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Fiscal autonomy and public expenditure performance: Some panel-data evidence from Indian states 财政自治与公共支出绩效：来自印度各邦的面板数据证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-07-16 DOI: 10.1111/boer.12460
Avipsa Mohanty, Dinabandhu Sethi, Asit Ranjan Mohanty
{"title":"Fiscal autonomy and public expenditure performance: Some panel-data evidence from Indian states","authors":"Avipsa Mohanty,&nbsp;Dinabandhu Sethi,&nbsp;Asit Ranjan Mohanty","doi":"10.1111/boer.12460","DOIUrl":"10.1111/boer.12460","url":null,"abstract":"<p>This study examines the impact of fiscal autonomy (FAP) on public expenditure performance across 18 Indian states from 2010–11 to 2019–20. We develop a measure of public expenditure performance using social indicators. We also measure FAP using revenue-expenditure ratio. Based on system generalized method of moments, the empirical result confirms that a higher FAP given to Indian states is associated with greater fiscal performance. Further, the robustness check reveals that central transfer insignificantly affects the expenditure performance of Indian states.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"1065-1093"},"PeriodicalIF":0.8,"publicationDate":"2024-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141743768","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
How rising housing prices affect labor costs in China: Heterogeneity and lagging 房价上涨如何影响中国劳动力成本：异质性和滞后性
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-07-14 DOI: 10.1111/boer.12468
Pengfei Yuan, Yunhui Cao
{"title":"How rising housing prices affect labor costs in China: Heterogeneity and lagging","authors":"Pengfei Yuan,&nbsp;Yunhui Cao","doi":"10.1111/boer.12468","DOIUrl":"10.1111/boer.12468","url":null,"abstract":"<p>The impact of house prices rising on urban labor costs has typical heterogeneity and lag effects, but there is little literature on it. Based on the panel data of 283 prefecture level cities from 2001 to 2017, we constructed panel model considering lag effect and threshold effect. The results show that lag one period of housing price has significant positive impact on urban labor costs, with the increase of housing prices, the effect of pushing up the current labor costs is gradually increasing. So, this impact has obvious lag effect and threshold effect. Through grouped regression to test heterogeneity effect, at the regional level, the heterogeneity of the impact is more significant. The more developed the economy is, the greater the pushing effect of house prices on labor costs.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"1043-1064"},"PeriodicalIF":0.8,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141650704","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
Quantitative easing and correlation dynamics in the aftermath of the Great Recession: A dynamic conditional correlation with exogenous variables approach 大衰退后的量化宽松和相关动态：带有外生变量的动态条件相关性方法
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-07-10 DOI: 10.1111/boer.12463
Luis Pablo de la Horra, Amadeus Gabriel, Gabriel A. Giménez Roche, Javier Perote
{"title":"Quantitative easing and correlation dynamics in the aftermath of the Great Recession: A dynamic conditional correlation with exogenous variables approach","authors":"Luis Pablo de la Horra,&nbsp;Amadeus Gabriel,&nbsp;Gabriel A. Giménez Roche,&nbsp;Javier Perote","doi":"10.1111/boer.12463","DOIUrl":"10.1111/boer.12463","url":null,"abstract":"<p>Identifying the effects of quantitative easing (QE) on asset return correlations is critical to assessing such policies’ impact across financial markets. In this paper, we use a dynamic conditional correlation model that allows us to measure the impact of unconventional monetary policy on time-varying correlations. Our results suggest that QE significantly affected correlations between stocks and bonds after the Great Recession via short-term portfolio balance effects. The findings are critical for policy-makers and practitioners alike. Central banks should consider the impact of monetary policy on asset correlations in their cost–benefit analyses. Likewise, portfolio managers are encouraged to factor in the effects of monetary policy on correlations to optimize portfolios and reduce potential losses strategically.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"994-1006"},"PeriodicalIF":0.8,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12463","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141609536","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
Dynamics of automation in economic growth and the labor market 自动化对经济增长和劳动力市场的影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-07-10 DOI: 10.1111/boer.12465
Óscar Afonso
{"title":"Dynamics of automation in economic growth and the labor market","authors":"Óscar Afonso","doi":"10.1111/boer.12465","DOIUrl":"10.1111/boer.12465","url":null,"abstract":"<p>This study delves into the intricate dynamics of technology, labor markets, and economic growth within the context of Industry 4.0. By integrating automation capital into a dynamic general equilibrium model, we examine its implications for economic performance and social equity. The empirical analysis highlights the substitutability of unskilled labor by automation, revealing a nuanced relationship between automation adoption, the skill premium, and economic growth. Contrary to conventional wisdom, our findings suggest that a reduced ratio of unskilled to skilled labor, driven by automation, can lead to both an increase in the skill premium and sustained economic growth, even in the face of demographic challenges such as declining populations. However, this trend also exacerbates income inequality, underscoring the imperative for policy interventions aimed at promoting skill enhancement and ensuring equitable distribution of technological advancements.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"1007-1018"},"PeriodicalIF":0.8,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141609537","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 firm-level economic policy uncertainty on labor share: Empirical evidence from China 企业层面的经济政策不确定性对劳动份额的影响：来自中国的经验证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-07-10 DOI: 10.1111/boer.12462
Jingxiang Song, Shutter Zor, Dong Chen, Tiantian Yan, Biao Li
{"title":"The effect of firm-level economic policy uncertainty on labor share: Empirical evidence from China","authors":"Jingxiang Song,&nbsp;Shutter Zor,&nbsp;Dong Chen,&nbsp;Tiantian Yan,&nbsp;Biao Li","doi":"10.1111/boer.12462","DOIUrl":"10.1111/boer.12462","url":null,"abstract":"<p>In the 21st century, various unexpected events such as the financial crisis and COVID-19 have exacerbated the uncertainty of economic policies, whose influence, especially those at the firm level, on the labor share remains to be studied. This article constructs the firm-level economic policy uncertainty (FEPU) through text analysis and empirically analyzes its impact on labor share. Empirical evidence suggests that FEPU can significantly decrease labor share, particularly among firms with financing constraints, low productivity, and high market shares. And the results hold up after a series of robustness tests. Moreover, mechanism analysis indicates that precautionary saving motives play a crucial role in driving firms’ reduction in labor share rather than capital substitution motives. Finally, we further find that although FEPU harms the labor share, it significantly reduces executive payment and has no significant effect on the payment of ordinary employees, thus reducing within-firm inequality. This study enhances our comprehension of how economic policy uncertainty at the firm level affects firm behavior and provides theoretical and practical guidance for increasing labor share and employee welfare.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"976-993"},"PeriodicalIF":0.8,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141661262","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
What explains the recent increase of gender wage gap in China? 中国近期男女工资差距扩大的原因是什么？
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-07-10 DOI: 10.1111/boer.12467
Lusi Liao
{"title":"What explains the recent increase of gender wage gap in China?","authors":"Lusi Liao","doi":"10.1111/boer.12467","DOIUrl":"10.1111/boer.12467","url":null,"abstract":"<p>This paper investigates the changes of gender wage gap in urban and rural areas and examines the effect of wage structure and unobserved characteristics on the gap by using the Chinese Household Income Project (CHIP) survey in 2013 and 2018. We document a significant increase of the gender wage gap in both areas as well as among rural-to-urban migrants. By applying Katz and Murphy's supply-demand framework, we find that the demand has shifted toward younger, more educated workers, and the demand for male workers is higher than that for female workers during the time. The Blinder–Oaxaca decomposition of gender wage gap suggests that factors, such as occupation, parenthood status, and industry, have contributed to the expansion of wage gap. Furthermore, the Juhn–Murphy–Pierce decomposition of the change in gender wage gap implies that the expansion is owing to rising discrimination against females and gender-specific factors such as observed and unobserved characteristics that have performed unfavorably for females.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"1019-1042"},"PeriodicalIF":0.8,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141659037","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
Environmental R&D risk choices with network externalities and emission tax in a differentiated duopoly 差异化二元垄断中具有网络外部性和排放税的环境研发风险选择
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-07-09 DOI: 10.1111/boer.12461
Weiwei Zhang, Hui Li, Dongdong Li
{"title":"Environmental R&D risk choices with network externalities and emission tax in a differentiated duopoly","authors":"Weiwei Zhang,&nbsp;Hui Li,&nbsp;Dongdong Li","doi":"10.1111/boer.12461","DOIUrl":"10.1111/boer.12461","url":null,"abstract":"<p>This paper investigates the optimal choice of firms’ environmental R&amp;D (ER&amp;D) risk in a duopoly market with network externalities and emission tax. Considering consumers’ expectations on the overall network size, we analyze two cases in our model: rational expectations and output commitments. The analysis shows that the ER&amp;D risk increases with the intensity of network externalities and emission tax rate under both rational expectations and output commitments. We also find the ER&amp;D risk is higher under output commitments than under rational expectations. Moreover, whether the private optimum is higher or lower than the social optimum depends on the relationship between the emission tax rate and the marginal environmental damage. Finally, the aforementioned conclusions remain unaffected by alterations in the manner in which competition is carried out, and the ER&amp;D risk is higher under Bertrand competition than under Cournot competition.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"959-975"},"PeriodicalIF":0.8,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141585475","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
An alternative in deriving subjective probabilities in the futures wagering market 期货投注市场主观概率的另一种推导方法
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-06-12 DOI: 10.1111/boer.12459
Matt E. Ryan
{"title":"An alternative in deriving subjective probabilities in the futures wagering market","authors":"Matt E. Ryan","doi":"10.1111/boer.12459","DOIUrl":"10.1111/boer.12459","url":null,"abstract":"<p>Implied subjective probabilities from futures wagering markets are typically determined using a system known as “fair odds.” Here, an alternative system of calculating subjective probabilities—“quasi-parimutuel”—is offered. Instead of considering individual lines independent of the remainder of the wagering opportunities, the quasi-parimutuel method considers the ratios of wagers required between lines such that a constant return is generated for every line. As a result, relative to the fair odds system, favorites (underdogs) have higher (lower) subjective probabilities, and expected returns across all wagers vary.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"951-958"},"PeriodicalIF":0.8,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141352780","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
An agent-based model of consumer demand 基于代理的消费者需求模型
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-06-11 DOI: 10.1111/boer.12458
Georgios Alkis Tsiatsios, Iraklis Kollias, John Leventides, Evangelos Melas
{"title":"An agent-based model of consumer demand","authors":"Georgios Alkis Tsiatsios,&nbsp;Iraklis Kollias,&nbsp;John Leventides,&nbsp;Evangelos Melas","doi":"10.1111/boer.12458","DOIUrl":"10.1111/boer.12458","url":null,"abstract":"<p>This paper studies an agent-based model of consumer demand. Agents are heterogeneous with respect to their preferences and incomes. There are two basic ingredients in the model. The first ingredient is a metric that captures the degree of heterogeneity between agents. The second ingredient is a serial computer algorithm that is used in order to compute a terminal consumption bundle at which income is exhausted and overall utility is maximized. Agents are clustered into heterogeneous groups based on their preferences and incomes. We extract information about the evolution of consumer expenditure under different price regimes and the buildup of optimal demand for varying levels of income and preference parameter values. These features cannot be obtained in the classical framework of static utility maximization. Our agent-based data-driven methodology can be applied to any relevant data set and so provide a reliable model for forecasting demand given some agent characteristics.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"935-950"},"PeriodicalIF":0.8,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141355521","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
Profitable environmental corporate social responsibility under managers’ relative profit performance competition 管理者相对利润绩效竞争下的盈利性环境企业社会责任
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2024-05-24 DOI: 10.1111/boer.12452
Mingqing Xing, Sang-Ho Lee
{"title":"Profitable environmental corporate social responsibility under managers’ relative profit performance competition","authors":"Mingqing Xing,&nbsp;Sang-Ho Lee","doi":"10.1111/boer.12452","DOIUrl":"10.1111/boer.12452","url":null,"abstract":"<p>When managers face relative profit performance competition, we formulate a green managerial delegation contract where the owners impose profit-oriented environmental corporate social responsibility (ECSR) on their managers. We show that the owner adopts ECSR as a commitment device to reduce outputs under quantity competition if the degree of relative profit performance competition is sufficiently high, which can increase not only industry profits but also environmental quality. We also examine an endogenous choice of ECSR and find that the profitable level of ECSR in the asymmetric ECSR case is higher than that in the symmetric ECSR case while both firms undertake ECSR in equilibrium if the severity of competition is sufficiently high.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"76 4","pages":"916-934"},"PeriodicalIF":0.8,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12452","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141153807","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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