Syngjoo Choi, Bongseop Kim, Young Sik Kim, Ohik Kwon
{"title":"CENTRAL BANK DIGITAL CURRENCY AND PRIVACY: A RANDOMIZED SURVEY EXPERIMENT","authors":"Syngjoo Choi, Bongseop Kim, Young Sik Kim, Ohik Kwon","doi":"10.1111/iere.12746","DOIUrl":"https://doi.org/10.1111/iere.12746","url":null,"abstract":"<p>Privacy protection is among the key features to consider in the design of central bank digital currency (CBDC). Using a nationally representative sample of over 3,500 participants, we conduct a randomized online survey experiment to examine how the willingness to use CBDC as a means of payment varies with the degree of privacy protection and information provision on the privacy benefits of using CBDC. We find that both factors significantly increase participants’ willingness to use CBDC by up to 64% when purchasing privacy-sensitive products. Our findings provide useful insights regarding the design and the public's adoption of CBDC.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 2","pages":"823-847"},"PeriodicalIF":1.5,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950326","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}
Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo, Rudy Verlhac
{"title":"LAST BUT NOT LEAST: LAGGARD FIRMS, TECHNOLOGY DIFFUSION, AND ITS STRUCTURAL AND POLICY DETERMINANTS","authors":"Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo, Rudy Verlhac","doi":"10.1111/iere.12748","DOIUrl":"https://doi.org/10.1111/iere.12748","url":null,"abstract":"<p>Using a unique microaggregated data set on firm-level productivity in 13 countries from 1995 to 2014, this article provides new evidence on technology- and knowledge-diffusion barriers for laggard firms. We show that, although the least productive firms benefit from a catch-up effect, their speed of catchup is lower in digital- and skill-intensive industries. This is especially true in countries with high skill mismatch, high financing frictions, and low absorptive capacity. These barriers to diffusion, combined with the rising importance of tacit knowledge and intangibles, could help explain the productivity growth slowdown observed in the last decades.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 2","pages":"595-627"},"PeriodicalIF":1.5,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12748","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950260","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}
Gerard J. van den Berg, Barbara Hofmann, Gesine Stephan, Arne Uhlendorff
{"title":"MANDATORY INTEGRATION AGREEMENTS FOR UNEMPLOYED JOB SEEKERS: A RANDOMIZED CONTROLLED FIELD EXPERIMENT IN GERMANY","authors":"Gerard J. van den Berg, Barbara Hofmann, Gesine Stephan, Arne Uhlendorff","doi":"10.1111/iere.12745","DOIUrl":"https://doi.org/10.1111/iere.12745","url":null,"abstract":"<p>Integration agreements (IAs) are contracts between the employment agency and the unemployed, nudging the latter to comply with rules on search behavior. We designed and implemented a randomized controlled trial involving thousands of newly unemployed workers, randomizing at the individual level both the timing of the IA and whether it is announced in advance. Administrative records provide outcomes. Novel theoretical and methodological insights provide tools to detect anticipation and suggest estimation by individual baseline employability. The positive effect on entering employment is driven by individuals with adverse prospects. For them, early IA increase reemployment within a year from 53% to 61%.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 1","pages":"79-105"},"PeriodicalIF":1.5,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12745","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143397206","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}
{"title":"BANKING AND BANKING REFORMS IN CHINA IN A MODEL OF COSTLY STATE VERIFICATION","authors":"Jie Luo, Cheng Wang","doi":"10.1111/iere.12744","DOIUrl":"https://doi.org/10.1111/iere.12744","url":null,"abstract":"<p>We present a macro view of China's financial system where a monopolistic banking sector coexists endogenously with bonds and private loans. In equilibrium smaller firms raise finance from private lending, larger firms through bank loans, and the largest by issuing bonds. The model predicts that expanding credit supply increases bank loans but reduces bond finance and private lending, in absolute terms and relative to total credit. In addition, removing the interest rate ceiling on bank lending—a recent reform in China—induces larger loans and higher lending rates, lowering the share of bank loans in total credit. Empirical evidence is presented to support these predictions.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 2","pages":"849-882"},"PeriodicalIF":1.5,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950077","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}
{"title":"ENTRY ORDER, PERFORMANCE, AND GEOGRAPHY: THE CASE OF THE CONVENIENCE-STORE INDUSTRY IN JAPAN","authors":"Mitsukuni Nishida","doi":"10.1111/iere.12742","DOIUrl":"https://doi.org/10.1111/iere.12742","url":null,"abstract":"<p>Entry-order effects on economic profits have not been extensively studied due to data limitations. This article empirically examines these effects on revenues and costs using a structural approach without requiring information on accounting profits and costs. Utilizing panel data from Japan's convenience-store industry, I apply a two-step estimator for many geographic markets. The results reveal that whereas early entrants gain 4.8% more revenue at the outlet level, subsequent entrants benefit from a 7.6% and 5.8% reduction in variable and expansion costs. Simulations suggest initial benefits from delayed entry, but these may dissipate over time, particularly in rapidly growing markets.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 2","pages":"787-822"},"PeriodicalIF":1.5,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950164","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}
{"title":"SUBSTITUTION BETWEEN CLEAN AND DIRTY ENERGY WITH BIASED TECHNICAL CHANGE","authors":"Ara Jo","doi":"10.1111/iere.12743","DOIUrl":"https://doi.org/10.1111/iere.12743","url":null,"abstract":"<p>The elasticity of substitution between clean and dirty energy lies at the center of leading economic analyses of climate policy. Despite the importance, empirical assessments of this key parameter remain scarce. This article estimates the clean-dirty elasticity of substitution using data on French manufacturing firms. Using the elasticity estimates, I then measure the bias in technical change at the firm level and find that technical change was largely biased toward dirty energy, despite a recent shift toward clean technologies. Finally, I recover the aggregate elasticity that combines substitution within firms and reallocation across firms from the micro elasticity estimates.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 2","pages":"883-902"},"PeriodicalIF":1.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12743","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143949722","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}
{"title":"FIRM SIZE AND BUSINESS CYCLES WITH CREDIT SHOCKS","authors":"In Hwan Jo","doi":"10.1111/iere.12741","DOIUrl":"https://doi.org/10.1111/iere.12741","url":null,"abstract":"<p>I study the macroeconomic implications of firm heterogeneity in the presence of financial frictions. I build a business cycle model in which firm size is jointly determined by idiosyncratic productivity and collateral constraints. I estimate skewed idiosyncratic shocks and align the model with the evidence on firm size, leverage, and investment moments. The extent of resource misallocation is driven by a small number of highly productive but financially constrained firms. A credit shock severely affects such firms, further constraining their ability to borrow. This generates a large and persistent economic downturn that is comparable to the Great Recession.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 2","pages":"629-659"},"PeriodicalIF":1.5,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143949727","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}
{"title":"THE DYNAMICS OF RESIDENTIAL SORTING AND HEALTH: IMPLICATIONS OF CLIMATE CHANGE IN THE UNITED STATES","authors":"Sophie M. Mathes","doi":"10.1111/iere.12739","DOIUrl":"https://doi.org/10.1111/iere.12739","url":null,"abstract":"<p>I estimate a dynamic location choice model using data on 3.7 million seniors from 2001 to 2013. Choices depend on preferences and beliefs regarding longevity and the future evolution of health and wealth in different locations. The model accommodates heterogeneous preferences. Willingness-to-pay (WTP) estimates for milder winters are relatively uniform and positive. WTP for cooler summers exhibits heterogeneity. Under a “business as usual” climate change counterfactual, 1.9% of individuals would change their location choices. Annual WTP to avoid the climate change counterfactual varies across locations and types from −$1,191 to $3,944 with an average of $1,855 (USD 2000).</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 2","pages":"711-756"},"PeriodicalIF":1.5,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950308","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}
{"title":"PRODUCTIVE ROBOTS AND INDUSTRIAL EMPLOYMENT: THE ROLE OF NATIONAL INNOVATION SYSTEMS","authors":"Chrystalla Kapetaniou, Christopher A. Pissarides","doi":"10.1111/iere.12738","DOIUrl":"https://doi.org/10.1111/iere.12738","url":null,"abstract":"<p>In a model with robots, automatable and nonautomatable production, we study robot-labor substitutions and show how they are influenced by a country's “innovation system.” Substitution depends on demand and production elasticities, the country's innovation capabilities, and openness. Making use of World Economic Forum data, we estimate the relationship for 13 countries and find that countries with poor innovation capabilities substitute robots for workers much more than countries with richer innovation capabilities, which might complement them. Innovation capabilities play a bigger role in the high-tech electronics sector than in other manufacturing and play a limited role in nonmanufacturing.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 1","pages":"25-52"},"PeriodicalIF":1.5,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12738","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143396825","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}