Has EMU had any Impact on the Degree of Wage Restraint?

We find in cross-sectional investigations that wage restraint is either unchanged or increased following EMU in the vast majority of countries. This contradicts the predictions of a widely-cited family of models of labor market bargaining. In those, Germany would have been expected to display the greatest decline in wage restraint post-EMU, and we find no indication of such a decline. The time-series evidence on Italy shows a significant increase in wage restraint after eurozone entry. This pattern is consistent with the models that emphasise the gains from monetary credibility. The eurozone increase in wage restraint is matched by the increase seen in the UK and Sweden after adopting inflation targeting, another means to credibility.EMU, wage bargaining, monetary credibility, productivity

Has EMU Had Any Impact on the Degree of Wage Restraint?

This working paper investigates the European Monetary Unification’s (EMU) effect on wage restraint—the degree to which wage increases do or do not exceed productivity growth. We find in cross-sectional investigations that wage restraint either is unchanged or has increased following EMU in the vast majority of countries. This finding contradicts the predictions of a widely cited family of models of coordination of labor market bargaining. In particular, one would have expected Germany to display the greatest decline in wage restraint post-EMU under these models, but in our time-series analysis we find no indication of such a decline. The overall shift toward greater wage restraint is consistent with the models that emphasize the gains from monetary credibility. The time-series evidence on Italy, which shows a significant increase in wage restraint after eurozone entry, also supports this view. That said, the increase in wage restraint in the eurozone is matched by that associated with the increase in credibility seen in the United Kingdom and Sweden after their adoption of inflation targeting post-1992.EMU, wage bargaining, monetary credibility, productivity

Myopia of Selection: Does Organizational Adaptation Limit the Efficacy of Population Selection?

This paper develops and tests a model of the effectiveness of selection processes in eliminating less fit organizations from a population when organizations are undergoing adaptive change. Stable organizational traits, such as a search strategy or routine, do not imply that an organization\u27s performance will remain stable over time or that cross-sectional differences in performance will persist. These properties create the possibility that population-level selection processes will be inefficient in that organizations with potentially superior long-run performance will be selected out. We theorize that organizational-level adaptation often results in fluctuations in current performance across time. These fluctuations may attenuate the degree to which current performance differences among organizations are indicative of future performance. As a consequence, search strategies that generate systematically different performance trajectories, even if they share a common long-run outcome, will generate differing survival rates. These ideas are explored using a formal simulation model employing the framework of NK performance landscapes. Our central finding is that selection may be systematically prone to errors and that these selection errors are endogenous to, and differ markedly across, firms\u27 search strategies

Has EMU had any impact on the degree of wage restraint?

We find in cross-sectional investigations that wage restraint is either unchanged or increased following EMU in the vast majority of countries. This contradicts the predictions of a widelycited family of models of labor market bargaining. In those, Germany would have been expected to display the greatest decline in wage restraint post-EMU, and we find no indication of such a decline. The time-series evidence on Italy shows a significant increase in wage restraint after eurozone entry. This pattern is consistent with the models that emphasise the gains from monetary credibility. The eurozone increase in wage restraint is matched by the increase seen in the UK and Sweden after adopting inflation targeting, another means to credibility

Life cycle assessment of emerging technologies: Evaluation techniques at different stages of market and technical maturity

Life cycle assessment (LCA) analysts are increasingly being asked to conduct life cycleâ based systems level analysis at the earliest stages of technology development. While early assessments provide the greatest opportunity to influence design and ultimately environmental performance, it is the stage with the least available data, greatest uncertainty, and a paucity of analytic tools for addressing these challenges. While the fundamental approach to conducting an LCA of emerging technologies is akin to that of LCA of existing technologies, emerging technologies pose additional challenges. In this paper, we present a broad set of market and technology characteristics that typically influence an LCA of emerging technologies and identify questions that researchers must address to account for the most important aspects of the systems they are studying. The paper presents: (a) guidance to identify the specific technology characteristics and dynamic market context that are most relevant and unique to a particular study, (b) an overview of the challenges faced by early stage assessments that are unique because of these conditions, (c) questions that researchers should ask themselves for such a study to be conducted, and (d) illustrative examples from the transportation sector to demonstrate the factors to consider when conducting LCAs of emerging technologies. The paper is intended to be used as an organizing platform to synthesize existing methods, procedures and insights and guide researchers, analysts and technology developer to better recognize key study design elements and to manage expectations of study outcomes.Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/154465/1/jiec12954-sup-0001-SuppMat.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/154465/2/jiec12954.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/154465/3/jiec12954_am.pd

Estimating the environmental impacts of global lithium-ion battery supply chain: A temporal, geographical, and technological perspective

A sustainable low-carbon transition via electric vehicles will require a comprehensive understanding of lithium-ion batteries’ global supply chain environmental impacts. Here, we analyze the cradle-to-gate energy use and greenhouse gas emissions of current and future nickel-manganese-cobalt and lithium-iron-phosphate battery technologies. We consider existing battery supply chains and future electricity grid decarbonization prospects for countries involved in material mining and battery production. Currently, around two-thirds of the total global emissions associated with battery production are highly concentrated in three countries as follows: China (45%), Indonesia (13%), and Australia (9%). On a unit basis, projected electricity grid decarbonization could reduce emissions of future battery production by up to 38% by 2050. An aggressive electric vehicle uptake scenario could result in cumulative emissions of 8.1 GtCO2eq by 2050 due to the manufacturing of nickel-based chemistries. However, a switch to lithium iron phosphate-based chemistry could enable emission savings of about 1.5 GtCO2eq. Secondary materials, via recycling, can help reduce primary supply requirements and alleviate the environmental burdens associated with the extraction and processing of materials from primary sources, where direct recycling offers the lowest impacts, followed by hydrometallurgical and pyrometallurgical, reducing greenhouse gas emissions by 61, 51, and 17%, respectively. This study can inform global and regional clean energy strategies to boost technology innovations, decarbonize the electricity grid, and optimize the global supply chain toward a net-zero future

How do we decarbonize one billion vehicles by 2050? Insights from a comparative life cycle assessment of electrifying light-duty vehicle fleets in the United States, China, and the United Kingdom

Electrifying light-duty vehicle fleets is essential to decarbonize road transport, however its efficacy relies on policies targeting country-specific challenges and opportunities. We model and compare fleet-level life cycle GHG emissions for different grid scenarios and battery electric vehicle deployment timelines respectively in the US, China, and the UK from 2020 to 2050, cumulatively involving over one billion vehicles. A customized index decomposition analysis is employed to quantify the contributions of key emissions drivers. Results reveal that electrification can be effective for decarbonizing all three fleets, reducing over 50% of annual life cycle emissions by 2050. Priorities and challenges, however, differ across countries: The US fleet, which emits the highest GHGs, generally comprises older, heavier, and less fuel-efficient vehicles, would benefit the most from electrification and fleet modernization. Grid decarbonization and managing car ownership growth are critical for China, as its rapidly growing fleet and manufacturing rely on currently carbon-intensive electricity. The UK needs to expand its electricity generation capacity while electrifying its fleet. We also underscore the need for a comprehensive strategy, including electrification, low GHG intensity fuels, and moderating vehicle ownerships. This study highlights the importance of cross-country life cycle thinking to inform effective decarbonization policy decisions