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Corruption disclosure and its impact on labour-related actions 腐败披露及其对劳工相关行动的影响
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2025-11-14 DOI: 10.1111/ecca.70021
Yu Bai, Yanjun Li, Hamza Umer
{"title":"Corruption disclosure and its impact on labour-related actions","authors":"Yu Bai,&nbsp;Yanjun Li,&nbsp;Hamza Umer","doi":"10.1111/ecca.70021","DOIUrl":"https://doi.org/10.1111/ecca.70021","url":null,"abstract":"<p>Our paper aims to explore the profound impact of corruption-related injustices on organized labour actions. Focusing on China's anti-corruption campaign, we utilize a city–month panel and a difference-in-differences approach to identify the causal impact of corruption disclosure on labour collective actions. Our findings indicate a significant increase in labour unrest incidents following each additional reported investigation of governmental officials. Further analysis reveals that this impact is not driven by sophisticated governmental tolerance or repression of collective actions, but is particularly pronounced in non-state-owned enterprises compared to their state-owned counterparts. The mechanisms through which the negative impact of corruption disclosure on labour unrest occurs include a negative impact of corruption disclosure on inequality perceptions and trust in government, as well as detrimental effects on the profitability and operation of employers.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"377-402"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565984","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
Adaptive expectations and reaction to information 适应性期望和对信息的反应
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2025-12-17 DOI: 10.1111/ecca.70026
Junyi Liao
{"title":"Adaptive expectations and reaction to information","authors":"Junyi Liao","doi":"10.1111/ecca.70026","DOIUrl":"https://doi.org/10.1111/ecca.70026","url":null,"abstract":"<p>This paper develops a model combining adaptive expectations with noisy signals, and derives three coefficients and one impulse response function (IRF): the Coibion–Gorodnichenko (CG) coefficient capturing consensus under-reaction to information, the Bordalo–Gennaioli–Ma–Shleifer coefficient capturing individual over-reaction, the Kohlhas–Walther coefficient capturing extrapolation, and the Angeletos–Huo–Sastry IRF capturing delayed overshooting. There exists a parameter region in which the model reconciles all four moments with the data simultaneously. The model also delivers a testable prediction linking the CG coefficient to variable persistence, distinguishing adaptive expectations from Kalman-filter updating, and I present supporting evidence for adaptive expectations. The model's fit to survey data is evaluated.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"488-523"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.70026","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Real estate and construction sector dynamics over the business cycle 房地产和建筑行业在商业周期中的动态
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2026-01-13 DOI: 10.1111/ecca.70029
Kostas Vasilopoulos, William J. Tayler
{"title":"Real estate and construction sector dynamics over the business cycle","authors":"Kostas Vasilopoulos,&nbsp;William J. Tayler","doi":"10.1111/ecca.70029","DOIUrl":"https://doi.org/10.1111/ecca.70029","url":null,"abstract":"<p>This paper explores property prices and investment dynamics over the business cycle when there is competition between households and firms for real estate. We introduce a construction sector into a real business cycle framework, which uses land, capital and labour to produce both commercial and residential real estate. This market structure activates a real estate substitution channel, where an increase in demand for residential real estate also increases the cost of producing commercial structures, which crowds out commercial real estate investment. In general, we find that the residential/commercial land allocation acts as an anchor for the allocation of its real estate investment counterpart; however, there are notable separations, particularly following the financial crisis, where there was a simultaneous fall in residential and commercial investment. Our results indicate that while residential real estate prices were predominantly driven by increases in demand in the build up to the financial crisis, the fall in demand for commercial real estate played a significant role in generating price falls for both types of real estate in the aftermath. Furthermore, falls in the overall supply of real estate played an important role in reducing real estate investment, which put upward pressure on prices throughout the past two decades.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"577-610"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565609","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
Creative disruption: technology innovations during unexpected turmoil 创造性破坏：在意想不到的混乱中进行技术创新
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2025-12-21 DOI: 10.1111/ecca.70025
Erling Barth, Alex Bryson, Harald Dale-Olsen
{"title":"Creative disruption: technology innovations during unexpected turmoil","authors":"Erling Barth,&nbsp;Alex Bryson,&nbsp;Harald Dale-Olsen","doi":"10.1111/ecca.70025","DOIUrl":"https://doi.org/10.1111/ecca.70025","url":null,"abstract":"<p>The 2020 pandemic shock created both local and global turmoil, increasing uncertainty and decreasing production. Utilizing a new survey on Norwegian firms' digitalization and technology investments, linked to population-wide register data, we show that the pandemic massively disrupted the technology investment plans of firms, in terms of both postponing investments and introducing new technologies. We find that more productive firms and firms with more knowledge capital innovated, while firms with less knowledge capital postponed their investments. In the short term, technology adopting firms were more likely to be acquired. Where firms avoided acquisition and continued to operate, they were more likely to grow and to increase the number of knowledge workers in the fields of science, technology, engineering and mathematics.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"468-487"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.70025","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
News shocks, consumer confidence and business cycles 新闻冲击、消费者信心和商业周期
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2026-01-29 DOI: 10.1111/ecca.70031
Syed M. Hussain, Zara Liaqat
{"title":"News shocks, consumer confidence and business cycles","authors":"Syed M. Hussain,&nbsp;Zara Liaqat","doi":"10.1111/ecca.70031","DOIUrl":"https://doi.org/10.1111/ecca.70031","url":null,"abstract":"<p>We study the causal effects of consumer sentiment shocks on macroeconomic aggregates. By constructing a novel instrument based on major non-economic news shocks in the USA over 1969–2022, and opinion polls around these events, we identify exogenous changes in consumer confidence. Our instrument explains significant variation in consumer confidence. Furthermore, using a proxy vector autoregression estimator and impulse responses, we document that a positive identified sentiment shock has strong and persistent expansionary effects on output, employment and consumption spending. The dynamic causal effects of sentimental shocks highlighted in this study are robust to various sensitivity analyses and alternative estimations.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"648-676"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.70031","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147570123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
‘Please, don't go’: the role of local public human capital in post-disaster recovery “请不要走”：地方公共人力资本在灾后恢复中的作用
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2026-02-04 DOI: 10.1111/ecca.70033
Federico Zampollo, Andrea Ascani, Alessandra Faggian
{"title":"‘Please, don't go’: the role of local public human capital in post-disaster recovery","authors":"Federico Zampollo,&nbsp;Andrea Ascani,&nbsp;Alessandra Faggian","doi":"10.1111/ecca.70033","DOIUrl":"https://doi.org/10.1111/ecca.70033","url":null,"abstract":"<p>We examine the nuanced interplay between local administrative capacity and post-earthquake economic recovery. By focusing on the aftermath of the 2016 Central Italy earthquake, and employing the synthetic difference-in-differences estimator, we shed light on the crucial role of low local public employee turnover as a mitigating factor in curtailing post-disaster job losses and the reduction of business activities. Our findings advance the disaster recovery literature by delving into municipal-level dynamics, highlighting the significance of specific human capital and local administrative stability in fostering socioeconomic resilience.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"705-735"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147563124","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
Long-lasting health effects of Soviet education 苏联教育对健康的长期影响
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2026-02-02 DOI: 10.1111/ecca.70030
Joan Costa-Font, Anna Nicińska
{"title":"Long-lasting health effects of Soviet education","authors":"Joan Costa-Font,&nbsp;Anna Nicińska","doi":"10.1111/ecca.70030","DOIUrl":"https://doi.org/10.1111/ecca.70030","url":null,"abstract":"<p>Education systems serve various purposes, including the enhancement of later-life health, though effects can differ by sociopolitical regime. This paper examines the effect of communist education, which exposed children to a distinct curriculum and ideological content, on later-life health. We exploit a novel dataset that collects information on compulsory education reforms in several European countries, with different cohorts exposed and unexposed to Soviet communist education. Using a difference-in-differences (DiD) design, we show that while the extension of compulsory education improved some relevant measures of health, communist education encompassed an additional health-enhancing effect. We document that the effect remains robust when using staggered DiD approaches and various robustness tests, and that it is explained by the priority given to physical education in the school curricula, together with an increased likelihood of marriage.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"611-647"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.70030","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147562390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Race-related research in economics 经济学中的种族相关研究
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2025-11-14 DOI: 10.1111/ecca.70022
Arun Advani, Elliott Ash, Anton Boltachka, David Cai, Imran Rasul
{"title":"Race-related research in economics","authors":"Arun Advani,&nbsp;Elliott Ash,&nbsp;Anton Boltachka,&nbsp;David Cai,&nbsp;Imran Rasul","doi":"10.1111/ecca.70022","DOIUrl":"https://doi.org/10.1111/ecca.70022","url":null,"abstract":"<p>Issues of racial justice and economic inequalities between racial and ethnic groups have risen to the top of public debate. Economists' ability to contribute to these debates is based on the body of race-related research. We study the volume and content of race-related research in economics. We base our analysis on a corpus of 225,000 economics publications from 1960 to 2020, to which we apply an algorithmic approach to classify race-related work. Since 1960, less than 2% of economics publications have been race-related. On content, while over 50% of race-related publications in the 1970s focused on Black individuals, by the 2010s this had fallen to 20%. There has been a steady decline in the share of race-related research on discrimination since the 1980s, with a rise in the share of studies on identity. Finally, we apply our algorithm to NBER and CEPR working papers posted over the last four decades, to study an earlier stage of the research process. We document a concentration of race-related research into a few fields, and its continued absence from many others. We discuss implications of our findings for economists' ability to contribute to debates on race and ethnicity in the economy.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"403-438"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.70022","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
The impact of foreign bank deregulation on firm performance: evidence from China 外资银行放松管制对企业绩效的影响：来自中国的证据
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2026-01-29 DOI: 10.1111/ecca.70032
Yingxin Du, Wei Li, Xin Wang
{"title":"The impact of foreign bank deregulation on firm performance: evidence from China","authors":"Yingxin Du,&nbsp;Wei Li,&nbsp;Xin Wang","doi":"10.1111/ecca.70032","DOIUrl":"https://doi.org/10.1111/ecca.70032","url":null,"abstract":"<p>This paper examines the impact of foreign bank entry on domestic firms' credit access and real economic outcomes, leveraging the staggered implementation of deregulation policies in China from 2001 to 2006. These policies allow foreign banks to gradually enter the Chinese banking market, creating differential access to foreign credit across cities. Using a comprehensive firm-level dataset from the Chinese Manufacturing Census, we find that privately owned enterprises obtain significantly more bank loans and exhibit higher growth in sales and investment compared to their state-owned counterparts. The benefits of foreign bank entry are most pronounced for firms that are young, small and more financially constrained. Increased competition and bank technology transfer are identified as the key channels driving these effects. Overall, our findings provide robust evidence that policy-driven foreign credit supply shocks mitigate financing constraints and improve economic outcomes for private enterprises compared to state-owned firms.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"677-704"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147570131","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
Public investment multipliers revisited: the role of production complementarities 重新审视公共投资乘数：生产互补性的作用
IF 1.6 3区 经济学
Economica Pub Date : 2026-03-02 Epub Date: 2026-02-13 DOI: 10.1111/ecca.70034
Vasiliki Dimakopoulou, George Economides, Apostolis Philippopoulos
{"title":"Public investment multipliers revisited: the role of production complementarities","authors":"Vasiliki Dimakopoulou,&nbsp;George Economides,&nbsp;Apostolis Philippopoulos","doi":"10.1111/ecca.70034","DOIUrl":"https://doi.org/10.1111/ecca.70034","url":null,"abstract":"<p>This paper revisits the issue of the public investment multiplier through the lens of complementarity or substitutability between private inputs and public infrastructure capital. Our main result is that public investment multipliers are much larger than in the literature when private inputs and public capital are good complements relative to the canonical Cobb–Douglas case where the degree of complementarity is unity, and, at the same time, public capital is in relative shortage, meaning that it acts as a ‘weak link’ in production. Within this framework, the stronger the degree of complementarity (respectively substitutability), the larger (respectively smaller) the size of the multiplier. The model is solved numerically by choosing its parameters according to UK data. The model's positive and normative implications are then compared to current values of policy variables in the UK economy.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"93 370","pages":"736-756"},"PeriodicalIF":1.6,"publicationDate":"2026-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.70034","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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