EmpiricaPub Date : 2023-07-31DOI: 10.1007/s10663-023-09580-1
B. Nguyên
{"title":"A meta-analysis of the multiplier effects of the money supply on prices","authors":"B. Nguyên","doi":"10.1007/s10663-023-09580-1","DOIUrl":"https://doi.org/10.1007/s10663-023-09580-1","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41808973","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}
EmpiricaPub Date : 2023-07-05DOI: 10.1007/s10663-023-09582-z
R. Kraemer, Jonne Lehtimäki
{"title":"Government debt: the impact of fiscal rules at the European and national level","authors":"R. Kraemer, Jonne Lehtimäki","doi":"10.1007/s10663-023-09582-z","DOIUrl":"https://doi.org/10.1007/s10663-023-09582-z","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":"50 1","pages":"783 - 805"},"PeriodicalIF":1.3,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42676046","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}
EmpiricaPub Date : 2023-06-28DOI: 10.1007/s10663-023-09583-y
C. Ciocîrlan, M. Niţoi
{"title":"Sovereign risk connectedness: the impact of ECB’s policy announcements in Central and Eastern Europe","authors":"C. Ciocîrlan, M. Niţoi","doi":"10.1007/s10663-023-09583-y","DOIUrl":"https://doi.org/10.1007/s10663-023-09583-y","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2023-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48524869","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}
EmpiricaPub Date : 2023-06-26DOI: 10.1007/s10663-023-09581-0
Néstor Le Clech
{"title":"Productive capacity and international competitiveness: evidence from Latin America and Caribbean countries","authors":"Néstor Le Clech","doi":"10.1007/s10663-023-09581-0","DOIUrl":"https://doi.org/10.1007/s10663-023-09581-0","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":"50 1","pages":"695 - 724"},"PeriodicalIF":1.3,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43746558","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}
EmpiricaPub Date : 2023-05-17DOI: 10.1007/s10663-023-09577-w
Emilio Congregado, Carmen Díaz-Roldán, Vicente Esteve
{"title":"Deficit sustainability and fiscal theory of price level: the case of Italy, 1861-2020.","authors":"Emilio Congregado, Carmen Díaz-Roldán, Vicente Esteve","doi":"10.1007/s10663-023-09577-w","DOIUrl":"10.1007/s10663-023-09577-w","url":null,"abstract":"<p><p>We test sustainability of the Italian government deficit over the period 1861-2020 using the fiscal theory of the price level (FTPL). This approach takes into account monetary and fiscal policy interactions and assumes that fiscal policy may determine the price level even if monetary authorities pursue an inflation-targeting strategy. We consider a cointegrated model with multiple structural changes to characterize the sustainability of public finances and the prevalence of monetary or fiscal dominance during subperiods. We also use recursive unit root tests for explosiveness to test fiscal sustainability and to detect episodes of potential explosive behaviour in Italian public debt. We find two structural changes for the public debt and one change in the primary budget surplus, the alternation of monetary and fiscal dominant regimes, as well as evidence of bubbles related to three episodes of the Italian fiscal performance. Our results reveal the sensitiveness of the primary balance and the debt paths to shocks hitting fiscal, macroeconomic, and financial variables.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":" ","pages":"1-28"},"PeriodicalIF":1.3,"publicationDate":"2023-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10191102/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10063385","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}
EmpiricaPub Date : 2023-05-14DOI: 10.1007/s10663-023-09578-9
Idil Uz Akdogan
{"title":"Monetary policy responses to COVID-19 in emerging European economies: measuring the QE announcement effects on foreign exchange markets.","authors":"Idil Uz Akdogan","doi":"10.1007/s10663-023-09578-9","DOIUrl":"10.1007/s10663-023-09578-9","url":null,"abstract":"<p><p>This paper examines the effects of quantitative easing (QE) announcements by emerging market central banks in Europe during the COVID-19 pandemic, particularly on exchange rates with a higher frequency setting. Two different methodologies are used for analysing the policy announcement effects. The first methodology is the event study method that measures the sample exchange rates' mean and cumulative mean abnormal return around the time of event. The second one is the time series approach that measures asymmetric behaviour of the exchange rate volatility to monetary policy shocks by employing exponential GARCH model. The results show that the foreign exchange markets respond to QE announcements in all selected countries. The response of exchange rates varies across countries and event windows. QE announcements cause appreciation of domestic currency in Hungary and Poland, and depreciation in Turkey. Additionally, the QE announcements increase exchange rate volatility in Hungary and Poland while they reduce volatility in Turkey. The asymmetric behaviour of domestic currencies prevails in all selected countries, but this asymmetry is sensitive to the exchange rate and the length of the window.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":" ","pages":"1-31"},"PeriodicalIF":1.3,"publicationDate":"2023-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10183225/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9717749","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}
EmpiricaPub Date : 2023-04-28DOI: 10.1007/s10663-023-09575-y
F. Bucher, Lucas Scheu, Benedikt Schröpf
{"title":"Economic complexity and environmental pollution: evidence from the former socialist transition countries","authors":"F. Bucher, Lucas Scheu, Benedikt Schröpf","doi":"10.1007/s10663-023-09575-y","DOIUrl":"https://doi.org/10.1007/s10663-023-09575-y","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":"50 1","pages":"807 - 847"},"PeriodicalIF":1.3,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41879170","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}
EmpiricaPub Date : 2023-04-27DOI: 10.1007/s10663-023-09576-x
E Guglielminetti, M Loberto, A Mistretta
{"title":"The impact of COVID-19 on the European short-term rental market.","authors":"E Guglielminetti, M Loberto, A Mistretta","doi":"10.1007/s10663-023-09576-x","DOIUrl":"10.1007/s10663-023-09576-x","url":null,"abstract":"<p><p>The diffusion of COVID-19 and related containment measures practically halted tourism flows, which in many countries generate a significant share of GDP. By leveraging Airbnb data covering the main touristic destinations in Europe, we investigate the impact of the pandemic on the market for short-term rentals up to early 2021. We find that the epidemic reduced dramatically both the supply of apartments available for rents and customers' demand, with travellers cancelling many reservations and reducing new bookings even many months in advance. Accommodations relying relatively more on foreign tourism were the hardest hit and reacted by cutting prices. By exploiting the different timing of the epidemic spread across Europe and the timelines and intensity of the measures adopted to contain it, we show that government mandated restrictions had a stronger impact than the spread of the infection itself. All in all, our results point to a persistent and heterogeneous impact of COVID-19 on the accommodation industry.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":" ","pages":"1-39"},"PeriodicalIF":1.3,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10134705/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10093984","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}
EmpiricaPub Date : 2023-03-28DOI: 10.1007/s10663-023-09574-z
Moritz Böhmecke-Schwafert, K. Blind
{"title":"The trade effects of product market regulation in global value chains: evidence from OECD and BRICS countries between 2000 and 2015","authors":"Moritz Böhmecke-Schwafert, K. Blind","doi":"10.1007/s10663-023-09574-z","DOIUrl":"https://doi.org/10.1007/s10663-023-09574-z","url":null,"abstract":"","PeriodicalId":46526,"journal":{"name":"Empirica","volume":"50 1","pages":"441 - 479"},"PeriodicalIF":1.3,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45985273","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}