Template-Type: ReDIF-Paper 1.0 Author-Name: Hoolda Kim Author-X-Name-First: Hoolda Author-X-Name-Last: Kim Author-Workplace-Name: Black Hills State University, School of Business Author-Name: Sophie Mitra Author-X-Name-First: Sophie Author-X-Name-Last: Mitra Author-Workplace-Name: Fordham University, Department of Economics Title: Dynamics of Health and Labor Incomes in Korea Abstract: This study aims to better understand the causal links between health and labor income among middle-aged and older adults. Much of the literature on health and employment consists of studies using data on young or working-age adults for the United States and European countries. This study focuses on Korean middle-aged and older adults (ages 45 to 74 years) and uses dynamic panel data models. With 12 waves of the Korea Welfare Panel Study collected from 2006 to 2017, we consider the heterogeneity of the results across demographic and socioeconomic groups. The sample is stratified by gender, age, urban-rural areas, poverty status, and marital status. Health is measured through self-reported health status. For middle-aged and older Koreans, better health is found to contribute to higher labor income for both men and women, particularly among married couples, the poor, and individuals aged 55 to 64. Labor income appears to benefit men's health only, mainly those aged 65 to 74. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_01_kimmitra.pdf File-Format: Application/pdf Classification-JEL: I12, I31, J14, J16 Keywords: Health, Labor Income, Aging, Korea, Dynamic Panel Data Model Handle: RePEc:FRD:wpaper:DP2023-01er:DP2023-01 Template-Type: ReDIF-Paper 1.0 Author-Name: Hoolda Kim Author-X-Name-First: Hoolda Author-X-Name-Last: Kim Author-Workplace-Name: Black Hills State University, School of Business Author-Name: Sophie Mitra Author-X-Name-First: Sophie Author-X-Name-Last: Mitra Author-Workplace-Name: Fordham University, Department of Economics Title: The Economic and Health Effects of Long-term Care Insurance: New Evidence from Korea Abstract: With a rapidly aging global population, Long Term Care Insurance (LTCI) for older people is a pressing policy issue. While long-term care services are designed to assist people with limited functional ability, the breadth of coverage considerably varies from country to country. There is a debate on the costs of such programs and the adequacy of benefits. Understanding the impacts of LTCI programs is central to informing LTCI policies as few countries have embraced them. In 2008, the Korean government initiated a national public contributory LTCI program to help older people lead more independent and secure lives and support family caregivers. We use the Korean Welfare Panel Study (KOWEPS) and a difference-in-differences model combined with propensity score matching to assess the effect of the program on self-rated health, healthcare utilization, household expenditures, and savings. While older adults in beneficiary households tend to have better self-rated health and receive fewer regular health check-ups, those with inpatient visits tend to stay longer in the hospital compared to those in non-beneficiary households. We find that LTCI beneficiary households have lower savings and higher out-of-pocket healthcare expenses compared to non-beneficiary households. Overall, results suggest a positive effect of LTCI on self-rated health but detrimental effects on household out-of-pocket healthcare expenses and savings for those with less comprehensive health insurance coverage, the near-poor, and older singles. LTCI requires further research and policy attention in Korea and beyond. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_02_kimmitra.pdf File-Format: Application/pdf Classification-JEL: I13, I38 Keywords: Long term care, expenditures, saving, health, health insurance, older population, Korea Handle: RePEc:FRD:wpaper:DP2023-02er:DP2023-02 Template-Type: ReDIF-Paper 1.0 Author-Name: Miguel Acosta-Henao Author-X-Name-First: Miguel Author-X-Name-Last: Acosta-Henao Author-Workplace-Name: Central Bank of Chile Author-Name: Andres Fernandez Author-X-Name-First: Andres Author-X-Name-Last: Fernandez Author-Workplace-Name: International Monetary Fund Author-Name: Patricia Gomez-Gonzalez Author-X-Name-First: Patricia Author-X-Name-Last: Gomez-Gonzalez Author-Workplace-Name: Fordham University, Department of Economics Author-Name: Sebnem Kalemli-Ozcan Author-X-Name-First: Sebnem Author-X-Name-Last: Kalemli-Ozcan Author-Workplace-Name: University of Maryland Title: The COVID-19 shock and firm financing: Government or Market or Both? Abstract: We study the interaction between government’s fiscal support policies and firms' market financing. Using regulatory data on the universe of Chilean firms, we test the role of Central Bank's special credit line to domestic banks and government-backed credit guarantees provided during COVID-19. Through a regression discontinuity design, we find that firms with access to government support policies increased their domestic debt relative to foreign debt, even though foreign debt in foreign currency is much cheaper than domestic debt in local currency under deviations from the UIP. Further results document how policies reduced UIP premia for firms eligible of guarantees. An open economy model with heterogeneous firms helps rationalize these facts. A shock to the cost of external financing leads to a higher mass of firms with access to domestic credit when the government subsidizes the cost of domestic credit. The government's credit guarantees loosen domestic collateral constraints and reduce banks' risk aversion, while the central bank’s special credit line increases the aggregate supply of credit in the economy. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_03_gomezgonzalez.pdf File-Format: Application/pdf Classification-JEL: F32, F41 Keywords: Capital flows, firm financing, unconventional policies, COVID-19 Handle: RePEc:FRD:wpaper:DP2023-03er:DP2023-03 Template-Type: ReDIF-Paper 1.0 Author-Name: Hrishikesh Vinod Author-X-Name-First: Hrishikesh Author-X-Name-Last: Vinod Author-Workplace-Name: Fordham University, Department of Economics Title: Pandemic-proofing Out-of-sample Portfolio Evaluations Abstract: Evaluation of the performance of portfolios and of various methods of ranking them has to be out-of-sample. Otherwise, selection methods that fit the past data best would always win. Suppose the time series chosen for out-of-sample evaluation happens to have any (upward, downward, zigzag) trend. In that case, portfolio selec- tion methods for that trend will work best but fail in general. We describe algorithms for the removal of such bias by using randomization. The R package 'generalCorr' has them. We use 169-month Dow Jones stock data to illustrate outOFsamp(), outOFsell(). Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_04_vinod.pdf File-Format: Application/pdf Classification-JEL: C30, C51 Keywords: Portfolio choice Handle: RePEc:FRD:wpaper:DP2023-04er:DP2023-04 Template-Type: ReDIF-Paper 1.0 Author-Name: Justine Herve Author-X-Name-First: Justine Author-X-Name-Last: Herve Author-Workplace-Name: Stevens Institute of Technology Author-Name: Helene Purcell Author-X-Name-First: Helene Author-X-Name-Last: Purcell Author-Workplace-Name: University of Pennsylvania Author-Name: Subha Mani Author-X-Name-First: Subha Author-X-Name-Last: Mani Author-Workplace-Name: Fordham University, Department of Economics Title: Conscientiousness Matters: How does Personality affect Labor Market Outcomes? Abstract: Personality traits play an important role in shaping labor market outcomes, but the associated behaviors that lead to these differences are understudied. In this paper, we examine the returns to the Big Five personality traits as well as the mechanisms through which personality affects employment and earnings. We find conscientiousness to be a significant predictor of both employment and earnings. We further show that the association between conscientiousness and earnings operates primarily through one specific behavior, namely, individual effort. Additionally, we can eliminate job characteristics and collective bargaining as potential channels for the positive relationship between conscientiousness and earnings. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_05_hervepurcellmani.pdf File-Format: Application/pdf Classification-JEL: F63, D91, I25, J01, J24 Keywords: Big Five personality traits, Conscientiousness, Labor market returns, Effort Handle: RePEc:FRD:wpaper:DP2023-05er:DP2023-05 Template-Type: ReDIF-Paper 1.0 Author-Name: Utteeyo Dasgupta Author-X-Name-First: Utteeyo Author-X-Name-Last: Dasgupta Author-Workplace-Name: Fordham University, Department of Economics Author-Name: Subha Mani Author-X-Name-First: Subha Author-X-Name-Last: Mani Author-Workplace-Name: Fordham University, Department of Economics Author-Name: Joe Vecci Author-X-Name-First: Joe Author-X-Name-Last: Vecci Author-Workplace-Name: Gothenburg University Author-Name: Tomas Zelinsky Author-X-Name-First: Tomas Author-X-Name-Last: Zelinsky Author-Workplace-Name: Technical University of Kosice Title: Game of Prejudice Abstract: Children and adolescents are often revered as powerful symbols of hope, representing the future and embodying the potential for positive change. However, early stages of life can also give rise to the development of immoral tendencies and anti-social behaviors. This paper examines the prevalence and possible underlying causes of discrimination among adolescents. Specifically, we examine how discriminatory preferences may vary depending on two common type of decisions -selecting group members versus sharing a pie. We find that even in low-stakes settings, there is sizable ingroup bias when individuals have the opportunity to include someone from the minority ethnicity as part of their ingroup. However, when asked to share a pie, the prevalence of discrimination decreases. Notably, discrimination largely stems from taste-based animosity with no evidence of statistical discrimination or inaccurate beliefs. Furthermore, adolescents curb discriminatory choices when the price of prejudice becomes prohibitively high. Our results have important implications for the design and timing of anti-discriminatory policies and programs. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_06_dasguptamanietal.pdf File-Format: Application/pdf Classification-JEL: C9, D3, J7 Keywords: Discrimination, Adolescents, Low-stakes, Lab-in-the-field experiment, Slovakia Handle: RePEc:FRD:wpaper:DP2023-06er:DP2023-06 Template-Type: ReDIF-Paper 1.0 Author-Name: Aanchal Bagga Author-X-Name-First: Aanchal Author-X-Name-Last: Bagga Author-Workplace-Name: Tufts University Author-Name: Marcus Holmlund Author-X-Name-First: Marcus Author-X-Name-Last: Holmlund Author-Workplace-Name: DIME and World Bank Author-Name: Nausheen Khan Author-X-Name-First: Nausheen Author-X-Name-Last: Khan Author-Workplace-Name: DIME and World Bank Author-Name: Subha Mani Author-X-Name-First: Subha Author-X-Name-Last: Mani Author-Workplace-Name: Fordham University, Department of Economics Author-Name: Eric Mvukiyehe Author-X-Name-First: Eric Author-X-Name-Last: Mvukiyehe Author-Workplace-Name: Duke University Author-Name: Patrick Premand Author-X-Name-First: Patrick Author-X-Name-Last: Premand Author-Workplace-Name: DIME and World Bank Title: Do Public Works Programs Have Sustained Impacts? A Review of Experimental Studies from LMICs Abstract: Many low- and middle-income countries (LMICs) have introduced public works programs that offer temporary cash-for-work opportunities to poor individuals. This paper reviews experimental evidence on the impacts of public works programs on participants over the short and medium run, providing new insights on whether they have sustained impacts. The findings show that public works mainly increase employment and earnings during the program. Short-term positive effects tend to fade in the medium run, except in a few cases in which large impacts on savings or investments in self-employment activities are also observed. Importantly, the estimated impacts on earnings are much lower than planned transfer amounts due to forgone earnings, raising questions about cost- effectiveness. There is also little evidence of public works programs improving food consumption expenditure. The review finds evidence of improvements in psychological well-being and women's empowerment in some cases, but not systematically, and with limitations in measurement. The paper concludes by outlining directions for future research. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_07_baggaetal.pdf File-Format: Application/pdf Classification-JEL: H41, C93, O12, J22, I38 Keywords: Public works programs, Experimental evidence, Low- and middle-income countries, Sustainability, Social protection, Safety nets, Employment Handle: RePEc:FRD:wpaper:DP2023-07er:DP2023-07 Template-Type: ReDIF-Paper 1.0 Author-Name: Anjali Chandra Author-X-Name-First: Anjali Author-X-Name-Last: Chandra Author-Workplace-Name: Fordham University, Department of Economics Author-Name: Subha Mani Author-X-Name-First: Subha Author-X-Name-Last: Mani Author-Workplace-Name: Fordham University, Department of Economics Author-Name: Heather Dolphin Author-X-Name-First: Heather Author-X-Name-Last: Dolphin Author-Workplace-Name: Catholic Relief Services Author-Name: Meredith Dyson Author-X-Name-First: Meredith Author-X-Name-Last: Dyson Author-Workplace-Name: UNICEF Author-Name: Yembeh Marah Author-X-Name-First: Yembeh Author-X-Name-Last: Marah Author-Workplace-Name: Catholic Relief Services Title: Improving parenting practices and child health: Experimental evidence from Sierra Leone Abstract: We examine the impact of an integrated parenting program that seeks to improve parent-child interactions, specifically, foster stimulation, responsive parenting as well as reduce parental abuse, violence, and neglect towards children. Exploiting experimental variation in program access, we show that the intervention was successful in improving children's health, as reflected by a decrease in the prevalence of wasting and improvements in the distribution of weight-for-height zscores. We find improvements in parenting practices related to psychosocial stimulation and harsh discipline to be the primary mechanisms through which children's health improves. Our results show that adding a parenting curriculum on stimulation, child abuse, and neglect to standard nutritional counseling can have important implications for children's lifetime well-being. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_08_chandramanital.pdf File-Format: Application/pdf Classification-JEL: I24, I25, J13, J24, O15 Keywords: Early childhood development, nutrition, stimulation, randomized control trial, parenting intervention, Africa Handle: RePEc:FRD:wpaper:DP2023-08er:DP2023-08 Template-Type: ReDIF-Paper 1.0 Author-Name: Hrishikesh Vinod Author-X-Name-First: Hrishikesh Author-X-Name-Last: Vinod Author-Workplace-Name: Fordham University, Department of Economics Title: Causality Estimation in Panel Data Abstract: Evaluation of causal paths from panel data (time series of cross sections or lon- gitudinal data) can use pooled data, ignoring the time and space dimensions. More generally, we want to draw readers' attention to an algorithm causeSum2Panel(.), freely available in the R package 'generalCorr.' It estimates causality directions and strengths, focusing on the time and space dimensions. We describe new tools using the space dimension data to formally test Granger causal directions. We illustrate the uniquely new insights gained from the two dimensions, using three datasets already available in the R package 'plm' for panel linear models, namely Grunfeld, Crime, and Cigar. Among new insights available nowhere else, we identify which regressions suffer from endogeneity issues, causal path directions, and strengths. We indicate fruitful areas for further research in studies of panel data. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_09_vinod.pdf File-Format: Application/pdf Classification-JEL: C30, C51 Keywords: Porfolio choice Handle: RePEc:FRD:wpaper:DP2023-09er:DP2023-09 Template-Type: ReDIF-Paper 1.0 Author-Name: Hrishikesh Vinod Author-X-Name-First: Hrishikesh Author-X-Name-Last: Vinod Author-Workplace-Name: Fordham University, Department of Economics Title: Taraldsen's Exact Correlation Density Abstract: This short paper serves as a vignette for the R package "practicalSigni" describing the usage of pvTarald() and qTarald(), respectively, for computing the p-values and quantiles of Taraldsen's new exact sampling distribution of Pearson correlation coefficient and its generalized versions. A new table allows practitioners to see one-sided critical values from Taraldsen's (2023) exact sampling distribution, which generalizes Fisher's z-transform. It computes p-values and quantiles for the arbitrary hypothesized value of the population correlation coefficient, ρ ∈ [−1, 1]. Creation-Date: 2023 File-URL: https://archive.fordham.edu/ECONOMICS_RESEARCH/PAPERS/dp2023_10_vinod.pdf File-Format: Application/pdf Classification-JEL: C30, C51 Keywords: Sampling distribution, Generalized correlation, Arbitrary null Handle: RePEc:FRD:wpaper:DP2023-10er:DP2023-10