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Capital composition and the decline of the labor share: Why buildings matter 资本构成和劳动收入占比的下降：为什么建筑很重要
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-04-01 Epub Date: 2025-12-30 DOI: 10.1016/j.euroecorev.2025.105242
Jacob Kerspien , Jakob B. Madsen , Holger Strulik
{"title":"Capital composition and the decline of the labor share: Why buildings matter","authors":"Jacob Kerspien ,&nbsp;Jakob B. Madsen ,&nbsp;Holger Strulik","doi":"10.1016/j.euroecorev.2025.105242","DOIUrl":"10.1016/j.euroecorev.2025.105242","url":null,"abstract":"<div><div>This paper argues that the decline in the labor share is not driven by the overall quantity of capital, but by its changing composition. Constructing annual macro data for 16 advanced countries over two centuries, we show that, since 1980, the relative decline in buildings capital and the associated increase in real prices of buildings have reduced the labor share because buildings and labor are complements. The decline in the labor share has been reinforced by the increase in machinery capital and the associated decline of real prices of machinery capital because machinery capital and labor are substitutes. Together, these shifts in capital composition account for a substantial portion of the observed decline in the labor share of income.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"184 ","pages":"Article 105242"},"PeriodicalIF":2.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145885966","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
Do employers discriminate against Active Labour Market Policies participants? A field experiment on the Youth Guarantee internship in Italy 雇主是否歧视积极劳动力市场政策的参与者？意大利青年保障实习的实地试验
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-04-01 Epub Date: 2025-10-25 DOI: 10.1016/j.euroecorev.2025.105190
Arianna Gatta
{"title":"Do employers discriminate against Active Labour Market Policies participants? A field experiment on the Youth Guarantee internship in Italy","authors":"Arianna Gatta","doi":"10.1016/j.euroecorev.2025.105190","DOIUrl":"10.1016/j.euroecorev.2025.105190","url":null,"abstract":"<div><div>Using a field experiment on Italy’s Youth Guarantee subsidised internships, this work investigates whether employers discriminate against candidates who participated in Active Labour Market policies at the beginning of their career. Specifically, 4,066 fictitious resumes were sent to real employers in 11 Italian cities. Each resume randomly displayed participation in the Youth Guarantee internship, a regular internship, or an unemployment gap after university graduation, followed by additional work experience. The results revealed that employers discriminate against former Youth Guarantee interns compared with those who are unemployed or regular interns. Discrimination is strongest when the resume does not show sectoral IT skills, suggesting that employers perceive the program to be detrimental to human capital accumulation and use it as a cue to statistically discriminate.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"184 ","pages":"Article 105190"},"PeriodicalIF":2.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145927377","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 robustness of average inflation targeting 关于平均通胀目标的稳健性
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-12-08 DOI: 10.1016/j.euroecorev.2025.105217
Seppo Honkapohja , Nigel McClung
{"title":"On robustness of average inflation targeting","authors":"Seppo Honkapohja ,&nbsp;Nigel McClung","doi":"10.1016/j.euroecorev.2025.105217","DOIUrl":"10.1016/j.euroecorev.2025.105217","url":null,"abstract":"<div><div>This paper considers average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. There are stability concerns regarding AIT when agents have imperfect knowledge and the averaging window length is not public knowledge. These stability risks near the inflation target steady state would likely be avoided under inflation targeting (IT) or price level targeting (PLT). Near the zero interest rate steady state, AIT under-performs PLT and does not necessarily outperform IT. Communicating the averaging window length or adopting an asymmetric average inflation target that judges below-target average inflation more negatively avoids these pitfalls.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105217"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840692","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
Money from Afar: Analyzing the link between remittances and terrorism 来自远方的钱：分析汇款与恐怖主义之间的联系
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-11-24 DOI: 10.1016/j.euroecorev.2025.105184
Rafat Mahmood
{"title":"Money from Afar: Analyzing the link between remittances and terrorism","authors":"Rafat Mahmood","doi":"10.1016/j.euroecorev.2025.105184","DOIUrl":"10.1016/j.euroecorev.2025.105184","url":null,"abstract":"<div><div>Despite widespread rhetoric portraying remittances and international money transfers as convenient channels for financing terrorism, leading to a range of financial regulations targeting such flows, empirical evidence linking remittances to terrorism remains limited and inconclusive. This study investigates the causal relationship between remittances and terrorism using a global panel dataset spanning 1970 to 2019. To isolate causality, the analysis exploits exogenous variation in remittances driven by natural disasters in related countries; the relatedness being defined by the share of migrants. The results reveal a robust positive relationship between remittances and terrorism, consistent across multiple specifications, alternative outcome variables, and alternative instruments. These findings offer new insight into the complex role of remittances in terrorism dynamics. Additional robustness checks, including instrument recentering and falsification tests, further reinforce the validity of the results and the credibility of the identification strategy.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105184"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797364","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
Another chance: Number of exam retakes and university students’ outcomes 另一个机会是：重考次数和大学生的成绩
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-12-04 DOI: 10.1016/j.euroecorev.2025.105222
Massimiliano Bratti , Silvia Granato , Enkelejda Havari
{"title":"Another chance: Number of exam retakes and university students’ outcomes","authors":"Massimiliano Bratti ,&nbsp;Silvia Granato ,&nbsp;Enkelejda Havari","doi":"10.1016/j.euroecorev.2025.105222","DOIUrl":"10.1016/j.euroecorev.2025.105222","url":null,"abstract":"<div><div>Using a difference-in-differences design, we demonstrate that a policy reducing the number of exam retakes per year at one Italian university significantly improved students’ first-year outcomes, resulting in lower dropout rates, increased exam pass rates, and enhanced credit accumulation. Only a small share of these improvements can be explained by changes in the average quality of students enrolling after the reform. The policy also raised on-time graduation rates – the reform’s main objective – without adversely affecting students’ grade point average. Overall, our findings suggest that a cost-effective intervention, such as limiting exam retakes, can substantially enhance student progression and reduce the age at graduation.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105222"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145748823","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
Do caseworker meetings prevent unemployment? Evidence from a field experiment 社会工作者会议能防止失业吗？现场实验的证据
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-11-21 DOI: 10.1016/j.euroecorev.2025.105215
Pia Homrighausen , Michael Oberfichtner
{"title":"Do caseworker meetings prevent unemployment? Evidence from a field experiment","authors":"Pia Homrighausen ,&nbsp;Michael Oberfichtner","doi":"10.1016/j.euroecorev.2025.105215","DOIUrl":"10.1016/j.euroecorev.2025.105215","url":null,"abstract":"<div><div>Caseworker meetings have been shown to accelerate exit from unemployment. We investigate whether they are also effective before job loss. In a natural field experiment in Germany, where workers must register with the employment agency up to three months before becoming unemployed, we offer caseworker meetings to jobseekers while they are still employed. Our results indicate that offering preventive meetings does not improve jobseekers’ labour market outcomes, despite bringing forward the first meeting. The intervention increases the total number of meetings, thereby consuming scarce caseworker resources, but does not influence jobseekers’ search behaviour—likely explaining its lack of effectiveness.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105215"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145694765","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
Preferences for income and wealth limits: Evidence from a survey experiment 对收入和财富限制的偏好：来自调查实验的证据
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-12-05 DOI: 10.1016/j.euroecorev.2025.105231
João V. Ferreira , Stratos Ramoglou , Foivos Savva , Michael Vlassopoulos
{"title":"Preferences for income and wealth limits: Evidence from a survey experiment","authors":"João V. Ferreira ,&nbsp;Stratos Ramoglou ,&nbsp;Foivos Savva ,&nbsp;Michael Vlassopoulos","doi":"10.1016/j.euroecorev.2025.105231","DOIUrl":"10.1016/j.euroecorev.2025.105231","url":null,"abstract":"<div><div>This paper investigates preferences for imposing maximum limits on top incomes and wealth through a survey-based experiment with a large sample of US and German participants (N = 3,954). We first find that a significant majority favor the introduction of limits to both the income of top executives and the wealth of entrepreneurs (have <em>limitarian preferences</em>). Raising awareness of possible efficiency costs has only a small effect on reducing support for limits, while allowing firms rather than governments to set limits has a larger significant positive impact in the support for income caps. Limitarian preferences are consistent across countries and predict actual voting behavior in a petition that required effort to sign. Then, using a revealed preferences approach, we show that many participants with limitarian preferences are motivated by inequality aversion (<em>weak limitarians</em>), consistent with social preference models. However, a sizable minority of participants support limits even when within-firm income (or within-country wealth) inequality is minimized (<em>strong limitarians</em>). We find that motives that do not usually feature in traditional models, such as the potential negative externalities created by income and wealth accumulation, may partly explain strong limitarian preferences. Interestingly, preferences for wealth caps are more polarized than for income limits, with a higher share of both strong limitarians and those who oppose limits in the wealth domain. Our findings provide new evidence on the structure and motivations behind public attitudes toward executive pay regulation and wealth taxation.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105231"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840239","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
Timing of school entry and personality traits in adulthood 入学时间和成年后的人格特征
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-12-11 DOI: 10.1016/j.euroecorev.2025.105236
Anton Barabasch , Kamila Cygan-Rehm , Andreas Leibing
{"title":"Timing of school entry and personality traits in adulthood","authors":"Anton Barabasch ,&nbsp;Kamila Cygan-Rehm ,&nbsp;Andreas Leibing","doi":"10.1016/j.euroecorev.2025.105236","DOIUrl":"10.1016/j.euroecorev.2025.105236","url":null,"abstract":"<div><div>This paper investigates the long-run consequences of a later school entry for personality traits. For identification, we exploit the statutory cutoff rules for school enrollment in Germany within a regression discontinuity design. We find that relatively older school starters have persistently lower levels of neuroticism in adulthood. This effect is entirely driven by women, which has important implications for gender gaps in the labor market, as women typically score significantly higher on neuroticism at all stages of life, which puts them at a disadvantage. Our results suggest that family decisions regarding compliance with enrollment cutoffs may have lasting implications for gender gaps in socio-emotional skills.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105236"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797362","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 asymmetric effects of commodity price shocks in emerging economies 新兴经济体大宗商品价格冲击的不对称效应
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-12-03 DOI: 10.1016/j.euroecorev.2025.105219
Andrea Gazzani , Vicente Herrera , Alejandro Vicondoa
{"title":"The asymmetric effects of commodity price shocks in emerging economies","authors":"Andrea Gazzani ,&nbsp;Vicente Herrera ,&nbsp;Alejandro Vicondoa","doi":"10.1016/j.euroecorev.2025.105219","DOIUrl":"10.1016/j.euroecorev.2025.105219","url":null,"abstract":"<div><div>This paper estimates the asymmetric effects of commodity price shocks in emerging economies. We employ non-linear panel local projections to show that negative commodity price shocks induce more abrupt effects on output and investment than positive shocks. The response of financial conditions, in terms of increased country spreads and reduced net capital inflows, is crucial in driving the sign-dependent responses. In contrast, neither the exchange rate regime nor fiscal policy explain the asymmetry. These empirical findings are consistent with a small open economy model with occasionally binding borrowing constraints proposed in previous works.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105219"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145748824","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
Pricing and incentives in the housing market 房地产市场的定价和激励措施
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-03-01 Epub Date: 2025-12-05 DOI: 10.1016/j.euroecorev.2025.105213
André K. Anundsen , Plamen Nenov , Erling Røed Larsen , Dag Einar Sommervoll
{"title":"Pricing and incentives in the housing market","authors":"André K. Anundsen ,&nbsp;Plamen Nenov ,&nbsp;Erling Røed Larsen ,&nbsp;Dag Einar Sommervoll","doi":"10.1016/j.euroecorev.2025.105213","DOIUrl":"10.1016/j.euroecorev.2025.105213","url":null,"abstract":"<div><div>We study the housing market effects of a mark-down in the listing of a unit. We define a mark-down as an ask price below a publicly observed estimate of a housing unit’s market value. Using a unique bid-log dataset as well as transaction-level data, we demonstrate that, empirically, a mark-down implies more bidders, but lower opening bids. The net effect is a lower spread between the sell price and the estimated market value. Therefore, our empirical findings point to a relatively important direct effect of ask price changes on the expected sell price and a more limited role of the indirect effect arising from ask price changes directing the flow of buyers. We argue that our empirical findings are consistent with a simple directed search model of ask price determination in the presence of a conflict of interest between the seller and real estate agent over how to trade-off a higher sell price against a longer time-on-market.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"183 ","pages":"Article 105213"},"PeriodicalIF":2.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145748825","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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