CEPR - Centre for Economic Policy Research

❓The question of why #productivity growth slowed from the early- to mid-2000s continues to interest policymakers, but researchers have paid less attention to the role of human capital accumulation. ⭐This column suggests that one-sixth of the productivity slowdown in OECD countries can be accounted for by slowing human capital accumulation, and that the use of digital devices in school is a major factor in children’s worsening test scores. 👉#Education policy reforms to reverse the trend will play out over long time horizons, but structural reforms to enhance labour market reallocation and adaptability could boost productivity in the shorter term. Vox column by: Dan Andrews, Balázs Égert, Christine de La Maisonneuve (OECD - OCDE) Read more here: https://ow.ly/uZz150Ukzbz

📢Call for Papers! CEPR, The Econometric Society and the Barcelona School of Economics, with generous support from the European Research Council (ERC), now invite papers for the 2025 Econometric Society Interdisciplinary Frontiers and CEPR - Economics+Climate Science conference. 📍The conference will be hosted by the Barcelona School of Economics on March 27-28. The main goal of the conference is to bring together climate researchers and economists to advance common understanding of major research and policy gaps in mitigation actions. 📅Deadline to submit a paper: 7 January More details and submit here: https://ow.ly/v7hO50UltOF #CallForPapers #Conference #Economics #ClimateChange

⛈️As climate-related disasters become increasingly frequent and destructive, one might expect experience of these events to bring consensus on the urgency of addressing climate change. 🎙️Yet, the deep ideological divide on this issue in the #US and beyond – combined with highly polarised #media coverage – may hinder this process. ⭐Combining data on the timing and location of US-based natural disasters with large-scale electoral surveys, this column shows that experiencing disasters actually deepens partisan divisions in #climate change attitudes, with significant implications for the public debate and policymaking. Vox column by: Milena Djourelova (Cornell University), Ruben Durante (National University of Singapore, Universitat Pompeu Fabra - Barcelona), Elliot Motte (Universitat Pompeu Fabra - Barcelona), Eleonora Patacchini (Università Bocconi, Cornell University) Read more here: https://ow.ly/QHgB50Ukz5E

We look forward to seeing many of our researchers in a week's time for the 3rd #CEPRParisSymposium, which will bring together over 150 leading voices in global and European #economics to discuss the most pressing challenges facing the global economy. Over six days (12-18 December 2024), participants will discuss critical topics across multiple streams, and hear about a great variety of themes from international #macroeconomics and #trade to #climate #finance, #inequality, and #transformativeAI. The symposium will feature high-profile keynote speakers, including Stuart Russell (University of California, Berkeley ), Philippe Aghion (Collège de France , INSEAD and The London School of Economics and Political Science (LSE)), Marc Melitz (Harvard University), David Dorn (University of Zurich) , Agnès Bénassy-Quéré (Banque de France), Maurice Obstfeld (Peterson Institute for International Economics) and Isabel Schnabel (European Central Bank). After the event, we will publish video recordings of panels and keynotes as well as podcasts featuring in-depth conversations with our speakers. The topics discussed during the panels include: #climate and #nature #finance, #Europe ’s reform needs, high public debt in emerging and advanced economies, #longevity and #pensions and #geopolitics. And stay tuned! During the event, we will share highlights and key insights right here on LinkedIn. We extend our heartfelt thanks to our partners and hosts: Collège de France , Banque de France and Sciences Po.

💸Bank runs are notoriously difficult to measure systematically. Two novel, cross-country databases on bank run events in 184 countries over 1800-2023 provide some insight. ⭐They show that the costs of systemic bank runs are substantial – real GDP is on average 9% below its pre-run trend. 👉These output losses are observed both in cases where runs are triggered by fundamental factors, such as a monetary policy shock, and non-fundamental factors. ⛔Policymakers can dampen the macroeconomic costs with liability guarantees and reduce the likelihood of runs becoming systemic with credible deposit insurance and a lender of last resort. Vox column by: Rustam Jamilov (University of Oxford), Tobias König (Rheinische Friedrich-Wilhelms-Universität Bonn), Karsten Müller (NUS Business School), Farzad Saidi (Rheinische Friedrich-Wilhelms-Universität Bonn) Read more here: https://ow.ly/3Mpz50UjJ0P

🔄The shift from fossil fuels to renewable technologies may render the global economy less oil-intensive and more metals-intensive. ⭐This column examines how metals supply shocks propagate through production networks and impact #inflation. 👉It finds that copper supply shocks have significant and persistent effects on both headline and core inflation. ⚠️In comparison, oil supply shocks mostly impact headline inflation immediately. 🏛️As the global economy becomes more metals-intensive, central banks need to be aware that the effect of metals price shocks on inflation could be less visible initially but more persistent. Vox column by: Jorge Miranda-Pinto (International Monetary Fund, The University of Queensland), Andrea Pescatori (International Monetary Fund), Martin Stuermer (International Monetary Fund), Xueliang Wang (UC Irvine) Read more here: https://ow.ly/Fa8k50UjI3W

☹️Negative economic shocks can cause waves of investor pessimism about the resilience of banks, which in turn generate additional adverse macroeconomic effects. ⭐This column introduces the notion of pessimism in a real business cycle model. 💰The possibility of waves of pessimism generates countercyclical demand from banks for liquid assets, such as bank reserves. 👉Applying the model to the macroeconomic effects of the government supplying liquid assets, the authors find that a policy of accommodating banks’ demand is effective in stabilising the economy and present empirical evidence supporting this finding. Vox column by: Davide Porcellacchia (European Central Bank), Kevin Sheedy (The London School of Economics and Political Science (LSE)) Read more here: https://ow.ly/w7OM50UiNvn

📢 #CallForPapers We invite you to submit a paper proposal for the CEPR Public #Economics Annual #Symposium 2025. The Symposium will take place on 5-6 June 2025, hosted by the Universität zu Köln. Paper proposals are invited in any area of public economics. Both theoretical and empirical work is welcome. The event provides an opportunity for researchers from different universities and countries to discuss their work in a relaxed and collegial atmosphere and to develop long-term collaborative relationships. Organisers: Florian Scheuer (University of Zurich), Sebastian Siegloch (Universität zu Köln), Johannes Spinnewijn (The London School of Economics and Political Science (LSE)) 🗓️Submission deadline: 31 January 2025 ✍️https://ow.ly/n8Ju50UjT2E

📆 9 December @ 17:00 CET - Media Plurality Webinar Series The CEPR Media Plurality Research and Policy Network (RPN) continues its webinar series with session 6. This upcoming session entitled "Media Consolidation" will explore consolidation of local TV stations in the #US, examining how ownership by major conglomerates affects advertising, local #news coverage, and even political knowledge. This webinar features: Arianna Ornaghi, Assistant Professor of Economics at the Hertie School, will present her research. Angelo Cardani, Senior Professor at the Department of Economics of Università Bocconi, will discuss the presentation and provide his insights into the topic of media consolidation. This event will be moderated by Julia Cagé (Sciences Po, CEPR Media Plurality RPN Leader) and is organised by Julia Cagé and Felipe Lauritzen (Sciences Po, CEPR & Media Plurality RPN) To learn more and to register: https://ow.ly/7YIn50UjSmx

🌎#Immigration is one of today’s most controversial policy issues. A recurrent concern is that immigrants are taking the jobs of native workers. ⭐This column examines the impact of the 1882 Chinese Exclusion Act, which effectively shut down Chinese immigration to the #US for more than 80 years, on economic #growth and #labour markets. 👉The authors find that the Act reduced the labour supply and the earnings growth of native-born workers, and slowed down manufacturing output and economic growth in the US West, with effects that persisted until at least 1940. Vox column by: Carlo Medici (Brown University), Nancy Qian (Northwestern University - Kellogg School of Management), Marco Tabellini (Harvard Business School) Read more here: https://ow.ly/jVnp50UiNpv