The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of microeconomics. A good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan’s economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker’s Rule. Very simply, the banks, whose lending determined deposits after Roosevelt, and were a public service became private enterprises whose deposits determine lending. These underlay the great moderation preceding 2006, and the subsequent crash.

The Economic Institutions of Capitalism

Social scientists often estimate models from correlational data, where the independent variable has not been exogenously manipulated; they also make implicit or explicit causal claims based on these models. When can these claims be made? We answer this question by first discussing design and estimation conditions under which model estimates can be interpreted, using the randomized experiment as the gold standard. We show how endogeneity – which includes omitted variables, omitted selection, simultaneity, common-method variance, and measurement error – renders estimates causally uninterpretable. Second, we present methods that allow researchers to test causal claims in situations where randomization is not possible or when causal interpretation could be confounded; these methods include fixed-effects panel, sample selection, instrumental variable, regression discontinuity, and difference-in-differences models. Third, we take stock of the methodological rigor with which causal claims are being made in a social sciences discipline by reviewing a representative sample of 110 articles on leadership published in the previous 10 years in top-tier journals. Our key finding is that researchers fail to address at least 66% and up to 90% of design and estimation conditions that make causal claims invalid. We conclude by offering 10 suggestions on how to improve non-experimental research.

On making causal claims : A review and recommendations

Enclosed is a copy of the Board of Governors’ Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981. The Semiannual Agenda provides you with information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months, and is divided into three parts: (1) regulatory matters that the Board had considered during the previous six months on which final action has been taken; (2) regulatory matters that have been proposed for public comment and that require further Board consideration; and (3) regulatory matters that the Board may consider over the next six months.

Federal Reserve Bank of New Yorkの制定せる財務諸表様式について

This book opens a fresh chapter in the debate on local enterprise clusters and their strategies for upgrading in the global economy. The authors employ a novel conceptual framework in their research on industrial clusters in Europe, Latin America and Asia and provide new perspectives and insights for researchers and policymakers alike.

Governance in global value chains

From the Publisher:
"That The Global Information Technology Report 2001-2002 received such a notable positive response from a broad range of stakeholders underscores the growing relevance of information technology (IT) in national economies and the continuing need for an assessment of the readiness of countries to participate in the Networked World. Recognizing the relevance of an the rapid changes in information technology, this report is an update to the 2001-2002 Report, which is the first and most comprehensive international assessment of the readiness of countries to capture the benefits of participating in the Networked World. With regional analyses and specific country case studies, essays on a variety of IT-related subjects, detailed country profiles, and country rankings comparing the global IT experience of different nations, this report remains the most authoritative documentation to date of how Its are being used around the world."

/pdf/the-global-information-technology-report-4h31db0elq.pdf

The Global Information Technology Report

Does innovativeness reduce startup survival rates

https://www.econstor.eu/bitstream/10419/63794/1/382867068.pdf

Diffusion of Digital Mobile Telephony : Are Developing Countries Different?

Available statistics tell us little about the economic consequences of increasing global dispersion of production processes. In order to shed light on the issue, we perform grass roots detective work to uncover the geography of value added in the case of a Nokia N95 smartphone circa 2007. The phone was assembled in Finland and China. In the case when the device was assembled and sold in Europe, the value-added share of Europe (EU-27) rose to 68%. Even in the case when it was assembled in China and sold in the United States, Europe captured as much as 51% of the value added, despite of the fact that it had little role in supplying the physical components. Our analysis illustrates that international trade statistics can be misleading; the capture of value added is largely detached from the physical goods flows. It is rather services and other intangible aspects of the supply chain that dominate. While final assembly commanding 2% of the value added in our case has increasingly moved offshore, the developed countries continue to capture most of the value added gener-ated by global supply chains.

Who Captures Value in Global Supply Chains? Case Nokia N95 Smartphone

An employer-employee panel is used to study whether the movement of workers across firms is a channel of unintended diffusion of R&D-generated knowledge. Somewhat surprisingly, hiring workers from others' R&D labs to one's own does not seem to be a significant spillover channel. Hiring workers previously in R&D to one's non-R&D activities, however, boosts both productivity and profitability. This is interpreted as evidence that these workers transmit knowledge that can be readily copied and implemented without much additional R&D effort.

/pdf/is-inter-firm-labor-mobility-a-channel-of-knowledge-4391fc1uj3.pdf

Petri Rouvinen

Papers

Does innovativeness reduce startup survival rates

Diffusion of Digital Mobile Telephony : Are Developing Countries Different?

Who Captures Value in Global Supply Chains? Case Nokia N95 Smartphone

Is inter-firm labor mobility a channel of knowledge spillovers? Evidence from a linked employer–employee panel

ICT clusters in Europe The great central banana and the small Nordic potato