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Safe asset scarcity and multipolar international currency 安全资产稀缺性与国际货币多极化
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-22 DOI: 10.1016/j.econlet.2025.112621
Chenxi Wang, Dong Lu, Meihe E., Yuhao Mu, Yueqian Peng
{"title":"Safe asset scarcity and multipolar international currency","authors":"Chenxi Wang,&nbsp;Dong Lu,&nbsp;Meihe E.,&nbsp;Yuhao Mu,&nbsp;Yueqian Peng","doi":"10.1016/j.econlet.2025.112621","DOIUrl":"10.1016/j.econlet.2025.112621","url":null,"abstract":"<div><div>We extend the model of Chahrour and Valchev (2022) to study how safe asset scarcity affects the multipolar international currency equilibrium. We also examine the impact of US financial sanctions and USD stablecoins on the multipolar international currency equilibrium.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112621"},"PeriodicalIF":1.8,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145117657","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
On epistemic conditions for correlated rationalizability in networks 论网络中相关合理化的认识条件
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-22 DOI: 10.1016/j.econlet.2025.112627
Shinya Sugiura
{"title":"On epistemic conditions for correlated rationalizability in networks","authors":"Shinya Sugiura","doi":"10.1016/j.econlet.2025.112627","DOIUrl":"10.1016/j.econlet.2025.112627","url":null,"abstract":"<div><div>We develop an epistemic foundation for correlated rationalizability within a network framework, in which epistemic conditions are imposed locally between neighboring pairs of players. Our conditions do not require mutual knowledge of rationality across the entire network, a common prior, or network connectivity, thereby generalizing the results of Zambrano (2008) and Tsakas (2013).</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112627"},"PeriodicalIF":1.8,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155163","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
Exchange rate offset to US trade policy: The pricing response of Chinese exporters 汇率对美国贸易政策的抵消：中国出口商的定价反应
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-22 DOI: 10.1016/j.econlet.2025.112596
Makram Khalil, Felix Strobel
{"title":"Exchange rate offset to US trade policy: The pricing response of Chinese exporters","authors":"Makram Khalil,&nbsp;Felix Strobel","doi":"10.1016/j.econlet.2025.112596","DOIUrl":"10.1016/j.econlet.2025.112596","url":null,"abstract":"<div><div>The US trade conflict with China in 2018 and 2019 was accompanied by a marked appreciation of the US dollar. We provide evidence that Chinese exporters notably lower their prices in response to a USD appreciation. Our results thus suggest that the effect of the 2018–19 US tariff hikes on US (post-tariff) import prices was largely offset by a price reduction by Chinese exporters. This holds particularly for prices of intermediate goods, which make up a large share of Chinese exports to the US. To the extent that US trade policy was itself the driver of the USD appreciation, it induced significant offsetting effect.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112596"},"PeriodicalIF":1.8,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155166","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
Heterogeneous price responses to trade policy uncertainty: Evidence from income-specific CPIs 异质性价格对贸易政策不确定性的反应：来自特定收入cpi的证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-20 DOI: 10.1016/j.econlet.2025.112623
Fikret Bilenkisi
{"title":"Heterogeneous price responses to trade policy uncertainty: Evidence from income-specific CPIs","authors":"Fikret Bilenkisi","doi":"10.1016/j.econlet.2025.112623","DOIUrl":"10.1016/j.econlet.2025.112623","url":null,"abstract":"<div><div>This paper examines the heterogeneous effects of trade policy uncertainty (TPU) on consumer prices across the income distribution. Using income-specific CPI data and a TPU shock measure derived from monthly tariff rates, I estimate impulse responses via local projections. The results show that prices faced by top-income households rise more strongly in response to TPU shocks than those faced by low-income households. These findings suggest that uncertainty-induced demand effect is more pronounced among low-income households, highlighting the importance of accounting for heterogeneity when assessing the macroeconomic implications of TPU.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112623"},"PeriodicalIF":1.8,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119044","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 necessary and sufficient condition for weighted Shapley values in the core 核心中加权Shapley值的充分必要条件
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-20 DOI: 10.1016/j.econlet.2025.112618
Xinjuan Chen , Minghua Zhan
{"title":"A necessary and sufficient condition for weighted Shapley values in the core","authors":"Xinjuan Chen ,&nbsp;Minghua Zhan","doi":"10.1016/j.econlet.2025.112618","DOIUrl":"10.1016/j.econlet.2025.112618","url":null,"abstract":"<div><div>In this note, we improve Skoda and Venel’s condition in Skoda et al. (2023) to be a sufficient and necessary condition. It seems to be the first result on the sufficient and necessary condition to ensure that the weighted Shapley value is in the core.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112618"},"PeriodicalIF":1.8,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119046","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
Information acquisition in all-pay contests 全报酬竞赛中的信息获取
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-19 DOI: 10.1016/j.econlet.2025.112585
Xin Feng, Shuangteng Song
{"title":"Information acquisition in all-pay contests","authors":"Xin Feng,&nbsp;Shuangteng Song","doi":"10.1016/j.econlet.2025.112585","DOIUrl":"10.1016/j.econlet.2025.112585","url":null,"abstract":"<div><div>This paper analyzes type-dependent information acquisition in an all-pay contest where two privately informed players can pay a fixed cost to learn their opponent’s type. We analyze and contrast two settings: one where this acquisition decision is covert (unobservable) and one where it is public (observable). Although information is only acquired below a cost threshold in both cases, the public setting creates a crucial strategic tension. The observable act of acquisition can discourage high-type players who wish to conceal their strength, while it may incentivize low-type players who can use the action to signal strength. These findings demonstrate that the option to acquire information is not just a preliminary step but a crucial strategic layer that endogenously shapes the contest’s information structure and influences subsequent efforts and outcomes.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112585"},"PeriodicalIF":1.8,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106331","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
Is 1/N investment portfolio optimal under ambiguity? 模糊情况下1/N投资组合是否最优？
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-19 DOI: 10.1016/j.econlet.2025.112624
Nan He , Tan Wang
{"title":"Is 1/N investment portfolio optimal under ambiguity?","authors":"Nan He ,&nbsp;Tan Wang","doi":"10.1016/j.econlet.2025.112624","DOIUrl":"10.1016/j.econlet.2025.112624","url":null,"abstract":"<div><div>This paper proposes a new criterion incorporating ambiguity into mean–variance analysis, and tests whether the 1/N portfolio is optimal under ambiguity across various datasets. Results indicate that the naive portfolio is not always optimal under ambiguity, despite often performing well out-of-sample.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112624"},"PeriodicalIF":1.8,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145154312","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
Expectations of inflation, wages and spending: Evidence from a consumer survey 通胀、工资和支出预期：来自消费者调查的证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-18 DOI: 10.1016/j.econlet.2025.112629
Monica Jain , Olena Kostyshyna , Xu Zhang
{"title":"Expectations of inflation, wages and spending: Evidence from a consumer survey","authors":"Monica Jain ,&nbsp;Olena Kostyshyna ,&nbsp;Xu Zhang","doi":"10.1016/j.econlet.2025.112629","DOIUrl":"10.1016/j.econlet.2025.112629","url":null,"abstract":"<div><div>Using household-level data from the Canadian Survey of Consumer Expectations over 2014Q4– 2022Q3, we provide insight into the formation of expectations for inflation, wage and spending growth. The literature has documented that households associate higher expected price inflation with worse economic conditions, but that higher expected wage inflation is linked to better economic outcomes. Our paper finds that these views extend to households’ spending decisions: higher expected price inflation is also associated with lower expected household spending, while higher expected wage growth is linked to higher expected spending. These relationships became stronger during the high-inflation period.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112629"},"PeriodicalIF":1.8,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119045","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
Bounded rationality in one-player guessing games 一人竞猜游戏中的有限理性
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-18 DOI: 10.1016/j.econlet.2025.112615
Shahriar Akhavan Hezaveh
{"title":"Bounded rationality in one-player guessing games","authors":"Shahriar Akhavan Hezaveh","doi":"10.1016/j.econlet.2025.112615","DOIUrl":"10.1016/j.econlet.2025.112615","url":null,"abstract":"<div><div>This study examines deviations from optimal play in a one-player guessing game with a distance-based payoff function. Nearly half of the observed non-optimal choices follow simple numeric patterns: choosing identical numbers or selecting one as half of the other. These may reflect joint optimization against an unknown target or best-response reasoning as if facing an imagined opponent. Cognitive Reflection Test scores predict behavioral transitions from unstructured to patterned, and from patterned to optimal choices. The findings suggest that many seemingly suboptimal decisions reflect structured, payoff-sensitive reasoning shaped by how participants internally represent the game’s structure.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112615"},"PeriodicalIF":1.8,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106314","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 CUSUM test for breaks in fractional cointegration 分数协整中断裂的CUSUM检验
IF 1.8 4区 经济学
Economics Letters Pub Date : 2025-09-18 DOI: 10.1016/j.econlet.2025.112616
Krischan Fitter, Philipp Sibbertsen
{"title":"A CUSUM test for breaks in fractional cointegration","authors":"Krischan Fitter,&nbsp;Philipp Sibbertsen","doi":"10.1016/j.econlet.2025.112616","DOIUrl":"10.1016/j.econlet.2025.112616","url":null,"abstract":"<div><div>We propose a CUSUM type test for breaks in a fractional cointegration model. The test can be used to detect a break in the cointegrating vector and potentially for a break in the degree of integration. We establish the limiting distribution using different representations of stochastic integrals, which depend on the combined degree of integration of the series. Also, we prove consistency of the test under a break in the parameter. In a Monte-Carlo simulation we find good size and power levels for most combinations of fractional integration.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112616"},"PeriodicalIF":1.8,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106313","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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