which fiscal multipliers are regime dependent a meta regression analysis we analyse whether estimated multiplier effects are systematically higher if the economy suffers a downturn for that purpose we conduct a meta regression analysis on a unique data set of 98 empirical studies with more than 1800 observations on multiplier effects and control for regime dependence of the multiplier we find that spending multipliers are much higher by about 0 7 0 9 units during a downturn tax multipliers are not sensitive to the economic regime and generally lower than spending multipliers finally for all spending categories other than government consumption the multiplier significantly exceeds one during downturns

immigration and employer transitions for stem workers immigrants play a significant role in many aspects of the us economy but their impact in occupations related to science technology engineering and mathematics stem is especially pronounced immigrants account for about a quarter of all stem workers with college degrees or higher in the 2000 census and about half of those with doctorates much of the recent growth in us employment in stem occupations is linked to immigrants given the importance of innovation for economic growth the economic consequences of immigrants in stem occupations have been closely examined in recent research of particular importance has been the impact of stem immigrants on the employment opportunities and wages of native workers how immigrants impact the aggregate innovation rate of the us economy and similar research questions studies in this literature have often employed quite different techniques datasets and time periods perhaps as a consequence the literature has also found mixed results on several dimensions 1 most notably the extent to which immigrants displace natives from stem occupations remains hotly debated

partnerships in creating agile sustainable development communities abstract the key to clean renewable and healthy futures for society s can be seen in the need to consider how all infrastructure areas such as water waste and transportation energy are treated and to focus attention on the emerging commercial technologies such as hydrogen fuel cell vehicles that will be available regionally and then globally within the next five to ten years planning and investing now for that future will prove to be prudent and cost effective public private partnerships known as civic markets can create and provide funds such as public bonds along with private sector innovation and markets on the regional state and national levels similar bond funds have been passed by the electorate in california most recently for stem cell research usa 3 billion public support to promote funding for sustainable communities has also been demonstrated with bond funds for water forests and land preservation agile energy systems are flexible and adapt to change effectively and efficiently for economic environmental and social benefits the triple bottom line however there needs to be collaboration between the pubic and private sectors in creating them such civic markets can from new associations of communities cities and nation states that might be useful to plan public policies and create the government market in terms of procurement and coordination of public resources for renewable energy on site and central grid power generation one suggestion is to form an association of agile energy cities or communities

micro data heterogeneity and the evaluation of public policy nobel lecture this paper summarizes the contributions of microeconometrics to economic knowledge four main themes are developed 1 microeconometricians developed new tools to respond to econometric problems raised by the analysis of the new sources of micro data produced after the second world war 2 microeconometrics improved on aggregate time series methods by building models that linked economic models for individuals to data on individual behavior 3 an important empirical regularity detected by the field is the diversity and heterogeneity of behavior this heterogeneity has profound consequences for economic theory and for econometric practice 4 microeconometrics has contributed substantially to the scientific evaluation of public policy

income generating effects of biofuel policies a meta analysis of the cge literature abstract while the production of biofuels has expanded in recent years findings in the literature on its impact on economic growth and development remain contradictory this paper presents a meta analysis of computable general equilibrium cge studies published between 2006 and 2017 on the effect of biofuel production on economic development worldwide using 30 cge studies we found that biofuel supportive policies generated significant impacts on gdp and household incomes cge studies included in our database reported an average 0 25 percentage point increase in gdp and a 0 49 percentage point increase in household incomes we also found that results were driven by several key features of the cge studies included in our database we investigated features such as biofuel type geographic area and characteristics of the cge models employed we found that biofuel expansion has heterogeneous effects in developed versus emerging countries simulations on longer time periods and in multi country studies led to results that indicate higher impacts of biofuel expansion on gdp growth and household incomes moreover simulations with an increase in agricultural productivity indicate positive welfare impact gains unlike simulations with land expansion lastly we found that biodiesel development leads to higher welfare impact gains than that of bioethanol

the financial development and growth nexus a meta analysis this is the accepted manuscript the final version is available from wiley at http onlinelibrary wiley com doi 10 1111 joes 12086 abstract

the use and abuse of meta analysis in environmental and natural resource economics an assessment motivated by the 2006 report of a work group appointed by the environmental protection agency epa this paper examines the present state of meta analysis in environmental economics and offers recommendations for its future use to this end we summarize and assess 140 meta analyses from 125 published and unpublished studies covering 17 topical categories in environmental and resource economics first we provide several generic meta analysis models as reference points and discuss major estimation issues five econometric issues are identified as part of a complete analysis 1 sample selection criteria 2 basic data summary 3 primary data heterogeneity 4 heteroskedasticity and 5 non independence of multiple observations from primary studies second a tabular summary is presented for the 140 meta analyses with respect to estimation methods third a narrative summary is presented for 19 meta analyses including the three value of statistical life studies examined by the epa work group and one analysis from each of 16 other categories fourth we offer a set of best practice guidelines for future meta analyses in this and other areas of economics last the paper comments on the use of meta analytic methods for benefit transfers of environmental values

immigration and prices this paper examines the behavior of prices following the unexpected arrival of a large number of immigrants from the former soviet union fsu to israel during 1990 i use store level price data on 915 consumer price index products to show that the increase in aggregate demand prompted by the arrival of the fsu immigration significantly reduced prices during 1990 when one controls for native population size and city and month effects a one percentage point increase in the ratio of immigrants to natives in a city decreases prices by 0 5 percentage point on average it is argued that this negative immigration effect is consistent with fsu immigrants the new consumers having higher price elasticities and lower search costs than the native population thus immigration can have a moderating effect on inflation through its direct effect on product markets and not only by increasing the supply of labor

are women really more risk averse than men a re analysis of the literature using expanded methods while a substantial literature in economics and finance has concluded that women are more risk averse than men this conclusion merits investigation after briefly clarifying the difference between making generalizations about groups on the one hand and making valid inferences from samples on the other this essay suggests improvements to how economists communicate our research results supplementing findings of statistical significance with quantitative measures of both substantive difference cohen s d a measure in common use in non economics literatures and of substantive overlap the index of similarity newly proposed here adds important nuance to the discussion of sex differences these measures are computed from the data on men women and risk used in 35 scholarly works from economics finance and decision science the results are considerably more mixed and overlapping than would commonly be inferred from the broad claims made in the literature with standardized differences in means mostly amounting to considerably less than one standard deviation and the degree of overlap between male and female distributions generally exceeding 80 in addition studies that look at contextual influences suggest that these contribute importantly to observations of differences both between and within the sexes

the impact of the 1962 repatriates from algeria on the french labor market this paper uses census data to examine the impact on the french labor market of the 900 000 people repatriated from algeria in 1962 repatriates settled in regions culturally and climatically simil

skilled immigration and the employment structures of u s firms we study the impact of skilled immigrants on the employment structures of us firms using matched employer employee data unlike most previous work we use the firm as the lens of analysis to account for greater heterogeneity and the fact that many skilled immigrant admissions are driven by firms themselves e g the h 1b visa ols and iv specifications show rising overall employment of skilled workers with increased skilled immigrant employment by the firm employment expansion is greater for young natives than for their older counterparts the departure rates for older workers relative to younger workers appear highest for those in stem occupations

from great depression to great credit crisis similarities differences and lessons the great depression of the 1930s and the great credit crisis of the 2000s had similar causes but elicited strikingly different policy responses while it remains too early to assess the effectiveness of current policy it is possible to analyse monetary and fiscal responses in the 1930s as a natural experiment or counterfactual capable of shedding light on the impact of current policies we employ vector autoregressions instrumental variables and qualitative evidence for 27 countries in the period 1925 39 the results suggest that monetary and fiscal stimulus was effective that where it did not make a difference it was not tried they shed light on the debate over fiscal multipliers in episodes of financial crisis they are consistent with multipliers at the higher end of those estimated in the recent literature and with the argument that the impact of fiscal stimulus will be greater when banking systems are dysfunctional and monetary policy is constrained by the zero bound miguel almunia agustin benetrix barry eichengreen kevin h o rourke and gisela rua

does economic globalisation affect income inequality a meta analysis a large volume of econometric literature has studied the impact of economic globalisation on income inequality around the world however reported econometric estimates vary substantially which makes it difficult to draw valid conclusions this paper presents a quantitative summary and analysis of existing estimates regarding the globalisation inequality relationship we use a new data set consisting of 1 254 observations from 123 primary studies by applying meta analysis and meta regression methods we obtain several main findings first globalisation has a small to moderate inequality increasing effect second while the effect of trade globalisation is small financial globalisation shows a more sizeable and significantly stronger inequality increasing impact third we find an average inequality increasing impact of globalisation in both advanced and developing countries fourth education and technology moderate the impact of globalisation on income inequality

superstars and mediocrities market failure in the discovery of talent a basic problem facing most labor markets is that workers can neither commit to long term wage contracts nor can they self nance the costs of production i study the eects of these imperfections when talent is industry speci c it can only be revealed on the job and once learned becomes public information i show that rms bid exces sively for the pool of incumbent workers at the expense of trying out new talent the workforce is then plagued with an unfavorable selection of individuals there are too many mediocre workers whose talent is not high enough to justify them crowding out novice workers with lower expected talent but with more upside potential the result is an ine ciently low level of output coupled with higher wages for known high talents this problem is most severe where information about talent is initially very imprecise and the complementary costs of production are high i argue that high incomes in pro fessions such as entertainment management and entrepreneurship may be explained by the nature of the talent revelation process rather than by an underlying scarcity of talent jel d30 j31 j6 m5

the selection of high skilled emigrants we measure selection among high skilled emigrants from germany using predicted earnings migrants to less equal countries are positively selected relative to nonmigrants while migrants to more equal countries are negatively selected consistent with the prediction in borjas 1987 positive selection to less equal countries reflects university quality and grades and negative selection to more equal countries reflects university subject and gender migrants to the united states are highly positively selected and concentrated in stem fields our results highlight the relevance of the borjas model for high skilled individuals when credit constraints and other migration barriers are unlikely to be binding

meta analysis of economics research reporting guidelines meta regression analysis mra can provide objective and comprehensive summaries of economics research their use has grown rapidly over the last few decades to improve transparency and to raise the quality of mra the meta analysis of economics research network maer net has created the below reporting guidelines future meta analyses in economics will be expected to follow these guidelines or give valid reasons why a meta analysis must deviate from them

inefficient hiring in entry level labor markets hiring inexperienced workers generates information about their abilities if this information is public workers obtain its benefits if workers cannot compensate firms for hiring them firms will hire too few inexperienced workers i determine the effects of hiring workers and revealing more information about their abilities through a field experiment in an online marketplace i hired 952 randomly selected workers giving them either detailed or coarse public evaluations both hiring workers and providing more detailed evaluations substantially improved workers subsequent employment outcomes under plausible assumptions the experiment s market level benefits exceeded its cost suggesting that some experimental workers had been inefficiently unemployed

the effect of immigration on productivity evidence from us states abstract in this paper we analyze the long run impact of immigration on employment productivity and its skill bias we use the existence of immigrant communities across u s states before 1960 and the distance from the mexican border as instruments for immigration flows we find no evidence that immigrants crowded out employment at the same time we find that immigration had a strong positive association with total factor productivity and a negative association with the high skill bias of production technologies the results are consistent with the idea that immigrants promoted efficient task specialization thus increasing tfp and also promoted the adoption of unskilled efficient technologies

neighborhood effects and pro environmental behavior the case of italian separate waste collection abstract this paper investigates the relationship between neighborhood effects and pro environmental behavior working on 1999 2012 data on separate waste collection in italian provinces a spatial econometric analysis is carried out while a substantial stream of research focuses on recycling behavior determinants spatial dependence among different inter regional geographical areas has been less studied here empirical support is provided to the existence of spatial effects and heterogeneous behavior in the italian context it is found that waste collecting habits tend to be strongly influenced by proximity effects either in a positive or negative way moreover the paper tests the nature of such influence in terms of time effects by evaluating non contemporary spatial dependence good or bad pro environmental behavior as a persistent dynamic effect is found with the possibility of both self sustaining virtuous socio spatial dynamics and perverse lock in these results call for a rethinking of environmental policies and in particular for a stronger focus upon the social dimension of spatial diffusion phenomena in pro environmental behaviors

meta regression analysis a quantitative method of literature surveys abstract pedagogically literature reviews are instrumental they summarize the large literature written on a particular topic give coherence to the complex often disparate views expressed about an issue and serve as a springboard for new ideas however literature surveys rarely establish anything approximating unanimous consensus ironically this is just as true for the empirical economic literature to harmonize this dissonance we offer a quantitative methodology for reviewing the empirical economic literature meta regression analysis mra is the regression analysis of regression analyses mra tends to objectify the review process it studies the processes that produce empirical economic results as though they were any other social scientific phenomenon mra provides a framework for replication and offers a sensitivity analysis for model specification in this brief essay we propose a new method of reviewing economic literature mra and discuss its potential

the impact of mass migration on the israeli labor market mass migration from the former soviet union increased the israeli population by 12 in the first half of the 1990s this exodus was precipitated by the lifting of emigration restrictions in an unstable ussr and by the open immigration policy of israel toward soviet jews who faced more restrictive entry policies elsewhere i use this natural experiment to study the impact of immigration on the labor market outcomes of native israelis ols yields significant reductions in wages and small reductions in employment however ols is biased if the distribution of immigrants across occupations in israel was not exogenous to relative wage and employment conditions i instrument for the entry of russians into an occupation in israel using information on their former occupations in the ussr there is a significant positive correlation between the former presence of the immigrants in an occupation in the ussr and their presence in that occupation in israel but the previous occupational choices of russians abroad were independent of israeli wage and employment growth subsequent to their migration iv estimates indicate that immigration did not have an adverse impact on native israeli labor market outcomes

how to solve the price puzzle a meta analysis the short run increase in prices following an unexpected tightening of monetary policy constitutes 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 our ndings indicate publication selection in favor of the intuitive response of prices to a tightening the estimates depend systematically on study design when misspecications are

measuring intertemporal substitution the importance of method choices and selective reporting i examine 2 735 estimates of the elasticity of intertemporal substitution in consumption eis reported in 169 published studies the literature shows strong selective reporting researchers discard negative and insignicant estimates too often which pulls the mean estimate up by about 0 5 the reporting bias dwarfs the effects of methods with the exception of the choice between micro and macro data when i correct the mean for the bias for macro estimates i get zero even though the reported t statistics are on average two the corrected mean of micro estimates of the eis for asset holders is around 0 3 0 4 calibrations greater than 0 8 are inconsistent with the bulk of the empirical evidence jel e21 c83

the effect of low skilled immigration on u s prices evidence from cpi data i exploit the large variation across u s cities and through time in the relative size of the low skilled immigrant population to estimate the causal effect of immigration on prices of nontraded goods and services using an instrumental variables strategy i find that at current immigration levels a 10 percent increase in the share of low skilled immigrants in the labor force decreases the price of immigrant intensive services such as housekeeping and gardening by 2 percent wage equations suggest that lower wages are a likely channel through which these effects take place however wage effects are significantly larger for low skilled immigrants than for low skilled natives implying that the two are imperfect substitutes

people flows in globalization the policy debate over globalization in the past decade has largely bypassed the international mobility of labor restrict trade and cries of protectionism resound suggest linking labor standards to trade and it s protectionism in disguise limit capital flows and the international monetary fund is on your back but restrict people flows that s just an accepted exercise of national sovereignty during the last few decades when most countries reduced barriers to trade in goods and services and liberalized financial capital markets most also sought to limit immigration in this essay i examine what we know about the causes and consequences of immigration i argue that people flows are fundamental to creating a global economy and that the interplay among immigration capital and trade is essential to understanding the way globalization affects economies i consider ways to reduce barriers to immigration that could improve the well being of workers around the world

inflation targeting genuine effects or publication selection bias abstract this paper uses a meta regression analysis mra to evaluate the impact of publication selection bias as for the macroeconomic effects of inflation targeting it a popular approach to implementing monetary policy documented in the existing literature using 8 059 point estimates from 113 studies we show that a significant part of the documented positive effects of it on inflation and to some extent output growth volatility is in fact due to publication selection bias in particular results pointing to lower inflation volatility and higher real gdp growth tend to be favored by researchers as well as those pointing to statistically significant macroeconomic effects however even after controlling for these two types of biases we find it to be correlated with lower inflation and higher real gdp growth differently the evidence on the it inflation volatility relationship is found to be less clear

will covid 19 fiscal recovery packages accelerate or retard progress on climate change the covid 19 crisis is likely to have dramatic consequences for progress on climate change imminent fiscal recovery packages could entrench or partly displace the current fossil fuel intensive economic system here we survey 231 central bank officials finance ministry officials and other economic experts from g20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions speed of implementation economic multiplier climate impact potential and overall desirability we identify five policies with high potential on both economic multiplier and climate impact metrics clean physical infrastructure building efficiency retrofits investment in education and training natural capital investment and clean r d in lower and middle income countries lmics rural support spending is of particular value while clean r d is less important these recommendations are contextualized through analysis of the short run impacts of covid 19 on greenhouse gas curtailment and plausible medium run shifts in the habits and behaviours of humans and institutions

what are the effects of fiscal policy shocks we propose and apply a new approach for analyzing the effects of fiscal policy using vector autoregressions specifically we use sign restrictions to identify a government revenue shock as well as a government spending shock while controlling for a generic business cycle shock and a monetary policy shock we explicitly allow for the possibility of announcement effects i e that a current fiscal policy shock changes fiscal policy variables in the future but not at present we construct the impulse responses to three linear combinations of these fiscal shocks corresponding to the three scenarios of deficit spending deficit financed tax cuts and a balanced budget spending expansion we apply the method to us quarterly data from 1955 to 2000 we find that deficit financed tax cuts work best among these three scenarios to improve gdp with a maximal present value multiplier of five dollars of total additional gdp per each dollar of the total cut in government revenue 5 years after the shock copyright 2009 john wiley sons ltd

breakthrough inventions and migrating clusters of innovation abstract we investigate the speed at which clusters of invention for a technology migrate spatially following breakthrough inventions we identify breakthrough inventions as the top 1 of us inventions for a technology during 1975 1984 in terms of subsequent citations patenting growth is significantly higher in cities and technologies where breakthrough inventions occur after 1984 relative to peer locations that do not experience breakthrough inventions this growth differential in turn depends on the mobility of the technology s labor force which we model through the extent that technologies depend upon immigrant scientists and engineers spatial adjustments are faster for technologies that depend heavily on immigrant inventors the results qualitatively confirm the mechanism of industry migration proposed in models like duranton duranton g 2007 urban evolutions the fast the slow and the still american economic review 97 197 221

are foreign it workers cheaper u s visa policies and compensation of information technology professionals the use of h 1b and other work visas to hire foreign information technology it professionals in the united states has attracted significant controversy and policy debates on one hand hiring high skill foreign it professionals on work visas can be advantageous for u s firms and the overall economy on the other hand high skill immigration can adversely impact the wages of foreign and american it professionals this study uses data on skills and compensation of more than 50 000 it professionals in the united states over the period 2000 2005 to study patterns in compensation of foreign and american it professionals to inform these debates contrary to the popular belief that foreign workers are a cheap source of labor for u s firms we find that after controlling for their human capital attributes foreign it professionals those without u s citizenship and those with h 1b or other work visas earn a salary premium when compared with it professionals with u s citizenship the salary premiums for non u s citizens and for those on work visas fluctuate in response to supply shocks created by the annual caps on new h 1b visas setting lower and fully utilized annual caps results in higher salary premiums for non u s citizens and those with work visas we discuss implications of this study for crafting informed visa and immigration related policies by the u s government for staffing practices of firms and for human capital investments by it professionals

model averaging in economics an overview standard practice in empirical research is based on two steps first researchers select a model from the space of all possible models second they proceed as if the selected model had generated the data therefore uncertainty in the model selection step is typically ignored alternatively model averaging accounts for this model uncertainty in this paper i review the literature on model averaging with special emphasis on its applications to economics finally as an empirical illustration i consider model averaging to examine the deterrent effect of capital punishment across states in the usa

mafia and public spending evidence on the fiscal multiplier from a quasi experiment a law issued to combat political corruption and mafia infiltration of city councils in italy has resulted in episodes of large unanticipated temporary contractions in local public spending using these episodes as instruments we estimate the output multiplier of spending cuts at provincial level controlling for national monetary and fiscal policy and holding the tax burden of local residents constant to be 1 5 assuming that lagged spending is exogenous to current output brings the estimate of the overall multiplier up to 1 9 these results suggest that local spending adjustment may be quite consequential for local activity jel d72 e62 h71 k42 the widespread resort to fiscal stimulus at the onset of the global crisis and more recently the emerging need to consolidate deficits in response to rising fiscal imbalances have revitalized the empirical debate on the transmission of fiscal policy the multiplier while the literature has mostly focused on aggregate effects at a national level several recent contributions reviewed below have called attention to the local dimension this shift in focus is motivated by specific policy questions combined with the opportunity to exploit institutional information to address econometric issues in identification 1

a meta analytic assessment of the effect of immigration on wages in our increasingly interconnected and open world international migration is becoming an important socio economic phenomenon for many countries since the early 1980s many studies have been undertaken of the impact of immigration on host labour markets borjas 2003 noted that the estimated effect of immigration on the wage of native workers varies widely from study to study and sometimes even within the same study in addition these effects cluster around zero such a small effect is a rather surprising outcome given that in a closed competitive labour market an increase in labour supply may be expected to exert a downward pressure on wages we revisit this issue by applying meta analytic techniques to a set of eighteen papers which altogether generated 348 estimates of the percentage change in the wage of a native worker with respect to a one percentage point increase in the ratio of immigrants over native workers while many studies in our database employ us data estimates are also obtained from germany the netherlands france norway austria israel and australia our analysis shows that results vary across countries and are inter alia related to the type of modelling approach technical issues such as publication bias and quality of the estimates are addressed as well

active labor market policy evaluations a meta analysis this article presents a meta analysis of recent microeconometric evaluations of active labour market policies we categorise 199 programme impacts from 97 studies conducted between 1995 and 2007 job search assistance programmes yield relatively favourable programme impacts whereas public sector employment programmes are less effective training programmes are associated with positive medium term impacts although in the short term they often appear ineffective we also find that the outcome variable used to measure programme impact matters but neither the publication status of a study nor the use of a randomised design is related to the sign or significance of the programme estimate

is there a fiscal free lunch in a liquidity trap this paper uses a dsge model to examine the eects of an expansion in government spending in a liquidity trap the spending multiplier can be much larger than in the normal situation if the liquidity trap is very persistent and scal stimulus can be rapidly implemented moreover the budgetary costs may be minimal as the large response of output boosts tax revenues allowing for something close to a scal free lunch however we caution that the multiplier may be much smaller under plausible implementation lags for many types of public spending and or if the liquidity trap lasts less than two years in addition because the marginal impact of scal expansion decreases in the scale of the outlay it is crucial to distinguish between average and marginal multipliers

the approach of institutional economics this paper assesses the old institutional economics it emphasizes the importance of key old institutionalist themes concerning the necessity of habits and rules and the role of institutions a problem in the alternative theoretical program of the new institutionalism is the untenability of its assumption of an original institution free market or state of nature even optimizing behavior requires the prior existence of habits and rules although it still lacks a complete and systematic theory the evolutionary approach of the old institutionalists tackles the problem of the interactive relationship of actor to structure without analytical reduction to one or the other

publication selection and the income elasticity of the value of a statistical life abstract estimates of the value of a statistical life vsl establish the price government agencies use to value fatality risks transferring these valuations to other populations often utilizes the income elasticity of the vsl which typically draw on estimates from meta analyses using a data set consisting of 101 estimates of the income elasticity of vsl from 14 previously reported meta analyses we find that after accounting for potential publication bias the income elasticity of value of a statistical life is clearly and robustly inelastic with a value of approximately 0 25 0 63 there is also clear evidence of the importance of controlling for levels of risk differential publication selection bias and the greater income sensitivity of vsl from stated preference surveys

evaluation of mexico s 1975 2000 energy plan the certainty and trustworthiness of a planning model can best be assessed when projections can be compared with actual developments the ability to design scenarios and to evaluate demographic economic and technological change is also increased with periodic comparisons between plans and actual facts in 1976 the mexican government published a 25 year power supply plan for the country in which a development of non fossil fuel plants was recommended largely due to environmental considerations it was proposed that the new demand should be met mainly with renewable energy sources and nuclear power the study stated that hydrocarbons would reach a peak between 2003 and 2005 and that after this point the descent of fuel consumption would proceed at an increased velocity under this program the dependence of mexico on fuel for electricity would be gradually reduced as the 21st century progressed the suggestion was not assumed by successive governments and fossil fuel plants took the place of the proposed nuclear plants however the original 25 years power plan has proved to be quite accurate in its social and economic previsions and allows the validation of a new more powerful and reliable planning model this paper presents the results of the validation of the model as well as major considerations to be heeded in the future to increase certainty in further planning efforts the projection of a better more sustainable and reliable energy future is also proposed

the labour market impact of immigration in the first part of this paper we present a stylized model of the labour market impact of immigra tion we then discuss mechanisms through which an economy can adjust to immigration changes in factor prices output mix and production technology in the second part we explain the problems of empirically estimating how immigration affects labour market outcomes of the resident population and review some strategies to address these we then summarize some recent empirical studies for the uk and other countries we conclude with an outlook on what we believe are important avenues for future research

impact of informal institutions on the prevalence strategy and performance of family firms a meta analysis family controlled firms fcfs prevalence strategies and performance differ across countries we explain these differences through the lens of informal institutions suggesting that different countries have different levels of appreciation for family business to capture this effect we introduce the construct of family business legitimacy fbl and an associated index fbli we empirically measure fbli scores for 83 countries spanning both developed and emerging economies by combining meta analytic and archival data we show that fcfs prevail follow unique strategies and outperform non fcfs in countries with high fbli scores as a new contingency variable fbl advances the literature on the informal institutional embeddedness of organizations and family business