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The Welfare Cost of Inflation in China 中国通货膨胀的福利成本
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2025-12-30 DOI: 10.1111/boer.70034
Zeng Lian, Xinyue Li, Lixin Luo, Libo Xu
{"title":"The Welfare Cost of Inflation in China","authors":"Zeng Lian,&nbsp;Xinyue Li,&nbsp;Lixin Luo,&nbsp;Libo Xu","doi":"10.1111/boer.70034","DOIUrl":"https://doi.org/10.1111/boer.70034","url":null,"abstract":"<div>\u0000 \u0000 <p>We study the money demand in China to quantify the welfare cost of inflation by considering different approaches to model the money demand function. The preferred money demand function, based on neoclassical demand theory, indicates that if the central bank of China follows the standard inflation target of 2%, the welfare cost would be equivalent to a loss of 0.0603% of GDP. Furthermore, compared to estimates in the literature, the welfare cost of inflation in China is relatively small at all different inflation levels.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"573-588"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522870","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
Trade Liberalization, Pollution Tax, Skilled Immigration, and Wage Inequality 贸易自由化、污染税、技术移民和工资不平等
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2026-01-22 DOI: 10.1111/boer.70045
Shang-Fen Wu, Cheng-Te Lee
{"title":"Trade Liberalization, Pollution Tax, Skilled Immigration, and Wage Inequality","authors":"Shang-Fen Wu,&nbsp;Cheng-Te Lee","doi":"10.1111/boer.70045","DOIUrl":"https://doi.org/10.1111/boer.70045","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper constructs a three-sector Harris–Todaro model to analyze the impact of trade liberalization and the pollution tax on urban unemployment and wage inequality. We find that trade liberalization reduces the urban unemployment rate and alleviates skilled–unskilled wage inequality. Additionally, we show that an increase in the pollution tax raises the urban unemployment rate and widens skilled–unskilled wage inequality. Finally, we demonstrate that a rise in skilled immigration raises the urban unemployment rate and exacerbates skilled–unskilled wage inequality.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"665-671"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148534080","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
Cross-Ownership and Welfare-Inferior Price Competition with Relative Profit Delegation Contracts 基于相对利润委托合同的交叉所有权与福利劣势价格竞争
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2025-12-30 DOI: 10.1111/boer.70029
Mingqing Xing, Sang-Ho Lee
{"title":"Cross-Ownership and Welfare-Inferior Price Competition with Relative Profit Delegation Contracts","authors":"Mingqing Xing,&nbsp;Sang-Ho Lee","doi":"10.1111/boer.70029","DOIUrl":"https://doi.org/10.1111/boer.70029","url":null,"abstract":"<p>We consider management reward contracts based on relative profit performance under cross-ownership and find nonequivalence of price and quantity competition. We also examine an endogenous choice of competition mode under unilateral cross-ownership and show that the welfare-inferior price competition can appear unless the product's substitutability is large enough, while this inferior result prevails under bilateral cross-ownership. Our findings suggest that cross-ownership between price-competing firms is consistently anticompetitive under managerial delegation with relative profit delegation, highlighting that policy concern for competitive law should carefully monitor not only the intensity of market competition mode but also the product's substitutability.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"559-572"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.70029","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522868","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
Environmental R&D Risk Choice With Partial Cross-Ownership in a Vertically Related Market 垂直相关市场中部分交叉持股的环境研发风险选择
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2026-01-22 DOI: 10.1111/boer.70042
Dongdong Li, Xiaochan Yan, Yuan Yuan
{"title":"Environmental R&D Risk Choice With Partial Cross-Ownership in a Vertically Related Market","authors":"Dongdong Li,&nbsp;Xiaochan Yan,&nbsp;Yuan Yuan","doi":"10.1111/boer.70042","DOIUrl":"https://doi.org/10.1111/boer.70042","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the impact of partial cross-ownership on firms’ environmental R&amp;D (ER&amp;D) risk-taking decisions in a vertically related market. The results show that forward cross-ownership incentivizes downstream firms to engage in higher-risk ER&amp;D activities, while backward cross-ownership tends to reduce such risk-taking behavior. Additionally, we find that higher levels of cross-ownership generally lead downstream firms to opt for riskier projects. Finally, we show that, regardless of the cross-ownership structure, the private incentives of downstream firms for ER&amp;D risk are higher than the social incentives when the emission tax rate is high relative to the marginal environmental damage. These findings remain robust in extensions concerning uniform pricing and Bertrand competition.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"631-644"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148534078","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
Institutional Monitoring by Nationality and Stock Price Crash Risk 国籍机构监测与股价崩盘风险
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2025-12-28 DOI: 10.1111/boer.70032
Hong Kee Sul, Chune Young Chung, Thanh Hoa Le, Tran Hong Van Nguyen
{"title":"Institutional Monitoring by Nationality and Stock Price Crash Risk","authors":"Hong Kee Sul,&nbsp;Chune Young Chung,&nbsp;Thanh Hoa Le,&nbsp;Tran Hong Van Nguyen","doi":"10.1111/boer.70032","DOIUrl":"https://doi.org/10.1111/boer.70032","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine how institutional investors mitigate stock price cash risks arising from managers’ deliberate concealment and accumulation of negative corporate information. Our study focuses on how institutional monitoring, based on investors' nationalities, affects crash risk. The results show that firms with greater holdings by both domestic and foreign institutional investors are less susceptible to extreme negative price movements. This mitigating effect strengthens when institutional investors are more independent (compared with gray institutional investors). Furthermore, domestic investors exert more effective oversight in opaque firms with high information asymmetry, while foreign investors demonstrate stronger influence in transparent settings where lower information barriers reduce monitoring costs. Collectively, the study enhances understanding of how institutional ownership constrains agency-driven managerial behavior and uncovers the distinct governance roles of domestic and foreign investors in moderating stock price crash risk.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"515-533"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522832","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
Can Mobile Money Reduce Household Poverty in Benin? 移动货币能减少贝宁家庭贫困吗？
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2026-02-17 DOI: 10.1111/boer.70047
Nonvide Gbêtondji Melaine Armel, Pouirkèta Rita Nikiema, Dado Fabrice Degbedji
{"title":"Can Mobile Money Reduce Household Poverty in Benin?","authors":"Nonvide Gbêtondji Melaine Armel,&nbsp;Pouirkèta Rita Nikiema,&nbsp;Dado Fabrice Degbedji","doi":"10.1111/boer.70047","DOIUrl":"https://doi.org/10.1111/boer.70047","url":null,"abstract":"<div>\u0000 \u0000 <p>The use of mobile money services appears to be an important means of improving household living conditions. This paper assesses the impact of mobile money on households’ poverty in Benin, using FinScope Benin data, 2018. The data involve 6415 households both in urban and rural area. A linear probability model with an instrumental variable (LPM-IV) is adopted to control for endogeneity bias due to a bi-causal relationship between mobile money and poverty. An extended probit regression model was also used for robustness check. The results robustly revealed that the use of mobile money has a positive impact on household poverty reduction through improving financial inclusion for financially excluded population and increasing households’ abilities to cope with shocks. The impact of mobile money on household poverty appears not to affect vulnerable groups in the same way. Indeed, the use of mobile money favors household in urban area compared to those in rural area. However, women, non-educated and employed, benefited less compared to men, educated and unemployed. Overall, these findings have important policy implications. Policy interventions should help household gain access to mobile money services to reduce poverty.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"698-710"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148533604","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
Digital Economy and China's Manufacturing Industry Carbon Emissions: Mechanism and Regional Heterogeneity 数字经济与中国制造业碳排放：机制与区域异质性
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2026-01-22 DOI: 10.1111/boer.70044
Wan Tang, Qingxin Lan, Yunpeng Duan
{"title":"Digital Economy and China's Manufacturing Industry Carbon Emissions: Mechanism and Regional Heterogeneity","authors":"Wan Tang,&nbsp;Qingxin Lan,&nbsp;Yunpeng Duan","doi":"10.1111/boer.70044","DOIUrl":"https://doi.org/10.1111/boer.70044","url":null,"abstract":"<div>\u0000 \u0000 <p>This article constructs the entropy method to construct a more comprehensive digital economy indicator system, combines the two-way panel threshold model, intermediary effect model, and threshold effect model to explore the mechanism of digital economy enabling manufacturing industry carbon reduction in 192 prefecture-level cities in China. First, digital economy has effectively enabled manufacturing industry’ carbon emission reduction by enhancing energy efficiency and promoting industrial structure upgrading. Second, the enabling effect will vary according to regional heterogeneity and different industrial development scales. Third, there is a single threshold of institutional environment and industrial scale for digital economy to promote carbon emission reduction.</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"645-664"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148534079","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
Automation, Economic Growth, and Wage Inequality: A Comment on Afonso (2024) 自动化、经济增长与工资不平等：评《阿方索》（2024）
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2026-01-19 DOI: 10.1111/boer.70043
Kenji Shimizu, Yousuke Ishihara, Hiroaki Sasaki
{"title":"Automation, Economic Growth, and Wage Inequality: A Comment on Afonso (2024)","authors":"Kenji Shimizu,&nbsp;Yousuke Ishihara,&nbsp;Hiroaki Sasaki","doi":"10.1111/boer.70043","DOIUrl":"https://doi.org/10.1111/boer.70043","url":null,"abstract":"<div>\u0000 \u0000 <p>This study critically reviews Afonso (2024), who proposes a model of economic growth that considers automation capital, traditional capital, skilled labor, and unskilled labor. In his definition of a balanced growth path, the progress of automation makes both the ratio of skilled labor to all labor and the skill premium asymptotically approach zero in the long run. Eventually, the economic growth rate becomes zero, which contradicts his conclusion. In contrast, if we correct the definition of the balanced growth path, the ratio of skilled labor to all labor asymptotically approaches unity in the long run, and the skill premium diverges to infinity. In this case, the long-run growth rate of per-capita output is equal to the growth rate obtained from Jones's (1995) semi-endogenous growth model.</p>\u0000 <p><b>JEL Classification</b>: E24, E25, J31, O31, O41</p>\u0000 </div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"620-630"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148534231","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
Beyond Sporting Talent: Other Determinants of Football Clubs’ Wage Bills 超越体育天赋：足球俱乐部工资账单的其他决定因素
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2026-02-04 DOI: 10.1111/boer.70046
Alice Aguiar-Noury, Pedro Garcia-del-Barrio
{"title":"Beyond Sporting Talent: Other Determinants of Football Clubs’ Wage Bills","authors":"Alice Aguiar-Noury,&nbsp;Pedro Garcia-del-Barrio","doi":"10.1111/boer.70046","DOIUrl":"https://doi.org/10.1111/boer.70046","url":null,"abstract":"<p>This article delves into the understanding of how football clubs determine wage bills to compensate talent. Using data from first-division teams in elite European leagues, we estimate wage models based on indicators of sporting performance, “Elo ratings” as a <i>proxy</i> for clubs’ historical achievements and brand strength, and “media visibility” as a measure of players’ and clubs’ ability to attract media attention. Our findings show that clubs with stronger brands and greater popularity remunerate their workforce with higher wages, indicating that wage-setting reflects not only sporting performance but also media appeal and potential economic returns. These hypotheses receive empirical support in models estimated for the full sample and for subsamples by domestic leagues. Results remain robust across specifications, including models in levels and mean deviations, pooled and fixed effect (FE) estimations, and regardless of whether one or two lags of explanatory variables were introduced. Furthermore, dynamic specifications reinforce the main conclusions, although statistical significance is more dubious, suggesting the need for further research.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"672-697"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.70046","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148532707","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
Properties of the Steady State in Infinite-Dimensional Economies and a Sufficient Condition for β-Convergence 无穷维经济中稳态的性质及β-收敛的充分条件
IF 1.2 4区 经济学
Bulletin of Economic Research Pub Date : 2026-07-07 Epub Date: 2026-01-19 DOI: 10.1111/boer.70041
Iraklis Kollias
{"title":"Properties of the Steady State in Infinite-Dimensional Economies and a Sufficient Condition for β-Convergence","authors":"Iraklis Kollias","doi":"10.1111/boer.70041","DOIUrl":"https://doi.org/10.1111/boer.70041","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper states and proves four different properties that the steady state of <i>any</i> infinite-dimensional economy, represented by an infinite sequence, satisfies and provides a <i>mathematically rigorous</i> sufficient condition that characterizes β-convergence. Examples of infinite-dimensional economies are abound in autonomous infinite-horizon dynamic optimization models and general equilibrium models with infinitely many goods, time periods, or states of the world. The terms of the sequence that represents the economy may refer to consumption, labor supply, productive capital, state contingent securities, debt, prices, and so on. The properties introduced are <span></span><math>\u0000 <semantics>\u0000 <mi>uniqueness</mi>\u0000 <annotation>${it uniqueness}$</annotation>\u0000 </semantics></math>, <span></span><math>\u0000 <semantics>\u0000 <mi>anonymity</mi>\u0000 <annotation>${it anonymity}$</annotation>\u0000 </semantics></math>, <b>invariance</b>, and <span></span><math>\u0000 <semantics>\u0000 <mi>convergence</mi>\u0000 <annotation>${it convergence}$</annotation>\u0000 </semantics></math>.</p></div>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"78 3","pages":"613-619"},"PeriodicalIF":1.2,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148533461","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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