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Quantifying the Macroeconomic Impact of Credit Expansions 量化信贷扩张的宏观经济影响
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-19 DOI: 10.1111/iere.70024
Corina Boar, Kjetil Storesletten, Matthew Knowles, Yicheng Wang
{"title":"Quantifying the Macroeconomic Impact of Credit Expansions","authors":"Corina Boar,&nbsp;Kjetil Storesletten,&nbsp;Matthew Knowles,&nbsp;Yicheng Wang","doi":"10.1111/iere.70024","DOIUrl":"https://doi.org/10.1111/iere.70024","url":null,"abstract":"<div>\u0000 \u0000 <p>Credit expansions stimulate the economy. We quantify the contribution of households versus firms for this stimulus. Using causal evidence from the quasi-natural experiment of bank deregulation across US states, we estimate a small open-economy heterogeneous-agent New Keynesian model. Deregulation generated lower borrowing costs. Firms' responses to such shocks account for most of the long-run rise in output and employment. For short-run dynamics, firms and households are equally important. Firms' large role is identified by an empirical observation: output and employment expanded gradually following deregulation. In the model, lower interest rates generate increasing capital stocks which in turn increases economic activity gradually.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1913-1928"},"PeriodicalIF":1.3,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695470","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
Fiscal Consequences of the US War on COVID 美国抗疫战争的财政后果
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-19 DOI: 10.1111/iere.70022
George J. Hall, Thomas J. Sargent
{"title":"Fiscal Consequences of the US War on COVID","authors":"George J. Hall,&nbsp;Thomas J. Sargent","doi":"10.1111/iere.70022","DOIUrl":"https://doi.org/10.1111/iere.70022","url":null,"abstract":"<div>\u0000 \u0000 <p>After 2000, ratios of tax collections to GDP and government expenditures to GDP have departed from 19th and 20th century US patterns. Before 2000, wartime government expenditure/GDP surges were accompanied by permanent rises in expenditure/GDP and tax collection/GDP ratios. Part of the War on COVID expenditure/GDP surge has persisted, but so far tax collections have not risen relative to GDP. If that discrepancy persists, the consolidated federal government budget constraint portends permanently higher US inflation and higher nominal interest rates on US government interest-bearing bonds.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1753-1780"},"PeriodicalIF":1.3,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695471","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
Evaluating Allocations of Opportunities 评估机会分配
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-16 DOI: 10.1111/iere.70020
Francesco Andreoli, Mathieu Faure, Nicolas Gravel, Tista Kundu
{"title":"Evaluating Allocations of Opportunities","authors":"Francesco Andreoli,&nbsp;Mathieu Faure,&nbsp;Nicolas Gravel,&nbsp;Tista Kundu","doi":"10.1111/iere.70020","DOIUrl":"https://doi.org/10.1111/iere.70020","url":null,"abstract":"<p>This paper provides a robust criterion for comparing lists of probability distributions—interpreted as allocations of opportunities—faced by different social groups. We axiomatically argue in favor of comparing those lists of probability distributions on the basis of a uniform—among groups—valuation of their expected utility. We identify an empirically implementable criterion for comparing allocations of opportunities that coincides with the unanimity of all such uniform valuations of expected utility that exhibit aversion to inequality of opportunity. We illustrate our criterion by evaluating allocations of educational opportunities among castes and genders in 14 Indian states.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 1","pages":"365-397"},"PeriodicalIF":1.3,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70020","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146155007","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
Do Engine-Specific Tax Programs Work? A Structural Analysis of Market Spillovers and Welfare Implications 特定引擎的税收程序有效吗？市场溢出效应及其福利影响的结构性分析
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-16 DOI: 10.1111/iere.70021
Jiasheng Li, Pei Li, Yi Lu
{"title":"Do Engine-Specific Tax Programs Work? A Structural Analysis of Market Spillovers and Welfare Implications","authors":"Jiasheng Li,&nbsp;Pei Li,&nbsp;Yi Lu","doi":"10.1111/iere.70021","DOIUrl":"https://doi.org/10.1111/iere.70021","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines engine-specific tax programs that are widely used in developing countries to limit car emissions. Using China's tax abatement program for small vehicles in 2015, we find significant price and sales responses for both small and large vehicles, indicating strong competition spillovers. The quantification model shows that an increase in car ownership generates more car emissions than the reduction resulting from the relocation from large to small vehicles. Welfare analysis further shows that the reduced government tax revenue and increased car emissions significantly outweigh the increased household welfare and firm profits, rendering the engine-specific tax program socially unbeneficial.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 1","pages":"287-312"},"PeriodicalIF":1.3,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146162782","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
An Efficient and Incentive-Compatible Dynamic Multi-Item Auction Under Budget Constraints 预算约束下激励兼容的高效动态多物品拍卖
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-16 DOI: 10.1111/iere.70017
Zaifu Yang, Jingsheng Yu
{"title":"An Efficient and Incentive-Compatible Dynamic Multi-Item Auction Under Budget Constraints","authors":"Zaifu Yang,&nbsp;Jingsheng Yu","doi":"10.1111/iere.70017","DOIUrl":"https://doi.org/10.1111/iere.70017","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper proposes an efficient and incentive-compatible dynamic auction for selling multiple heterogeneous indivisible goods when bidders have unit demand, quasi-linear preferences, and hard budgets. Valuations and budgets are private information. The auction generates an efficient outcome that is not only in the core but also strongly Pareto efficient. When no bidder is budget-constrained, the auction returns a Walrasian equilibrium with the minimal equilibrium prices.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 1","pages":"313-328"},"PeriodicalIF":1.3,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146162783","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
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-15
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 2","pages":"489-497"},"PeriodicalIF":1.3,"publicationDate":"2025-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148079829","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
Comment on “Collateral-Based Monetary Policy: Evidence from China” 评《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 : 2025-09-15 DOI: 10.1111/iere.70025
Kaiji Chen
{"title":"Comment on “Collateral-Based Monetary Policy: Evidence from China”","authors":"Kaiji Chen","doi":"10.1111/iere.70025","DOIUrl":"https://doi.org/10.1111/iere.70025","url":null,"abstract":"<div>\u0000 \u0000 <p>This discussion evaluates Fang, Wang, and Wu's study on collateral-based monetary policy in China, which exploits the 2018 expansion of eligible collateral under the Medium-Term Lending Facility. The paper develops a theoretical model-linking collateral eligibility to bond pricing, employs a novel triple-difference strategy using dual-listed bonds, and finds that policy reduces bond spreads in both secondary and primary markets. The discussion highlights the paper's methodological contributions, situates its findings within China's structural monetary policy framework, and raises future research questions on credit allocation, systemic risks, and the effectiveness of structural versus conventional monetary tools.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1883-1886"},"PeriodicalIF":1.3,"publicationDate":"2025-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695364","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
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-15
{"title":"","authors":"","doi":"","DOIUrl":"","url":null,"abstract":"","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 2","pages":"489-497"},"PeriodicalIF":1.3,"publicationDate":"2025-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148110312","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
Financial Frictions for Firms and Households: Implications for Economic Development and Government Policies—An Introduction to the Special Issue 企业和家庭的金融摩擦：对经济发展和政府政策的影响——特刊导论
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-12 DOI: 10.1111/iere.70026
Dirk Krueger
{"title":"Financial Frictions for Firms and Households: Implications for Economic Development and Government Policies—An Introduction to the Special Issue","authors":"Dirk Krueger","doi":"10.1111/iere.70026","DOIUrl":"https://doi.org/10.1111/iere.70026","url":null,"abstract":"","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 5","pages":"1751-1752"},"PeriodicalIF":1.3,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145695213","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
Skill Acquisition and the Gains From Trade: A Cross-Country Quantitative Analysis 技能获取与贸易收益：一项跨国定量分析
IF 1.3 3区 经济学
International Economic Review Pub Date : 2025-09-02 DOI: 10.1111/iere.70018
Xiao Ma, Alejandro Nakab, Yiran Zhang
{"title":"Skill Acquisition and the Gains From Trade: A Cross-Country Quantitative Analysis","authors":"Xiao Ma,&nbsp;Alejandro Nakab,&nbsp;Yiran Zhang","doi":"10.1111/iere.70018","DOIUrl":"https://doi.org/10.1111/iere.70018","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper studies the impact of trade openness on welfare through alterations in workers' skill acquisition. Guided by empirical evidence, we integrate endogenous choices of learning investments into a multisector Eaton–Kortum model. Our model reveals that trade openness influences skill acquisition by two channels: (1) reallocating labor between sectors with varying skill intensities and on-the-job learning opportunities and (2) allowing producers in each country to source varieties from more cost-effective suppliers in other countries, thus reducing costs of material inputs for learning. Our quantification indicates that the gains in skill acquisition account for 5% of the total gains from trade.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 1","pages":"127-150"},"PeriodicalIF":1.3,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146154670","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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