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  1. Best techniques leave little room for substitution
    a new critique of the production function
    Autor*in: Kersting, Götz; Schefold, Bertram
    Erschienen: December 2020
    Verlag:  Centro di ricerche e documentazione "Piero Sraffa", Roma (Italy)

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    Schriftenreihe: Centro Sraffa working papers ; n. 47
    Schlagworte: Capital theory; production function; substitution; reswitching
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. Craig on Penal Substitution
    A Critique
    Autor*in: Farris, Joshua R.; Hamilton, S. Mark
    Erschienen: 2021

    The recent atonement literature reveals a growing trend accepting the thesis that the Reformer's doctrine just is the biblical doctrine of penal substitution. This is the claim of William Lane Craig in his recent works on the atonement. In the... mehr

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    The recent atonement literature reveals a growing trend accepting the thesis that the Reformer's doctrine just is the biblical doctrine of penal substitution. This is the claim of William Lane Craig in his recent works on the atonement. In the present article, we challenge these set of claims in Craig's recent works and advance an alternative theory of the atonement that has some significant footing in the Reformed theological tradition, most notably reflected in the theologian, William Ames. Finally, we lay out several reasons why Craig's doctrine of the atonement fails to capture the biblical data on the atonement and fails to avoid the legal fiction problem parasitic on most, if not all, accounts of penal substitution. Die jüngste Sühneliteratur zeigt einen wachsenden Trend, der die These akzeptiert, dass die Doktrin der Reformatoren die biblische Doktrin der Strafersetzung ist. Dies ist zumindest die Behauptung von William Lane Craig in seinen jüngsten Arbeiten zum Sühneopfer. In diesem Artikel stellen wir diese Behauptung in Frage und führen eine alternative Theorie der Sühne an, die in der reformierten theologischen Tradition eine bedeutende Grundlage hat und in ihren Grundzügen von William Ames entwickelt worden ist. Abschließend legen wir einige Gründe dar, warum Craigs Versöhnungslehre die biblischen Daten über das Sühneopfer nicht erfasst und das Problem der rechtlichen Fiktion nicht vermeidet, das bei den meisten Theorien über die Substitution von Sühne parasitär ist.

     
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    Übergeordneter Titel: Enthalten in: Neue Zeitschrift für systematische Theologie und Religionsphilosophie; Berlin : de Gruyter, 1963; 63(2021), 2, Seite 237-269; Online-Ressource

    Schlagworte: legal fiction; penal; rectoral; reformed; reparative; substitution; Strafe; Substitution; Wiedergutmachung; Rektorat; Reform; juristische Fiktion
  3. Loan guarantees, bank lending and credit risk reallocation
    Autor*in: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulos, Thomas
    Erschienen: [2021]
    Verlag:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue... mehr

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    We investigate whether government credit guarantee schemes, extensively used at the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue using a unique euro-area credit register data, matched with supervisory bank data, and establish two main findings. First, guaranteed loans were mostly extended to small but comparatively creditworthy firms in sectors severely affected by the pandemic, borrowing from large, liquid and well-capitalized banks. Second, guaranteed loans partially substitute pre-existing non-guaranteed debt. For firms borrowing from multiple banks, the substitution mainly arises from the lending behavior of the bank extending guaranteed loans. Substitution was highest for funding granted to riskier and smaller firms in sectors more affected by the pandemic, and borrowing from larger and stronger banks. Overall, the evidence indicates that government guarantees contributed to the continued extension of credit to relatively creditworthy firms hit by the pandemic, but also benefited banks’ balance sheets to some extent.

     
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    hdl: 10419/248407
    Schriftenreihe: CFS working paper series ; no. 672
    Schlagworte: loan guarantees; bank lending; COVID-19 pandemic; substitution; credit risk
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. Loan guarantees, bank lending and credit risk reallocation
    Autor*in: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulos, Thomas
    Erschienen: 15 November 2021
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP16727
    Schlagworte: loan guarantees; bank lending; Covid-19 pandemic; substitution; credit risk
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  5. A firm-side perspective on parental leave
    Autor*in: Huebener, Mathias; Jessen, Jonas; Kühnle, Daniel; Oberfichtner, Michael
    Erschienen: June 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Motherhood and parental leave interrupt employment relationships, likely imposing costs on firms. We document that mothers who are difficult to replace internally take shorter leave and that their firms hire replacements more often. Introducing more... mehr

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    Motherhood and parental leave interrupt employment relationships, likely imposing costs on firms. We document that mothers who are difficult to replace internally take shorter leave and that their firms hire replacements more often. Introducing more generous parental leave benefits erases the link between mothers' internal replaceability and their leave duration. In firms with few internal substitutes this reduces employment in the short-, but not longer-term. Firms respond by hiring fewer women of childbearing age into occupations where they are difficult to replace internally. Taken together, motherhood and generous parental leave policies burden firms that have few internal substitutes available.

     
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    Schriftenreihe: Discussion paper series / IZA ; no. 14478
    Schlagworte: parental leave; worker absences; firm-specific human capital; substitution; statistical discrimination
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  6. Loan guarantees, bank lending and credit risk reallocation
    Autor*in: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulo, Thomas
    Erschienen: [2021]
    Verlag:  EIEF, Einaudi Institute for Economics and Finance, [Rom]

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    Schriftenreihe: EIEF working paper ; 21, 13 (November 2021)
    Schlagworte: loan guarantees; bank lending; COVID-19 pandemic; substitution; credit risk
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  7. No activation without reconciliation?
    the interplay between ALMP and ECEC in relation to women's employment, unemployment and inactivity in 30 OECD countries, 1985-2018
    Autor*in: Nieuwenhuis, Rense
    Erschienen: [2022]
    Verlag:  IFAU, Institute for Evaluation of Labour Market and Education Policy, Uppsala

    Comparative welfare state research has mostly examined the outcomes of active labour market policies and work-family reconciliation policies separately. As a result, potential complementarities between these policy areas have received scant attention... mehr

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    Comparative welfare state research has mostly examined the outcomes of active labour market policies and work-family reconciliation policies separately. As a result, potential complementarities between these policy areas have received scant attention empirically. Using macro-level data, this study answers the question to what extent, and in which way, governments' efforts in active labour market policies (ALMP) and in early childhood education and care (ECEC) services are correlated with women's employment rates, women's unemployment and inactivity rates in 30 OECD countries from 1985 to 2018. The article theorizes about how the various policies that constitute a welfare state relate to each other, distinguishing between pluralism, complementarity and substitutability. I interpret the empirical findings as being consistent with welfare pluralism, in the sense that ALMP and ECEC policies work together in improving women's employment rates in slightly different ways: ALMP is associated with low female unemployment rates, whereas ECEC also is associated with lower inactivity rates for women. There was, however, more support for the notion of substitution rather than complementarity: the marginal benefits associated with an increase in either ALMP or ECEC were smaller in the context of large investments in the other policy. In other words, the highest rates of women's employment, and the lowest rates of unemployment and inactivity, are found in countries with large investments in both ALMP and ECEC, but such higher investments are associated with diminishing returns.

     
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    hdl: 10419/265155
    Schriftenreihe: Working paper / Institute for Evaluation of Labour Market and Education Policy ; 2022, 4
    Schlagworte: ALMP; ECEC; women's employment; substitution; complementarity; pluralism
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  8. Countercyclical elasticity of substitution
    Autor*in: Koh, Dongya; Santaeulàlia-Llopis, Raül
    Erschienen: 23 April 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17246
    Schlagworte: Short-run; Elasticity; substitution; Capital; Labor; cycle; Labor market; Labor Share
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  9. Let's switch to the cloud
    cloud adaption and its effect on IT investment and productivity
    Autor*in: Duso, Tomaso; Schiersch, Alexander
    Erschienen: 2022
    Verlag:  DIW Berlin, German Institute for Economic Research, Berlin

    The advent of cloud computing promises to improve the way firms utilize IT solutions. Firms are expected to replace large and inflexible fixed-cost investments in IT with more targeted variable spending in cloud solutions. In addition, cloud usage is... mehr

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    The advent of cloud computing promises to improve the way firms utilize IT solutions. Firms are expected to replace large and inflexible fixed-cost investments in IT with more targeted variable spending in cloud solutions. In addition, cloud usage is expected to increase the productivity of firms, as it allows them to quickly customize the IT they require to their specific needs. We assess these assertions using data on a representative sample of firms provided by the German statistical offices for the years 2014 and 2016, which allows to observe who are the cloud users. Our analysis explicitly accounts for the self-selection into cloud adoption within an endogenous treatment regression framework. Broadband availability at the municipality level is used as an exogenous shifter for cloud usage. We show that, while cloud adoption does not impact IT investment in any sectors, it does significantly improve labor productivity for firms in manufacturing and in information and communication services.

     
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    hdl: 10419/265519
    Schriftenreihe: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 2017
    Schlagworte: cloud computing; investment; productivity; IT; substitution; firm performance
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  10. Let's switch to the cloud
    cloud adoption and its effect on IT investment and productivity
    Autor*in: Duso, Tomaso; Schiersch, Alexander
    Erschienen: September 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The advent of cloud computing promises to improve the way firms utilize IT solutions. Firms are expected to replace large and inflexible fixed-cost investments in IT with more targeted variable spending in cloud solutions. In addition, cloud usage is... mehr

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    The advent of cloud computing promises to improve the way firms utilize IT solutions. Firms are expected to replace large and inflexible fixed-cost investments in IT with more targeted variable spending in cloud solutions. In addition, cloud usage is expected to increase the productivity of firms, as it allows them to quickly customize the IT they require to their specific needs. We assess these assertions using data on a representative sample of firms provided by the German statistical offices for the years 2014 and 2016, which allows to observe who are the cloud users. Our analysis explicitly accounts for the self-selection into cloud adoption within an endogenous treatment regression framework. Broadband availability at the municipality level is used as an exogenous shifter for cloud usage. We show that, while cloud adoption does not impact IT investment in any sectors, it does significantly improve labor productivity for firms in manufacturing and in information and communication services.

     
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    hdl: 10419/265979
    Schriftenreihe: CESifo working paper ; no. 9944 (2022)
    Schlagworte: cloud computing; investment; productivity; IT; substitution; firm performance
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  11. The effect of low-skill immigration restrictions on US firms and workers
    evidence from a randomized lottery
    Autor*in: Clemens, Michael A.; Lewis, Ethan
    Erschienen: October 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    The U.S. limits work visas for low-skill jobs outside of agriculture, with a binding quota that firms access via a randomized lottery. We evaluate the marginal impact of the quota on firms entering the 2021 H-2B visa lottery using a novel survey and... mehr

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    The U.S. limits work visas for low-skill jobs outside of agriculture, with a binding quota that firms access via a randomized lottery. We evaluate the marginal impact of the quota on firms entering the 2021 H-2B visa lottery using a novel survey and pre-analysis plan. Firms exogenously authorized to employ more immigrants significantly increase production (elasticity +0.16) with no decrease or an increase in U.S. employment (elasticity +0.10, statistically imprecise) across several pre-registered subsamples. The results imply very low substitutability of native for foreign labor in the policy-relevant occupations. Forensic analysis suggests similarly low substitutability of black-market labor.

     
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    hdl: 10419/267404
    Schriftenreihe: Discussion paper series / IZA ; no. 15667
    Schlagworte: immigration; immigrant; foreign; labor; mobility; skill; manual; high school; college; firms; elasticity; substitution; productivity; rural; urban
    Umfang: 1 Online-Ressource (circa 91 Seiten), Illustrationen
  12. Loan guarantees, bank lending and credit risk reallocation
    Autor*in: Altavilla, Carlo; Ellul, Andrew; Pagano, Marco; Polo, Andrea; Vlassopoulo, Thomas
    Erschienen: November 2021
    Verlag:  CSEF, Centre for Studies in Economics and Finance, Department of Economics, University of Naples, Naples, Italy

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    Schriftenreihe: Working paper / CSEF, Centre for Studies in Economics and Finance ; no. 629
    Schlagworte: loan guarantees; bank lending; COVID-19 pandemic; substitution; credit risk
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  13. The effect of monetary policy on inflation heterogeneity along the income distribution
    Autor*in: Ampudia, Miguel; Ehrmann, Michael; Strasser, Georg
    Erschienen: 13 September 2023
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP18460
    Schlagworte: inflation; distributional effects; monetary policy; shopping behaviour; substitution
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  14. The effect of monetary policy on inflation heterogeneity along the income distribution
    Autor*in: Ampudia, Miguel; Ehrmann, Michael; Strasser, Georg
    Erschienen: September 11, 2023
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 1124
    Schlagworte: inflation; distributional effects; monetary policy; shopping behaviour; substitution
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  15. The impact of credit substitution between banks on investment
    Autor*in: Bripi, Francesco
    Erschienen: [2023]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1408 (March 2023)
    Schlagworte: banks; credit; substitution; investments
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  16. Inflation heterogeneity across households
    Autor*in: Kiss, Regina; Strasser, Georg
    Erschienen: [2024]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper studies the nature, evolution, and sources of inflation heterogeneity across households in France and Germany. Inflation differences are large and persistent. The two main sources of inflation heterogeneity are spatial differences in the... mehr

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    This paper studies the nature, evolution, and sources of inflation heterogeneity across households in France and Germany. Inflation differences are large and persistent. The two main sources of inflation heterogeneity are spatial differences in the prices paid for the same product and differences in the household-specific variety choice within a category. Income heterogeneity by itself is not a relevant determinant of inflation heterogeneity, but due to its correlation with household behaviour, a significant and time-varying inflation difference between income groups emerges. Substitution is strongly behaviour-driven and largely detached from the relative price. The dispersion of the household-level elasticity of substitution does not fully account for the heterogeneity of substitution behaviour. Substitution does not reduce the dispersion of inflation, confirming the central role of preference heterogeneity in inflation measurement.

     
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    Schriftenreihe: Working paper series / European Central Bank ; no 2898
    Schlagworte: inflation; household heterogeneity; shopping behaviour; substitution; inequality
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  17. The effect of monetary policy on inflation heterogeneity along the income distribution
    Autor*in: Ampudia, Miguel; Ehrmann, Michael; Strasser, Georg
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper studies the effect of monetary policy on inflation along the income distribution in several euro area countries. It shows that monetary policy has differential effects and identifies two channels which point in opposite directions. On the... mehr

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    This paper studies the effect of monetary policy on inflation along the income distribution in several euro area countries. It shows that monetary policy has differential effects and identifies two channels which point in opposite directions. On the one hand, different consumption shares imply that inflation by high-income households responds less to monetary policy. On the other hand, the paper provides novel evidence that there are substantial differences in shopping behaviour and its reaction to monetary policy, which imply that inflation by high-income households responds more to monetary policy.

     
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    Schriftenreihe: Working paper series / European Central Bank ; no 2858
    Schlagworte: inflation; distributional effects; monetary policy; shopping behaviour; substitution
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen