Firms expect certain investment expenditures. Firms realize certain investment expenditures. The difference is an investment surprise. With the help of the IFO Investment Survey for the German manufacturing sector we measure firms' (quantitative) investment expectations and firms' (quantitative) investment realizations on a yearly basis and construct a panel of firm-level investment innovations. This paper documents its cross-sectional and time-series properties and thus provides direct, econometrics-free quantitative discipline on the idiosyncratic shock processes used in structural heterogeneous-firm models. We find: 1) there is excess kurtosis in investment innovations, but no significant skewness; 2) the cross-sectional average of investment innovations is procyclical; 3) the cross-sectional dispersion of investment innovations is countercyclical; 4) the cross-sectional skewness and kurtosis of investment innovations is largely acyclical; 5) the cross-sectional average of the firm-individual time series volatility of investment innovations is countercyclical and highly positively correlated with the cross-sectional dispersion of investment innovations; 6) measures of firm-idiosyncratic risk have sizeable fluctuations, in the range of aggregate investment fluctuations.
This paper characterises the conventional and the digital sector of the EU economy since the late 90s and introduces a two sector growth model which highlights structural differences between the two sectors. In contrast to conventional goods and services, digital goods and services are more easily scalable but require more upfront intangible investment. These features require consideration of fixed costs and a departure from perfect competition and raise issues about market entry. Another important dimension is the skill demand of both sectors, with the latter requiring a larger share of workers with digital skills. Since COVID-19 is expected to induce a persistent increase of demand for digital services, we use this model to estimate the likely economic impacts. We are in particular interested how the digital transition is affecting the labour market and the functional distribution of income. The paper shows how the distribution of economic rents between workers with digital skills and platforms is determined by labour supply conditions and entry barriers. This suggests that there is a role for competition policy and labour market policies to support the digital transition.
Media production and consumption behaviors are changing in response to new technologies and demands, giving birth to a new generation of social applications. Among them, crowd journalism represents a novel way of constructing democratic and trustworthy news relying on ordinary citizens arriving at breaking news locations and capturing relevant videos using their smartphones. To address this need, the ARTICONF project proposes a trustworthy, resilient, and globally sustainable toolset for developing decentralized applications (DApps). Its goal is to overcome the privacy, trust, and autonomy-related concerns associated with proprietary social media platforms overflowed by fake news. Leveraging the ARTICONF tools, we introduce a new DApp for crowd journalism called MOGPlay. MOGPlay collects and manages audio-visual content generated by citizens and provides a secure blockchain platform that rewards all stakeholders involved in professional news production. Besides live streaming, MOGPlay offers a marketplace for audio-visual content trading among citizens and free journalists with an internal token ecosystem. We discuss the functionality and implementation of the MOGPlay DApp and illustrate four pilot crowd journalism live scenarios that validate the prototype.
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