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It hurts to ask
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-26 DOI: 10.1016/j.euroecorev.2024.104911
Roland Bénabou , Ania Jaroszewicz , George Loewenstein
{"title":"It hurts to ask","authors":"Roland Bénabou ,&nbsp;Ania Jaroszewicz ,&nbsp;George Loewenstein","doi":"10.1016/j.euroecorev.2024.104911","DOIUrl":"10.1016/j.euroecorev.2024.104911","url":null,"abstract":"<div><div>We analyze the offering, asking, and granting of help or other benefits as a three-stage game with bilateral private information between a person in need of help and a potential helper. Asking entails the risk of rejection, which can be painful: since unawareness of the need can no longer be an excuse, a refusal reveals that the person in need, or the relationship, is not valued very much. We show that people may fail to ask even when most helpers would help if told about the need, and that even though a greater need makes help both more valuable and more likely to be granted, it can reduce the propensity to ask. When potential helpers concerned about the recipient’s ask-shyness can make spontaneous offers, this can be a double-edged sword: offering reveals a more caring type and helps solve the failure-to-ask problem, but not offering reveals a not-so-caring one, and this itself deters asking. This discouragement effect can also generate a trap where those in need hope for an offer while willing helpers hope for an ask, resulting in significant inefficiencies.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104911"},"PeriodicalIF":2.8,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Economic expectations under the shadow of party polarization: Evidence from 135 government changes
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-26 DOI: 10.1016/j.euroecorev.2024.104910
Luis Guirola
{"title":"Economic expectations under the shadow of party polarization: Evidence from 135 government changes","authors":"Luis Guirola","doi":"10.1016/j.euroecorev.2024.104910","DOIUrl":"10.1016/j.euroecorev.2024.104910","url":null,"abstract":"<div><div>I study the behavior of economic expectations under political polarization. Using microdata spanning 27 countries over three decades, I follow a difference-in-differences design exploiting 135 government changes to identify the differential update of expectations along partisan lines. I then show that this difference is stronger in more polarized settings; in fact, 57% of its variation can be accounted for by the polarization of political parties. The resulting gap in supporters’ expectations cannot be rationalized as reflecting expectations about the government’s economic policy, suggesting instead that political (non-economic) conflicts contaminate economic expectations.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104910"},"PeriodicalIF":2.8,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Firms and economic performance: A view from trade
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-25 DOI: 10.1016/j.euroecorev.2024.104912
Alessandra Bonfiglioli , Rosario Crinò , Gino Gancia
{"title":"Firms and economic performance: A view from trade","authors":"Alessandra Bonfiglioli ,&nbsp;Rosario Crinò ,&nbsp;Gino Gancia","doi":"10.1016/j.euroecorev.2024.104912","DOIUrl":"10.1016/j.euroecorev.2024.104912","url":null,"abstract":"<div><div>We use transaction-level US import data to compare firms from virtually all countries in the world competing in a single destination market. First, we decompose countries’ sales into the contribution of the number of firm-products, their average appeal and its dispersion. Then, by making distributional assumptions consistent with the data, we identify new structural parameters that are useful in understanding the role of firm heterogeneity for trade and economic performance. We find that differences in the dispersion of appeal are quantitatively important in explaining exports, even after controlling for selection, average appeal and other determinants of trade, and that they are relevant for welfare. We also find that countries with a higher GDP per capita export more per firm largely because they have a higher dispersion of appeal, hence more heterogeneous firms.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"172 ","pages":"Article 104912"},"PeriodicalIF":2.8,"publicationDate":"2024-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142756788","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Portfolio flows and household portfolios
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-23 DOI: 10.1016/j.euroecorev.2024.104904
Dominik Boddin , Daniel Marcel te Kaat , Chang Ma , Alessandro Rebucci
{"title":"Portfolio flows and household portfolios","authors":"Dominik Boddin ,&nbsp;Daniel Marcel te Kaat ,&nbsp;Chang Ma ,&nbsp;Alessandro Rebucci","doi":"10.1016/j.euroecorev.2024.104904","DOIUrl":"10.1016/j.euroecorev.2024.104904","url":null,"abstract":"<div><div>In this paper, we show that cross-border portfolio flows around the peak of the European Crisis induced households to rebalance their portfolios towards housing. Estimating difference-in-differences regressions around Draghi’s “Whatever It Takes” speech in July 2012 with household data from the ECB’s Household Finance and Consumption Survey, we find that portfolio inflows induce households with larger ex-ante bond and equity shares to rebalance more strongly towards housing. The effect is not driven by higher pre-treatment access to credit or higher credit growth during the treatment period and is stronger for wealthier and less risk-averse households.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"172 ","pages":"Article 104904"},"PeriodicalIF":2.8,"publicationDate":"2024-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142756789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Labor reallocation effects of furlough schemes: Evidence from two recessions in Spain 休假计划的劳动力再分配效应：西班牙两次经济衰退的证据
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-16 DOI: 10.1016/j.euroecorev.2024.104894
Antonia Diaz , Juan J. Dolado , Álvaro Jáñez , Felix Wellschmied
{"title":"Labor reallocation effects of furlough schemes: Evidence from two recessions in Spain","authors":"Antonia Diaz ,&nbsp;Juan J. Dolado ,&nbsp;Álvaro Jáñez ,&nbsp;Felix Wellschmied","doi":"10.1016/j.euroecorev.2024.104894","DOIUrl":"10.1016/j.euroecorev.2024.104894","url":null,"abstract":"<div><div>We examine the impact of furlough schemes in scenarios where aggregate risk has a large sector-specific component and workers accumulate sector-specific human capital. In particular, we investigate the different dynamic responses of the Spanish labor market during the Great Recession and the Great Contagion as both downturns were triggered by such shocks. A big difference between these recessions is that job losses were much lower during the pandemic crisis, possibly due to firms’ widespread use of furlough schemes (ERTEs), which had been seldom activated during the Great Recession. In line with the consensus view, we find that this policy helps stabilize the unemployment rate by keeping matches alive in those industries hardest hit by a crisis. However, under their current design, we argue both empirically and theoretically that ERTEs: (i) crowd out labor hoarding by employers in the absence of those schemes, (ii) increase the volatility of effective working rates and output, and (iii) hinder worker reallocation, especially in short recessions.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104894"},"PeriodicalIF":2.8,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142706311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Navigating the housing channel of monetary policy across euro area regions
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-16 DOI: 10.1016/j.euroecorev.2024.104897
Niccolò Battistini , Matteo Falagiarda , Angelina Hackmann , Moreno Roma
{"title":"Navigating the housing channel of monetary policy across euro area regions","authors":"Niccolò Battistini ,&nbsp;Matteo Falagiarda ,&nbsp;Angelina Hackmann ,&nbsp;Moreno Roma","doi":"10.1016/j.euroecorev.2024.104897","DOIUrl":"10.1016/j.euroecorev.2024.104897","url":null,"abstract":"<div><div>This paper assesses the role of the housing market in the transmission of monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that conventional and unconventional monetary policy shocks propagate effectively to the economy, particularly to the housing sector, albeit in a heterogeneous fashion across regions. A formal econometric analysis relates this heterogeneous impact of monetary policy to housing-related long-run regional economic and institutional characteristics. The analysis indicates a prominent role for the housing channel in the transmission of monetary policy to the economy, via both housing wealth and balance sheet effects. Moreover, heterogeneity in institutional features (share of fixed-rate mortgages) and labour income help explain the transmission of monetary policy across regions.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104897"},"PeriodicalIF":2.8,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 effects of digitalization on production 数字化对生产的影响
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-15 DOI: 10.1016/j.euroecorev.2024.104896
Florentine Schwark , Andreas Tryphonides
{"title":"The effects of digitalization on production","authors":"Florentine Schwark ,&nbsp;Andreas Tryphonides","doi":"10.1016/j.euroecorev.2024.104896","DOIUrl":"10.1016/j.euroecorev.2024.104896","url":null,"abstract":"<div><div>How does digitalization transform the macroeconomic production function? Using a model where firms can choose their technology, we find that sectors with more digital capital exhibit a higher elasticity of substitution between value added and intermediate inputs and between capital and labor. This shift in the elasticity of substitution is consistent with a higher complementarity of input-specific technologies on the technology frontier. We further show that the link between technological complementarity and digital intensity can be rationalized using a task-based approach. Out of the three types of digital capital, only the levels of information technology and software/databases have a significant impact on the production function, whereas communication technology has no effects. We also find that digital technical change in value added is Hicks-neutral.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104896"},"PeriodicalIF":2.8,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142706310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Where are the female composers? Human capital and gender inequality in music history 女性作曲家在哪里？音乐史上的人力资本和性别不平等
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-12 DOI: 10.1016/j.euroecorev.2024.104893
Karol Jan Borowiecki , Martin Hørlyk Kristensen , Marc T. Law
{"title":"Where are the female composers? Human capital and gender inequality in music history","authors":"Karol Jan Borowiecki ,&nbsp;Martin Hørlyk Kristensen ,&nbsp;Marc T. Law","doi":"10.1016/j.euroecorev.2024.104893","DOIUrl":"10.1016/j.euroecorev.2024.104893","url":null,"abstract":"<div><div>Ludwig van Beethoven, Johann Sebastian Bach, and Frédéric Chopin are household names, but few will recognize Francesca Caccini, Elisabeth Lutyens or Amy M. Beach, who are among the top-10 female composers of all time. Why are female composers overshadowed by their male counterparts? Using novel data on over 17,000 composers who represent the entire history of western classical music, we conduct the first quantitative exploration of the gender gap among composers. We use the length of a composer’s biographical entry in <em>Grove Music Online</em> to measure composer prominence, and shed light on the determinants of the gender gap with a focus on the development of composers’ human capital through families, teachers, and institutionalized music education. The evidence suggests that parental musical background matters for composers’ prominence, that the effects of teachers vary by the gender of the composer but the effects of parents do not, and while musician mothers and female teachers are important, they do not narrow the gender gap in composer prominence. We also find that the institutionalization of music education in conservatories increases the relative prominence of female composers.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104893"},"PeriodicalIF":2.8,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142706309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Regional variations in corporate tax responsiveness: Evidence from Switzerland 企业税收反应能力的地区差异：瑞士的证据
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-12 DOI: 10.1016/j.euroecorev.2024.104891
Matthias Krapf , David Staubli
{"title":"Regional variations in corporate tax responsiveness: Evidence from Switzerland","authors":"Matthias Krapf ,&nbsp;David Staubli","doi":"10.1016/j.euroecorev.2024.104891","DOIUrl":"10.1016/j.euroecorev.2024.104891","url":null,"abstract":"<div><div>Drawing on panel variation across Swiss municipalities and cantons, we show that the elasticity of corporate taxable income is large in remote, non-central locations and insignificant in cities. In the full panel, we find that an increase in a jurisdiction’s corporate net-of-tax rate by 1% results in an increase in aggregate corporate income by around 3.5%. This effect becomes small and insignificant if we weight by initial tax base, which is large in cities, indicating that the overall tax base is inelastic. We explore margins of firms’ responsiveness, revenue effects, and implications for regional policy.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104891"},"PeriodicalIF":2.8,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Identifying and quantifying the extraterritorial effects of sanctions 确定和量化制裁的域外影响
IF 2.8 2区 经济学
European Economic Review Pub Date : 2024-11-01 DOI: 10.1016/j.euroecorev.2024.104888
Ohyun Kwon, Constantinos Syropoulos, Yoto V. Yotov
{"title":"Identifying and quantifying the extraterritorial effects of sanctions","authors":"Ohyun Kwon,&nbsp;Constantinos Syropoulos,&nbsp;Yoto V. Yotov","doi":"10.1016/j.euroecorev.2024.104888","DOIUrl":"10.1016/j.euroecorev.2024.104888","url":null,"abstract":"<div><div>We identify the extraterritorial effects of trade sanctions and provide quantitative evidence that they are strong. Additionally, we show that the estimates of the primary effects may be significantly biased if the aforementioned extraterritorial effects are not taken into account. In the context of the U.S. embargo on Cuba, we confirm the presence of large and significant extraterritorial effects that vary across Cuba’s trade partners — most non-sanctioning states trade less with Cuba while its economic allies and states in close proximity to it trade more. Moreover, our complementary general-equilibrium analysis establishes that the U.S.’s sanctions have inflicted large welfare losses on Cuba but their effects on the rest of the world were small. As such, our analysis sheds new light on the significance (in terms of effectiveness) of extraterritorial sanctions and suggests that the motives for the opposition of third countries to such sanctions may be more political and legal than economic.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"170 ","pages":"Article 104888"},"PeriodicalIF":2.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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