发布求助
文献互助 智能选刊 最新文献

European Economic Review最新文献

筛选
英文 中文
On the negatives of negative interest rates 关于负利率的负面影响
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-07-16 DOI: 10.1016/j.euroecorev.2025.105100
Aleksander Berentsen , Hugo van Buggenum , Romina Ruprecht
{"title":"On the negatives of negative interest rates","authors":"Aleksander Berentsen ,&nbsp;Hugo van Buggenum ,&nbsp;Romina Ruprecht","doi":"10.1016/j.euroecorev.2025.105100","DOIUrl":"10.1016/j.euroecorev.2025.105100","url":null,"abstract":"<div><div>Major European central banks and the Bank of Japan have remunerated reserves at negative rates (NIR) for almost a decade, justifying a theoretical study on the long-run effects of NIR. We do so through the lens of a dynamic general equilibrium model with commercial banks that fund investments by creating retail deposits, which must be backed by reserves. Because depositors can use zero-interest cash as an alternative store of value, the effect of permanent rate cuts qualitatively changes once in NIR territory. Particularly, rate cuts reduce welfare, investment, output, and bank profit, and increase the nominal price level. These effects are attenuated once in NIR territory due to a lack of transmission to depositors. NIR does, however, give rise to an overinvestment distortion.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105100"},"PeriodicalIF":2.8,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144702324","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
Wealth-income ratios in a small, open economy: The Netherlands, 1854–2019 小型开放经济体的财富收入比：荷兰，1854-2019
IF 2.4 2区 经济学
European Economic Review Pub Date : 2025-07-15 DOI: 10.1016/j.euroecorev.2025.105099
Simon J. Toussaint , Amaury de Vicq , Michail Moatsos , Tim van der Valk
{"title":"Wealth-income ratios in a small, open economy: The Netherlands, 1854–2019","authors":"Simon J. Toussaint ,&nbsp;Amaury de Vicq ,&nbsp;Michail Moatsos ,&nbsp;Tim van der Valk","doi":"10.1016/j.euroecorev.2025.105099","DOIUrl":"10.1016/j.euroecorev.2025.105099","url":null,"abstract":"<div><div>We construct and analyze household wealth and its composition for The Netherlands since 1854. The household wealth-income ratio followed the familiar U-shaped pattern over the 20th century. The wealth-income ratio increased in the 19th century, driven by industrialization and booming private foreign investments, to a peak of 700% around 1880. In contrast to other countries, the wealth-income ratio remained high up until 1929. We construct the first series on colonial wealth in the literature and show that colonial and other foreign investment account for most of the gap with other countries in the pre-WWII period. The initial post-war decline of the ratio is driven by rapid income growth. The increase in the ratio since the 1970s has been mainly driven by the large capital-funded pension system. Housing plays only a secondary role in net wealth accumulation due to significant mortgage debt.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105099"},"PeriodicalIF":2.4,"publicationDate":"2025-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144780316","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
Artificial intelligence, distributional fairness, and pivotality 人工智能、分配公平和枢纽性
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-07-11 DOI: 10.1016/j.euroecorev.2025.105098
Victor Klockmann , Alicia von Schenk , Marie Claire Villeval
{"title":"Artificial intelligence, distributional fairness, and pivotality","authors":"Victor Klockmann ,&nbsp;Alicia von Schenk ,&nbsp;Marie Claire Villeval","doi":"10.1016/j.euroecorev.2025.105098","DOIUrl":"10.1016/j.euroecorev.2025.105098","url":null,"abstract":"<div><div>In the field of machine learning, the decisions of algorithms depend on extensive training data contributed by numerous, often human, sources. How does this property affect the social nature of human decisions that serve to train these algorithms? By experimentally manipulating the pivotality of individual decisions for a supervised machine learning algorithm, we show that the diffusion of responsibility weakened revealed social preferences, leading to algorithmic models favoring selfish decisions. Importantly, this phenomenon cannot be attributed to shifts in incentive structures or the presence of externalities. Rather, our results suggest that the expansive nature of Big Data fosters a sense of diminished responsibility and serves as an excuse for selfish behavior that impacts individuals and the whole society.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105098"},"PeriodicalIF":2.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144632647","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
Dynamic interaction and the ineffectiveness of incentives 动态互动与激励无效
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-07-11 DOI: 10.1016/j.euroecorev.2025.105094
Tom Rauber , Philipp Weinschenk
{"title":"Dynamic interaction and the ineffectiveness of incentives","authors":"Tom Rauber ,&nbsp;Philipp Weinschenk","doi":"10.1016/j.euroecorev.2025.105094","DOIUrl":"10.1016/j.euroecorev.2025.105094","url":null,"abstract":"<div><div>This article studies the effectiveness of financial incentives in a simple model in which a set of rational agents works on a joint project. We show that project success may become less likely and agents can be worse off if they face higher rewards. These success and payoff reversals arise naturally in dynamic interaction. Incentives can thus be ineffective in generating more favorable outcomes even though agents are perfectly rational. Our findings contribute to a better theoretical understanding of the prevailing empirical patterns of project delays and failures.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105094"},"PeriodicalIF":2.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144654047","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
Diffusing knowledge: Reoptimizing redistribution for growth and inequality 知识扩散：为增长和不平等重新优化再分配
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-07-10 DOI: 10.1016/j.euroecorev.2025.105096
Debasis Bandyopadhyay , Yan Liang , Xueli Tang
{"title":"Diffusing knowledge: Reoptimizing redistribution for growth and inequality","authors":"Debasis Bandyopadhyay ,&nbsp;Yan Liang ,&nbsp;Xueli Tang","doi":"10.1016/j.euroecorev.2025.105096","DOIUrl":"10.1016/j.euroecorev.2025.105096","url":null,"abstract":"<div><div>We examine the effects of income redistribution on output and welfare by generalizing Bénabou’s (2022) economy to incorporate two new elements: physical capital and social knowledge externalities. Income inequality, sustained by unequal privileges to private education and parental networking in the absence of a credit market, interacts with these added features. These interactions theoretically link four seemingly unrelated global trends: increased capital share in production due to automation, rising income inequality, slower knowledge diffusion, and declining productivity growth, offering new insights into growth- and welfare-enhancing redistributive policies. Automation, reflected in the growing importance of physical capital in production, and capital-ownership concentration worsen unequal educational opportunities and, in turn, income inequality, which slows productivity growth through two underexplored channels. First, we provide empirical support for the idea that higher inequality hampers knowledge diffusion to lower the economy’s social knowledge stock, thereby hindering children’s learning from the existing know-how through the knowledge externality channel. Second, greater heterogeneity in knowledge absorption due to more unequal access to education reduces average human capital accumulation because of diminishing returns to investment. Progressive redistribution helps counteract these adverse effects, pushing the economy’s productivity frontier outward, especially for countries with lower social cohesion, going beyond Bénabou’s (2022) finding of reduced resource misallocation. Optimal redistribution balances these benefits against potential distortions to labor supply and savings. Simulations using OECD data show sizable gains in output, aggregate efficiency (as defined in Bénabou, 2022), and welfare from moving towards optimal redistributive rates, though with varying effects across countries.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105096"},"PeriodicalIF":2.8,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633510","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
Measuring top wealth shares in the UK 衡量英国最高财富份额
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-07-08 DOI: 10.1016/j.euroecorev.2025.105076
Arun Advani , Andy Summers , Hannah Tarrant
{"title":"Measuring top wealth shares in the UK","authors":"Arun Advani ,&nbsp;Andy Summers ,&nbsp;Hannah Tarrant","doi":"10.1016/j.euroecorev.2025.105076","DOIUrl":"10.1016/j.euroecorev.2025.105076","url":null,"abstract":"<div><div>We examine how the measurement of <em>aggregate</em> wealth affects our understanding of wealth distribution. We explain why choices over wealth aggregates can affect the measured level and composition of wealth concentration. Applying this to the UK, we find estimates of the top 1% wealth share vary by 2.1pp – between 14.4% and 16.5% – in 2016–18, depending on the choices we make regarding aggregates and the source of distributional information. Alternative definitions for aggregates lead to a reranking of who is at the top, replacing 40% of individuals in the top 1%, and changing the share of women and older individuals. We discuss conceptual and measurement issues with the National Accounts as a source of wealth aggregates, and argue that in many cases they are poorly aligned in both regards with the measure of personal wealth one would like to target, and in practice are less comparable internationally than they initially seem. In the UK, where the wealth survey has reasonably good coverage across the distribution, we therefore prefer survey aggregates.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105076"},"PeriodicalIF":2.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144687243","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 illusion of moral superiority: Evidence from the energy crisis 道德优越感的幻觉：来自能源危机的证据
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-07-03 DOI: 10.1016/j.euroecorev.2025.105093
Markus Dertwinkel-Kalt , Christoph Feldhaus , Axel Ockenfels , Matthias Sutter
{"title":"The illusion of moral superiority: Evidence from the energy crisis","authors":"Markus Dertwinkel-Kalt ,&nbsp;Christoph Feldhaus ,&nbsp;Axel Ockenfels ,&nbsp;Matthias Sutter","doi":"10.1016/j.euroecorev.2025.105093","DOIUrl":"10.1016/j.euroecorev.2025.105093","url":null,"abstract":"<div><div>We provide evidence in line with the illusion of moral superiority, a phenomenon that individuals perceive themselves to be more morally motivated than others. We analyze survey data collected during the 2022/23 energy crisis in Germany to investigate individuals’ and others’ motivations to reduce gas consumption, including both financial and non-financial (or ‘moral’) motives. Across two studies, we find evidence for the illusion of moral superiority: participants, on average, attribute strongUniversity of Cologneer moral motives to their own savings compared to those of others.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105093"},"PeriodicalIF":2.8,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679554","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
Going NUTS: The regional impact of extreme climate events over the medium term 疯狂：中期极端气候事件的区域影响
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-06-30 DOI: 10.1016/j.euroecorev.2025.105081
Sehrish Usman , Guzmán González-Torres Fernández , Miles Parker
{"title":"Going NUTS: The regional impact of extreme climate events over the medium term","authors":"Sehrish Usman ,&nbsp;Guzmán González-Torres Fernández ,&nbsp;Miles Parker","doi":"10.1016/j.euroecorev.2025.105081","DOIUrl":"10.1016/j.euroecorev.2025.105081","url":null,"abstract":"<div><div>The projected increase in extreme climate events in the coming decades is likely to exacerbate the existing productivity and demographic challenges facing Europe. We study the dynamic, medium-run macroeconomic effects of heatwaves, droughts and floods in 1160 EU regions through the lens of a local projections, difference in difference framework. These events reduce output not only on impact but also into the medium term. Output is 1.5 percentage points lower two years after a summer heatwave, 3 percentage points lower four years after a drought and 2.8 percentage points lower four years after a flood. Both lower regional population and lower labour productivity per hour worked contribute to the medium-term decline.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105081"},"PeriodicalIF":2.8,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549394","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
Dynamic effects of labor income taxation in an unequal Schumpeterian economy 不平等熊彼特经济中劳动所得税的动态效应
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-06-28 DOI: 10.1016/j.euroecorev.2025.105071
Angus C. Chu , Chih-Hsing Liao , Pietro F. Peretto
{"title":"Dynamic effects of labor income taxation in an unequal Schumpeterian economy","authors":"Angus C. Chu ,&nbsp;Chih-Hsing Liao ,&nbsp;Pietro F. Peretto","doi":"10.1016/j.euroecorev.2025.105071","DOIUrl":"10.1016/j.euroecorev.2025.105071","url":null,"abstract":"<div><div>How does taxation affect growth and inequality? To study this question, we develop a Schumpeterian model in which wealth heterogeneity influences the effects of tax policy. The key mechanism is that a change in consumption dispersion across heterogeneous households due to a change in labor income taxation can cause a novel positive effect on the employment of poor households in addition to the usual negative effect on the employment of rich households. Together, these effects yield an overall ambiguous response of employment to labor income taxation. A negative (positive) change of employment causes a negative (positive) change of innovation-driven growth in the short run and also a negative (positive) change of the real interest rate. Consequently, labor income taxation has an ambiguous effect on income inequality (e.g., asset income falls while labor income may rise) but unambiguously increases consumption inequality by reducing disposable wage income even for households that work more. Therefore, the effects on income inequality and consumption inequality are drastically different. We calibrate the model to examine its quantitative implications.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105071"},"PeriodicalIF":2.8,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144535016","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
Export competition and innovation 出口竞争与创新
IF 2.8 2区 经济学
European Economic Review Pub Date : 2025-06-27 DOI: 10.1016/j.euroecorev.2025.105059
Manho Kang
{"title":"Export competition and innovation","authors":"Manho Kang","doi":"10.1016/j.euroecorev.2025.105059","DOIUrl":"10.1016/j.euroecorev.2025.105059","url":null,"abstract":"<div><div>How does the rise of China affect innovation in other countries? I emphasize the importance of <em>export competition</em>, which means competition in third countries, in answering this question for two reasons. First, since Chinese exports have grown worldwide, firms in other countries compete against China not only in their domestic market but also in their export markets. Second, since innovation is skewed toward exporters, competition in export markets could have innovation consequences. Exploiting South Korean patent data using a novel firm-level measure of export competition, I find that (i) export competition with China increases Korean firms’ innovation, (ii) this response is driven particularly by high-productivity firms, and (iii) increased innovation is associated with product quality improvement. These findings are rationalized by a multi-country model of endogenous innovation incorporating consumers with quality preferences and firms with heterogeneous productivity.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"178 ","pages":"Article 105059"},"PeriodicalIF":2.8,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522941","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信