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Review of Economic Dynamics最新文献

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Firm dynamics, monopsony, and aggregate productivity differences 企业动态、垄断和总生产率差异
IF 2.1 3区 经济学
Review of Economic Dynamics Pub Date : 2026-01-01 Epub Date: 2025-12-24 DOI: 10.1016/j.red.2025.101321
Tristany Armangué-Jubert , Tancredi Rapone , Alessandro Ruggieri
{"title":"Firm dynamics, monopsony, and aggregate productivity differences","authors":"Tristany Armangué-Jubert ,&nbsp;Tancredi Rapone ,&nbsp;Alessandro Ruggieri","doi":"10.1016/j.red.2025.101321","DOIUrl":"10.1016/j.red.2025.101321","url":null,"abstract":"<div><div>This paper studies how labor market power affects firm dynamics and aggregate productivity. We build a dynamic model of neoclassical monopsony with occupational choice, firm growth, and productivity-enhancing technology adoption. Labor market power lowers efficiency and leads to aggregate output losses by distorting the allocation of labor, entrepreneurship, and innovation decisions. The model is consistent with cross-country evidence of higher life cycle firm growth and higher productivity investment in more competitive labor markets and can explain 25 percent of the differences in aggregate productivity across countries. We find that about 85 percent of the losses are attributable to the lack of technology adoption induced by weaker labor market competition, suggesting that efficiency losses may be greater than those estimated by previous studies.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"59 ","pages":"Article 101321"},"PeriodicalIF":2.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145924702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Technological change and insuring job loss 技术变革和失业保险
IF 2.1 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-10-24 DOI: 10.1016/j.red.2025.101308
J. Carter Braxton , Bledi Taska
{"title":"Technological change and insuring job loss","authors":"J. Carter Braxton ,&nbsp;Bledi Taska","doi":"10.1016/j.red.2025.101308","DOIUrl":"10.1016/j.red.2025.101308","url":null,"abstract":"<div><div>We examine the role of technological change in shaping insurance to the unemployed. We integrate technological change, occupation choice, and employment risk into a Bewley-style economy to examine the optimal combination of retraining subsidies and public insurance transfers for unemployed workers. We find that the optimal policy introduces a retraining subsidy to unemployed workers and increases the generosity of transfers to the unemployed relative to current U.S. policy. The utilitarian government incorporates retraining subsidies as part of an optimal policy as they provide additional, longer run, consumption insurance after job loss while imposing only modest increases in distortionary taxes. In the absence of technological change, a utilitarian government sets a lower subsidy on the tuition cost of retraining as earnings declines after job loss are less persistent.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101308"},"PeriodicalIF":2.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145415244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Spousal spillovers in the labor market: A structural assessment 劳动力市场的配偶溢出效应：结构性评估
IF 2.1 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-07-23 DOI: 10.1016/j.red.2025.101300
Sigurd M. Galaasen , Herman Kruse
{"title":"Spousal spillovers in the labor market: A structural assessment","authors":"Sigurd M. Galaasen ,&nbsp;Herman Kruse","doi":"10.1016/j.red.2025.101300","DOIUrl":"10.1016/j.red.2025.101300","url":null,"abstract":"<div><div>We explore the importance and nature of elderly couples' labor market interlinkages, and how such linkages shape the response to welfare reforms. To this end, we develop a life-cycle model featuring dual-earner households with heterogeneous age gaps, non-separable leisure preferences, and endogenous retirement. To inform key preference parameters, our calibration exploits quasi-experimental evidence of spousal retirement spillovers from a pension reform in Norway. We show that the experimental evidence is highly informative about the degree of non-separability of leisure and that a substantial level of complementarity is required to match the data. Using our calibrated model, we find that the commonly observed tendency of couples to retire together, despite considerable age-gap heterogeneity, can be entirely explained by leisure complementarities. Moreover, comparing to a model with leisure separability reveals that one-third of the long-run labor supply effect of the pension reform is attributed to complementarity. This illustrates the importance of accounting for interdependent decisions when evaluating policy reforms.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101300"},"PeriodicalIF":2.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Corrigendum to “Socially Optimal Search Intensity in Over-the-Counter Markets” [Review of Economic Dynamics, Volume 53, July 2024, Pages 224-282] “场外市场的社会最优搜索强度”的勘误[经济动态评论，第53卷，2024年7月，224-282页]
IF 2.1 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-09-11 DOI: 10.1016/j.red.2025.101303
Shuo Liu
{"title":"Corrigendum to “Socially Optimal Search Intensity in Over-the-Counter Markets” [Review of Economic Dynamics, Volume 53, July 2024, Pages 224-282]","authors":"Shuo Liu","doi":"10.1016/j.red.2025.101303","DOIUrl":"10.1016/j.red.2025.101303","url":null,"abstract":"","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101303"},"PeriodicalIF":2.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145518968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Informational economic transmission between countries 国家间的信息经济传递
IF 2.1 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-09-09 DOI: 10.1016/j.red.2025.101302
Alejandro Bernales , Hriday Karnani , Paula Margaretic
{"title":"Informational economic transmission between countries","authors":"Alejandro Bernales ,&nbsp;Hriday Karnani ,&nbsp;Paula Margaretic","doi":"10.1016/j.red.2025.101302","DOIUrl":"10.1016/j.red.2025.101302","url":null,"abstract":"<div><div>Informational economic transmission is crucial even after accounting for countries' fundamental real and financial connections. Informational connections emerge from anomalous interdependence in agents' beliefs about countries' economic activity. We propose measuring this interdependence through the correlation (between countries) of analysts' one-year forecast errors about countries' economic performance. Our measure is based on a learning model in which informational transmission occurs when agents incorrectly assess the quality of new information regarding common factors that affect multiple countries simultaneously, due to learning frictions. Informational interdependence remains substantial under various validity analyses and robustness checks, and after addressing endogeneity concerns in several dimensions. Additionally, we demonstrate considerable higher-order spillovers of economic shocks.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101302"},"PeriodicalIF":2.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145060079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 much work experience do you need to get your first job? 你需要多少工作经验才能找到第一份工作？
IF 2.1 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-07-31 DOI: 10.1016/j.red.2025.101301
Shisham Adhikari , Athanasios Geromichalos , Ateş Gürsoy , Ioannis Kospentaris
{"title":"How much work experience do you need to get your first job?","authors":"Shisham Adhikari ,&nbsp;Athanasios Geromichalos ,&nbsp;Ateş Gürsoy ,&nbsp;Ioannis Kospentaris","doi":"10.1016/j.red.2025.101301","DOIUrl":"10.1016/j.red.2025.101301","url":null,"abstract":"<div><div>The first step in a worker's career is often particularly hard. Many firms seeking workers require experience in a related field, so a vicious circle is created, whereby an entry level job is required in order to get an entry level job. Consequently, entrant workers have lower job-finding rates and longer unemployment durations than the unemployed who have looked for a job in the past. To study the welfare implications of these observations, we consider a version of the DMP model where firms who match with entrant workers have to incur training costs. As a result, firms are biased against entrant workers, who, in turn, stay unemployed for a prolonged period of time, exposing themselves to a persistent skill loss shock. We use a calibrated version of the model to quantitatively assess the effectiveness of four government interventions whose common goal is to reduce bias against entrant workers. We find that the most effective intervention takes the form of a subsidy that induces firms to rank entrants higher than experienced workers and that this policy brings the economy very close to the constrained efficient outcome.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101301"},"PeriodicalIF":2.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144779695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Job ladders by firm wage and productivity 按固定工资和生产率划分的工作阶梯
IF 2.1 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-10-22 DOI: 10.1016/j.red.2025.101307
Antoine Bertheau , Rune Vejlin
{"title":"Job ladders by firm wage and productivity","authors":"Antoine Bertheau ,&nbsp;Rune Vejlin","doi":"10.1016/j.red.2025.101307","DOIUrl":"10.1016/j.red.2025.101307","url":null,"abstract":"<div><div>Using a unique dataset that combines daily employment spell information with firm-level accounting data from Denmark, we explore workers' progression up firm wage and productivity ladders. We find that: (1) Total Factor Productivity (TFP) emerges as a more effective indicator of the job ladder than the average wage paid, with more workers experiencing employer-to-employer transitions from lower to upper tiers of the productivity ladder compared to the wage ladder. (2) Recessions have a cleansing effect when using the productivity job ladder: Lower productivity firms experience a steeper decline in employment growth compared to their higher-tier counterparts. In contrast, due to decreased poaching, high wage firms exhibit greater employment reductions, leading to a sullying effect when using the wage job ladder. High productivity firms also experience greater employment cyclicality due to decreased poaching during recessions. However, firms at the lower end of the productivity spectrum face a more pronounced employment reduction during recessions as they intensify layoffs and reduce hiring from the unemployment pool. (3) Indirect productivity measures, such as sales per worker, can hide or even reverse the cleansing effect of recessions.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101307"},"PeriodicalIF":2.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145361004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
On the transition to sustained growth: The importance of recent agricultural employment 关于向持续增长过渡：近期农业就业的重要性
IF 2.3 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-06-02 DOI: 10.1016/j.red.2025.101291
B. Ravikumar, G. Vandenbroucke
{"title":"On the transition to sustained growth: The importance of recent agricultural employment","authors":"B. Ravikumar,&nbsp;G. Vandenbroucke","doi":"10.1016/j.red.2025.101291","DOIUrl":"10.1016/j.red.2025.101291","url":null,"abstract":"<div><div>We study a model where a single good can be produced using a diminishing-returns technology (Malthus) and a constant-returns technology (Solow). We map the former to agriculture and show that the share of agricultural employment declines at a constant rate during the economic transition and that recent observations on the share are sufficient to estimate the onset of transition. Our model implies that (i) output growth is higher and increasing after the onset of transition, (ii) during the transition, it is a first-order autoregressive process, and (iii) the rate of decline in the share of agricultural employment is a sufficient statistic for the autoregressive coefficient. Our quantitative results are consistent with these implications for developed economies over more than a century despite the changes in the sectoral composition of output and for today's developing economies in various stages of development and structural transformation.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101291"},"PeriodicalIF":2.3,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144223458","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 fertility transition and directed technical change towards green growth 生育力的转变和导向绿色增长的技术变革
IF 2.3 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-07-24 DOI: 10.1016/j.red.2025.101299
Matthias Beulmann, Holger Strulik
{"title":"The fertility transition and directed technical change towards green growth","authors":"Matthias Beulmann,&nbsp;Holger Strulik","doi":"10.1016/j.red.2025.101299","DOIUrl":"10.1016/j.red.2025.101299","url":null,"abstract":"<div><div>It is generally believed that population growth is associated with higher CO<sub>2</sub> emissions. Empirically, however, the fertility rate is negatively associated with CO<sub>2</sub> emissions while education and individual human capital are positively associated. In this paper, we set up an R&amp;D-based model of economic growth and pollution with endogenous fertility and education that explains these stylized facts and reconciles them with the common wisdom. By refining the theory of directed technical change we explain why (i) lower birth rates within and across countries are associated with more human capital and therefore with higher income and more CO<sub>2</sub> emissions in the 19th and 20th century and (ii) that directed technical change is a necessary but not sufficient condition for low fertility to ultimately have a positive impact on emissions, as a smaller but better educated workforce is able to transition to green growth earlier.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101299"},"PeriodicalIF":2.3,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Entrepreneurial rates of return and wealth inequality 创业回报率与财富不平等
IF 2.3 3区 经济学
Review of Economic Dynamics Pub Date : 2025-10-01 Epub Date: 2025-06-10 DOI: 10.1016/j.red.2025.101298
Bettina Brüggemann, Zachary L. Mahone
{"title":"Entrepreneurial rates of return and wealth inequality","authors":"Bettina Brüggemann,&nbsp;Zachary L. Mahone","doi":"10.1016/j.red.2025.101298","DOIUrl":"10.1016/j.red.2025.101298","url":null,"abstract":"<div><div>This paper confronts a model of entrepreneurship and wealth inequality with empirical patterns on rates of return across the wealth distribution. We find the quantitative model implies rates of return largely consistent with the data. Rates of return to business wealth are high, heterogeneous, negatively correlated with net worth, and persistent. Both dispersion in marginal products of capital and leverage are important for explaining the patterns in rates of return along the wealth distribution. Heterogeneous abilities explain a large portion of cross-sectional dispersion and drive persistence in individual returns.</div></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"58 ","pages":"Article 101298"},"PeriodicalIF":2.3,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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