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Should we use central bank asset purchase announcements and sign restrictions to quantify quantitative easing? 我们是否应该使用央行资产购买公告和签署限制措施来量化量化宽松？
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-12 DOI: 10.1016/j.econlet.2026.112843
Roland von Campe
{"title":"Should we use central bank asset purchase announcements and sign restrictions to quantify quantitative easing?","authors":"Roland von Campe","doi":"10.1016/j.econlet.2026.112843","DOIUrl":"10.1016/j.econlet.2026.112843","url":null,"abstract":"<div><div>The empirical literature lacks a consensus on how to model quantitative easing (QE) within the structural vector autoregressive (SVAR) framework. As agents may anticipate central bank balance-sheet variables, the use of asset purchase announcements has become a common practice. I show that results derived from such SVAR models, typically identified with sign restrictions, should be cautiously interpreted. Structural shocks deemed to identify QE give rise to spurious impulse response estimates.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112843"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147404892","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
Business licensing and local business dynamics: Evidence from Chicago 商业许可和本地商业动态：来自芝加哥的证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-24 DOI: 10.1016/j.econlet.2026.112893
Yumi Koh
{"title":"Business licensing and local business dynamics: Evidence from Chicago","authors":"Yumi Koh","doi":"10.1016/j.econlet.2026.112893","DOIUrl":"10.1016/j.econlet.2026.112893","url":null,"abstract":"<div><div>How does reducing regulatory complexity in business licensing affect local business dynamics? We study a 2013 licensing reform in Chicago that simplified a previously complex regime. Using administrative licensing records from 2011–2017, we show that the reform reduced the number of licenses held per establishment and increased new business entry. The entry response was driven primarily by new entrants rather than expansion by incumbents. Although the reform was implemented uniformly across the city, its effects varied locally and depended on pre-reform business composition. These findings suggest that administrative consolidation can influence market contestability and reshape local business dynamics.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112893"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147405081","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
To engineer or not to engineer? Relative wages and the allocation of engineering graduates 设计还是不设计？相对工资和工程专业毕业生的分配
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-16 DOI: 10.1016/j.econlet.2026.112870
Magnus Gustavsson
{"title":"To engineer or not to engineer? Relative wages and the allocation of engineering graduates","authors":"Magnus Gustavsson","doi":"10.1016/j.econlet.2026.112870","DOIUrl":"10.1016/j.econlet.2026.112870","url":null,"abstract":"<div><div>I show that the allocation of engineering graduates between engineering and other jobs responds to relative wages. The analysis exploits variation across Swedish local labor markets and a Bartik instrument to identify exogenous shifts in relative pay. The estimates indicate that a 1 percent increase in the relative wage of engineering occupations increases the share of MSc engineers working in engineering jobs by at least 1 percent. This casts doubt on the frequently asserted need to expand engineering enrollment to meet rising demand.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112870"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147395123","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
Optimal linear aggregation of correlated expert judgments 相关专家判断的最优线性聚合
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-02 DOI: 10.1016/j.econlet.2026.112855
Cem Peker
{"title":"Optimal linear aggregation of correlated expert judgments","authors":"Cem Peker","doi":"10.1016/j.econlet.2026.112855","DOIUrl":"10.1016/j.econlet.2026.112855","url":null,"abstract":"<div><div>This paper studies Bayesian aggregation of judgments with overlapping information. Experts receive a common and a private signal. Simple average of judgments is biased as it double counts common information. We develop a peer prediction game where experts guess others’ judgments as well as reporting their own judgment. Equilibrium reports provide sufficient information to recover all independent signals and optimal weights for linear aggregation. The result holds for <span><math><mrow><mi>N</mi><mo>≥</mo><mn>2</mn></mrow></math></span> experts.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"261 ","pages":"Article 112855"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147399877","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
Mundlak estimators for three-dimensional panel data models 三维面板数据模型的Mundlak估计量
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-18 DOI: 10.1016/j.econlet.2026.112842
Xun Lu , Liangjun Su
{"title":"Mundlak estimators for three-dimensional panel data models","authors":"Xun Lu ,&nbsp;Liangjun Su","doi":"10.1016/j.econlet.2026.112842","DOIUrl":"10.1016/j.econlet.2026.112842","url":null,"abstract":"<div><div>In this paper, we demonstrate the numerical equivalence between the within estimator and the Mundlak estimator for widely used three-dimensional (3D) balanced panel data models. The Mundlak estimator is obtained from the OLS regression, including relevant sample averages as additional regressors. This suggests that the three estimation methods, namely, within, Mundlak, and least squares dummy variable (LSDV), produce numerically identical estimates for balanced 3D models.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112842"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147405076","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
Economic gains from the 2004 EU accession round 2004年加入欧盟带来的经济收益
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-12 DOI: 10.1016/j.econlet.2026.112867
Robert Beyer, Claire Yi Li, Sebastian Weber
{"title":"Economic gains from the 2004 EU accession round","authors":"Robert Beyer,&nbsp;Claire Yi Li,&nbsp;Sebastian Weber","doi":"10.1016/j.econlet.2026.112867","DOIUrl":"10.1016/j.econlet.2026.112867","url":null,"abstract":"<div><div>Employing a synthetic difference-in-difference estimator on regional data, we estimate that EU membership has increased per capita incomes by more than 30 percent, broadly in line with previous country-level estimates. While all regions that joined the EU benefited, we find substantial regional heterogeneity within countries. Regions with better financial access and stronger integration in value chains prior to accession benefited more from the new economic opportunities presented by the single market. Both capital accumulation and higher productivity contributed significantly, while employment effects were small. The estimated gains suggest that deep integration carries significant economic benefits, providing valuable lessons for future EU enlargement and regional integration efforts elsewhere.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112867"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147405077","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
Generalized momentum 广义动量
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-17 DOI: 10.1016/j.econlet.2026.112878
Daniel Hofmann, Karl Ludwig Keiber, Jan-Christopher Scholle
{"title":"Generalized momentum","authors":"Daniel Hofmann,&nbsp;Karl Ludwig Keiber,&nbsp;Jan-Christopher Scholle","doi":"10.1016/j.econlet.2026.112878","DOIUrl":"10.1016/j.econlet.2026.112878","url":null,"abstract":"<div><div>This paper introduces generalized momentum which features flexibility when determining past stock performance. Generalized momentum yields abnormal returns both in raw returns and risk-adjusted returns in the US stock market throughout 35 years. These anomalous returns are most pronounced among high-risk profile stocks, that is essentially smaller stocks with higher book-to-market ratio. Generalized momentum returns are robust to the Carhart (1997) four-factor model. This result lets us conclude that generalized momentum returns could serve as an alternative to Carhart’s (1997) momentum factor. The return performance of generalized momentum is also robust to both value-weighting and alternative size breakpoints.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112878"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147405082","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
Money as a risk-pooling institution: Diversification under quality uncertainty 货币作为风险汇集机构：质量不确定性下的多元化
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-13 DOI: 10.1016/j.econlet.2026.112866
Jimmy Teng
{"title":"Money as a risk-pooling institution: Diversification under quality uncertainty","authors":"Jimmy Teng","doi":"10.1016/j.econlet.2026.112866","DOIUrl":"10.1016/j.econlet.2026.112866","url":null,"abstract":"<div><div>Under barter, risk-averse agents may forgo otherwise profitable trade because consuming a single good exposes them to undiversified quality risk, tightening participation constraints. Money relaxes these constraints by allowing agents to pool risk through diversified consumption. We formalize this in a mean–variance framework where monetary exchange separates selling from buying decisions, transforming concentrated bilateral risk into portfolio-level consumption risk. When product qualities are independent, effective consumption variance equals sigma_squared divided by N, expanding feasible trades. Welfare gains from money increase with product variety, quality uncertainty, and risk aversion, arising independently of matching frictions or information asymmetries.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112866"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147405072","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
Stated preferences for public provision of services: Experimental evidence from Latin America 对公共服务提供的明确偏好：来自拉丁美洲的实验证据
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-17 DOI: 10.1016/j.econlet.2026.112872
Hernan Bejarano , Matias Busso , Juan Francisco Santos
{"title":"Stated preferences for public provision of services: Experimental evidence from Latin America","authors":"Hernan Bejarano ,&nbsp;Matias Busso ,&nbsp;Juan Francisco Santos","doi":"10.1016/j.econlet.2026.112872","DOIUrl":"10.1016/j.econlet.2026.112872","url":null,"abstract":"<div><div>We study how individuals in six Latin American countries value public versus private provision of education and healthcare using a survey experiment. Respondents were randomly assigned to vignettes that vary income, service quality, and provider type. Reported service quality is the main driver of choices: the probability of selecting a private provider roughly doubles when reported quality of the public option falls from 80 to 20 percent, while income has a smaller effect. Higher institutional trust lowers the likelihood of switching to private providers but does not affect willingness to pay once individuals choose private provision.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112872"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147405075","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
Incentives and discrimination: A functional optimization approach 激励与歧视：一种功能优化方法
IF 1.8 4区 经济学
Economics Letters Pub Date : 2026-03-01 Epub Date: 2026-02-20 DOI: 10.1016/j.econlet.2026.112889
Tetsutaro Hatakeyama
{"title":"Incentives and discrimination: A functional optimization approach","authors":"Tetsutaro Hatakeyama","doi":"10.1016/j.econlet.2026.112889","DOIUrl":"10.1016/j.econlet.2026.112889","url":null,"abstract":"<div><div>We revisit the relationship between incentives and discrimination in team production environments. In the environments, an optimal incentive scheme, which minimizes the cost of guaranteeing workers’ effort investment, can be discriminatory (Winter, 2004). We show that this result does not hold when the firm can also choose the technology. We formulate the firm’s joint optimization problem over technology and payment schemes and show that any optimal incentive schemes are non-discriminatory (i.e., all workers are offered identical bonuses). The finding highlights a fundamental tension between technological flexibility and discrimination in incentive schemes.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"262 ","pages":"Article 112889"},"PeriodicalIF":1.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147405078","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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