The New Palgrave Dictionary of Economics has released several new articles as it adds new content for its 2013 edition.
- Shadow banking: a review of the literature
by Tobias Adrian and Adam B. Ashcraft, Federal Reserve Bank of New York, USA.
- Abstract: “The shadow-banking system consists of a web of specialized financial institutions that conduct credit, maturity, and liquidity transformation without direct, explicit access to public backstops. The absence of this public financial support makes shadow banks inherently fragile. Much of the shadow-banking activities are intertwined with the operations of core, regulated institutions such as bank holding companies and insurance companies, therefore creating a source of risk for the financial system at large. This article explores the reasons for the existence of the shadow-banking sector, explains how it functions, discusses why it needs to be regulated and reviews the impact of recent attempts to reform shadow banking intermediation.”
- ICT, internet and worker productivity
by Irene Bertschek, Centre for European Economic Research, Germany
- Abstract:“This article provides a brief overview of the role of information and communication technologies (ICT) as a driver of productivity. In particular, it focuses on the diffusion of computers and the Internet at the workplace and discusses the relationship with wages, the task composition of occupations and labour productivity at the firm level.”
- Internet and the offline world
by Avi Goldfarb, University of Toronto, Canada
- Abstract: “This article emphasises that a key to understanding the (net) benefits of the Internet is to remember that all online activity has an offline context. People live their lives offline. Therefore, the fall in communication costs and the fall in distribution costs associated with the diffusion of the Internet had a heterogeneous impact across locations.”
- The economics of online recruitment
by Catherine Thomas, London School of Economics, UK
- Abstract: “Online recruitment describes hiring workers who were initially selected via the Internet. The practice is now widespread, with a majority of US jobseekers undertaking some online job search activity. The online intermediaries that allow employers and employees to connect with each other, leading to online recruitment, vary in scope. They range from websites that provide information about workers or openings, thereby facilitating search (‘job boards’ or ‘job search engines’) to websites that both provide information and enable employers and employees to interact online during the hiring process (‘online labour markets’). A subset of online labour markets also provides an infrastructure that allows for online management of the work process and payment systems.”
- Paul Krugman
by Steven Pressman, Monmouth University, USA
- Abstract: “This article discusses the main economic contributions of Paul Krugman. Krugman developed the new trade theory, which analyses the determinants of international trade when trade takes place among oligopolistic firms, and the new economic geography, which studies where firms locate nationally and worldwide. His also drew out the policy implications of these new theories. Finally, the article discusses Krugman’s early work on exchange rate regimes and his more recent work on economic slumps.”
About the New Palgrave Dictionary of Economics
In 2008, Palgrave Macmillan published The New Palgrave Dictionary of Economics, 2nd edition, edited by Steven N. Durlauf and Lawrence E. Blume. While some classic articles from the earlier four-volume 1987 edition were retained, around 80% of the text was either entirely new or substantially rewritten to reflect the depth of change within the discipline between the editions. Released simultaneously online The New Palgrave Dictionary of Economics is a dynamic, updated resource serving the information needs of a new generation of economists.