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VoxEU & CEPR Coverage of the Covid-19 Global Pandemic

Yuxian Chen, Yannis Ioannides, 15 September 2020

吉林快3大小单双微信群With the COVID-19 pandemic raging at the beginning of the summer of 2020, countries that depend heavily on international tourism were confronted with the dilemma of whether or not to let travel restart. This column uses international data to explore the relationship between tourism specialisation and short-run economic growth. The results suggest that a 1% increase in tourism specialisation is associated with 0.01 percentage point increase in the growth rate of GDP per capita for OECD countries. This is in line with previous findings but is based on up-to-date panel data.

Debopam Bhattacharya, Renata Rabovic, 15 September 2020

The balance between merit and diversity in university admissions is a controversial issue, but statistical analysis is challenging because applicant characteristics are only observed by admissions officers and post-entry test scores are only available for those who were admitted. This column uses a novel, outcome-based test of merit-based admissions at Cambridge University, where some applicants enter via a second-round clearing mechanism from a ‘pool’, to bypass the non-observability problems. The test reveals robust evidence of higher admissions standards for men in STEM and economics, and weak evidence of the same for private school applicants. The gender gap is non-evident in law and medicine.

Khalid ElFayoumi, Martina Hengge, 14 September 2020

The COVID-19 pandemic and associated policy responses triggered a historically large wave of capital reallocation between markets, asset classes, and industries. This column uses high-frequency data to show that capital market dynamics were not exclusively driven by undiscriminating global factors. Instead, the degree of the spread of the virus, the stringency of the lockdown, and the fiscal policy response played key roles in explaining the wide heterogeneity in international portfolio flows across countries, particularly for emerging markets.

Ignazio Angeloni, 14 September 2020

The long-awaited outcome of the Federal Reserve’s monetary strategy review is finally out. This column argues that while the ‘Powell doctrine’ responds to a genuine need to address issues in the Fed’s policy framework, it also introduces complexities in the interpretation and implementation of monetary policy which are likely to become more apparent over time. The hurdles involved do not have easy solutions, and other central banks pondering their own monetary policy framework are well advised to take heed.

David Argente, Chang-Tai Hsieh, Munseob Lee, 13 September 2020

Cross-country price indexes are an essential tool for comparing living standards in different countries. But those indexes are constructed from data that does not always account for heterogeneity in shopping behaviour, the uneven quality of products, and variety availability. This column compares barcode-level data on prices and quantities for consumer packaged goods in the US and Mexico, and finds that Mexican real consumption relative to the US is larger than previously estimated. It highlights the importance of addressing sampling, quality, and variety biases in international price comparisons.

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