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COVID-19 has exacerbated concerns about the rise of the robots and other automation technologies. This paper analyzes empirically the impact of past major pandemics on robot adoption and inequality. First, we find that pandemic events accelerate robot adoption, especially when the health impact is severe and is associated with a significant economic downturn. Second, while robots may raise productivity, they could also increase inequality by displacing low-skilled workers. We find that following a pandemic, the increase in inequality over the medium term is larger for economies with higher robot density and where new robot adoption has increased more. Our results suggest that the concerns about the rise of the robots amid the COVID-19 pandemic seem justified.

Aggregate Factor Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Automatic control engineering --- Automation --- Communicable diseases --- Covid-19 --- Diffusion Processes --- Diseases: Contagious --- Employment --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Health Behavior --- Income distribution --- Income inequality --- Infectious & contagious diseases --- Intergenerational Income Distribution --- Labor Demand --- Labor Turnover --- Layoffs --- Macroeconomics --- Personnel Economics: Firm Employment Decisions --- Promotions --- Robotics --- Technological Change: Choices and Consequences --- Unemployment --- Unemployment: Models, Duration, Incidence, and Job Search --- Vacancies --- Wage Differentials --- Wage Level and Structure --- Wages --- China, People's Republic of

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This paper analyzes the impact of global and regional spillovers to GCC equity markets. GCC equity markets were impacted by spillovers from U.S. equity markets despite varying degrees of foreign participation. Spillovers from regional equity markets were also important but the magnitude of the effects were on average smaller than that from mature markets. The results also illustrated episodes of contagion in particular during the recent global financial crisis. The findings suggest that given the degree of openness, and open capital accounts the financial channel is an important source through which volatility is transmitted. In this regard, GCC equity markets are not immune from global and regional financial shocks. These findings refute the notion of decoupling between the GCC equity and global equity markets.

Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Capital market --- Efficient market theory --- Speculation --- Econometric models. --- Middle East --- Asia, South West --- Asia, Southwest --- Asia, West --- Asia, Western --- East (Middle East) --- Eastern Mediterranean --- Fertile Crescent --- Levant --- Mediterranean Region, Eastern --- Mideast --- Near East --- Northern Tier (Middle East) --- South West Asia --- Southwest Asia --- West Asia --- Western Asia --- Orient --- Finance: General --- Macroeconomics --- Economic Integration --- Financial Aspects of Economic Integration --- Financial Markets and the Macroeconomy --- General Financial Markets: General (includes Measurement and Data) --- Energy: Demand and Supply --- Prices --- Externalities --- Finance --- Oil prices --- Emerging and frontier financial markets --- Market capitalization --- Spillovers --- Financial markets --- Financial sector policy and analysis --- Financial services industry --- International finance --- Saudi Arabia

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In this paper we analyze the dynamics among past major pandemics, economic growth, inequality, and social unrest. We provide evidence that past major pandemics, even though much smaller in scale than COVID-19, have led to a significant increase in social unrest by reducing output and increasing inequality. We also find that higher social unrest, in turn, is associated with lower ourput and higher inequality, pointing to a vicious cycle. Our results suggest that without policy measures, the COVID-19 pandemic will likely increase inequality, trigger social unrest, and lower future output in the years to come.

United States --- Business and Economics --- Health and Fitness --- Econometrics --- Macroeconomics --- Diseases: Contagious --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Conflict --- Conflict Resolution --- Alliances --- Aggregate Factor Income Distribution --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Health Behavior --- Personal Income, Wealth, and Their Distributions --- Econometrics & economic statistics --- Infectious & contagious diseases --- Income inequality --- Vector autoregression --- Communicable diseases --- Income distribution --- Personal income --- COVID-19 --- Health --- National accounts --- Econometric analysis --- Income --- Covid-19

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During the global financial crisis, many central banks in advanced economies engaged in credit easing. These policies have been perceived as largely successful in reducing stress in financial markets, thus avoiding larger output losses. In this paper, we study empirically whether credit easing is also a viable policy tool to cope with banking crises in emerging and developing economies. We find that credit easing leads to a sharp increase in domestic currency depreciation, high inflation, and a substantial reduction in economic growth in a large panel of emerging and developing economies. For advanced economies, we find the effects to be benign. Our results suggest that emerging and developing economies should be cautious when using credit easing as it may fuel adverse macroeconomic repercussions.

Banks and Banking --- Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Financial Markets and the Macroeconomy --- Monetary Policy --- Central Banks and Their Policies --- Economic History: Financial Markets and Institutions: Latin America --- Caribbean --- Financial Crises --- Price Level --- Deflation --- Monetary economics --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- Monetary expansion --- Banking crises --- Systemic crises --- Exchange rate adjustments --- Monetary policy --- Financial crises --- Prices --- United Kingdom

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This paper estimates the effect of grants and workers' remittances on Jordan's long-term equilibrium real exchange rate. We estimate an equilibrium path for the Jordanian real exchange rate using the Johansen cointegration methodology over the period 1964 to 2005. Controlling for other fundamentals, we find that both grants and workers' remittances appreciate the equilibrium real exchange rate in a statistically and economically significant way. We also find that assessing deviations of the actual real exchange rate from the estimated equilibrium real exchange rate is nontrivial because different smoothing methodologies and the nonsmoothed estimates give very different results.

Electronic books. -- local. --- Emigrant remittances -- Jordan -- Mathematical models. --- Foreign exchange rates -- Jordan -- Mathematical models. --- Grants-in-aid -- Jordan -- Mathematical models. --- Smoothing (Numerical analysis). --- Finance --- Business & Economics --- International Finance --- Foreign exchange rates --- Emigrant remittances --- Grants-in-aid --- Smoothing (Numerical analysis) --- Mathematical models. --- Immigrant remittances --- Remittances, Emigrant --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Federal grants --- Grants --- Rates --- Curve fitting --- Numerical analysis --- Intergovernmental fiscal relations --- Economic assistance, Domestic --- Local finance --- Exports and Imports --- Foreign Exchange --- Empirical Studies of Trade --- Remittances --- Currency --- International economics --- Real exchange rates --- Real effective exchange rates --- Terms of trade --- Outward remittances --- Economic policy --- nternational cooperation --- Jordan --- Nternational cooperation