Macroeconomic rates of return of public and private investment : crowding-in and crowding-out effects

Using annual data from 14 European Union countries, plus Canada, Japan and the United States, we evaluate the macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to assess the extent of crowding-in or crowding-out of both components of investment. We also compute the associated macroeconomic rates of return of public and private investment for each country. The results point mostly to the existence of positive effects of public investment and private investment on output. On the other hand, the crowding-in effects of public investment on private investment vary across countries, while the crowding-in effect of private investment on public investment is more generalised.

The Crowding-out Effect of Mandatory Labour Market Pension Schemes on Private Savings. Evidence from renters in Denmark. CEPS Working Document No. 389, February 2014

This paper aims to estimate the crowding-out effect of the Danish mandatory labour market pension reforms begun in 1993 on the level of total household savings for renters. The effect is identified via a large panel of individual administrative records utilising the differences in speed, timing and sectoral coverage of the implementation of the reform in the period 1997 to 2005. Little substitutability was found between current mandatory labour market pension savings and private voluntary savings. Each euro paid into mandatory labour market pension accounts results in a reduction in private savings of approximately 0 to 30 cents, depending on age. This low rate of substitution is only, to a minor extent, explained by liquidity constraints. The results point to mandatory pension savings having a large effect on total household savings. Thus, pension reforms that introduce mandatory savings have macroeconomic implications.

Social Trust and Demand for Redistribution. Is There a Crowding out Effect?

The debate about the relationship between social capital the welfare state has produced contradictory results for a long time. The crowding out hypothesis states that the growth of the welfare state would erode social capital, as the action of the state leave no room for non-regulated spontaneous cooperation. In sharp contrast, the crowding in hypothesis states that there is virtuous circle between the size of the welfare state and the stock of social capital in a particular country, since generous welfare states (specially those relying on universalistic programs) will produce a particular sense of fairness and solidarity toward fellow citizens. Yet, the empirical evidence testing the explanatory power of these theories is mostly inconclusive. To further our knowledge of this puzzle, in this paper I focus specifically on the relationship between social trust and preferences for redistribution at the individual level in a sample of European countries belonging to different welfare state regimes.

Estimates of crowding in long-term care: Comparing two approaches

Objective: Because studies of crowding in long-term care settings are lacking, the authors sought to: (1) generate initial estimates of crowding in nursing homes and assisted living facilities; and (2) evaluate two operational approaches to its measurement. ----- ----- Background: Reactions to density and proximity are complex. Greater density intensifies people's reaction to a situation in the direction (positive or negative) that they would react if the situation were to occur under less dense conditions. People with dementia are especially reactive to the environment. ----- ----- Methods: Using a cross-sectional correlational design in nursing homes and assisted living facilities involving 185 participants, multiple observations (N = 6,455) of crowding and other environmental variables were made. Crowding, location, and sound were measured three times per observation; ambiance was measured once. Data analyses consisted of descriptive statistics, t-tests, and one-way analysis of variance. ----- ----- Results: Crowding estimates were higher for nursing homes and in dining and activity rooms. Crowding also varied across settings and locations by time of day. Overall, the interaction of location and time affected crowding significantly (N = 5,559, df [47, 511], F = 105.69, p < .0001); effects were greater within location-by-hour than between location-by-hour, but the effect explained slightly less variance in Long-Term Care Crowding Index (LTC-CI) estimates (47.41%) than location alone. Crowding had small, direct, and highly significant correlations with sound and with the engaging subscale for ambiance; a similar, though inverse, correlation was seen with the soothing subscale for ambiance. ----- ----- Conclusions: Crowding fluctuates consistent with routine activities such as meals in long-term care settings. Furthermore, a relationship between crowding and other physical characteristics of the environment was found. The LTC-CI is likely to be more sensitive than simple people counts when seeking to evaluate the effects of crowding on the behavior of elders-particularly those with dementia-in long-term care settings. aging in place.

On the generality of crowding: visual crowding in size, saturation, and hue compared to orientation.

Perception of peripherally viewed shapes is impaired when surrounded by similar shapes. This phenomenon is commonly referred to as "crowding". Although studied extensively for perception of characters (mainly letters) and, to a lesser extent, for orientation, little is known about whether and how crowding affects perception of other features. Nevertheless, current crowding models suggest that the effect should be rather general and thus not restricted to letters and orientation. Here, we report on a series of experiments investigating crowding in the following elementary feature dimensions: size, hue, and saturation. Crowding effects in these dimensions were benchmarked against those in the orientation domain. Our primary finding is that all features studied show clear signs of crowding. First, identification thresholds increase with decreasing mask spacing. Second, for all tested features, critical spacing appears to be roughly half the viewing eccentricity and independent of stimulus size, a property previously proposed as the hallmark of crowding. Interestingly, although critical spacings are highly comparable, crowding magnitude differs across features: Size crowding is almost as strong as orientation crowding, whereas the effect is much weaker for saturation and hue. We suggest that future theories and models of crowding should be able to accommodate these differences in crowding effects.

The Effect of Public Spending on Consumption: Reconciling Theory and Evidence

Recent empirical evidence from vector autoregressions (VARs) suggests that public spending shocks increase (crowd in) private consumption. Standard general equilibrium models predict the opposite. We show that a standard real business cycle (RBC) model in which public spending is chosen optimally can rationalize the crowding-in effect documented in the VAR literature. When such a model is used as a data-generating process, a VAR estimated using the artificial data yields a positive consumption response to an increase in public spending, consistent with the empirical findings. This result holds regardless of whether private and public purchases are complements or substitutes.

Quelle éthique médicale ? Une relecture à partir de l’hypothèse de «crowding out effect».

L’avènement, en microéconomie de la santé, de la théorie de l’agence et de son corollaire en terme de régulation qu’est l’incitation, ont exclu la question du statut théorique de l’éthique médicale en la rendant dénuée d’intérêt pratique. En effet, que l’éthique soit utilitaire, (conditionnelle à la maximisation d’utilité), ou anti utilitaire (norme inconditionnelle), l’incitation est la seule politique publique pertinente. Cependant, selon nous, l’émergence d’une importante littérature en économie sur le « crowding out effect » vient redonner une place capitale au statut de l’éthique. Si les motivations sont substituables alors, l’incitation peut être contreproductive. La faible compatibilité entre théorie des motivations et théorie de l’agence renforce alors la pertinence de l’hypothèse d’éthique antiutilitaire.

Intergovernmental transfers and public spending in Brazilian municipalities

We estimate the effects of unconditional (full fiscal decentralization) versus conditional (partial fiscal decentralization) block grants on local public spending in Brazilian municipalities. Our results suggest that the effect of unconditional and conditional transfers do not differ statistically. Their combination promotes a full crowding-in effect on aggregate public spending — i.e., for $1 of unconditional and conditional grant receipts; we find $1 of additional local public expenditures, greater than the corresponding effect of local income, providing further evidence for the flypaper effect. Moreover, the effect of unconditional transfers on education (health) spending is smaller than the effect of conditional education (health) transfers but greater than the corresponding effect of local income. We consider four strategies to identify causal effects of federal grants and the local income on fiscal responses regarding Brazilian local governments: (i) a fuzzy regression discontinuity design, (ii) Redistributive rules of education funds, (iii) Oil and Gas production, and (iv) Rainfall deviations from the historical mean.

Rules of practice of the United States District court for the district of Arizona, in effect February 1, 1930.

Mode of access: Internet.

Sacramento and San Joaquin drainage district refunding act, Reclamation board act and Reclamation board bond act of the state of California, as in effect on and after July 29, 1927, with all amendments to and including those of 1927.

Mode of access: Internet.

Research tables based on Characteristics of state plans for aid to families with dependent children : need, eligibility, administration in effect...

Description based on: 1980 ed.; title from cover.