How to Solve the Price Puzzle? A Meta-Analysis

The short-run increase in prices following an unexpected tightening of monetary policy represents a frequently reported puzzle. Yet the puzzle is surprisingly easy to explain away when all published models are quantitatively reviewed. We collect about 1,000 point estimates of impulse responses from 70 articles using vector autoregressive models and present a simple method of research synthesis for graphical results. We find some evidence of publication selection against the price puzzle. Our results suggest that the reported impulse responses depend systematically on the study design: when misspecifications are filtered out, the average impulse response shows that prices decrease soon after a tightening. The long-run response of prices to monetary policy shocks depends on the characteristics of the economy.Meta-analysis, monetary policy transmission, price puzzle, publication selection bias.

How to Solve the Price Puzzle? A Meta-Analysis

The short-run increase in prices following an unexpected tightening of monetary policy represents a frequently reported puzzle. Yet the puzzle is easy to explain away when all published models are quantitatively reviewed. We collect and examine about 1,000 point estimates of impulse responses from 70 articles using vector autoregressive models to study monetary transmission in various countries. We find some evidence of publication selection against the price puzzle in the literature, but our results also suggest that the reported puzzle is mostly caused by model misspecifications. Finally, the long-run response of prices to monetary policy shocks depends on the characteristics of the economy.Monetary policy transmission; Price puzzle; Meta-analysis; Publication selection bias

Annulment proceedings and multilevel judicial conflict

This open access book provides an exhaustive picture of the role that annulment conflicts play in the EU multilevel system. Based on a rich dataset of annulment actions since the 1960s and a number of in-depth case studies, it explores the political dimension of annulment litigation, which has become an increasingly relevant judicial tool in the struggle over policy content and decision-making competences. The book covers the motivations of actors to turn policy conflicts into annulment actions, the emergence of multilevel actors’ litigant configurations, the impact of actors’ constellations on success in court, as well as the impact of annulment actions on the multilevel policy conflicts they originate from

Which Foreigners Are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI

The principal argument for subsidizing foreign investment is the assumed spillover of technology to local firms. Yet researchers report mixed results on spillovers. To examine the phenomenon in a systematic way, we collected 3,626 estimates from 57 empirical studies on between-sector spillovers and reviewed the literature quantitatively. Our results indicate that model misspecifications reduce the reported estimates, but that journals select relatively large estimates for publication. The underlying spillover to suppliers is positive and economically significant, whereas the spillover to buyers is insignificant. Greater spillovers are received by countries that have underdeveloped financial systems and that are open to international trade. Greater spillovers are generated by investors that come from distant countries and that have only slight technological advantages over local firms.Foreign direct investment, meta-analysis, productivity, publication selection bias, spillovers.

Factors Associated with Patient Satisfaction of Community Mental Health Services: A Multilevel Approach

Community care is increasingly the mainstay of mental healthcare provision in many countries and patient satisfaction is an important barometer of quality of patient care. This paper explores the key factors associated with patient satisfaction with community mental health services in England and then compares providers’ performance on patient satisfaction. Our analysis is based on patient-level responses from the community mental health survey, which is run annually by the Care Quality Commission (CQC) for the years 2010 to 2013. We perform a repeated cross-section analysis, identifying factors associated with patient satisfaction via a multi-level ordered probit model, including both patient- and provider-level variables. We identify hospital-specific effects via empirical Bayes estimation. Our analysis identifies a number of novel results. First, patient characteristics such as older age, being employed, and being able to work, are associated with higher satisfaction, while being female is associated with lower satisfaction. Service contact length, time since last visit, condition severity and admission to a mental health institution, are all associated with lower satisfaction. Second, treatment type affects satisfaction, with patients receiving talking therapies or being prescribed medications being more satisfied. Third, care continuity and involvement, as proxied by having a care plan, is associated with higher satisfaction. Fourth, seeing a health professional closer to the community improves satisfaction, with patients seeing a community-psychiatric nurse, a social worker or a mental-health support worker being more satisfied. Finally, our study identifies the need for service integration, with patients experiencing financial, accommodation, or physical health needs being less satisfied. At a provider level, we find a negative association between the percentage of occupied beds and satisfaction. We further identify significant provider-specific effects after accounting for observable differences in patient and provider characteristics which suggests significant differences in provider quality of care

Which Foreigners Are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI

The principal argument for subsidizing foreign investment is the assumed spillover of technology to local firms. Yet researchers report mixed results on spillovers. To examine the phenomenon in a systematic way, we collected 3,626 estimates from 57 empirical studies on between-sector spillovers and reviewed the literature quantitatively. Our results indicate that model misspecifications reduce the reported estimates, but that journals select rela¬tively large estimates for publication. The underlying spillover to suppliers is positive and economically significant, whereas the spillover to buyers is insignificant. Greater spillovers are generated by investors that come from distant countries and that have only slight tech¬nological advantages over local firms. In addition, greater spillovers are received by countries that have underdeveloped financial systems and that are open to international trade.Foreign direct investment; Productivity; Spillovers; Meta-analysis; Publication selection bias

Barriers of Financial Inclusion in Sub-Saharan Africa

This paper examines barriers to financial inclusion across sub-Sahara Africa (SSA) using the 2014 Global Findex dataset from the demand-side perspective. A two-level model is estimated with individual households nested in the country level variables. Lower levels of income are associated with lower levels of access to formal account. Similarly, literacy rates have significant effect on the level of account ownership.  Estimation results also reveals that as individuals grow old, they tend to switch from one form of account to the other.  Owning a debit card is more likely to increase account ownership.  Another important barrier to account ownership is proximity to the nearest financial services. These barriers have the potential to cause market failure and therefore the right policy interventions are required to stabilize the market. Keywords: Financial Inclusion, Multilevel Analysis, sub-Saharan Afric

Which Foreigners are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI

The principal argument for subsidizing foreign investment, especially in developing and transition economies, is the assumed spillover of technology to local firms. Yet researchers report mixed results on spillovers. To examine the phenomenon in a systematic way, we collected 3,626 estimates from 57 empirical studies on between-sector spillovers and reviewed the literature quantitatively. Our results indicate that model misspecifications reduce the reported estimates, but that journals select relatively large estimates for publication. The underlying spillover to suppliers is positive and economically significant, whereas the spillover to buyers is insignificant. Greater spillovers are generated by investors that come from distant countries and that have only slight technological advantages over local firms. In addition, greater spillovers are received by countries that have underdeveloped financial systems and that are open to international trade.Foreign direct investment; Productivity; Spillovers; Meta-analysis; Publication selection bias