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Green transition in the euro area: Domestic and global factors 欧元区的绿色转型：国内和全球因素
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-15 DOI: 10.1016/j.euroecorev.2025.105206
Pablo Garcia , Pascal Jacquinot , Črt Lenarčič , Kostas Mavromatis , Niki Papadopoulou , Edgar Silgado-Gómez
{"title":"Green transition in the euro area: Domestic and global factors","authors":"Pablo Garcia ,&nbsp;Pascal Jacquinot ,&nbsp;Črt Lenarčič ,&nbsp;Kostas Mavromatis ,&nbsp;Niki Papadopoulou ,&nbsp;Edgar Silgado-Gómez","doi":"10.1016/j.euroecorev.2025.105206","DOIUrl":"10.1016/j.euroecorev.2025.105206","url":null,"abstract":"<div><div>We explore the macroeconomic effects of climate policies promoting the green energy transition in the euro area using an extended version of the Euro Area and Global Economy (EAGLE) model. The model differentiates between brown and green energy sectors and incorporates carbon taxes and brown capital income taxes. We analyze scenarios with unilateral and globally coordinated carbon taxes, with and without revenue redistribution to green firms and financially constrained households. Carbon taxes act as negative supply shocks, raising inflation and lowering output, while subsidies to green energy firms reduce green energy prices, supporting the transition and easing recessions. Redistribution to constrained households boosts consumption but does not accelerate the green transition. Taxes on brown capital income lower both inflation and output by acting as demand shocks. Recycling revenue from this tax to subsidize green capital investment strengthens the shift to green energy and moderates economic contractions. Global coordination of carbon taxes delivers only modest additional macroeconomic effects compared to unilateral action, as substitution in energy use outweighs international spillovers. Sensitivity analyses confirm the robustness of these findings under alternative assumptions on price rigidity, substitution elasticities, and monetary policy.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105206"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145580295","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
Immigration and US shelter prices: The role of geographical and immigrant heterogeneity 移民和美国住房价格：地理和移民异质性的作用
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-22 DOI: 10.1016/j.euroecorev.2025.105214
James Cabral , Walter Steingress
{"title":"Immigration and US shelter prices: The role of geographical and immigrant heterogeneity","authors":"James Cabral ,&nbsp;Walter Steingress","doi":"10.1016/j.euroecorev.2025.105214","DOIUrl":"10.1016/j.euroecorev.2025.105214","url":null,"abstract":"<div><div>The arrival of immigrants increases demand for housing and puts upward pressure on shelter prices. Using instrumental variables based on the ancestry composition of residents in US counties, we estimate the causal impact of immigration on local shelter prices. We show that the impact of immigrants is heterogeneous across locations. The increase in shelter prices is greater in counties where immigrants have higher levels of education and in counties that issue fewer building permits. We also find that the house prices respond more to immigration than rent prices do. The larger issuance of building permits for multi-unit homes than for single-unit homes can reconcile the different price reactions.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105214"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145624346","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
International lending channel, bank heterogeneity and capital inflows (Mis)allocation 国际借贷渠道、银行异质性与资本流入（Mis）配置
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-20 DOI: 10.1016/j.euroecorev.2025.105212
Lucas Argentieri Mariani , Silvia Marchesi
{"title":"International lending channel, bank heterogeneity and capital inflows (Mis)allocation","authors":"Lucas Argentieri Mariani ,&nbsp;Silvia Marchesi","doi":"10.1016/j.euroecorev.2025.105212","DOIUrl":"10.1016/j.euroecorev.2025.105212","url":null,"abstract":"<div><div>This paper examines how heterogeneity among banks in international lending affects the allocation of capital inflows across firms, leveraging South Africa’s inclusion in the Citigroup World Government Bond Index (WGBI). Using bank-level data, we show that banks holding sovereign bonds prior to the inclusion expand their credit supply to non-financial firms following the shock, with this effect primarily driven by less capitalized banks. Using firm-level data from South Africa, we further demonstrate that the increased credit is allocated among less financially constrained and older firms, which are more likely to have established banking relationships before the inclusion. Importantly, as credit is allocated to unconstrained firms, we find little evidence of economically significant improvements in real outcomes. Our paper contributes to the literature by highlighting the interplay between banks’ heterogeneity, capital inflow shocks, and capital misallocation, shedding light on why the international lending channel may, in some instances, have a muted impact on both firms and the broader economy.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105212"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145580317","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 great reshuffle: Remote work and residential sorting 大洗牌：远程工作和居家分拣
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-13 DOI: 10.1016/j.euroecorev.2025.105195
Wenli Li , Yichen Su
{"title":"The great reshuffle: Remote work and residential sorting","authors":"Wenli Li ,&nbsp;Yichen Su","doi":"10.1016/j.euroecorev.2025.105195","DOIUrl":"10.1016/j.euroecorev.2025.105195","url":null,"abstract":"<div><div>This paper studies the significance of migration in evaluating the welfare impacts of remote work. By analyzing individual location history data, we first document an increase in net migration toward suburbs and smaller cities in the US since 2020. We demonstrate that the migration wave has been disproportionately fueled by high-income individuals, who were more likely to move due to remote work. Consequently, regions with substantial in-migration observed the greatest rise in housing expenses. This also led to changes in local demand for services and associated employment. Employing a stylized welfare accounting framework, we show that migration mitigated the increase in housing cost burdens for both high- and low-income groups, with the advantages being greater for low-income individuals. Conversely, dispersed job growth, as a result of migration away from major urban centers, curtailed the increase in job accessibility, especially for high-income groups. Factoring in the spatial impacts of migration on housing costs and job accessibility, the welfare inequality surge related to remote work is considerably tempered.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105195"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145499851","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
Institutional housing investors and the Great Recession 机构住房投资者和大衰退
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-21 DOI: 10.1016/j.euroecorev.2025.105211
Dick Oosthuizen
{"title":"Institutional housing investors and the Great Recession","authors":"Dick Oosthuizen","doi":"10.1016/j.euroecorev.2025.105211","DOIUrl":"10.1016/j.euroecorev.2025.105211","url":null,"abstract":"<div><div>Before the Great Recession, residential institutional investors predominantly bought and rented out condos, but then they increased their market share of rental houses from 15 percent in 2001 to 27 percent in 2018. Along with this change, rental survey data show that the annual house operating-cost premium of institutional investors relative to homeowners fell from 44 percent in 2001 to 28 percent in 2015. To measure how these reduced costs affected the housing bust of 2007–2011, I build a heterogeneous agent model of the housing market featuring corporate investors and two types of dwellings: condos and houses. A transition experiment intended to replicate the Great Recession yields three results. First, house prices would have fallen by 1.6 percentage points more without the corporate-cost reduction. Second, the corporate-cost reduction can explain the fall in the homeownership rate. Third, the cost reduction produced a welfare gain of 0.4 percent for homeowners and 0.6 percent for individual investors.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105211"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145580294","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
Labor-market effects of introducing the 8-hour workday 引入8小时工作制对劳动力市场的影响
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-25 DOI: 10.1016/j.euroecorev.2025.105220
Marius F. Gunnesmo , Casper W. Hansen
{"title":"Labor-market effects of introducing the 8-hour workday","authors":"Marius F. Gunnesmo ,&nbsp;Casper W. Hansen","doi":"10.1016/j.euroecorev.2025.105220","DOIUrl":"10.1016/j.euroecorev.2025.105220","url":null,"abstract":"<div><div>In 1919, the Danish craft and industrial sector permanently adopted the 8-hour workday, representing the largest reduction in working hours in the country’s history. We collected quarterly data on hourly wages and employment from 1914 to 1931 across occupation groups, covering Copenhagen and the aggregate of the provinces in Denmark. By exploiting variation in percent work-time reductions across occupation groups and regions, we examine the income and employment effects of the reform. Our findings reveal only a compensating rise in hourly wages in Copenhagen, though this increase was insufficient to offset the decline in weekly earnings due to fewer working hours. Furthermore, we observe that the reduction in working hours was mitigated by new hires, particularly of unskilled workers. Overall, our results suggest that reductions in working hours were not (in any region) fully compensated by gains in hourly wages but tend to support the “work-sharing” hypothesis.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105220"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145624341","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
Climate change, catastrophes, insurance and the macroeconomy 气候变化、灾难、保险和宏观经济
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-21 DOI: 10.1016/j.euroecorev.2025.105210
Margherita Giuzio , Sujit Kapadia , Hradayesh Kumar , Luisa Mazzotta , Miles Parker , Linda Rousová , Dimitris Zafeiris
{"title":"Climate change, catastrophes, insurance and the macroeconomy","authors":"Margherita Giuzio ,&nbsp;Sujit Kapadia ,&nbsp;Hradayesh Kumar ,&nbsp;Luisa Mazzotta ,&nbsp;Miles Parker ,&nbsp;Linda Rousová ,&nbsp;Dimitris Zafeiris","doi":"10.1016/j.euroecorev.2025.105210","DOIUrl":"10.1016/j.euroecorev.2025.105210","url":null,"abstract":"<div><div>This paper examines the role of insurance in mitigating the adverse macroeconomic effects of climate-related catastrophes. We first develop a stylised theoretical growth model which incorporates a role for natural catastrophes, climate change and insurance. This illustrates how insurance can mitigate the impact of catastrophes and articulates the potential effect of falling insurance coverage as global warming intensifies. The model also provides a basis for our empirical analysis which explores the link between insurance coverage and the macroeconomic impact of catastrophes for a sample of several thousand disaster events across 47 developed and middle income countries between 1996 and 2019. The results confirm that higher insurance coverage is associated with less severe macroeconomic consequences of disasters. With climate-related catastrophes becoming ever more frequent and severe, our findings highlight the importance of developing policies to reduce the climate insurance protection gap.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105210"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145624343","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
Family stress and the intergenerational correlation in self-control 家庭压力与自我控制的代际关系
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-02-01 Epub Date: 2025-11-20 DOI: 10.1016/j.euroecorev.2025.105209
Deborah A. Cobb-Clark , Haniene Tayeb
{"title":"Family stress and the intergenerational correlation in self-control","authors":"Deborah A. Cobb-Clark ,&nbsp;Haniene Tayeb","doi":"10.1016/j.euroecorev.2025.105209","DOIUrl":"10.1016/j.euroecorev.2025.105209","url":null,"abstract":"<div><div>We first examine the correlation in self-control between parents and their young-adult children, drawing on two decades of population-representative panel data. We then exploit variation in the family environment during childhood to investigate how family stress related to: i) parenting responsibilities; ii) parents’ relationship quality; iii) household finances; and iv) poor mental health shape the self-control of young adults. A finite mixture model is used to account for unobserved heterogeneity in young adults’ capacity for self-control. Our results indicate that some young people may be particularly sensitive to growing up in a stressful environment, opening the door for family stress to affect the formation of self-control.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"182 ","pages":"Article 105209"},"PeriodicalIF":2.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145693631","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
Let’s (not) escalate this! Leadership and communication in a group contest 让我们（不要）升级这件事！小组竞赛中的领导能力和沟通能力
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-01-01 Epub Date: 2025-10-27 DOI: 10.1016/j.euroecorev.2025.105161
Florian Heine , Arno Riedl
{"title":"Let’s (not) escalate this! Leadership and communication in a group contest","authors":"Florian Heine ,&nbsp;Arno Riedl","doi":"10.1016/j.euroecorev.2025.105161","DOIUrl":"10.1016/j.euroecorev.2025.105161","url":null,"abstract":"<div><div>Economic and social situations where groups have to compete are ubiquitous. Such group contests create both a coordination problem within and between groups. Introducing leaders may help to mitigate these coordination problems, but little is known about the effect of leadership in group contests. In a group contest experiment, we compare two types of leadership – leading-by-example and transactional leadership – and also investigate the effect of communication between leaders under both leadership styles. We find that the introduction of leaders mostly increases contest investment. Transactional leaders increase followers’ investment through the allocation of a relatively larger share of the prize to followers who have invested more. Communication between leaders decreases contest investments when there is leading-by-example but not when there is transactional leadership. Overall, leaders do not mitigate the over-investment problem in group contests.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"181 ","pages":"Article 105161"},"PeriodicalIF":2.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145419634","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
Migratory responses to air pollution reduction: Evidence from large-scale desulfurization programme 减少空气污染的迁移响应：来自大规模脱硫计划的证据
IF 2.4 2区 经济学
European Economic Review Pub Date : 2026-01-01 Epub Date: 2025-10-16 DOI: 10.1016/j.euroecorev.2025.105154
Štěpán Mikula , Mariola Pytliková
{"title":"Migratory responses to air pollution reduction: Evidence from large-scale desulfurization programme","authors":"Štěpán Mikula ,&nbsp;Mariola Pytliková","doi":"10.1016/j.euroecorev.2025.105154","DOIUrl":"10.1016/j.euroecorev.2025.105154","url":null,"abstract":"<div><div>This paper examines how improvements in air quality affect migration behavior. We exploit a natural experiment in the Czech Republic, where rapid desulfurization of coal-fired power plants in the 1990s led to a sharp reduction in SO<sub>2</sub> pollution—from extremely high levels to below EU/WHO limits—without directly impacting economic activity. Using a difference-in-differences approach, we find that cleaner air reduced emigration from previously heavily polluted municipalities by 24% and increased net migration by 78%, with effects strongest in the most formerly polluted areas. The impact was particularly pronounced among highly educated individuals. Migration responses were strongest in municipalities with weaker social capital and fewer public amenities, suggesting that environmental improvements matter most where other local advantages are limited. In contrast, anti-emigration monetary subsidies—such as those offered during the socialist period in polluted areas—had no effect. Overall, our findings highlight the potential of environmental policies to support re-population and regional revitalization—especially when combined with investments in infrastructure and public services.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"181 ","pages":"Article 105154"},"PeriodicalIF":2.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145340945","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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