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Testing PPP hypothesis under considerations of nonlinear and asymmetric adjustments: new international evidence 在考虑非线性和非对称调整的情况下检验购买力平价假设：新的国际证据
IF 1.3 4区 经济学
Empirica Pub Date : 2024-09-05 DOI: 10.1007/s10663-024-09628-w
Zixiong Xie, Shyh-Wei Chen, Chun-Kuei Hsieh
{"title":"Testing PPP hypothesis under considerations of nonlinear and asymmetric adjustments: new international evidence","authors":"Zixiong Xie, Shyh-Wei Chen, Chun-Kuei Hsieh","doi":"10.1007/s10663-024-09628-w","DOIUrl":"https://doi.org/10.1007/s10663-024-09628-w","url":null,"abstract":"<p>This paper provides new empirical evidence of purchasing power parity (PPP) in 18 countries. We thoroughly test for the non-stationarity and nonlinearity jointly of the real effective exchange rates (REERs) using a variety of transition functions, which allow for asymmetric adjustment of the REERs depending upon the size and sign of deviation from the equilibrium. The empirical results reveal that the REERs possess nonlinearity. The stationarity of the REERs is strongly dependent upon the size of disequilibrium, which is theoretically attributed to the transaction costs. The autoregressive model associated with the exponential smooth transition function dominates the other transition functions in characterizing the size nonlinearity of the REERs. In addition, if the Heaviside indicator variable of the threshold autoregressive model is assumed to be the lagged real effective exchange rate, then the asymmetric adjustment, theoretically suggested by the price stickiness, is indispensable to validating the PPP hypothesis.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224259","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 varying impact of COVID-19 in the Spanish Labor Market COVID-19 对西班牙劳动力市场的不同影响
IF 1.3 4区 经济学
Empirica Pub Date : 2024-08-31 DOI: 10.1007/s10663-024-09629-9
Guillermo Cabanillas-Jiménez, Yannis Galanakis
{"title":"The varying impact of COVID-19 in the Spanish Labor Market","authors":"Guillermo Cabanillas-Jiménez, Yannis Galanakis","doi":"10.1007/s10663-024-09629-9","DOIUrl":"https://doi.org/10.1007/s10663-024-09629-9","url":null,"abstract":"<p>The unexpected arrival of covid-19 in 2020 stressed the vulnerabilities of the Spanish labor market. In this paper, we analyze the immediate impact of the pandemic on labor market outcomes in Spain. We find that, during the national lockdown period, individuals worked 3 h less per week. Moreover, we associate the pandemic with a 5.7 percentage point’s reduction in labor force participation. Finally, we do not find heterogenous effects across sectors.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142185249","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 drives trust in the financial sector supervisor? New empirical evidence for the Netherlands 是什么驱动了对金融业监管者的信任？荷兰的新经验证据
IF 1.9 4区 经济学
Empirica Pub Date : 2024-08-09 DOI: 10.1007/s10663-024-09627-x
Carin van der Cruijsen, M. Doll, Jakob de Haan
{"title":"What drives trust in the financial sector supervisor? New empirical evidence for the Netherlands","authors":"Carin van der Cruijsen, M. Doll, Jakob de Haan","doi":"10.1007/s10663-024-09627-x","DOIUrl":"https://doi.org/10.1007/s10663-024-09627-x","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141922485","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
Intergroup cooperation in the lab: asymmetric power relations and redistributive policies 实验室中的群体间合作：不对称的权力关系和再分配政策
IF 1.3 4区 经济学
Empirica Pub Date : 2024-08-02 DOI: 10.1007/s10663-024-09623-1
Kerstin Mitterbacher, Stefan Palan, Jürgen Fleiß
{"title":"Intergroup cooperation in the lab: asymmetric power relations and redistributive policies","authors":"Kerstin Mitterbacher, Stefan Palan, Jürgen Fleiß","doi":"10.1007/s10663-024-09623-1","DOIUrl":"https://doi.org/10.1007/s10663-024-09623-1","url":null,"abstract":"<p>We study intra- and intergroup cooperation in the production and distribution of a jointly created good. Over several periods, members of one group can choose whether or not to contribute to the good’s production. Members of the other group vote to implement a fair or a discriminatory sharing policy for the good’s proceeds. More cooperative behavior by members of an outgroup renders ingroup members more willing to cooperate in turn. Our experiment documents reciprocity in intergroup cooperation settings. This reciprocity at times leads to mutually beneficial cooperation but when one group defects, it may also lead to cooperation breaking down. Understanding how one group’s cooperation influences another group’s decisions can improve resource allocation as well as influence policy-makers’ decisions towards fairer distribution strategies.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141884899","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
Labor market outcomes during opposite resource shocks: the 2009 and 2012 earthquakes in Italy 相反资源冲击下的劳动力市场结果：2009 年和 2012 年意大利地震
IF 1.3 4区 经济学
Empirica Pub Date : 2024-08-02 DOI: 10.1007/s10663-024-09625-z
Andrea Bernini
{"title":"Labor market outcomes during opposite resource shocks: the 2009 and 2012 earthquakes in Italy","authors":"Andrea Bernini","doi":"10.1007/s10663-024-09625-z","DOIUrl":"https://doi.org/10.1007/s10663-024-09625-z","url":null,"abstract":"<p>The 2009 and 2012 earthquakes in Italy occurred in a close-knit region and time horizon but differed substantially on both the initial shock to the stock and the subsequent flow of resources. This paper considers the short run impact on the dynamic response of labor market outcomes. Both earthquakes lowered employment and labor force participation by more than 0.5%. With its negative effect on the resources available, the 2009 shock led to a drop in real wages of 1.3% and a sharp—but short-lived—widening of the wage gap generated by the skill premium. The 2012 earthquake, which led firms to upgrade their technology, increased wages by 2.2% and led to a more balanced—but persistent—widening of the wage gap. The predictions of a model developed in this paper are consistent with these results.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141887107","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 fiscal policy in times of uncertainty: a stochastic control approach 不确定时期的最优财政政策：一种随机控制方法
IF 1.3 4区 经济学
Empirica Pub Date : 2024-08-01 DOI: 10.1007/s10663-024-09626-y
Reinhard Neck, Dmitri Blueschke, Viktoria Blueschke-Nikolaeva
{"title":"Optimal fiscal policy in times of uncertainty: a stochastic control approach","authors":"Reinhard Neck, Dmitri Blueschke, Viktoria Blueschke-Nikolaeva","doi":"10.1007/s10663-024-09626-y","DOIUrl":"https://doi.org/10.1007/s10663-024-09626-y","url":null,"abstract":"<p>This paper deals with the possibilities of designing optimal fiscal policy under uncertainty. First, different forms of uncertainty are discussed for economic policy analysis and design. For dynamic models under uncertainty, a stochastic optimum control framework is presented. Algorithms for nonlinear models are briefly reviewed: OPTCON1 for open-loop control, OPTCON2 for open-loop feedback (passive learning) control, and OPTCON3 for dual control with active learning. The OPTCON algorithms determine approximately optimal fiscal policies. The results from calculating these policies for a small macroeconometric model for Slovenia serve to illustrate the applicability of the OPTCON algorithms and compare their solutions. The results show that the most sophisticated and time intensive active-learning solution, which requires the use of an extremely small and simple model of the economy, is not necessarily superior to the simpler solutions. For actual policy design problems and policy advice, it will often be better to neglect the stochastic uncertainty and use deterministic optimization instead, especially since in practice, the most important forms of uncertainty are not stochastic but relate to the model specification, the behaviour of other policy makers or other agents, or fundamental uncertainty that cannot be dealt with at all.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141868137","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
Data privacy regulation and cross-border e-commerce 数据隐私监管和跨境电子商务
IF 1.3 4区 经济学
Empirica Pub Date : 2024-07-27 DOI: 10.1007/s10663-024-09624-0
Jing Yan
{"title":"Data privacy regulation and cross-border e-commerce","authors":"Jing Yan","doi":"10.1007/s10663-024-09624-0","DOIUrl":"https://doi.org/10.1007/s10663-024-09624-0","url":null,"abstract":"<p>The rise of big data in the global economy has altered the ways in which firms do international business. The digital revolution has also changed how international business is regulated. Personal information protection is one of the new challenging regulatory issues. In this study, we build a framework to discuss how data privacy regulation affects cross-border e-commerce. We show that data privacy regulation has four effects: the web traffic effect, the data collection effect, the advertising effect and the data sharing effect, all of which negatively affect cross-border e-commerce. We also demonstrate the heterogenous effects of data privacy regulation. Specifically, we argue that data privacy regulation has a stronger cross-border e-commerce reduction effect on countries with higher labor cost and marketing cost, and data privacy regulation has a larger negative effect on cross-border e-commerce for differentiated products than homogenous products. By empirically testing the impact of General Data Protection Regulation on cross-border e-commerce between 183 countries and European Union countries from 2015 to 2020, we confirm all the proposed hypotheses. There are few studies exploring specifically how data privacy regulation affects cross-border e-commerce. We contribute to the literatures by filling this gap. Our research results provide new insights for multinational companies and public policymakers on this globally important issue in the digital age.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141772099","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 does the national e-commerce demonstration city pilot policy boost economic growth? Evidence from China 国家电子商务示范城市试点政策如何促进经济增长？来自中国的证据
IF 1.9 4区 经济学
Empirica Pub Date : 2024-07-24 DOI: 10.1007/s10663-024-09622-2
Yun Yang, Feng Hao, Xingchen Meng
{"title":"How does the national e-commerce demonstration city pilot policy boost economic growth? Evidence from China","authors":"Yun Yang, Feng Hao, Xingchen Meng","doi":"10.1007/s10663-024-09622-2","DOIUrl":"https://doi.org/10.1007/s10663-024-09622-2","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141809070","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
From 2008–2011 Great Recession to COVID-19 pandemic: an analysis of resilience metrics in European regions 从 2008-2011 年大衰退到 COVID-19 大流行：欧洲地区复原力指标分析
IF 1.9 4区 经济学
Empirica Pub Date : 2024-07-15 DOI: 10.1007/s10663-024-09621-3
B. Ileanu, A. Pana
{"title":"From 2008–2011 Great Recession to COVID-19 pandemic: an analysis of resilience metrics in European regions","authors":"B. Ileanu, A. Pana","doi":"10.1007/s10663-024-09621-3","DOIUrl":"https://doi.org/10.1007/s10663-024-09621-3","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141647359","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 impact of measured income uncertainty on Spanish household consumption at the end of the Great Recession 大衰退结束时衡量收入不确定性对西班牙家庭消费的影响
IF 1.3 4区 经济学
Empirica Pub Date : 2024-06-24 DOI: 10.1007/s10663-024-09619-x
Alba Lugilde
{"title":"The impact of measured income uncertainty on Spanish household consumption at the end of the Great Recession","authors":"Alba Lugilde","doi":"10.1007/s10663-024-09619-x","DOIUrl":"https://doi.org/10.1007/s10663-024-09619-x","url":null,"abstract":"<p>The aim of this paper is to study empirically the existence of precautionary saving in Spain at the end of the Great Recession using the micro data provided by the Spanish Survey of Household Finances. Using the panel component of these data, I construct a measure of income uncertainty for each household from the observed household real income and use it to test for the strength of precautionary saving. I find that an increase of 1% in the standard deviation of income reduces household consumption by 8.8% when using the logarithm of the household consumption as dependent variable; however, when using the ratio between consumption and average income as dependent variable, given the average normal income and consumption in the sample, consumption will decrease by 8.1%.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141510220","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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