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Ordinal Simplicity in Discrete Mechanism Design 离散机构设计中的顺序简单性
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-28 DOI: 10.1111/iere.70010
Marek Pycia, M. Utku Ünver
{"title":"Ordinal Simplicity in Discrete Mechanism Design","authors":"Marek Pycia,&nbsp;M. Utku Ünver","doi":"10.1111/iere.70010","DOIUrl":"https://doi.org/10.1111/iere.70010","url":null,"abstract":"<p>In environments without transfers, market designers usually restrict attention to ordinal mechanisms. Ordinal mechanisms are simpler but miss potentially welfare-relevant information. Under what conditions is it without loss to focus on ordinal mechanisms? We show that all group strategy-proof mechanisms are ordinal. While not all Pareto efficient mechanisms are ordinal, all mechanisms maximizing an Arrovian social welfare function must be. These results accommodate feasibility constraints and allow for simple or complex demand. As applications, we characterize important classes of mechanisms in public choice and in the allocation of private goods under unit and multiunit demand.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 4","pages":"1665-1680"},"PeriodicalIF":1.3,"publicationDate":"2025-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145297554","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
Collateral-Based Monetary Policy: Evidence From China 基于抵押品的货币政策：来自中国的证据
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-27 DOI: 10.1111/iere.70012
Hanming Fang, Yongqin Wang, Xian Wu
{"title":"Collateral-Based Monetary Policy: Evidence From China","authors":"Hanming Fang,&nbsp;Yongqin Wang,&nbsp;Xian Wu","doi":"10.1111/iere.70012","DOIUrl":"https://doi.org/10.1111/iere.70012","url":null,"abstract":"<p>We exploit the unique institutional features of Chinese bond markets to estimate the causal effect of collateral-based monetary policy on asset prices and the real economy. A policy change allowed certain bonds to be used as collateral for the Medium-Term Lending Facility in the interbank market, while the same bonds in the exchange market remained ineligible. This change reduced the spreads of the newly eligible bonds by 37–53 basis points, or 10%–15% of the average spread in the secondary interbank market, with a strong pass-through rate of 67 to over 100% to the primary interbank market.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1839-1881"},"PeriodicalIF":1.3,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70012","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695481","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
Limit Orders and Knightian Uncertainty 限价单和骑士不确定性
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-26 DOI: 10.1111/iere.70015
Michael Greinecker, Christoph Kuzmics
{"title":"Limit Orders and Knightian Uncertainty","authors":"Michael Greinecker,&nbsp;Christoph Kuzmics","doi":"10.1111/iere.70015","DOIUrl":"https://doi.org/10.1111/iere.70015","url":null,"abstract":"<p>A wide variety of financial instruments allows risk-averse traders to reduce their exposure to risk. This raises the question of what financial instruments allow ambiguity-averse traders to reduce their exposure to ambiguity. We show in this paper that price-contingent orders, such as limit orders, are sufficient: In a two-period trading model, an ambiguity-averse trader who trades with limit orders is observationally indistinguishable from an ambiguity-neutral trader with the same risk preferences.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 1","pages":"353-363"},"PeriodicalIF":1.3,"publicationDate":"2025-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146176566","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
Search Frictions in Over-the-Counter Foreign Exchange Markets: Theory and Evidence 场外外汇市场的搜索摩擦：理论与证据
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-25 DOI: 10.1111/iere.70011
Dong Lu, Daniela Puzzello, Aiyong Zhu
{"title":"Search Frictions in Over-the-Counter Foreign Exchange Markets: Theory and Evidence","authors":"Dong Lu,&nbsp;Daniela Puzzello,&nbsp;Aiyong Zhu","doi":"10.1111/iere.70011","DOIUrl":"https://doi.org/10.1111/iere.70011","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper integrates theory and transaction-level data from China's interbank over-the-counter (OTC) FX market to examine how search frictions affect prices, asset distributions, and welfare. We document that: (1) larger banks face lower transaction costs, decreasing with trade size; (2) easing search frictions increases dispersion in asset holdings; and (3) search frictions distort counterparty selection. These patterns follow naturally from an OTC model with heterogeneous investor search abilities and dealer fixed costs. We calibrate the model to quantify heterogeneous effects of search frictions across investors and perform counterfactual analysis to assess the impact of policies designed to decrease search frictions.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 4","pages":"1619-1644"},"PeriodicalIF":1.3,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145297512","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
A Macroeconomic Model of Structural Monetary Policy in China 中国结构性货币政策的宏观经济模型
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-19 DOI: 10.1111/iere.70013
Feng Dong, Dongzhou Mei, Haoning Sun
{"title":"A Macroeconomic Model of Structural Monetary Policy in China","authors":"Feng Dong,&nbsp;Dongzhou Mei,&nbsp;Haoning Sun","doi":"10.1111/iere.70013","DOIUrl":"https://doi.org/10.1111/iere.70013","url":null,"abstract":"<div>\u0000 \u0000 <p>China's increasing use of structural monetary policy raises questions about its optimal role. This study investigates when and how SMP should be deployed using a multisector DSGE model incorporating distinct financing conditions and intermediary constraints for SOEs and POEs. We find that credit tightening disproportionately raises POE credit spreads, which conventional policy struggles to correct. Credit shocks significantly amplify resource misallocation and necessitate active SMP to address these specific distortions, stabilize the economy, and mitigate associated welfare losses. Our findings indicate that the justification for SMP is strongest when credit shocks significantly interact with underlying financial asymmetries between sectors.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1813-1834"},"PeriodicalIF":1.3,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695509","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 Transit Access and Income Segregation 公共交通和收入隔离
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-18 DOI: 10.1111/iere.70008
Prottoy A. Akbar
{"title":"Public Transit Access and Income Segregation","authors":"Prottoy A. Akbar","doi":"10.1111/iere.70008","DOIUrl":"https://doi.org/10.1111/iere.70008","url":null,"abstract":"<p>What are the implications of mass transit improvements for residential income segregation within cities? I observe large income differences in households' usage of and residential proximity to “fast” versus “slow” transit (e.g., subways vs. buses on shared lanes). Consistent with these observations, I propose a theoretical framework to characterize the relationship between income segregation and the spatial distribution of transit speeds and travel mode choices within cities. I find that transit improvements that would maximize transit ridership tend to reduce income segregation when improving “slow” transit but increase income segregation when improving “fast” transit.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 4","pages":"1525-1560"},"PeriodicalIF":1.3,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145297201","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
Comments on “How Do Multinationals Impact China's Technology? The Role of Quid Pro Quo Policy and Technology Spillovers” 《跨国公司如何影响中国科技？》交换条件政策与技术溢出的作用
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-17 DOI: 10.1111/iere.70014
Dan Lu
{"title":"Comments on “How Do Multinationals Impact China's Technology? The Role of Quid Pro Quo Policy and Technology Spillovers”","authors":"Dan Lu","doi":"10.1111/iere.70014","DOIUrl":"https://doi.org/10.1111/iere.70014","url":null,"abstract":"<p>Comments on Ma and Zhang (2025).</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1957-1959"},"PeriodicalIF":1.3,"publicationDate":"2025-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695367","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
HANK Beyond FIRE: Amplification, Forward Guidance, and Belief Shocks 汉克超越火力：放大、前瞻指引和信念冲击
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-09 DOI: 10.1111/iere.70007
José-Elías Gallegos
{"title":"HANK Beyond FIRE: Amplification, Forward Guidance, and Belief Shocks","authors":"José-Elías Gallegos","doi":"10.1111/iere.70007","DOIUrl":"https://doi.org/10.1111/iere.70007","url":null,"abstract":"<div>\u0000 \u0000 <p>Monetary policy transmission in the benchmark New Keynesian (NK) model hinges on the Full Information Rational Expectations (FIRE) assumption, especially via indirect general equilibrium (GE) effects. This paper relaxes FIRE by introducing noisy information into a Heterogeneous-Agent NK model with financial frictions. Noisy information dampens amplification by muting GE effects, aligning model dynamics with empirical evidence, and resolving the forward guidance puzzle. It also broadens the determinacy region for policy rules. Finally, I explore belief shocks, showing that transitory “animal spirits” can have persistent effects, offering new insights into the macroeconomic consequences of information frictions.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 1","pages":"225-258"},"PeriodicalIF":1.3,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146154781","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
Demand Systems Without Errors 需求系统无错误
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-08-08 DOI: 10.1111/iere.70009
Ian Crawford
{"title":"Demand Systems Without Errors","authors":"Ian Crawford","doi":"10.1111/iere.70009","DOIUrl":"https://doi.org/10.1111/iere.70009","url":null,"abstract":"<p>This paper describes a novel method for combining revealed preference analysis in the tradition of Afriat (1967, <i>International Economic Review</i>, 8: 76–77) with a statistical demand model. The approach is illustrated with an analysis of the labor supply of the nonneoclassical taxi drivers described in Farber (2005, <i>Journal of Political Economy</i>, 113, no. 1: 46–82; 2008, <i>American Economic Review</i>, 98, no. 2: 1069–1082) and Crawford and Meng (2011, <i>American Economic Review</i>, 101: 1912–1932).</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 4","pages":"1599-1617"},"PeriodicalIF":1.3,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145297152","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
How do Multinationals Impact China's Technology? The Role of Quid Pro Quo Policy and Technology Spillovers 跨国公司如何影响中国科技？交换条件政策与技术溢出的作用
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-07-29 DOI: 10.1111/iere.70006
Xiao Ma, Yiran Zhang
{"title":"How do Multinationals Impact China's Technology? The Role of Quid Pro Quo Policy and Technology Spillovers","authors":"Xiao Ma,&nbsp;Yiran Zhang","doi":"10.1111/iere.70006","DOIUrl":"https://doi.org/10.1111/iere.70006","url":null,"abstract":"<div>\u0000 \u0000 <p>Using comprehensive patent data, we document: (1) multinational affiliates and their foreign parent firms comprise a significant portion of patents filed in China; and (2) there are subsequent transfers and spillovers of these technologies to domestic firms. Guided by this evidence, we develop a model of multinational production featuring cross-country idea flows, transfers, and spillovers. Quantitatively, we find that without multinational production and knowledge spillovers, the idea stock owned by China would drop by 30%. Furthermore, due to the externalities of multinationals through technology transfers and spillovers, subsidizing multinationals will at most increase real income by 8% in China.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1933-1956"},"PeriodicalIF":1.3,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695605","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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