Our paper with Laurent Maurin on firm-level productivity has just been published in the Oxford Economic Papers. We provide a quick and tidy method to calculate the Olley-Pakes productivity decomposition into trend and allocative efficiency components. In the empirical application, we find that financial leverage played an important role in explaining the change in aggregate productivity growth in Europe between 2004 and 2017. That is especially true in the Northern and Western Europe, where productivity potential could not be fully exploited due to access to finance constraints. Download the paper and the supplementary files from the journal's website. The early version is available here.
Happy to see that my latest research collaboration has been featured in the recent flagship IMF's Fiscal Monitor (October 2023). The analysis argues that tighter climate regulations can spur firm-level investments, if firms face higher standards or non-negligible financial incentives, like in the EU ETS. Working paper comes soon!
After nearly 10 years of drafting and revisions, my JMP got finally published in the Journal of Applied Statistics! The first draft appeared in 2013 and since then it benefited from 3 substantial revisions (including one full rewrite), it won one prize for the best paper in finance in the NYC, and it was one of the chapters of my PhD thesis. Quite a CV for a paper!
Superhappy that our recent work with Bettina Bökemeier on fiscalpolicy in the EU, has just been accepted to the International Economics journal. We find that before the pandemic, the discretionary fiscal policy across the EU was highly pro-cyclical. It changed during the pandemic years, because of massive discretionary spending in 2020 and 2021. Yet we still find a change in fiscal reaction function even when removing the pandemic-related expenditures. See the working paper version here.
Happy to share that our paper on News-implied Sovereign Risk Index (NSRI) has just been awarded the best paper award at the 2022 China International Conference in Finance. Our approach confirms that news articles can be informative about countries’ default risk. This feature is particularly relevant for those economies which lack market-based measures, or the markets are illiquid. Read the full paper here. Big thank you to the organizers!
The pandemic crisis has a chance to redefine the EU fiscal framework. In the recent study, which was just published as University of Bielefeld Working Paper, we confirm a clear fiscal counter-cyclicality in virtually every Member State in 2020 and 2021. It seems that the fiscal rules have been relaxed for a good reason this time.
Marcin Wolski, PhD
European Investment Bank
E-mail: M.Wolski (at) eib.org
Phone: +352 43 79 88708
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