. The present research note introduces the dataset, and presents some results of the first six waves, fielded in political context defined by a prolonged economic recession, major corruption scandals and widespread mass protests (2010-2014). The longitudinal aspect of the dataset allows researchers to trace changes and exploit within-individual variation in a wide array of political, social and economic attitudes and behaviors. The note offers validity checks for some of the key empirical indicators against the benchmark of concurrent surveys, including the European Social Survey. Finally, the note illustrates the potential of POLAT for the analysis of change in political attitudes and behaviors. [ABSTRACT FROM AUTHOR]

Whether Medicaid can function as a safety net to offset health risks created by health insurance coverage losses due to job loss is conditional on (1) the eligibility guidelines shaping the pathway for households to access the program for temporary relief, and (2) Medicaid reimbursement policies affecting the value of the program for both the newly and previously enrolled. We find states with more expansive eligibility guidelines lowered the healthcare access and health risk of coverage loss associated with rising unemployment during the 2007–2009 Great Recession. Rises in cost‐related barriers to care associated with unemployment were smallest in states with expansive eligibility guidelines and higher Medicaid‐to‐Medicare fee ratios. Similarly, states whose Medicaid programs had expansive eligibility guidelines and higher fees saw the smallest recession‐linked declines in self‐reported good health. Medicaid can work to stabilize access to health care during periods of joblessness. Our findings yield important insights into the alignment of at least two Medicaid policies (i.e., eligibility and payment) shaping Medicaid's viability as a safety net. [ABSTRACT FROM AUTHOR]

AbstractThis study provides an incisive analysis of U.S. rail station area rent trends from 2012 to 2016, post-Great Recession. Utilizing Ordinary Least Squares (OLS), Hierarchical Spatial Autoregressive (HSAR), and Geographically Weighted Regression (GWR) models, it uncovers complex interplays between rent changes and socioeconomic, as well as built environment factors. Key findings reveal that increased rents are associated with walkability, higher housing density, and predominantly White neighborhoods. Conversely, rent decreases correlate with diverse land use, higher Black population percentages, and locations further from rail stations or business districts. These results are critical for understanding rent dynamics in transit-oriented development areas, impacting diverse housing market sectors, including workforce and affordable housing. The study’s regional analysis highlights the need for geographically tailored approaches. This research informs policy on housing development and affordability, aiming to mitigate displacement risks for low-income, transit-dependent communities in gentrifying urban areas.

In the wake of the Occupy movement, a group of dystopian films were released that, despite many differences, share a unique series of characteristics. In the Hunger Games trilogy, Elysium and Snowpiercer, class war emerges as the main theme. The 99% are physically shut out from the world of the 1% by impressive barriers which must be destroyed through bloody struggle. The paper uses a critical approach, mainly Jamesonian, to examine historical, political, psychological and interpretative issues in this constellation of occupy-era films, and how they testify to the huge impact on the American psyche of the 2007 financial crisis and ensuing long depression, and the feeling of frustration that fostered Occupy. Of particular interest is the way in which these critical dystopias deal with the ideologeme of “ressentiment” while depicting the breaching of the residences of the elite by the pleb.

This essay traces the expression of censorious affects toward Spain's emeritus King Juan Carlos I in two films produced in the aftermath of the Great Recession (2007–2009). Centring on Santiago Sierra and Jorge Galindo's Los encargados (2012) and El Rey (Alberto San Juan & Valentín Álvarez, 2018), I argue that cinematic forms of complaint provide an ideal vehicle for contesting the future of the Bourbon monarchy. In the context of the (post-)crisis, both take aim at the Crown, using complaint as a genre to debate social attachments and interrogate narratives linked to the history of democracy in contemporary Spain. [ABSTRACT FROM AUTHOR]

Apprenticeship training in construction is an important source of human capital investment for workers, employers, and society. We address the extent to which macroeconomic fluctuations such as building booms and recessions affect apprenticeship completion rates—an important indicator of program performance. Using data from the U.S. Department of Labor, we find that one of the most important determinants of performance is a measure of macroeconomic activity during the apprenticeship period. Apprentices that register into a growing economy, as indicated by falling unemployment rates, are significantly more likely to complete their programs than those who register into a recessionary economy. We also find that apprentices in programs jointly sponsored by trade unions and signatory contractors have higher completion rates and are less affected by conditions in the macroeconomy. [ABSTRACT FROM AUTHOR]

This essay argues that Steven Soderbergh's 2009–2012 films – The Girlfriend Experience (2009), Haywire (2011) and Magic Mike (2012) – form a loose trilogy depicting the plight of the working class (or precariat) during the Great Recession Linking textual analysis to the economic downturn reveals Soderbergh's significant critique about this period, ultimately causing him to announce his retirement. His protagonists' predicaments are the same as contract workers in the new, neoliberal economy, including the creative class in conglomerate Hollywood. [ABSTRACT FROM AUTHOR]

We investigate the behavior of shorts, considered sophisticated investors, before and after a set of Federal Reserve unconventional monetary policy announcements that spot bond markets did not fully anticipate. Short interest in agency securities systematically predicts bond price changes and other asset returns on the days of monetary announcements, particularly when growth or monetary news is released, indicating shorts correctly anticipate these surprises. Shorts also systematically rebalance after announcements in the direction of the announcement surprise when the announcement releases monetary or growth news, suggesting that shorts interpret these announcements to imply further yield changes in the same direction. [ABSTRACT FROM AUTHOR]

To assess the impact of the Financial Crisis and the Great Recession in Denmark this paper studies developments in Danish labor market income and disposable income from 1995 through 2019. We focus on the prime age working population of 25–54-year-old Danish citizens, with emphasis on labor market performance of the younger and less educated members of this labor force. The recession had a large and long-lasting impact on labor market earnings. Young individuals and, especially, those with least education suffered the largest setbacks to earnings developments. Disposable income was not affected in a similar way. Welfare state transfers and lower taxes softened the impact on disposable income, while the unprecedentedly low lending-rates and tax reform also elevated consumption possibilities. Tracking economic activity of the youngest cohorts after the onset of the Financial Crisis we find that catching up to earnings levels of previous cohorts took on average 8 years. For young men the setback to earnings was larger and catching-up slower. A decade following the onset of the Financial Crisis around 20% of young men, pertaining to the bottom of the earnings distribution, had still not caught up to the earnings of previous cohorts. [ABSTRACT FROM AUTHOR]

The literature on innovative responses to periods of economic change has focused on private sector firm behavior. This paper expands the literature by focusing on aspects of the public sector's response to the Great Recession. The data used relate to patent applications by U.S. federal laboratories. Contrary to previous findings about the private sector's waning innovation response to the Great Recession, the findings presented show that the U.S. public sector's post-Great Recession response was positive. Arguments to explain this finding are also presented. [ABSTRACT FROM AUTHOR]

Political scientists have largely situated Western Europe's new far right in the noneconomic, sociocultural dimension of party competition that realized greater salience during the relative peace and affluence of the post-war period. Such an investment in 'new politics' implies that far right support should retrench when economic issues regain salience, yet far right support did not appreciably recede in the aftermath of Europe's Great Recession. This article argues that far right durability during the Great Recession is due to a sociodemographically rooted electorate, defined by education, occupation, and working class identity, and that—among the major party families in Western Europe—the far right is uniquely and anachronistically structured by sociodemographics. Analyses using the European Election Study show that by 2014, far right parties exclusively overrepresent working class, blue collar, and less educated voters—even when compared to Social Democrats or the radical left. These voters appear unlikely to abandon the far right once they have lent support, and these traits predict future far right support even controlling for recalled vote. Thus, this article argues that far right success during the Great Recession results from consolidating rather than expanding their electoral base, with implications for democratic competition. [ABSTRACT FROM AUTHOR]

To evaluate variations in the well-being dimensions of European citizens, we rely upon Principal Component Analysis methodology, whereby a large set of interrelated indicators are reduced to a small number of aggregate synthetic variables. We find that the 2008 crisis impinged differently on the various dimensions of well-being. The evolution of the indicators has affected different clusters of countries in various ways. Most importantly, we observe that there has been a shift of the principal component from the poor in terms of material deprivation to the risk of poverty for the worsening conditions in the labor market. [ABSTRACT FROM AUTHOR]

Digital journalism has been a reality in Spain for nearly 30 years. In this time, the number of digital media outlets has steadily increased to become the most abundant type of media in the 2020s, ahead of print, radio and television. Based on a quantitative analysis of the authors' own database of active digital media outlets (n = 2726) and an examination of Spain's technological, sociopolitical and economic development in recent decades, this article identifies several factors that have spurred the evolution of digital journalism in Spain. The study results show a correlation in the period from 1994 to 2020 between the percentage of Internet users and the number of active digital media outlets, which showed very similar progress. The study also detects a relationship between the country's economic evolution and the expansion of digital media, albeit with a seemingly paradoxical effect: digital media, especially digital native media companies, proliferated even more when the economy was at its worst. The article highlights the subtle effects of political factors on the development of digital media in the period under study, although increasing political polarization has triggered additional transformation processes in recent years. [ABSTRACT FROM AUTHOR]

One of the distinctive characteristics of the trade union model in Southern Europe is the clear political persuasion of the dominant confederations (mainly left-wing) and, with the exception of Italy, their low membership density. The Great Recession ushered in a period of confrontation between unions and governments over the application of austerity policies and radical reforms deregulating the labour market, creating a hostile environment for unions, which responded by intensifying their discourse and socio-political action in order to call for the support of workers and alliances with other left-wing organisations. This article, based on data from the European Social Survey, analyses the importance of the political attitudes of workers as a determining factor of unionisation in Italy, Portugal and Spain over a significant period, from 2002 to 2018. The results obtained reveal an important influence of political attitudes on unionisation in Southern Europe, especially in Portugal. However, other variables also affected unionisation, notably the negative influence of precarious forms of employment and the conjunction of the recessionary economic cycle and neoliberal reforms that took place during the Great Recession. [ABSTRACT FROM AUTHOR]

This article gives an account of some of my experiences of working in the field of Medical Sociology in Ireland. It concentrates in particular on the time period of the Great Recession and Ireland's economic crash and what it was like to be a precarious researcher and lecturer around that time. [ABSTRACT FROM AUTHOR]

The Mexican economy experienced two large crises: in 1995 and in 2008. The dynamics and origins of the episodes are very different; nevertheless, is there a common underlying mechanism? First, by applying the Business Cycle Accounting method, we find that the efficiency wedge is the main driver of output during both episodes. We present an equivalence between the neoclassical growth model with distortions and a small open economy with imported intermediate goods inputs, in which relative price changes manifest themselves as changes on the efficiency wedge. This result proposes a solution for the theoretical puzzle regarding the relationship between terms of trade shocks and productivity. Finally, the model is able to reproduce both the intensities and velocities of the crises in Mexico. [ABSTRACT FROM AUTHOR]

This paper addresses the question of the impact of demand reductions on firms' concentration of innovation investments. Evidence is drawn from the PITEC database, which includes a stable panel of firms yearly surveyed in the 2006–2013 period. Controlling for selection, firms in the sample are found, following a demand decrease, to reduce the number of innovation investment categories. The effect of demand decreases is stronger for small firms. No evidence is found of exporting being a moderator of the relationship between demand fluctuations and the concentration of innovation investments. These findings suggest that downturns reduce the diversity in the innovation of firms, which could potentially have long-lasting effects on their innovation activities, and, ultimately, on their competitiveness. [ABSTRACT FROM AUTHOR]

Objectives: To assess trends in food insecurity between 2005 and 2017—a period including the Great Recession—by participation in the Special Supplemental Nutrition Program for Women, Infants and Children (WIC). Methods: Data from the California Health Interview Survey (CHIS), 2005–2017, were used, including 7421 households: WIC participants (n = 4184)—those participating in WIC only (n = 2315) and in the Supplemental Nutrition Assistance Program (SNAP) in addition to WIC (n = 1869)—and WIC-eligible non-participants (n = 3237). Multivariable logistic regression models were run with food insecurity as the outcome, WIC participation and survey year as predictors, and adjusted by children's and family's demographic and socioeconomic variables. Interactions between WIC participation and survey year were tested. Results: WIC + SNAP participating households had higher crude food insecurity prevalence across time compared to WIC only and WIC-eligible non-participant households. In fully adjusted models: (1) food insecurity was higher between 2009 and 2017, compared to 2005, for all groups; (2) WIC participating households had higher odds of food insecurity than WIC-eligible non-participants (OR = 1.23, 95%CI = 1.10–1.38); (3) when WIC participants were split into WIC only and WIC + SNAP, WIC + SNAP households had higher odds of food insecurity than WIC-eligible non-participants (OR = 1.45, 95%CI = 1.27–1.66); and (4) the association between food insecurity and WIC participation did not change across time (interaction p-value > 0.10). Conclusions: Food insecurity increased post-Great Recession among low-income households with children in California, with those participating in WIC, particularly in WIC + SNAP, at higher risk. WIC should consider additional referrals for households who participate in WIC + SNAP. Significance: What is already known on this subject? Food insecurity prevalence spiked during the Great Recession for all U.S. households, including those participating in WIC and SNAP. In 2009, SNAP benefits were expanded, and the WIC food package change was updated. What this study adds? Focusing on households with children who participated in WIC in California, this study found that food insecurity trends between 2005 and 2017 were not significantly different between WIC-eligible non-participant households and households who participated in WIC alone. On the other hand, households participating in WIC + SNAP had higher odds of food insecurity across time, when compared to WIC-eligible non-participant households. [ABSTRACT FROM AUTHOR]

This article discusses the impact of the Great Recession on university drop-out rates in Italy and its effects on social inequality. The authors argue that the economic downturn may have made it more difficult for individuals from lower social backgrounds to pursue higher education, which in turn affects their future occupational status. The study finds that the recession increased the drop-out rate for all fields of study, with a slightly lower increase for single-cycle degrees. Remunerative fields were not able to protect students from the increased drop-out risk. The analysis also reveals a social gradient, with students from less advantaged backgrounds experiencing a stronger increase in drop-out rates. The authors suggest that changes in resource allocation patterns during the recession may have contributed to the challenges faced by students from disadvantaged backgrounds. [Extracted from the article]

Does employment protection affect sectoral productivity growth differently during crises and recovery periods? This paper sheds light into this question by investigating the relationship between employment protection legislation (EPL hereafter) and sectoral labour productivity growth in the EU in the context of the Great Recession. We consider the crisis and recovery periods, evaluate the relevance of both levels and changes in EPL for productivity growth, and explore the conditioning role played by sectoral differences in terms of cumulativeness of knowledge as well as the skills of the labour force, captured by different levels of education. We find that stricter labour protection reduces labour productivity growth in sectors with a large share of workers with tertiary education, whereas this effect is negligible or positive in sectors where workers with secondary or only primary education are more prevalent (such as agriculture, mining and quarrying). We attribute this to a more intensive labour hoarding in the former, as EPL strengthens labour hoarding in sectors that rely on firm-specific knowledge accumulation and skilled human capital that are difficult to substitute with physical capital. Whereas it is simple to dismiss (and to find later) unskilled employees. They not only can be substituted more easily with capital, but also the costs of their firing are lower, they are overrepresented among workers holding temporary contracts, and they might be unequally informed and able to exercise their rights. This leads to low (if any) labour hoarding and little impact of EPL on labour productivity in such sectors. We also document that the negative effect is prominent only during the crisis, and an increase in the stringency of EPL over an extended period stimulates employers to substitute labour with investments in physical and knowledge capital. [ABSTRACT FROM AUTHOR]

In the present study, we investigate the convergence of research and development (R&D) expenditure, a relevant factor in competitiveness, across Spanish regions through a club convergence analysis for the period 2000 to 2017. The results show large regional disparities in R&D expenditure in Spain. We have identified four clusters, plus a divergent region: the Basque Country. The results are similar for the two perspectives considered: percentage of GDP and per capita. We discuss these results taking into account the effects of the Great Recession and compare the outcomes with those for a club convergence of regional GDP per capita. Finally, we carry out an ordered logit model to analyse the factors behind the clusters, with human capital and economic openness being significant. [ABSTRACT FROM AUTHOR]

In the wake of the Occupy movement, a group of dystopian films were released that, despite many differences, share a unique series of characteristics. In the Hunger Games trilogy, Elysium and Snowpiercer, class war emerges as the main theme. The 99% are physically shut out from the world of the 1% by impressive barriers which must be destroyed through bloody struggle. The paper uses a critical approach, mainly Jamesonian, to examine historical, political, psychological and interpretative issues in this constellation of occupy-era films, and how they testify to the huge impact on the American psyche of the 2007 financial crisis and ensuing long depression, and the feeling of frustration that fostered Occupy. Of particular interest is the way in which these critical dystopias deal with the ideologeme of "ressentiment" while depicting the breaching of the residences of the elite by the pleb. [ABSTRACT FROM AUTHOR]

We analyze, using the micro data of the Household Financial Survey (HFS) of the Bank of Spain, the consumption consequences of the household balance sheets and debt accumulation during the real estate bubble of 2002–2005, the Great Recession (2008–2011) and the subsequent economic recovery phase (2014–2017). Using quantile regression models, we find heterogeneity in household consumption behavior with respect to income and net worth levels, and in response to changes in household net worth in the last two periods. During the considered real estate bubble period, this heterogeneity in behavior is diminished, and only occurs in relation to the level of net wealth, in line with Hyman Minsky's Paradox of Tranquility. These findings favor the post-Keynesian theory on consumption. The greater inequality leads to a higher propensity of certain households to consume in response to changes in housing and financial net worth. This is compatible with the relative income hypothesis extended in expenditure cascades models. Otherwise, households will be willing to take on more risk during economic boom periods associated with a real estate bubble, which translates into debt-financed consumption that virtually makes such heterogeneity practically disappear. [ABSTRACT FROM AUTHOR]

Summary: We extend a widely used semi‐structural model to identify and estimate dynamic consumption elasticities with respect to transitory income shocks. Applying our model to household survey data, we find a structural break in marginal propensities to consume following the end of the housing market boom, with the average across households increasing significantly. There is important heterogeneity by different household balance sheet characteristics, and the increase in the average appears to be driven by higher short‐run consumption elasticities for homeowners with low liquid wealth. The change in consumption behavior is consistent with tighter borrowing constraints more than a shift in wealth distributions. [ABSTRACT FROM AUTHOR]

This study examined the association of multiple mental health measures with involuntary delayed retirement (IDR) in working older adults (≥ 65 years) in the USA. Data were derived from the Health and Retirement Study, focusing on two combined waves of working older adults in 2010 and 2012. IDR was measured as the desire to stop working but the inability to do so due to financial constraints. In addition, mental health outcomes included depression, anxiety, anger-in, and anger-out. Using Stata 16.0, primary analyses were conducted for descriptive statistics and multivariable logistic regression. The odds ratios were reported with 95% confidence intervals (CIs). Older adults who reported IDR were more likely to have depression (OR = 3.20, CI = 1.03–9.88), anxiety (OR = 2.12, CI = 1.00–5.18), and anger-in (OR = 1.71, CI = 1.12–2.60) compared to those who did not report IDR. However, IDR was not significantly associated with anger-out in older adults who worked past the traditional retirement age. The findings suggest that IDR is likely to act as a stressor and affects the mental health of older adults aged 65 and more. Policymakers should pay more attention to helping older adults maintain positive mental health even if they are required to work past retirement age. [ABSTRACT FROM AUTHOR]

The Great Recession (2008-2013) worsened the labor market position of young Spaniards. despite governments launched labor market reforms in 2010 y 2012 to improve labor stability, permanent employment accounted for only 10 percent of total new contracts. This paper tries to disentangle which factors are hindering the promotion of open-ended contracts to stabilize Spanish young workers into permanent employment. These analysis use panel data from the MCVL (Muestra Continua de Vidas Laborales). The results indicate that, although having an open-ended contract increases the probability of being employed after two years, only 50 percent of these initial contracts survive. The structure of labor demand explains this instability.

ABSTRACTThe cultural and creative industries (CCIs) have variously been seen as a stimulus for urban and regional development. They were also one of the few sectors in the UK and European Union countries to weather the storm of the 2008 Great Recession. Starting from the curiosity aroused by these premises, and given the paucity of studies on Italian CCIs, we analyse the growth trend of the sector following the economic shock of the Great Recession to ascertain whether this trend also held for Italy. We use data from the Aida-Bureau van Dijk database on more than 181,000 enterprises for the period 2010–18. Information on the number of employees from the cultural and creative enterprises is collected for 18 NACE Rev. 2 sectors, with the aim of disentangling the contribution of each subsector to the growth of the industry. While information is available at the firm level, we use NUTS-3-level information. Using a system generalised method of moments (GMM-SYS) approach, and controlling for some socio-economic characteristics, we examine the determinants of the growth of CCIs in the post-shock period, ultimately contributing to the underexplored debate on the resilience of the sector in Italy and accounting for its macro-regional and peripherality effects.