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Measuring climate ambition: Annualization and ranking discrepancy 衡量气候雄心：年度化和排名差异
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 DOI: 10.1016/j.econlet.2026.113111
Javier López Prol
{"title":"Measuring climate ambition: Annualization and ranking discrepancy","authors":"Javier López Prol","doi":"10.1016/j.econlet.2026.113111","DOIUrl":"10.1016/j.econlet.2026.113111","url":null,"abstract":"<div><div>Corporate climate mitigation targets are increasingly relevant, but ambition measurement remains inconsistent. Linear annual reduction (LAR) and compound annual reduction (CAR) are common measures of climate ambition, but they imply different reduction paths and may reverse ambition rankings when percentage reductions and target horizons differ. I derive the exact pairwise ranking-reversal condition, revealing that LAR favors shorter, shallower targets compared to CAR, and apply this framework to the Science Based Targets initiative (SBTi) Target Dashboard. The results confirm substantial ranking reversal depending on whether LAR or CAR is used to define ambition.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113111"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148526957","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
Do taxpayer assistance programs improve compliance among small firms? Evidence from Brazil 纳税人援助计划是否提高了小公司的合规性？来自巴西的证据
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-11 DOI: 10.1016/j.econlet.2026.113076
Simone Covre, Paulo Henrique Muller Prado, Enlinson Mattos
{"title":"Do taxpayer assistance programs improve compliance among small firms? Evidence from Brazil","authors":"Simone Covre,&nbsp;Paulo Henrique Muller Prado,&nbsp;Enlinson Mattos","doi":"10.1016/j.econlet.2026.113076","DOIUrl":"10.1016/j.econlet.2026.113076","url":null,"abstract":"<div><div>This paper examines the effects of taxpayer assistance on corporate tax compliance using administrative data from Brazil’s simplified tax regime (Simples Nacional). Exploiting two large-scale assistance campaigns implemented at different points in time, we adopt a difference-in-differences design, using firms treated later as a control group. We find that assistance generates a large and statistically significant short-run increase in reported tax liabilities: reported amounts rise by 41 percent on average, with peak effects exceeding 270 percent within three months, driven by adjustment tax liabilities. However, these effects are temporary and dissipate within fifteen months. Firms exposed to repeated interventions respond more strongly, suggesting reinforcement effects.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113076"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148526959","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
Austria one century apart: Persistent effects of hyperinflation on inflation expectations 一个世纪前的奥地利：恶性通货膨胀对通货膨胀预期的持续影响
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-16 DOI: 10.1016/j.econlet.2026.113094
Antoine Camous, Natalia Garcia Soto
{"title":"Austria one century apart: Persistent effects of hyperinflation on inflation expectations","authors":"Antoine Camous,&nbsp;Natalia Garcia Soto","doi":"10.1016/j.econlet.2026.113094","DOIUrl":"10.1016/j.econlet.2026.113094","url":null,"abstract":"<div><div>Can the memory of past inflation shape how people form expectations about prices today? Using regional inflation data from Austria’s 1921–22 hyperinflation linked to quarterly consumer surveys (May 2020–Oct 2024), we document a persistent association between historical inflation exposure and contemporary inflation expectations: individuals from regions more exposed to the historical episode report higher inflation expectations a century later. We further show that regional newspapers in historically high-inflation areas devote greater attention to inflation, suggesting local media environments contribute to the intergenerational transmission of inflation attitudes. The collective memory of major inflation episodes can durably shape expectation formation.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113094"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148526961","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
Non-fundamental price pressure and the pass-through to mortgage rates 非基本的价格压力和传导到抵押贷款利率
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-23 DOI: 10.1016/j.econlet.2026.113099
Luis Ceballos, Damian Romero
{"title":"Non-fundamental price pressure and the pass-through to mortgage rates","authors":"Luis Ceballos,&nbsp;Damian Romero","doi":"10.1016/j.econlet.2026.113099","DOIUrl":"10.1016/j.econlet.2026.113099","url":null,"abstract":"<div><div>We show that non-fundamental price pressure in sovereign bond markets can raise household borrowing costs even when it lowers benchmark yields. Using recommendations of a Chilean advisory firm as an identified shock to government bonds—the mortgage pricing benchmark—buying-pressure events lower yields yet widen spreads by more than the decline, raising mortgage rates on net. Lenders retain the compression as a wider margin, leaving borrowers worse off. Selling pressure raises yields, with mortgage rates partially tracking at longer horizons. Two placebo exercises confirm the results. Price pressure that compresses benchmark yields can leave household borrowing costs higher, not lower.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113099"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148500713","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
Corrigendum to “Country-level cryptocurrency uncertainty and bank cost of capital” [Economics Letters, 256, October 2025, 112614] “国家级加密货币不确定性和银行资本成本”的勘误表[Economics Letters， 256, October 2025, 112614]
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-27 DOI: 10.1016/j.econlet.2026.113103
Abu Hanifa Md. Noman, Mohammad Abdullah, Larisa Yarovaya
{"title":"Corrigendum to “Country-level cryptocurrency uncertainty and bank cost of capital” [Economics Letters, 256, October 2025, 112614]","authors":"Abu Hanifa Md. Noman,&nbsp;Mohammad Abdullah,&nbsp;Larisa Yarovaya","doi":"10.1016/j.econlet.2026.113103","DOIUrl":"10.1016/j.econlet.2026.113103","url":null,"abstract":"","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113103"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148641625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
News on asymmetric fiscal multipliers 关于不对称财政乘数的新闻
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-20 DOI: 10.1016/j.econlet.2026.113093
Andrea Cappelletti
{"title":"News on asymmetric fiscal multipliers","authors":"Andrea Cappelletti","doi":"10.1016/j.econlet.2026.113093","DOIUrl":"10.1016/j.econlet.2026.113093","url":null,"abstract":"<div><div>This paper investigates the asymmetric effects of expansionary and contractionary fiscal shocks in the U.S. economy using a state-of-the-art non-linear local projection framework. To identify fiscal shocks, I use a proxy based on revisions to the mean forecast of government spending growth from the Survey of Professional Forecasters, which represent unexpected changes in expectations about government spending. The estimated fiscal multipliers are larger following positive fiscal shocks than following negative ones, indicating asymmetric effects of fiscal policy interventions.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113093"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148500767","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
Obviously strategy-proof choice of social acts 显然，这是一种不受策略限制的社会行为选择
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-29 DOI: 10.1016/j.econlet.2026.113107
Abinash Panda, Anup Pramanik
{"title":"Obviously strategy-proof choice of social acts","authors":"Abinash Panda,&nbsp;Anup Pramanik","doi":"10.1016/j.econlet.2026.113107","DOIUrl":"10.1016/j.econlet.2026.113107","url":null,"abstract":"<div><div>We study obviously strategy-proof implementation in the framework of social choice over acts introduced by Bahel and Sprumont (2020). We characterize the class of unanimous social choice functions that are implementable via obviously strategy-proof mechanisms. Our main result shows that a unanimous social choice function is obviously strategy-proof implementable if and only if it is dictatorial.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113107"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148500694","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 growth with human, physical, and automation capital: The role of population decline 人力、物质和自动化资本的经济增长：人口下降的作用
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-15 DOI: 10.1016/j.econlet.2026.113022
Subhrasil Chingri, Debasis Mondal, Klaus Prettner
{"title":"Economic growth with human, physical, and automation capital: The role of population decline","authors":"Subhrasil Chingri,&nbsp;Debasis Mondal,&nbsp;Klaus Prettner","doi":"10.1016/j.econlet.2026.113022","DOIUrl":"10.1016/j.econlet.2026.113022","url":null,"abstract":"<div><div>We examine the long-run economic growth effects of population decline when automation and education respond endogenously to the demographic challenge. We show that, despite negative population growth, positive per capita output growth can be sustained. In equilibrium, output grows in line with physical and human capital accumulation, with household saving behavior playing a central role in sustaining growth. Moreover, the income share of raw labor declines, whereas the income share of human capital remains constant.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113022"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148526960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Nonverbal signals and market uncertainty: Evidence from bank of japan press conferences 非语言信号与市场不确定性：来自日本银行新闻发布会的证据
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-26 DOI: 10.1016/j.econlet.2026.113108
Yoshitaka Tanaka
{"title":"Nonverbal signals and market uncertainty: Evidence from bank of japan press conferences","authors":"Yoshitaka Tanaka","doi":"10.1016/j.econlet.2026.113108","DOIUrl":"10.1016/j.econlet.2026.113108","url":null,"abstract":"<div><div>This paper examines the within-conference relationship between nonverbal features of the Bank of Japan governor and post-answer realized volatility of Japanese Government Bond futures. Using 1,557 question-and-answer segments from 79 post-meeting press conferences during 2016-2026, I regress realized volatility of Japanese Government Bond futures on principal component indices of facial and audio features extracted from conference videos. Facial indicators exhibit a significant positive association with volatility, even after controlling for verbal policy stance, policy surprises, and governor fixed effects. The short-horizon correlation is preserved under a censored-RV robustness check that addresses overlap with subsequent answers, while longer windows attenuate.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113108"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148500699","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
Renegotiation and heterogeneous beliefs with risk neutrality 风险中立的重新谈判和异质信念
IF 2 4区 经济学
Economics Letters Pub Date : 2026-07-01 Epub Date: 2026-06-22 DOI: 10.1016/j.econlet.2026.113102
Nikolaj Niebuhr Lambertsen
{"title":"Renegotiation and heterogeneous beliefs with risk neutrality","authors":"Nikolaj Niebuhr Lambertsen","doi":"10.1016/j.econlet.2026.113102","DOIUrl":"10.1016/j.econlet.2026.113102","url":null,"abstract":"<div><div>I study a risk-neutral principal–agent model with moral hazard, limited liability, and renegotiation. With common beliefs, renegotiation is irrelevant under risk neutrality. With heterogeneous beliefs, renegotiation reshapes the contract into a pure “side bet”: after the action is sunk, the principal concentrates all promised compensation on the outcome the agent overweights the most, which can raise compensation costs and even make some actions non-implementable. Under the monotone-likelihood-ratio property and optimism (likelihood-ratio dominance), the disagreement-maximizing outcome coincides with the incentive-efficient outcome, so renegotiation is again innocuous.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"267 ","pages":"Article 113102"},"PeriodicalIF":2.0,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148500702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
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