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FIGHTING COLLUSION: AN IMPLEMENTATION THEORY APPROACH 打击合谋：实施理论方法
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-22 DOI: 10.1111/iere.12699
Helmuts Āzacis, Péter Vida
{"title":"FIGHTING COLLUSION: AN IMPLEMENTATION THEORY APPROACH","authors":"Helmuts Āzacis,&nbsp;Péter Vida","doi":"10.1111/iere.12699","DOIUrl":"10.1111/iere.12699","url":null,"abstract":"<p>A competition authority (CA) has an objective, which specifies what output profile firms need to produce as a function of production costs. These costs change over time and are only known by the firms. The objective is repeatedly implementable if the firms cannot collude and deceive the CA in equilibrium. We identify necessary and sufficient conditions for repeated implementation when firms can only announce prices and quantities. We use these conditions to study when the competitive output is implementable. We extend the analysis to the case when the firms can also supply hard evidence.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 4","pages":"1821-1850"},"PeriodicalIF":1.5,"publicationDate":"2024-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12699","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140203264","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
HOUSEHOLD DEBT AND THE EFFECTS OF FISCAL POLICY 家庭债务和财政政策的影响
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-20 DOI: 10.1111/iere.12702
Sami Alpanda, Melissa Hyunji Song, Sarah Zubairy
{"title":"HOUSEHOLD DEBT AND THE EFFECTS OF FISCAL POLICY","authors":"Sami Alpanda,&nbsp;Melissa Hyunji Song,&nbsp;Sarah Zubairy","doi":"10.1111/iere.12702","DOIUrl":"10.1111/iere.12702","url":null,"abstract":"<p>We examine how the effects of government spending shocks depend on the balance sheet position of households. Employing U.S. household survey data, we find a large, positive consumption response for households with mortgage debt, smaller response for renters, and an insignificant response for outright homeowners, in response to a positive government spending shock. We consider a model with three types of households and show that it can successfully account for these findings. Liquidity constraints and wealth effects play a crucial role in shock propagation. Our findings suggest the importance of household mortgage debt position in the transmission mechanism of fiscal policy.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 4","pages":"1877-1909"},"PeriodicalIF":1.5,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12702","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140172394","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
ASSET-MARKET SENTIMENTS AND BUSINESS CYCLE FLUCTUATIONS 资产市场情绪和商业周期波动
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-20 DOI: 10.1111/iere.12700
Xuewen Liu, Pengfei Wang, Sichuang Xu
{"title":"ASSET-MARKET SENTIMENTS AND BUSINESS CYCLE FLUCTUATIONS","authors":"Xuewen Liu,&nbsp;Pengfei Wang,&nbsp;Sichuang Xu","doi":"10.1111/iere.12700","DOIUrl":"10.1111/iere.12700","url":null,"abstract":"<p>We present a tractable model that accommodates asset-market sentiment in a standard Dynamic Stochastic General Equilibrium (DSGE) setting, allowing us to quantitatively evaluate sentiment-driven macroeconomic fluctuations. In our model, changes in households' perceived uncertainty about housing prices lead to self-fulfilling fluctuations in housing prices, which then impact investment and output through entrepreneurs' collateral constraints. Household sentiment shocks hence are transmitted and propagated to the macroeconomy, generating boom–bust cycles. Uncertainty, housing prices, and the real economy are linked. Quantitatively, the sentiment shock in the form of risk–panic is a crucial driver of business cycle fluctuations despite the presence of various competing shocks.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 4","pages":"1795-1819"},"PeriodicalIF":1.5,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12700","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140172391","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
CORPORATE EARNINGS ANNOUNCEMENTS AND ECONOMIC ACTIVITY 企业盈利公告与经济活动
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-18 DOI: 10.1111/iere.12701
Mirela S. Miescu, Haroon Mumtaz
{"title":"CORPORATE EARNINGS ANNOUNCEMENTS AND ECONOMIC ACTIVITY","authors":"Mirela S. Miescu,&nbsp;Haroon Mumtaz","doi":"10.1111/iere.12701","DOIUrl":"10.1111/iere.12701","url":null,"abstract":"<p>Are corporate earnings (CE) announcements important for economic activity? We address this question using a novel identification method that combines the valuable information from CE announcements with the heteroscedasticity of shocks experienced on these particular days. Our results demonstrate that CE announcements have a significant impact on the macroeconomy, exhibiting dynamics similar to traditional financial disruptions. We establish that CE announcements' shocks can be classified as financial shocks, highlighting their critical role in the financial system.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 4","pages":"1777-1793"},"PeriodicalIF":1.5,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12701","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140152927","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
UNCERTAINTY, LONG-RUN, AND MONETARY POLICY RISKS IN A TWO-COUNTRY MACRO MODEL 两国宏观模型中的不确定性、长期和货币政策风险
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-12 DOI: 10.1111/iere.12697
Kimberly A. Berg, Nelson C. Mark
{"title":"UNCERTAINTY, LONG-RUN, AND MONETARY POLICY RISKS IN A TWO-COUNTRY MACRO MODEL","authors":"Kimberly A. Berg,&nbsp;Nelson C. Mark","doi":"10.1111/iere.12697","DOIUrl":"10.1111/iere.12697","url":null,"abstract":"<p>We study the currency risk premium and the forward premium bias in a two-country New Keynesian model with production, no physical capital, and recursive utility. Monetary policy follows an interest rate feedback rule and exogenous total factor productivity (TFP) growth follows a long-run risk process with stochastic volatility, which we estimate from data. With cross-country heterogeneity in TFP and monetary policy, reasonable currency risk premia emerge under complete and incomplete markets but the forward premium bias is trivial. We diagnose the challenge faced by this fairly standard production model to explain the forward premium bias.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 3","pages":"1387-1413"},"PeriodicalIF":1.5,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140153157","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
INFRAMARGINAL TRAVELERS AND TRANSPORTATION POLICY 次边缘旅行者和运输政策
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-11 DOI: 10.1111/iere.12692
Jonathan D. Hall
{"title":"INFRAMARGINAL TRAVELERS AND TRANSPORTATION POLICY","authors":"Jonathan D. Hall","doi":"10.1111/iere.12692","DOIUrl":"10.1111/iere.12692","url":null,"abstract":"<p>Structural models of traffic congestion, such as the bottleneck model, are used to answer important, policy-relevant questions. However, existing models typically assume that no travelers are inframarginal regarding when to travel; that is, given equilibrium travel times, no travelers strictly prefer their ex ante departure time to all others. In this article, I address this shortcoming by incorporating inframarginal travelers into these models. This change significantly improves these models' ability to fit the data and changes policy prescriptions. In the case of congestion pricing, it typically changes the optimal toll by at least 25% and significantly worsens the distributional impacts.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 3","pages":"1519-1550"},"PeriodicalIF":1.5,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140100266","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
STATISTICAL DISCRIMINATION AND DURATION DEPENDENCE IN A SEMISTRUCTURAL MODEL 半结构模型中的统计判别和持续时间依赖性
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-07 DOI: 10.1111/iere.12696
Ismail Baydur, Jianhuan Xu
{"title":"STATISTICAL DISCRIMINATION AND DURATION DEPENDENCE IN A SEMISTRUCTURAL MODEL","authors":"Ismail Baydur,&nbsp;Jianhuan Xu","doi":"10.1111/iere.12696","DOIUrl":"10.1111/iere.12696","url":null,"abstract":"<p>This article develops a job-search model with unobserved worker heterogeneity and learning about worker types from unemployment duration. The model features negative duration dependence that stems from unobserved heterogeneity, skill depreciation, and statistical discrimination. We estimate job-finding rates implied by our model using microlevel data from the Current Population Survey. We find that removing interview costs counterfactually, thereby eliminating statistical discrimination, substantially increases the job-finding rates of the long-term unemployed. The performance of low-skill workers at the interview stage with discriminating firms plays a key role in explaining our counterfactual result.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 3","pages":"1357-1386"},"PeriodicalIF":1.5,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140071559","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
Source Dependence in Effort Provision 努力提供的来源依赖性
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-07 DOI: 10.1111/iere.12698
Yiting Chen, Songfa Zhong
{"title":"Source Dependence in Effort Provision","authors":"Yiting Chen,&nbsp;Songfa Zhong","doi":"10.1111/iere.12698","DOIUrl":"10.1111/iere.12698","url":null,"abstract":"<p>We examine source dependence in the setting of effort provision. Our first experiment elicits preference over uncertain piece rate schemes to perform a real-effort task. Our second experiment elicits effort after receiving an uncertain gift. We vary the probability of winning and the familiarity of natural sources of uncertainty. We show that subjects are averse to unfamiliar sources for moderate or high probability, but less so for low probability. Moreover, effort exhibits more insensitivity to the probability under the unfamiliar source compared with the familiar source. Our findings support the validity and generalizability of source dependence in applied settings.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 3","pages":"1499-1517"},"PeriodicalIF":1.5,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12698","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140076373","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
MONETARY POLICY UNDER NATURAL DISASTER SHOCKS 自然灾害冲击下的货币政策
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-07 DOI: 10.1111/iere.12694
Alessandro Cantelmo, Nikos Fatouros, Giovanni Melina, Chris Papageorgiou
{"title":"MONETARY POLICY UNDER NATURAL DISASTER SHOCKS","authors":"Alessandro Cantelmo,&nbsp;Nikos Fatouros,&nbsp;Giovanni Melina,&nbsp;Chris Papageorgiou","doi":"10.1111/iere.12694","DOIUrl":"10.1111/iere.12694","url":null,"abstract":"<p>With climate change increasing the frequency and intensity of natural disasters, what should central banks do in response to these catastrophic events? Looking at IMF reports for 34 disaster-years, which occurred in 16 disaster-prone countries from 1999 to 2017, reveals lack of any systematic approach adopted by monetary authorities in response to climate shocks. Using a small-open-economy New-Keynesian model with disaster shocks, we show that consistent with textbook theory, inflation targeting remains the welfare-optimal regime. Therefore, the best strategy for monetary authorities is to resist the impulse of accommodating in response to catastrophic natural disasters, and focus on price stability.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 3","pages":"1441-1497"},"PeriodicalIF":1.5,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140100123","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 INS AND OUTS OF SELLING HOUSES: UNDERSTANDING HOUSING-MARKET VOLATILITY 卖房的来龙去脉：了解住房市场的波动性
IF 1.5 3区 经济学
International Economic Review Pub Date : 2024-03-05 DOI: 10.1111/iere.12693
L. Rachel Ngai, Kevin D. Sheedy
{"title":"THE INS AND OUTS OF SELLING HOUSES: UNDERSTANDING HOUSING-MARKET VOLATILITY","authors":"L. Rachel Ngai,&nbsp;Kevin D. Sheedy","doi":"10.1111/iere.12693","DOIUrl":"10.1111/iere.12693","url":null,"abstract":"<p>This article documents the role of inflows (new listings) and outflows (sales) in explaining the volatility and comovement of housing-market variables. An “ins versus outs” decomposition shows that both flows are quantitatively important for housing-market volatility. The correlations between sales, prices, new listings, and time-to-sell are stable over time, whereas the signs of their correlations with houses for sale are found to be time-varying. A calibrated search-and-matching model with endogenous inflows and outflows and shocks to housing demand matches many of the stable correlations and predicts that the correlations with houses for sale depend on the source and persistence of shocks.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 3","pages":"1415-1440"},"PeriodicalIF":1.5,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12693","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140055783","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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