{"title":"Central bank communication: Inflation target transparency with fiscal policy","authors":"Montserrat Ferré, Òscar Macaya, Carolina Manzano","doi":"10.1111/coep.12667","DOIUrl":"https://doi.org/10.1111/coep.12667","url":null,"abstract":"<p>This article examines the impact of opacity in announcing the central bank's inflation target on macroeconomic volatility and welfare, considering the interaction between an independent central bank and a fiscal authority. Our findings suggest that a key factor influencing the effects of central bank transparency is the relative importance placed by the central bank, compared to the government, on output stabilization versus inflation stabilization. Specifically, when output stabilization is relatively more important for the central bank than for the government, full opacity may benefit the central bank, but not necessarily society as a whole.</p>","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"42 4","pages":"642-659"},"PeriodicalIF":1.7,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/coep.12667","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142316814","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}
{"title":"Mental health and financial risk attitudes: Panel data evidence from Australia","authors":"Dusanee Kesavayuth, Vasileios Zikos","doi":"10.1111/coep.12669","DOIUrl":"https://doi.org/10.1111/coep.12669","url":null,"abstract":"We examine the impact of mental health on financial risk attitudes using panel data from Australia. In an instrumental‐variables framework that tries to address the endogeneity of mental health, we find that poor mental health can lead to a higher willingness to take risks. Specifically, a standard deviation decrease in mental health leads to a 10.3 percentage point increase in the likelihood of taking financial risks. This finding remains robust across various sensitivity checks and highlights the significant role that mental health plays in risk‐taking preferences in financial matters.","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"183 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222479","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}
{"title":"The effect of expansion of nurse practitioner scope of practice on early COVID‐19 deaths","authors":"Bobby W. Chung, Noah J. Trudeau","doi":"10.1111/coep.12670","DOIUrl":"https://doi.org/10.1111/coep.12670","url":null,"abstract":"Public safety is often used as an argument against expanding scope of practice (SOP) for nurse practitioners, despite the benefit of filling unmet health care demand. As a response to the COVID‐19 Pandemic, some states expanded SOP for nurse practitioners to accommodate the unprecedented healthcare challenge. We analyze the effect of the expansion of SOP on daily COVID‐19‐related mortality, exploiting the quasi‐random state policy changes at the beginning of the COVID‐19 pandemic. Checking different model specifications, we do not find evidence that expanding SOP for nurse practitioners during the pandemic causes adverse effects on patients measured by COVID‐19 mortality.","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"19 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222480","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}
{"title":"Hurdles to hops: How self‐distribution laws affect craft brewery output","authors":"James M. Harrison, Darrell J. Glaser","doi":"10.1111/coep.12668","DOIUrl":"https://doi.org/10.1111/coep.12668","url":null,"abstract":"We examine the impact of laws that allow breweries to bypass distributors. We construct a model of heterogeneous firms where some states require pairing with distributors who charge fixed and marginal costs in return for additional market share. The model predicts that states without such requirements have higher output and employment due to greater entry and firm‐level production. To test this model, we exploit the adoption of self‐distribution laws from 2008 to 2019. We find that states that do not require a distributor have higher brewery output and employment, and that this is primarily driven by a greater entry of breweries.","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"27 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142222481","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}
{"title":"Cristiano of Arabia: Did Ronaldo increase Saudi Pro League attendances?","authors":"Dominik Schreyer, Carl Singleton","doi":"10.1111/coep.12661","DOIUrl":"https://doi.org/10.1111/coep.12661","url":null,"abstract":"In December 2022, Cristiano Ronaldo, five‐time Ballon d’Or winner and the most‐followed person on Instagram, signed for Al‐Nassr in the Kingdom of Saudi Arabia. This marked one of several expensive, recent interventions by the kingdom in global sports markets. We exploit the timing of this event to estimate superstar effects. Ronaldo alone increased stadium attendance demand, even before the influx of further stars in the summer of 2023. On average, Ronaldo filled an additional 20% of the seats in his home team's stadium when he played, 15% in the stadiums he visited, and 3% where he did not even play.","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"62 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142227527","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}
{"title":"The evolution of structural gravity: The workhorse model of trade","authors":"Yoto V. Yotov","doi":"10.1111/coep.12666","DOIUrl":"10.1111/coep.12666","url":null,"abstract":"<p>The gravity model is the workhorse model of trade. Yet, many economists still view gravity as a reduced-form estimating equation and apply it without guidance from theory, while others are skeptical about its usefulness for counterfactual projections. This paper offers a historical overview of the evolution of gravity, from an a-theoretical application to an estimating computable general equilibrium model, which can be nested in more complex frameworks. Along the way, I address some misconceptions about gravity, summarize the current recommendations for gravity estimations, highlight properties that have made gravity so successful, and review the latest contributions to the related literature.</p>","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"42 4","pages":"578-603"},"PeriodicalIF":1.7,"publicationDate":"2024-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141937136","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}
{"title":"Exploring the nexus of occupational licensing and the shadow economy: Evidence from U.S. states","authors":"Daniel A. Gyimah, James W. Saunoris","doi":"10.1111/coep.12664","DOIUrl":"https://doi.org/10.1111/coep.12664","url":null,"abstract":"This study looks at the relationship between the prevalence of state‐level shadow economies and the extent of labor regulations specific to occupational licensing. Occupational licensing leads to higher prices in the formal sector and barriers to entry into formal sector employment, therefore incentivizing individuals to migrate their demand and supply to the underground sector. Using state‐level panel data for the 50 U.S. states from 2001 to 2019 and two‐stage least squares estimation, we find a positive relationship between occupational licensing in a state and the size of its shadow economy. These results are robust to various considerations.","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"21 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141885324","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}
{"title":"Scope‐of‐practice laws and the practice patterns of nurse practitioners and physician assistants","authors":"Benjamin J. McMichael","doi":"10.1111/coep.12665","DOIUrl":"https://doi.org/10.1111/coep.12665","url":null,"abstract":"I evaluate whether nurse practitioners (NPs) and physician assistants (PAs) change how they practice when states relax the scope‐of‐practice laws governing these professions. I find little evidence that NPs or PAs begin providing specialty services following relaxation. Some evidence suggests that NPs specialize more in rural areas following the relaxation of scope‐of‐practice laws, but no indication that they do so generally. Overall, the evidence developed here suggests that NPs and PAs do not change how they care for patients following the relaxation of scope‐of‐practice laws, undermining patient safety arguments along these lines.","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"24 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141885325","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}
{"title":"Business as usual? Unraveling the impact of Brexit on UK-EU business links","authors":"Zovanga Kone, Feicheng Wang, Zheng Wang, Zhuo Zhou","doi":"10.1111/coep.12662","DOIUrl":"10.1111/coep.12662","url":null,"abstract":"<p>We present the first systematic evidence on the impact of Brexit on the business links between the United Kingdom (UK) and the European Union (EU) through the lens of international visits. We find important asymmetry in the direction of changes in business visits between the two regions following the referendum. Specifically, we observe a significant drop in EU-to-UK trips, while UK-to-EU trips increased noticeably after the vote. These results support the claim that Brexit has made the UK less attractive to EU businesses, but also reveal that UK businesses are investing more in their relationships with EU partners to offset the uncertainty.</p>","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"42 4","pages":"623-641"},"PeriodicalIF":1.7,"publicationDate":"2024-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/coep.12662","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141868738","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}