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Cultural proximity and inter-firm trade 文化亲近和公司间贸易
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-16 DOI: 10.1016/j.euroecorev.2025.105129
Brian C. Fujiy , Gaurav Khanna , Hiroshi Toma
{"title":"Cultural proximity and inter-firm trade","authors":"Brian C. Fujiy ,&nbsp;Gaurav Khanna ,&nbsp;Hiroshi Toma","doi":"10.1016/j.euroecorev.2025.105129","DOIUrl":"10.1016/j.euroecorev.2025.105129","url":null,"abstract":"<div><div>Low-quality institutions are prevalent in emerging economies, generating micro-level trade frictions. Consequently, firms may rely on informal institutions and socio-cultural ties between firm owners, to overcome such frictions. Using new microdata on firm-to-firm trade from India with information on prices, transactions, and caste and religious connections, we find that higher caste and religious proximity reduces prices, and fosters trade at intensive and extensive margins. We provide supporting evidence on such proximity alleviating contracting frictions. We formalize these findings in a quantitative inter-firm trade model with cultural proximity between firm owners. A policy counterfactual analysis indicates that an economy composed of culturally closer firms features lower costs, lower prices, higher sales, and higher welfare than an economy with culturally distant firms.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105129"},"PeriodicalIF":2.4,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145095880","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 ins and outs of employment: Labor market adjustments to carbon taxes 就业的来龙去脉：劳动力市场对碳税的调整
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-11 DOI: 10.1016/j.euroecorev.2025.105128
Feng Wei , Chi Man Yip
{"title":"The ins and outs of employment: Labor market adjustments to carbon taxes","authors":"Feng Wei ,&nbsp;Chi Man Yip","doi":"10.1016/j.euroecorev.2025.105128","DOIUrl":"10.1016/j.euroecorev.2025.105128","url":null,"abstract":"<div><div>This paper exploits British Columbia’s carbon tax to analyze the labor market adjustments to environmental policy. Using a difference-in-differences approach, we find that the carbon tax decreases the average hourly wage rate by 2.5% and increases the unemployment rate by 1.3 percentage points. Our findings reveal distinct dynamics: the wage effect emerges gradually over time, contrasted with an immediate but short-lived unemployment effect. Our study shows that the wage decline stems from lower hiring wages, with minimal impact on incumbent wages, indicating that wage reductions occur primarily through labor turnover. The increase in unemployment is driven by higher job separation rates and reduced job-finding rates, with the former effect being temporary. Overall, our findings highlight the importance of considering delayed wage adjustments and transient unemployment effects when assessing the labor market consequences of environmental policies.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105128"},"PeriodicalIF":2.4,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145095878","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
Governance with, not government over citizens 治理与公民，而不是政府凌驾于公民
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-10 DOI: 10.1016/j.euroecorev.2025.105147
Jordan K. Lofthouse , Peter J. Boettke
{"title":"Governance with, not government over citizens","authors":"Jordan K. Lofthouse ,&nbsp;Peter J. Boettke","doi":"10.1016/j.euroecorev.2025.105147","DOIUrl":"10.1016/j.euroecorev.2025.105147","url":null,"abstract":"<div><div>James C. Scott criticized the social-science perspective of “seeing like a state” both positively and normatively. He argued that many top-down policies failed to achieve their ends, largely because planners lacked the knowledge or incentives to control such complex systems. Scott also argued that top-down government control often becomes tyrannical. Scott’s work echoes the arguments of thinkers in liberal political economy, such as Adam Smith, F.A. Hayek, James M. Buchanan, Vincent Ostrom, and Elinor Ostrom. Liberal political economists distinguish between <em>government</em> and <em>governance</em>, as well as institutional structures that facilitate governing <em>with</em> citizens rather than governing <em>over</em> them. This paper explores the methodological, analytical, and social philosophical implications of seeing like a citizen, rather than like a state. It puts Scott’s body of work in conversation with the leading liberal political economists. In particular, it highlights three important similarities: (1) an emphasis on the republican vision of a free society, (2) the fragility of self-governing democratic societies, and (3) the importance of cultivating citizens capable of self-governance. Scott disagreed with the liberal political economists on some margins, such as his skepticism of global markets and large-scale firms, but this tension provides an area for mutual learning. Liberal economists would likely say that Scott is too skeptical of markets, but classical liberals could better incorporate Scott’s conceptions of the art of resistance and the art of not being governed.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105147"},"PeriodicalIF":2.4,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145095879","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 Tower of Babel: Localization, translation, and international trade 巴别塔：本地化、翻译与国际贸易
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-08 DOI: 10.1016/j.euroecorev.2025.105123
Han Yang , Yuta Watabe , Eugene Kanasheuski
{"title":"The Tower of Babel: Localization, translation, and international trade","authors":"Han Yang ,&nbsp;Yuta Watabe ,&nbsp;Eugene Kanasheuski","doi":"10.1016/j.euroecorev.2025.105123","DOIUrl":"10.1016/j.euroecorev.2025.105123","url":null,"abstract":"<div><div>Localization involves adapting products for different regions or markets. Using cross-country sales data of PC games from Steam, a global digital distribution platform, we provide the first quantitative assessment of localization’s economic impacts. The ability of a single video game to accommodate multiple languages simultaneously offers a unique opportunity to study the effects of localization on international trade. Exploiting within-game linguistic variations, we find a large positive effect of localization on trade flows in target markets. To quantify the consumer benefits of localization, we develop a multi-country model and conduct counterfactual analyses. Compared to a world with complete absence of localization, we find that existing translation efforts account for 12.10% of consumer gains on average, while universal localization for all destinations would increase consumer gains by 9.31%. We also estimate localization costs across languages, revealing substantial variation. Our findings underscore the importance of localization on international trade and consumer welfare, with implications for firms and policymakers in the digitally connected global economy.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105123"},"PeriodicalIF":2.4,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046174","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
Disclosure policy in contests with sabotage and group size uncertainty 与破坏和团队规模不确定性竞赛中的披露政策
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-08 DOI: 10.1016/j.euroecorev.2025.105120
Jonathan Stäbler
{"title":"Disclosure policy in contests with sabotage and group size uncertainty","authors":"Jonathan Stäbler","doi":"10.1016/j.euroecorev.2025.105120","DOIUrl":"10.1016/j.euroecorev.2025.105120","url":null,"abstract":"<div><div>In many contests, players are not aware of how many competitors they face. While existing studies examine how disclosing this number affects their productive effort, this paper is the first to consider its impact on destructive behavior. To do so, I theoretically and experimentally study how revealing the number of contestants affects both effort and sabotage compared to concealing this information. Further, I evaluate contestants’ productivity by comparing the resulting performances, which are shaped by the combination of the exerted effort and the received sabotage. I show that the overall performance can be higher under concealment, even though the disclosure policy does not affect average effort and sabotage levels. The experimental results largely confirm these theoretical predictions and demonstrate the significance of accounting for the effects of sabotage, as it induces performance differences between the group size disclosure policies. By concealing the number of contestants, a designer can mitigate the destructive effects of sabotage, without curbing the provision of productive effort.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105120"},"PeriodicalIF":2.4,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145060465","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 TAP equation: Evaluating combinatorial innovation TAP方程：评估组合创新
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-06 DOI: 10.1016/j.euroecorev.2025.105144
Marina Cortês , Stuart A. Kauffman , Andrew R. Liddle , Lee Smolin
{"title":"The TAP equation: Evaluating combinatorial innovation","authors":"Marina Cortês ,&nbsp;Stuart A. Kauffman ,&nbsp;Andrew R. Liddle ,&nbsp;Lee Smolin","doi":"10.1016/j.euroecorev.2025.105144","DOIUrl":"10.1016/j.euroecorev.2025.105144","url":null,"abstract":"<div><div>We investigate solutions to the TAP equation, a phenomenological implementation of the Theory of the Adjacent Possible. Several implementations of TAP are studied, with potential applications in a range of topics including economics, social sciences, environmental change, evolutionary biological systems, and the nature of physical laws. The generic behaviour is an extended plateau followed by a sharp explosive divergence. We find accurate analytic approximations for the blow-up time that we validate against numerical simulations, and explore the properties of the equation in the vicinity of equilibrium between innovation and extinction. A particular variant, the two-scale TAP model, replaces the initial plateau with a phase of exponential growth, a widening of the TAP equation phenomenology that may enable it to be applied in a wider range of contexts.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105144"},"PeriodicalIF":2.4,"publicationDate":"2025-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145095881","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
On a pecuniary externality of competitive banking through goods pricing dispersion 通过商品定价分散分析竞争性银行的货币外部性
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-03 DOI: 10.1016/j.euroecorev.2025.105112
Timothy Kam , Hyungsuk Lee , Junsang Lee , Sam Ng
{"title":"On a pecuniary externality of competitive banking through goods pricing dispersion","authors":"Timothy Kam ,&nbsp;Hyungsuk Lee ,&nbsp;Junsang Lee ,&nbsp;Sam Ng","doi":"10.1016/j.euroecorev.2025.105112","DOIUrl":"10.1016/j.euroecorev.2025.105112","url":null,"abstract":"<div><div>We study the interaction between banking, endogenous market power with price dispersion in goods markets, and reserve requirement regulation. If the reserve requirement never binds, then the economy is a banking generalization of Head et al. (2012): the addition of banking has no pecuniary externality on goods trades and banking is always welfare improving. If the reserve requirement binds, there is a positive spread between lending and deposit rates. In this empirically-relevant case, there is a pecuniary externality: banking amplifies retail-goods firms’ market power. Credit- and policy-dependent heterogeneity in retail-good markups implies a non-monotonicity in the welfare-improving role of banks. We explain the novel opposing forces at work. Our model also justifies why policymakers should be worried about the nexus between inflation, banking and industry markups.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105112"},"PeriodicalIF":2.4,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145095877","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
Trust dynamics in electoral competition 选举竞争中的信任动态
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-09-01 DOI: 10.1016/j.euroecorev.2025.105125
Nektaria Glynia , Georgios Manalis , Dimitrios Xefteris
{"title":"Trust dynamics in electoral competition","authors":"Nektaria Glynia ,&nbsp;Georgios Manalis ,&nbsp;Dimitrios Xefteris","doi":"10.1016/j.euroecorev.2025.105125","DOIUrl":"10.1016/j.euroecorev.2025.105125","url":null,"abstract":"<div><div>We study the fragility of trust between voters and politicians, exploring the likelihood of trust recovery following disruptions. We identify a critical trust threshold: above it, the trust dynamics converge to a stable steady state marked by politicians’ moderate deception and voters’ tempered expectations; below it, trust gradually declines, giving way to deepening scepticism. These insights highlight that while stable levels of trust are feasible, they should not be taken for granted, contributing to the discussion on the underpinnings of recent trust crises across European democracies.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105125"},"PeriodicalIF":2.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145003800","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
On-the-job search and the productivity-wage gap 在职求职和生产率-工资差距
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-08-28 DOI: 10.1016/j.euroecorev.2025.105127
Sushant Acharya , Shu Lin Wee
{"title":"On-the-job search and the productivity-wage gap","authors":"Sushant Acharya ,&nbsp;Shu Lin Wee","doi":"10.1016/j.euroecorev.2025.105127","DOIUrl":"10.1016/j.euroecorev.2025.105127","url":null,"abstract":"<div><div>We examine how worker and firm on-the-job search have differential impacts on the productivity-wage gap. While an increase in both worker and firm on-the-job search raise productivity, they have opposing effects on wages. Increased worker on-the-job search raises workers’ outside options, allowing them to demand higher wages. Increased firm on-the-job search improves firms’ bargaining position relative to workers’ by raising job insecurity and the wedge between hiring and meeting rates, allowing firms to pass-through a smaller share of productivity to wages and enlarging the productivity-wage gap. Quantitatively, the model accounts for about a quarter of the observed divergence in the US productivity-wage gap between 1990 and 2017.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105127"},"PeriodicalIF":2.4,"publicationDate":"2025-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144918934","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
Pro-cyclical emissions, real externalities, and optimal monetary policy 顺周期排放、实际外部性和最优货币政策
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-08-28 DOI: 10.1016/j.euroecorev.2025.105124
Francesco Giovanardi , Matthias Kaldorf
{"title":"Pro-cyclical emissions, real externalities, and optimal monetary policy","authors":"Francesco Giovanardi ,&nbsp;Matthias Kaldorf","doi":"10.1016/j.euroecorev.2025.105124","DOIUrl":"10.1016/j.euroecorev.2025.105124","url":null,"abstract":"<div><div>We study optimal monetary policy in an analytically tractable New Keynesian DSGE-model with an emission externality. Empirically, emissions are strongly pro-cyclical and output in the flexible price equilibrium overreacts to productivity shocks, relative to the efficient allocation. At the same time, output under-reacts relative to the flexible price allocation due to sticky prices. Therefore, it is not optimal to simultaneously stabilize inflation and to close the natural output gap, even though this would be feasible. Real externalities affect the LQ-approximation to optimal monetary policy and we extend the analysis of Benigno and Woodford (2005) to inefficient flexible price equilibria. For central banks with a dual mandate, optimal monetary policy places a larger weight on output stabilization and targets a non-zero natural output gap, implying a higher optimal inflation volatility.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"179 ","pages":"Article 105124"},"PeriodicalIF":2.4,"publicationDate":"2025-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144918933","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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