European Economic Review最新文献_第3页

Robots, occupations, and worker age: A production-unit analysis of employment 机器人、职业和工人年龄：就业的生产单位分析

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-15 DOI: 10.1016/j.euroecorev.2024.104881

Liuchun Deng , Steffen Müller , Verena Plümpe , Jens Stegmaier

引用次数: 0

Active or passive? Revisiting the role of fiscal policy during high inflation 主动还是被动？重新审视财政政策在高通胀时期的作用

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-11 DOI: 10.1016/j.euroecorev.2024.104874

Stephanie Ettmeier , Alexander Kriwoluzky

引用次数: 0

Income or leisure? On the hidden benefits of (un)employment 收入还是闲暇？关于（非）就业的隐性收益

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-10 DOI: 10.1016/j.euroecorev.2024.104879

Adrian Chadi , Clemens Hetschko

{"title":"Income or leisure? On the hidden benefits of (un)employment","authors":"Adrian Chadi , Clemens Hetschko","doi":"10.1016/j.euroecorev.2024.104879","DOIUrl":"10.1016/j.euroecorev.2024.104879","url":null,"abstract":"<div><div>Do unemployed people benefit from more free time, while consumption is the sole motive for employed people to accept a life with less available time? Does this apply equally to men and women? To inform ongoing policy debates on how to address the problem of unemployment, we provide a comprehensive discussion of the traditionally assumed trade-off between income and leisure in labor supply decisions, which has been contested for a variety of reasons. Using rich German panel data, we compare non-employed individuals after plant closures with employed individuals regarding their subjective well-being obtained from time use and income. We find that increased non-working time through unemployment translates into higher free-time satisfaction, while also improving satisfaction with family life, as a possible hidden benefit of being unemployed when having more time for home production. Meanwhile, there is a strong decline in satisfaction with household income, especially among unemployed men, which cannot be explained solely by a lower level of income. We inspect the role of social norms in this context and argue that individuals obtain identity utility through having a job that ensures being self-sufficient, as a hidden benefit of employment. Based on studying unemployed workers transitions into retirement and a separately conducted survey experiment, we provide strong evidence on the importance of the social norm of earning a living from work. Our experiment also shows that home production is a way of mitigating the pressure to comply with this norm, which is true for men and women alike.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"171 ","pages":"Article 104879"},"PeriodicalIF":2.8,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142706312","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

Corporate finance, collateralized borrowing, and monetary policy 企业融资、抵押借款和货币政策

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-10 DOI: 10.1016/j.euroecorev.2024.104878

Yu-Chen Liu , Yiting Li

引用次数: 0

The bright side of the doom loop: Banks’ sovereign exposure and default incentives 厄运循环的光明面：银行的主权风险敞口与违约诱因

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-09 DOI: 10.1016/j.euroecorev.2024.104876

Luis E. Rojas , Dominik Thaler

{"title":"The bright side of the doom loop: Banks’ sovereign exposure and default incentives","authors":"Luis E. Rojas , Dominik Thaler","doi":"10.1016/j.euroecorev.2024.104876","DOIUrl":"10.1016/j.euroecorev.2024.104876","url":null,"abstract":"<div><div>The feedback loop between sovereign and financial sector insolvency, termed the “doom loop”, was a key driver of the European debt crisis and motivated an array of policy proposals. This paper revisits the “doom loop” focusing on governments’ incentives to default. We introduce a 3-period model with strategic sovereign default, where debt is held by both domestic banks and foreign investors. The government maximizes domestic welfare; thus, the temptation to default increases with externally-held debt. Importantly, the cost of default arises endogenously from the damage that default causes to domestic banks’ balance sheets. Domestically-held debt thus serves as a commitment device for the government. We show that two prominent policy prescriptions – lower exposure of domestic banks to domestic sovereign debt or a commitment not to bailout banks – can backfire, since default incentives depend not only on the quantity of debt, but also on who holds it. Conversely, allowing domestic banks to buy additional domestic sovereign debt during times of sovereign distress can avert the doom loop. In the context of a monetary union similar unintended negative consequences may arise from a backstop by the central bank (<em>e.g.</em>, the ECB’s Transmission Protection Instrument) if imprecisely calibrated or the pooling of debt (<em>e.g.</em>, European safe bond, also known as ESBies).</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"170 ","pages":"Article 104876"},"PeriodicalIF":2.8,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142446743","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

Energy shocks as Keynesian supply shocks: Implications for fiscal policy 作为凯恩斯供应冲击的能源冲击：对财政政策的影响

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-09 DOI: 10.1016/j.euroecorev.2024.104875

Enisse Kharroubi , Frank Smets

引用次数: 0

Carbon taxes and tariffs, financial frictions, and international spillovers 碳税和关税、金融摩擦和国际溢出效应

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-09 DOI: 10.1016/j.euroecorev.2024.104883

Stefano Carattini , Giseong Kim , Givi Melkadze , Aude Pommeret

{"title":"Carbon taxes and tariffs, financial frictions, and international spillovers","authors":"Stefano Carattini , Giseong Kim , Givi Melkadze , Aude Pommeret","doi":"10.1016/j.euroecorev.2024.104883","DOIUrl":"10.1016/j.euroecorev.2024.104883","url":null,"abstract":"<div><div>Ambitious climate policy, coupled with financial frictions, has the potential to create macrofinancial stability risk. Such stability risk may expand beyond the economy implementing climate policy, potentially catching other countries off guard. International spillovers may occur because of trade and financial channels. Hence, we study the design and effects of climate policies in the world economy with international trade and financial flows. We develop a two-sector, two-country, dynamic general equilibrium model with financial frictions, climate policies, including carbon tariffs, and macroprudential policies. Using the calibrated model, we evaluate spillovers from unilateral domestic carbon pricing to foreign economies and back. We also examine more ambitious climate architectures involving carbon tariffs or a global carbon price. We find that accounting for cross-border financial flows and frictions in credit markets is crucial to understand the effects of climate policies and to guide the implementation of macroprudential policies at the global scale aimed at minimizing transition risk and paving the way for ambitious climate policy.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"170 ","pages":"Article 104883"},"PeriodicalIF":2.8,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441848","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

Using double-debiased machine learning to estimate the impact of Covid-19 vaccination on mortality and staff absences in elderly care homes. 使用双偏差机器学习法估算 Covid-19 疫苗接种对养老院死亡率和员工缺勤率的影响。

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-06 DOI: 10.1016/j.euroecorev.2024.104882

Sourafel Girma , David Paton

引用次数: 0

Labour market skills, endogenous productivity and business cycles 劳动力市场技能、内生生产力和商业周期

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-10-02 DOI: 10.1016/j.euroecorev.2024.104873

Mirko Abbritti , Agostino Consolo

{"title":"Labour market skills, endogenous productivity and business cycles","authors":"Mirko Abbritti , Agostino Consolo","doi":"10.1016/j.euroecorev.2024.104873","DOIUrl":"10.1016/j.euroecorev.2024.104873","url":null,"abstract":"<div><div>This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics. To this aim, we set up a model with asymmetric search and matching frictions across skilled and unskilled workers, and endogenous productivity through R&D investment and intangible capital accumulation. Skill mismatch and skill-specific labour market institutions have three main effects on business cycles and growth dynamics. First, the relative scarcity of skilled workers increases the natural rate of unemployment and reduces total factor productivity with long-run effects on the growth rate of output. Second, skill heterogeneity in the labour market generates asymmetric outcomes and amplifies measures of employment, wages and consumption inequality. Finally, the model provides important insights for the Phillips and Beveridge curves. Incorporating skill heterogeneity leads to a flattening of the Phillips curve as wages and unemployment respond unevenly across skill types. Also, the model generates sideward shifts of the Beveridge curve following business cycle shocks, with the extent of these shifts depending on the degree of skill heterogeneity.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"170 ","pages":"Article 104873"},"PeriodicalIF":2.8,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441847","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

An unemployment re-insurance scheme for the eurozone? Stabilizing and redistributive effects 欧元区失业再保险计划？稳定和再分配效应

IF 2.8 2区经济学

European Economic Review Pub Date : 2024-09-30 DOI: 10.1016/j.euroecorev.2024.104872

Mathias Dolls

引用次数: 0