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Macroprudential Policy Interlinkages 宏观审慎政策的相互联系
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-06-24 DOI: 10.1111/jmcb.13258
JOHANNES MATSCHKE
{"title":"Macroprudential Policy Interlinkages","authors":"JOHANNES MATSCHKE","doi":"10.1111/jmcb.13258","DOIUrl":"https://doi.org/10.1111/jmcb.13258","url":null,"abstract":"<p>The IMF recently updated its institutional view on capital flow management and macroprudential policies for emerging markets (EMs). The framework advocates a variety of prudential tools to deal with generally complex and heterogeneous financial flows. This paper provides a normative justification for this integrated approach when investors have access to multiple assets. As is well-known, the EM overborrows in international markets, which justifies to actively manage international capital flows. However, as a novel result, this paper also advocates complementary domestic macroprudential policies: reallocating domestic resources toward internationally constrained borrowers improves welfare because it shifts funds to households with a higher marginal propensity to consume. This result emerges independent of any domestic externality. A numerical exercise further shows that partial regulation can increase the severity of a recession relative to no regulation.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"1985-2007"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Model of External Debt Sustainability and Monetary Hierarchy 外债可持续性和货币等级模型
IF 0.8 3区 经济学
Metroeconomica Pub Date : 2026-10-10 Epub Date: 2025-11-25 DOI: 10.1111/meca.70001
Nicolás M. Burotto
{"title":"A Model of External Debt Sustainability and Monetary Hierarchy","authors":"Nicolás M. Burotto","doi":"10.1111/meca.70001","DOIUrl":"https://doi.org/10.1111/meca.70001","url":null,"abstract":"<div>\u0000 \u0000 <p>I develop a dynamic macroeconomic model of a small open economy to identify two key vulnerabilities that prevent emerging markets from fully integrating into global markets: high financial integration costs and their low position in the international monetary hierarchy. These vulnerabilities make them susceptible to financial traps, jeopardize debt sustainability and increase volatility. I show that the weak response of capital flows to interest rates further limits the ability of monetary policy to stabilize the system. As a result, these economies have restricted policy options and often resort to mimicking external monetary policy strategies in times of financial distress.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 4","pages":"341-364"},"PeriodicalIF":0.8,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pseudo, or Not? Neo-Goodwinian Growth Cycles With Financial Linkages 伪还是伪？具有金融联系的新古德温增长周期
IF 0.8 3区 经济学
Metroeconomica Pub Date : 2026-10-10 Epub Date: 2026-02-18 DOI: 10.1111/meca.70015
Rudiger von Arnim, Luis Felipe Eick
{"title":"Pseudo, or Not? Neo-Goodwinian Growth Cycles With Financial Linkages","authors":"Rudiger von Arnim,&nbsp;Luis Felipe Eick","doi":"10.1111/meca.70015","DOIUrl":"https://doi.org/10.1111/meca.70015","url":null,"abstract":"<p>A profit-led Goodwin mechanism generates the observed counterclockwise activity–labor share cycle. Introducing a financial linkage can reproduce this pattern even when demand is not profit-led. This paper extends neo-Goodwinian theory by incorporating the valuation ratio into a four-dimensional model. We show that the model can generate a limit cycle and that the Goodwin pattern arises in simulations without profit-led demand when financial interactions are present. Redistribution affects cyclical dynamics but has no steady-state growth effects.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 4","pages":"422-437"},"PeriodicalIF":0.8,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.70015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Taxation and Bank Liquidity Creation 税收和银行流动性创造
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-11-26 DOI: 10.1111/jmcb.70023
ALLEN N. BERGER, DIMITRIS K. CHRONOPOULOS, ANNA L. SOBIECH, JOHN O.S. WILSON
{"title":"Taxation and Bank Liquidity Creation","authors":"ALLEN N. BERGER,&nbsp;DIMITRIS K. CHRONOPOULOS,&nbsp;ANNA L. SOBIECH,&nbsp;JOHN O.S. WILSON","doi":"10.1111/jmcb.70023","DOIUrl":"https://doi.org/10.1111/jmcb.70023","url":null,"abstract":"<p>We investigate the impact of taxes on bank liquidity creation using the Tokyo bank tax as a quasi-natural experiment. Drawing on data for Japanese banks, we find that the tax reduces retained earnings and capital, leading to a significant reduction in liquidity creation. The decline in liquidity creation is concentrated on the asset-side of bank balance sheets. Banks reduce the supply of long-term loans and shift toward short-term government securities. The results suggest that tax-induced erosion of capital constraints banks’ ability to provide liquidity through productive lending, and highlight the role of capital as a risk-absorbing buffer.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"1897-1930"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Fragility and the Fiscal Multiplier 金融脆弱性与财政乘数
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2025-06-23 DOI: 10.1111/jmcb.13249
CHRISTIAAN VAN DER KWAAK, SWEDER VAN WIJNBERGEN
{"title":"Financial Fragility and the Fiscal Multiplier","authors":"CHRISTIAAN VAN DER KWAAK,&nbsp;SWEDER VAN WIJNBERGEN","doi":"10.1111/jmcb.13249","DOIUrl":"https://doi.org/10.1111/jmcb.13249","url":null,"abstract":"<p>We show that undercapitalized banks with large holdings of government bonds subject to sovereign default risk lead to a new crowding-out channel: deficit-financed fiscal stimuli lead to higher bond yields, triggering capital losses for the banks. Banks then cut back loans, which reduces fiscal multipliers. Crowding out increases for longer maturity bonds and higher sovereign default risk. We estimate a dynamic stochastic general equilibrium (DSGE) model with financial frictions for Spain and find strong support for these results. The cumulative multiplier decreases substantially with the size of the stimulus, and with the amount of time between the announcement and implementation of the stimulus.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2045-2083"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13249","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149163280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Anticipating regional futures? The promises, prospects and pitfalls of the Basque Model 预测地区未来？巴斯克模式的承诺、前景和缺陷
IF 4.4 2区 经济学
Cambridge Journal of Regions Economy and Society Pub Date : 2026-10-10 DOI: 10.1093/cjres/rsag038
Igor Calzada,David Beel,Matthew Thompson,Ian Rees Jones,Martin Jones
{"title":"Anticipating regional futures? The promises, prospects and pitfalls of the Basque Model","authors":"Igor Calzada,David Beel,Matthew Thompson,Ian Rees Jones,Martin Jones","doi":"10.1093/cjres/rsag038","DOIUrl":"https://doi.org/10.1093/cjres/rsag038","url":null,"abstract":"Abstract Over the past three decades, the Basque Country has been celebrated as a balanced and inclusive model of regional development. Yet the compounding pressures of a global polycrisis—climate change, geopolitical turbulence, digital disruption and democratic backsliding—now expose its limits. This paper examines how institutions, policymakers and activists confront these challenges through anticipatory governance and contested development pathways. Drawing on 2024 fieldwork, we argue that the Basque Model illustrates both the promises and pitfalls of hybrid strategies that selectively adapt emergent imaginaries of the future. The case highlights broader lessons for rethinking anticipatory regional development in uncertain and polarised times.","PeriodicalId":47897,"journal":{"name":"Cambridge Journal of Regions Economy and Society","volume":"12 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149151636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Case for Flexible Exchange Rates in 1953 and 1969: Friedman versus Johnson 1953 年和 1969 年灵活汇率的案例：弗里德曼与约翰逊
IF 1.9 3区 经济学
Journal of Money Credit and Banking Pub Date : 2026-10-10 Epub Date: 2024-04-15 DOI: 10.1111/jmcb.13151
George S. Tavlas
{"title":"The Case for Flexible Exchange Rates in 1953 and 1969: Friedman versus Johnson","authors":"George S. Tavlas","doi":"10.1111/jmcb.13151","DOIUrl":"10.1111/jmcb.13151","url":null,"abstract":"<p>During the years of the Bretton Woods system, Milton Friedman and Harry Johnson, respectively, authored two of the most influential articles on exchange-rate systems. Friedman's article, “The Case for Flexible Exchange Rates,” was published in 1953. Johnson's article, published 16 years later, carried the almost identical title—“The Case for Flexible Exchange Rates, 1969.” While both articles achieved classic status in the 1970s and the 1980s, Johnson's essay appears to have surpassed Friedman's essay in stature in the view of some economists. This paper provides a comparison of the arguments in favor of flexible rates and against fixed rates presented by Friedman and Johnson. I conclude that Friedman's essay presaged all of the major arguments made in Johnson's essay while excluding several major misses made by Johnson. Nevertheless, there were pragmatic reasons why Johnson's essay became more influential.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"58 7","pages":"2171-2198"},"PeriodicalIF":1.9,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140598850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Generative AI and Firm Values 生成式人工智能与企业价值观
IF 8 1区 经济学
Journal of Finance Pub Date : 2026-10-09 DOI: 10.1111/jofi.70089
ANDREA L. EISFELDT, GREGOR SCHUBERT, MIAO BEN ZHANG, BLEDI TASKA
{"title":"Generative AI and Firm Values","authors":"ANDREA L. EISFELDT, GREGOR SCHUBERT, MIAO BEN ZHANG, BLEDI TASKA","doi":"10.1111/jofi.70089","DOIUrl":"https://doi.org/10.1111/jofi.70089","url":null,"abstract":"How do recent advances in Generative Artificial Intelligence (AI) affect firm value? We construct the first measure of <jats:italic>firms' workforce exposures</jats:italic> to Generative AI and show that an “Artificial‐Minus‐Human” portfolio earned 5% in the two weeks following the release of ChatGPT. The labor‐exposure effect is more pronounced for firms with greater data assets and is distinct from the effect of firms' product exposures to AI. We assess whether exposed workforces are substituted or complemented by Generative AI based on whether their exposed tasks are core or supplemental. Examining firms' labor demand and profitability following the release of ChatGPT supports a labor‐technology substitution channel.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"8 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149130314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Macroeconomic effects of formal adoption of inflation targeting 正式采用通胀目标制的宏观经济效应
IF 1.5 4区 经济学
Economic Inquiry Pub Date : 2026-10-09 Epub Date: 2026-08-12 DOI: 10.1111/ecin.70081
Surjit S. Bhalla, Karan Bhasin, Prakash Loungani
{"title":"Macroeconomic effects of formal adoption of inflation targeting","authors":"Surjit S. Bhalla,&nbsp;Karan Bhasin,&nbsp;Prakash Loungani","doi":"10.1111/ecin.70081","DOIUrl":"https://doi.org/10.1111/ecin.70081","url":null,"abstract":"<p>We examine the impact of formal adoption of inflation targeting (IT) on inflation, growth and anchoring of inflation expectations in advanced economies and emerging markets and developing economies. We find that while the early adopters of IT (pre-2000) saw declines in inflation rates following adoption, IT adopters since then have enjoyed such success in only about half the cases. Our country-level analysis—using the synthetic control method—shows that IT adoption delivers significant inflation gains in about a third of the cases. We find limited support for the concern that adoption of IT systematically leads to poorer growth outcomes.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"64 4","pages":"1560-1588"},"PeriodicalIF":1.5,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149125935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Intellectual property rights and innovation in vertically related industries 垂直相关产业的知识产权与创新
IF 1.5 4区 经济学
Economic Inquiry Pub Date : 2026-10-09 Epub Date: 2026-06-14 DOI: 10.1111/ecin.70073
Michael A. Klein
{"title":"Intellectual property rights and innovation in vertically related industries","authors":"Michael A. Klein","doi":"10.1111/ecin.70073","DOIUrl":"https://doi.org/10.1111/ecin.70073","url":null,"abstract":"<p>This paper examines the economic impact of intellectual property rights in the context of complementary vertical innovation by firms in upstream and downstream industries. Empirical patterns suggest that industry downstreamness is associated with a greater relative importance of patents versus trade secrecy in firm appropriation strategies. Using a novel model of endogenous growth, I show that strengthening patent protection generates downstream-biased technical change in most cases. The corresponding reallocation of resources creates distributional effects from patent policy that existing analysis do not account for. I examine the impact of these effects on economic growth, welfare, and optimal patent policy.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"64 4","pages":"1327-1344"},"PeriodicalIF":1.5,"publicationDate":"2026-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149125936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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