Regional and Sectoral Evidence of the Macroeconomic Effects of Labor Reallocation: A Panel Data Analysis

This paper re-examines Lilien’s sectoral shifts hypothesis for U.S. unemployment. We employ a monthly panel that spans from 1990:01 to 2011:12 for 48 U.S. states. Panel unit root tests that allow for crosssectional dependence reveal the stationarity of unemployment. Within a framework that takes into account dynamics, parameter heterogeneity and cross-sectional dependence in the panel, we show that sectoral reallocation is significant not only at the aggregate level but also at the state level. The magnitude and the statistical significance of the latter as measured by Lilien’s index increases when both heterogeneity and cross-sectional dependence are taken into account

Theorizing the process of financialization through the paradox of profit: the credit-debt reproduction mechanism

Financialization occurs where, over time, capitalist economies undergo a transformation, with profit-making via investment in production declining, to be replaced by profit-making via investment in financial markets. In the present research, we offer a novel theoretical explanation for this process, that we call the credit-debt reproduction mechanism. We derive this inductively, starting with Marx’s analysis of the paradox of monetary profit and its practical manifestation in the capitalist economy, the shortage of money in circulation. This shortage results in capital becoming increasingly expensive, making long-term investment decisions less certain, less profitable and less justifiable. Investment in financial markets grows, but this leads to an ever-expanding cycle of credit and debt, which puts capitalist economies on a one-way road from productive investments to predominantly unproductive investments. We include in this analysis important reflections on the distinction between “financialization” and “financial development.” We also revive and revisit the notion of the shortage of money as a key driver in this process. Another contribution made in this research is to draw a distinction between practical and theoretical solutions to the paradox of monetary profit. Crucially, our research confirms the absence of a theoretical solution to the paradox, there existing only practical solutions

On the significance of labor reallocation for European unemployment: evidence from a panel of 15 countries

We explore the macroeconomic effects of sectoral shifts for a set of 15 European countries. An extensive panel is constructed that allows us to assess the effect of labor reallocation in the European context. Indexes of labor market turbulence based on alternative sectoral disaggregation are constructed. The effect of labor reallocation on unemployment is found to be positive and significant in all different specifications. This remains robust when we consider measures of volatility in the model

Gravity duals for the Coulomb branch of marginally deformed N=4 Yang-Mills

Supergravity backgrounds dual to a class of exactly marginal deformations of N supersymmetric Yang-Mills can be constructed through an SL(2,R) sequence of T-dualities and coordinate shifts. We apply this transformation to multicenter solutions and derive supergravity backgrounds describing the Coulomb branch of N=1 theories at strong 't Hooft coupling as marginal deformations of N=4 Yang-Mills. For concreteness we concentrate to cases with an SO(4)xSO(2) symmetry preserved by continuous distributions of D3-branes on a disc and on a three-dimensional spherical shell. We compute the expectation value of the Wilson loop operator and confirm the Coulombic behaviour of the heavy quark-antiquark potential in the conformal case. When the vev is turned on we find situations where a complete screening of the potential arises, as well as a confining regime where a linear or a logarithmic potential prevails depending on the ratio of the quark-antiquark separation to the typical vev scale. The spectra of massless excitations on these backgrounds are analyzed by turning the associated differential equations into Schrodinger problems. We find explicit solutions taking into account the entire tower of states related to the reduction of type-IIB supergravity to five dimensions, and hence we go beyond the s-wave approximation that has been considered before for the undeformed case. Arbitrary values of the deformation parameter give rise to the Heun differential equation and the related Inozemtsev integrable system, via a non-standard trigonometric limit as we explicitly demonstrate.Comment: 43 pages, Latex, 2 figures. v2: References added. v3: small typos corrected, published versio

Unemployment by Gender: Evidence from EU Countries

This paper applies panel unit-root tests that allow for structural breaks and cross-sectional dependence to examine the validity of hysteresis in gender unemployment rates and gender unemployment gap for a panel of 15 European countries. Addressing breaks, there is evidence to reject the null hypothesis of hysteresis for the unemployment rates and unemployment gap series. Allowing for both cross-sectional dependence and heterogeneous structural breaks this result is reverted and we fail to reject the null hypothesis of unit root

Unemployment in Greece: Evidence from Greek regions using panel unit root tests

The purpose of the paper is to examine the nature of Greek regional unemployment. The paper contributes to the literature assessing the stochastic properties of Greek unemployment rate in the context of the Greek regions by relying on various univariate and panel unit root tests. In particular, recently developed and more powerful panel unit-root tests that control for structural breaks, heterogeneity and cross-sectional dependence in the panel are employed. The results show that in all cases, after taking into account the fact that regional unemployment rates in Greece are subject to a structural break, the null hypothesis of a unit root is not rejected, indicating that the Greek regional unemployment series are non-stationary with the presence of a structural break

Carbon Nanotubes Encapsulating Superconducting Single-Crystalline Tin Nanowires. Nano Lett

ABSTRACT Superconducting low dimensional systems are the natural choice for fast and sensitive infrared detection, because of their quantum nature and the low-noise, cryogenic operation environment. On the other hand, monochromatic and coherent electron beams, emitted from superconductors and carbon-based nanostructured materials, respectively, are significant for the development of electron optical systems such as electron microscopes and electron-beam nanofabrication systems. Here we describe for the first time a simple method which yields carbon nanotubes encapsulating single crystalline superconducting tin nanowires by employing the catalytic chemical vapor deposition method over solid tin dioxide. The superconducting tin nanowires, with diameters 15−35 nm, are covered with well-graphitized carbon walls and show, due to their reduced diameters, a critical magnetic field (H c ) more than 30 times higher than the value of bulk metallic tin. The hot-electron phenomena in low-dimensional superconducting systems are of fundamental importance for high energy resolution bolometers. 1 Photon absorption in a superconducting detector creates an avalanche electron charge, 2 or 3 orders of magnitude higher than that in a semiconductor for the same photon energy. This results in an enhanced resolution in energy-resolving devices, such as superconducting tunnel junctions, 2 and extends the range of detectable energies

Culture and labour productivity: an empirical investigation

Culture is considered as one of the most powerful forces that shape human behaviour and thereby economic activity. This paper investigates the effects of culture on labour productivity and examines the cultural traits driving this relationship. Using panel data analysis, empirical evidence is provided covering a sample of 34 OECD countries over a wide period of three decades. Our empirical results suggest a significant positive relationship between the cultural background and labour productivity. The main channels of this positive impact are control and work ethic environment, while obedience has a negative impact on productivity. These findings are robust to a series of robustness checks, including alternative cultural measures, additional control variables, various country samples, and alternative specifications