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Bank lending standards and monetary transmission in the euro area 欧元区的银行贷款标准和货币传导
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-09 DOI: 10.1016/j.econlet.2025.112413
Daniel Gründler, Johann Scharler
{"title":"Bank lending standards and monetary transmission in the euro area","authors":"Daniel Gründler,&nbsp;Johann Scharler","doi":"10.1016/j.econlet.2025.112413","DOIUrl":"10.1016/j.econlet.2025.112413","url":null,"abstract":"<div><div>This paper analyzes the role of banks in the transmission of monetary policy shocks in the euro area using a FAVAR model and survey data from the ECB’s Bank Lending Survey. We find that banks primarily respond to a contractionary policy shock by tightening lending standards rather than adjusting lending rates. Lending standards react more heterogeneously than market yields, while perceived loan demand varies even more across countries. These findings highlight the importance of both credit supply and demand in the heterogeneous transmission of monetary policy.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112413"},"PeriodicalIF":2.1,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596376","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
Estimating gravity equations for trade in value added: A structural perspective 附加值贸易的重力方程估计：一个结构的视角
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-09 DOI: 10.1016/j.econlet.2025.112476
Inga Heiland , Patrik Šváb
{"title":"Estimating gravity equations for trade in value added: A structural perspective","authors":"Inga Heiland ,&nbsp;Patrik Šváb","doi":"10.1016/j.econlet.2025.112476","DOIUrl":"10.1016/j.econlet.2025.112476","url":null,"abstract":"<div><div>A large number of recent papers employ value-added trade data alongside traditional gross measures of trade to estimate the impact of various trade costs on bilateral trade. Value-added gravity equations are typically justified by referencing the theoretical and empirical merits of traditional gravity equations for gross trade. Contradicting this notion, we use theory and simulations to show that value-added gravity equations are misspecified when the gross trade gravity equation is correct. Consequently, estimates from value-added gravity equations are difficult to interpret and prone to omitted variables bias.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112476"},"PeriodicalIF":2.1,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596375","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
The core in Participatory Budgeting can be empty 参与式预算的核心可以是空的
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-08 DOI: 10.1016/j.econlet.2025.112472
Jan Maly
{"title":"The core in Participatory Budgeting can be empty","authors":"Jan Maly","doi":"10.1016/j.econlet.2025.112472","DOIUrl":"10.1016/j.econlet.2025.112472","url":null,"abstract":"<div><div>The core is a strong fairness notion in multi-winner voting and participatory budgeting (PB). It is known that the core can be empty if we consider cardinal utilities, but it is not known whether it is always satisfiable with approval ballots. In this short note, I show that in approval-based PB the core can be empty for nearly all satisfaction functions that are based on the cost of a project. In particular, I show that the core can be empty for the cost satisfaction function, satisfaction functions based on diminishing marginal returns, and the share. However, it remains open whether the core can be empty for the cardinality satisfaction function.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112472"},"PeriodicalIF":2.1,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144587570","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
Testing for spatial lag dependence and homoskedasticity in a random effects panel data model 随机效应面板数据模型的空间滞后依赖性和同方差性检验
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-07 DOI: 10.1016/j.econlet.2025.112469
Badi H. Baltagi , Long Liu
{"title":"Testing for spatial lag dependence and homoskedasticity in a random effects panel data model","authors":"Badi H. Baltagi ,&nbsp;Long Liu","doi":"10.1016/j.econlet.2025.112469","DOIUrl":"10.1016/j.econlet.2025.112469","url":null,"abstract":"<div><div>This paper derives a joint Lagrange Multiplier (LM) test for spatial correlation and homoskedasticity for a spatial autoregressive (SAR) panel model with random effects. The heteroskedasticity in the random effects term is an <em>unknown</em> function of <em>known</em> strictly exogenous variables as in Holly and Gardiol (2000). The latter paper deals with a panel random effects model with heteroskedasticity that ignores the spatial correlation. Conditional LM tests for homoskedasticity given spatial lag correlation, as well as zero spatial lag correlation given heteroskedasticity are also derived. Monte Carlo experiments are performed to study the small sample performance of these tests.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112469"},"PeriodicalIF":2.1,"publicationDate":"2025-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144580681","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
How to select the number of factors in break point estimation of high-dimensional factor models? 如何在高维因子模型的断点估计中选择因子的个数？
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-05 DOI: 10.1016/j.econlet.2025.112470
Jingjie Xiang
{"title":"How to select the number of factors in break point estimation of high-dimensional factor models?","authors":"Jingjie Xiang","doi":"10.1016/j.econlet.2025.112470","DOIUrl":"10.1016/j.econlet.2025.112470","url":null,"abstract":"<div><div>Predetermining the number of factors is required in break date estimation of high-dimensional factor models. In a model with <span><math><msub><mrow><mi>r</mi></mrow><mrow><mi>a</mi></mrow></msub></math></span> (<span><math><msub><mrow><mi>r</mi></mrow><mrow><mi>b</mi></mrow></msub></math></span>) pre-break (post-break) factors, this paper shows the consistency of least squares (LS) break fraction estimator when the number of pre-break (post-break) factors is arbitrarily set to a value between <span><math><msub><mrow><mi>r</mi></mrow><mrow><mi>a</mi></mrow></msub></math></span> (<span><math><msub><mrow><mi>r</mi></mrow><mrow><mi>b</mi></mrow></msub></math></span>) and the total number of pseudo factors minus one. Monte Carlo evidence suggests that break date estimation based on the number of pseudo factors enjoys higher accuracy than that based on the true numbers of pre- and post-break factors. This advantage becomes more obvious as the gap between <span><math><msub><mrow><mi>r</mi></mrow><mrow><mi>a</mi></mrow></msub></math></span> and <span><math><msub><mrow><mi>r</mi></mrow><mrow><mi>b</mi></mrow></msub></math></span> widens. Thus, break date estimation based on the number of pseudo factors remains a good choice when the numbers of pre- and post break factors are different.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112470"},"PeriodicalIF":2.1,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144570787","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
Waste-heat and economic growth in the very long run 废热和长期的经济增长
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-05 DOI: 10.1016/j.econlet.2025.112467
Chadwick C. Curtis , Steven Lugauer
{"title":"Waste-heat and economic growth in the very long run","authors":"Chadwick C. Curtis ,&nbsp;Steven Lugauer","doi":"10.1016/j.econlet.2025.112467","DOIUrl":"10.1016/j.econlet.2025.112467","url":null,"abstract":"<div><div>This paper presents a model of economic growth that incorporates production damages due to waste-heat. Our approach builds from the models developed to study how carbon emissions impact the economy; however, the direct waste-heat channel that we consider is distinct from the on-going greenhouse gas induced climate change. If energy use continues to rise exponentially with economic growth, then direct heat also has the potential to elevate global temperatures. In the model, sustained economic growth continues in the long run only if something is done about this waste-heat.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112467"},"PeriodicalIF":2.1,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144562931","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
The effect of mandatory salary revelations on job postings 强制性薪资披露对职位发布的影响
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-04 DOI: 10.1016/j.econlet.2025.112423
Zoga Duka , Bryan S. Weber
{"title":"The effect of mandatory salary revelations on job postings","authors":"Zoga Duka ,&nbsp;Bryan S. Weber","doi":"10.1016/j.econlet.2025.112423","DOIUrl":"10.1016/j.econlet.2025.112423","url":null,"abstract":"<div><div>We examine a nationwide state-level panel of job posting data from the well-known job site Indeed. We track the estimated impact of laws requiring salaries being included in the job posting — and discover an insignificant but persistent and consistent decline in the number of offerings in states passing such laws between the range of 1%–6%. This is particularly interesting given such salary bands are already established by the employers and therefore one might believe these values would be <em>de minimis</em> for employers to include.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112423"},"PeriodicalIF":2.1,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144580832","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
Alienating the American dream: Welfare reform and immigrant homeownership 疏远美国梦：福利改革和移民住房所有权
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-04 DOI: 10.1016/j.econlet.2025.112492
Aaron M. Gamino, Feyisayo Afolayan
{"title":"Alienating the American dream: Welfare reform and immigrant homeownership","authors":"Aaron M. Gamino,&nbsp;Feyisayo Afolayan","doi":"10.1016/j.econlet.2025.112492","DOIUrl":"10.1016/j.econlet.2025.112492","url":null,"abstract":"<div><div>This study examines the impact of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) on homeownership among immigrants in the US. Using IPUMS CPS data from 1994 to 2019, we conduct an event study and estimate a difference-in-differences model to compare immigrant homeownership with that of natives based on the year of immigration. Our findings indicate that PRWORA led to a significant decline in the likelihood of immigrants owning a home. Notably, among immigrants, the likelihood of homeownership declined the most for Hispanics, while those with higher levels of education experienced comparatively smaller reductions. These findings contribute to policy discussions on the unintended economic effects of welfare restrictions and highlight the role of social safety nets in promoting financial stability.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112492"},"PeriodicalIF":2.1,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144587569","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
Inflation concerns and financial stress 通胀担忧和金融压力
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-04 DOI: 10.1016/j.econlet.2025.112493
Sabrina Jeworrek , Lena Tonzer
{"title":"Inflation concerns and financial stress","authors":"Sabrina Jeworrek ,&nbsp;Lena Tonzer","doi":"10.1016/j.econlet.2025.112493","DOIUrl":"10.1016/j.econlet.2025.112493","url":null,"abstract":"<div><div>We provide evidence for a psychological component of inflation concerns. Higher inflation concerns relate in a positive and significant way to respondents’ reported levels of concerns about their financial situation. Results hold when controlling for income and financial constraints.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112493"},"PeriodicalIF":2.1,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596378","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
Supply chain finance and enterprise resilience: From the perspectives of resource integration and organizational governance 供应链金融与企业弹性：基于资源整合和组织治理的视角
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-07-03 DOI: 10.1016/j.econlet.2025.112487
Yao Sun, Ding Xiong
{"title":"Supply chain finance and enterprise resilience: From the perspectives of resource integration and organizational governance","authors":"Yao Sun,&nbsp;Ding Xiong","doi":"10.1016/j.econlet.2025.112487","DOIUrl":"10.1016/j.econlet.2025.112487","url":null,"abstract":"<div><div>From the perspectives of resource integration and organizational governance, this paper studies the impact effect of supply chain finance (SCF) on enterprise resilience (ER). Research findings indicate that SCF can enhance ER, and the positive effect becomes more pronounced as enterprises’ market monopoly power strengthens. Among them, the main mechanisms include reducing supply chain operation costs, improving supply chain operation efficiency, and mitigating supply chain operation risks. Moreover, the promoting effect of SCF on ER is more significant in enterprises with a high degree of supply chain dependence and those in the initial life cycle. This study highlights SCF’s role in supply chain management and provides insights for enterprises to rationally utilize SCF tools to enhance their resilience.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"254 ","pages":"Article 112487"},"PeriodicalIF":2.1,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144571780","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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