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Factor substitution, long-run equilibrium, and convergence speed in the Lucas model 卢卡斯模型中的要素替代、长期均衡和收敛速度
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-17 DOI: 10.1016/j.econlet.2023.111358
Manuel A. Gómez
{"title":"Factor substitution, long-run equilibrium, and convergence speed in the Lucas model","authors":"Manuel A. Gómez","doi":"10.1016/j.econlet.2023.111358","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111358","url":null,"abstract":"<div><p>We study the effect of factor substitution on long-run equilibrium in the Lucas model with CES production. The long-run growth rate does not depend on the elasticity of substitution. However, there is a negative (positive) relationship between the elasticity of factor substitution and the convergence speed if the baseline ratio of physical capital to effective labor is below (above) its steady-state value.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111358"},"PeriodicalIF":2.0,"publicationDate":"2023-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714244","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
Pricing the net benefits of a public loan guarantee scheme in a developing market 发展中市场中公共贷款担保计划净收益的定价
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-17 DOI: 10.1016/j.econlet.2023.111353
Ayça Topaloğlu-Bozkurt , Başak Tanyeri-Günsür
{"title":"Pricing the net benefits of a public loan guarantee scheme in a developing market","authors":"Ayça Topaloğlu-Bozkurt ,&nbsp;Başak Tanyeri-Günsür","doi":"10.1016/j.econlet.2023.111353","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111353","url":null,"abstract":"<div><p>Turkish credit markets experienced a liquidity crunch following the Brexit referendum in June, the attempted coup in July, and the US election in November of 2016. The government announced a 12.5-fold increase in the Treasury support for the Credit Guarantee Fund to alleviate the credit squeeze. We investigate whether investor reactions to the announcement of the increase in Treasury support in KGF are in line with the stated aim of policymakers. Firms listed on Borsa İstanbul averaged 5.72 percent cumulative abnormal returns (CARs) in the 9-day window around the announcement. Investors anticipated the benefits from public guarantees would outweigh the costs. The positive and significant CARs suggest that the information released in the announcement, in line with the program aims, positively affected investor expectations.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111353"},"PeriodicalIF":2.0,"publicationDate":"2023-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49730164","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 cost of hypocrisy: Does corporate ESG decoupling reduce labor investment efficiency? 虚伪的代价:企业ESG脱钩会降低劳动投资效率吗?
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-15 DOI: 10.1016/j.econlet.2023.111355
Ran Di, Changqing Li
{"title":"The cost of hypocrisy: Does corporate ESG decoupling reduce labor investment efficiency?","authors":"Ran Di,&nbsp;Changqing Li","doi":"10.1016/j.econlet.2023.111355","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111355","url":null,"abstract":"<div><p>This study finds that ESG decoupling reduces labor investment efficiency mainly by increasing financial constraints and agency costs. ESG decoupling exacerbates both labor overinvestment and labor underinvestment. And environmental uncertainty might exacerbate the negative effect of ESG decoupling on firms.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111355"},"PeriodicalIF":2.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714241","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
Financial fragility and information design 金融脆弱性与信息设计
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-15 DOI: 10.1016/j.econlet.2023.111356
Zhongjie Fan , Dunzhe Tang
{"title":"Financial fragility and information design","authors":"Zhongjie Fan ,&nbsp;Dunzhe Tang","doi":"10.1016/j.econlet.2023.111356","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111356","url":null,"abstract":"<div><p>Financial fragility as a macro market attribute directly affects participants’ micro decisions. We study how government can achieve market prosperity through selectively inform participants on economy state. We find that government’s optimal information design is correlated with financial contagion and risk-sharing.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111356"},"PeriodicalIF":2.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714211","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
Automated switching services 自动交换业务
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-14 DOI: 10.1016/j.econlet.2023.111351
Luke Garrod , Ruochen Li , Chris M. Wilson
{"title":"Automated switching services","authors":"Luke Garrod ,&nbsp;Ruochen Li ,&nbsp;Chris M. Wilson","doi":"10.1016/j.econlet.2023.111351","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111351","url":null,"abstract":"<div><p>Automated switching services have recently emerged as online intermediaries that use algorithms to facilitate consumer switching. Unlike price comparison websites, these services (i) act on behalf of consumers by actively switching them to the cheapest deals, (ii) typically charge consumers directly, rather than charging suppliers commission, and (iii) tend to consider every supplier’s price. We offer the first theoretical analysis of such services. In an oligopoly model with imperfect price information, we characterize an equilibrium with an automated switching service, and analyze its impact on market outcomes and welfare. Among other results, we show how the service’s existence benefits all consumers, despite it only serving some consumers and charging them a fee.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111351"},"PeriodicalIF":2.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714295","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
Determining the number of change-points in high-dimensional factor models by cross-validation with matrix completion 采用矩阵补全交叉验证的方法确定高维因子模型中变化点的个数
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-14 DOI: 10.1016/j.econlet.2023.111350
Ruichao Zhou , Jianhong Wu
{"title":"Determining the number of change-points in high-dimensional factor models by cross-validation with matrix completion","authors":"Ruichao Zhou ,&nbsp;Jianhong Wu","doi":"10.1016/j.econlet.2023.111350","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111350","url":null,"abstract":"<div><p>This paper focuses on the determination of the number of change-points in high-dimensional factor models via cross-validation with matrix completion. An imputed method is proposed to predict the validation data set which is seen as the “missing” data of the training set. The number of change-points can be determined by minimizing the prediction error on the validation set. The consistency of the estimator is established under some mild conditions. Monte Carlo simulation results show desired performance of the proposed method compared to the existing competitors.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111350"},"PeriodicalIF":2.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714245","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
May human capital rescue the Empty Planet? 人力资本能拯救这个空虚的星球吗?
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-14 DOI: 10.1016/j.econlet.2023.111352
Spyridon Boikos , Alberto Bucci , Tiago Neves Sequeira
{"title":"May human capital rescue the Empty Planet?","authors":"Spyridon Boikos ,&nbsp;Alberto Bucci ,&nbsp;Tiago Neves Sequeira","doi":"10.1016/j.econlet.2023.111352","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111352","url":null,"abstract":"<div><p>Evidence suggests that fertility rates are already below the replacement level in many advanced countries, meaning that population is decreasing in these regions. We build an R&amp;D-based growth model with human capital and declining population to show that the introduction of human capital can mitigate (or overcome) the stagnation in GDP per capita that may otherwise occur. Also, our model allows us simultaneously to observe sustained economic growth combined with secular productivity stagnation.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111352"},"PeriodicalIF":2.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714276","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
A simple nonparametric conditional quantile estimator for time series with thin tails 具有细尾的时间序列的简单非参数条件分位数估计
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-14 DOI: 10.1016/j.econlet.2023.111349
Qiao Wang
{"title":"A simple nonparametric conditional quantile estimator for time series with thin tails","authors":"Qiao Wang","doi":"10.1016/j.econlet.2023.111349","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111349","url":null,"abstract":"<div><p>In this study, we consider a simple conditional quantile estimator in a nonparametric framework with time series data. We prove the consistency and asymptotic normality of our simple estimator for absolutely regular processes (<span><math><mi>β</mi></math></span>-mixing). This simple estimator can get better finite sample performances at thin tails than the check-function-based estimator. Finite sample simulation results show that our simple estimators have better finite sample performances at thin tails of time series data.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111349"},"PeriodicalIF":2.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714426","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 monetary policy on firm-level uncertainty 货币政策对企业层面不确定性的影响
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-12 DOI: 10.1016/j.econlet.2023.111319
Aeimit Lakdawala , Timothy Moreland
{"title":"The effect of monetary policy on firm-level uncertainty","authors":"Aeimit Lakdawala ,&nbsp;Timothy Moreland","doi":"10.1016/j.econlet.2023.111319","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111319","url":null,"abstract":"<div><p>Uncertainty at the firm-level falls on FOMC announcement days with substantial variation both across firms and over time. We find that this is not related to commonly used measures of monetary policy shocks which capture surprises about the expected path of the policy rate. Rather it is driven by changes in uncertainty around the expected path of the policy rate. This effect is attenuated for firms that have higher growth opportunities (as measured by Tobin’s Q).</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111319"},"PeriodicalIF":2.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49699237","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
Does broadband internet infrastructure mitigate firm-level economic policy uncertainty? Evidence from the Broadband China Pilot Policy 宽带互联网基础设施能否缓解企业层面经济政策的不确定性?来自宽带中国试点政策的证据
IF 2 4区 经济学
Economics Letters Pub Date : 2023-09-09 DOI: 10.1016/j.econlet.2023.111325
Bin Wang , Liang Wang , Bairong Gong , Zhengwei Yan , Pan Hu
{"title":"Does broadband internet infrastructure mitigate firm-level economic policy uncertainty? Evidence from the Broadband China Pilot Policy","authors":"Bin Wang ,&nbsp;Liang Wang ,&nbsp;Bairong Gong ,&nbsp;Zhengwei Yan ,&nbsp;Pan Hu","doi":"10.1016/j.econlet.2023.111325","DOIUrl":"https://doi.org/10.1016/j.econlet.2023.111325","url":null,"abstract":"<div><p><span>We propose the firm-level economic policy uncertainty (FEPU) index to measure the economic policy uncertainty faced by individual firms. Then, we consider the “Broadband China </span>Pilot Policy” as a quasi-experiment and examine the effect of broadband internet infrastructure on FEPU. We find that broadband internet infrastructure exerts negative impacts on FEPU.</p></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"232 ","pages":"Article 111325"},"PeriodicalIF":2.0,"publicationDate":"2023-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49714069","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: 1
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