Economic Modelling最新文献

The impact of central bank digital currency on macroeconomic dynamics: A DSGE analysis 中央银行数字货币对宏观经济动态的影响：DSGE 分析

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-11-01 DOI: 10.1016/j.econmod.2024.106930

Lijin Xiang, Chao Feng, Zumian Xiao, Jianjian Liu

引用次数: 0

Monetary and macroprudential policies: How to Be green? A political-economy approach 货币和宏观审慎政策：如何做到绿色？政治经济学方法

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-30 DOI: 10.1016/j.econmod.2024.106931

Donato Masciandaro , Riccardo Russo

引用次数: 0

Climate pattern effects on global economic conditions 气候模式对全球经济状况的影响

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-30 DOI: 10.1016/j.econmod.2024.106920

Gilles Dufrénot , William Ginn , Marc Pourroy

引用次数: 0

Option listing and underlying commodity futures volatility in China 中国的期权上市和相关商品期货波动性

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-29 DOI: 10.1016/j.econmod.2024.106926

Jin Guo, Xiaoqian Wen

引用次数: 0

Labor market policies in high- and low-interest rate environments: Evidence from the euro area 高利率和低利率环境下的劳动力市场政策：欧元区的证据

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-28 DOI: 10.1016/j.econmod.2024.106918

Povilas Lastauskas, Julius Stakėnas

{"title":"Labor market policies in high- and low-interest rate environments: Evidence from the euro area","authors":"Povilas Lastauskas, Julius Stakėnas","doi":"10.1016/j.econmod.2024.106918","DOIUrl":"10.1016/j.econmod.2024.106918","url":null,"abstract":"<div><div>Do labor market policies initiated in periods of loose monetary policy yield different outcomes from those introduced when monetary tightening prevails? Using data from 11 euro-area members up to 2010 – and extending to 17 countries up to 2020 – we analyze three labor market policies: replacement rates, spending on active labor market policies (ALMPs), and employment protection. We find that these policies deliver different macroeconomic outcomes in low- and high-interest rate environments. In particular, ALMPs reduce unemployment if implemented under a loose monetary policy but not otherwise, whereas higher employment protection delivers expansionary effects under a tight monetary policy. These findings highlight that the effectiveness of labor market policies is significantly influenced by the monetary policy environment, emphasizing the need for coordinated policy design. Methodologically, we contribute by proposing to average local projections using Mallow’s <span><math><msub><mrow><mi>C</mi></mrow><mrow><mi>p</mi></mrow></msub></math></span> criterion, allowing for inferences that are robust to mis-specification and accommodate non-linearities.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"141 ","pages":"Article 106918"},"PeriodicalIF":4.2,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142571309","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

Does household risk attitude affect consumption expenditure? Evidence from Chinese urban households 家庭风险态度会影响消费支出吗？来自中国城市家庭的证据

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-26 DOI: 10.1016/j.econmod.2024.106924

Debao Hu , Chenzhe Zhai , Xiaoyan Wang , Xiaobao Huang

{"title":"Does household risk attitude affect consumption expenditure? Evidence from Chinese urban households","authors":"Debao Hu , Chenzhe Zhai , Xiaoyan Wang , Xiaobao Huang","doi":"10.1016/j.econmod.2024.106924","DOIUrl":"10.1016/j.econmod.2024.106924","url":null,"abstract":"<div><div>This study investigates the impact of household risk attitude on consumption, a subject of enduring interest to academics and policymakers. Existing literature indicates that household consumption is influenced by financial and psychological factors, yet the role of household risk attitude remains underexplored. Utilizing panel data from the China Household Finance Survey, this research employs ordinary least squares regression to analyze the relationship between household risk attitude and consumption behavior. The results reveal that risk-averse households exhibit lower levels of consumption. Mechanisms including household entrepreneurship, social interactions, and consumption credit are identified as significant channels through which risk attitude affects consumption. The robustness of these findings is confirmed through instrumental variable analysis, with additional heterogeneity observed across regions, cities, and household leverage levels. These insights underscore the importance of incorporating household risk attitude into policy frameworks to stimulate consumption.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"141 ","pages":"Article 106924"},"PeriodicalIF":4.2,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554462","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

Does capital market liberalization increase corporate labor income share? Evidence from China 资本市场自由化会提高企业劳动收入份额吗？来自中国的证据

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-25 DOI: 10.1016/j.econmod.2024.106919

Deng-Kui Si , Mingyue Meng , Jiaming Wang , Fuyou Zhou

引用次数: 0

Global COVID-19 under-reporting: A Tobit model 全球 COVID-19 报告不足：托比特模型

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-23 DOI: 10.1016/j.econmod.2024.106917

Subal C. Kumbhakar , Yulu Wang

引用次数: 0

Impact of CEO foreign experience on corporate environmental violations: The role of enhanced environmental ethics and general competency 首席执行官的海外经历对企业环境违法行为的影响：强化环境道德和综合能力的作用

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-22 DOI: 10.1016/j.econmod.2024.106923

Jinting Dong , Lianchao Yu

{"title":"Impact of CEO foreign experience on corporate environmental violations: The role of enhanced environmental ethics and general competency","authors":"Jinting Dong , Lianchao Yu","doi":"10.1016/j.econmod.2024.106923","DOIUrl":"10.1016/j.econmod.2024.106923","url":null,"abstract":"<div><div>This study examined the relationship between CEO foreign experience and corporate environmental violations using data from heavy-polluting China-listed firms. The impact of CEO foreign experience on corporate environmental violations remains underexplored. Existing studies primarily examine managerial foreign experience in corporate environmentally responsible behavior, relying on firms' voluntary disclosure or third-party agencies’ evaluations. However, data on corporate environmental violations issued by governments is more reliable. Our findings indicate firms led by CEOs with foreign experience exhibited less likelihood and frequency of environmental violations. The negative correlation was more pronounced when firms were under weaker institutional pressure from central and local governments, poor environmental judicial quality, and adequate public participation. Enhanced environmental ethics and general competency are potential mechanisms through which CEO foreign experience affects corporate environmental behavior. The findings highlight the significance of CEO foreign experience in shaping corporate environmental violations, providing essential policy implications for emerging market stakeholders.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"141 ","pages":"Article 106923"},"PeriodicalIF":4.2,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142531054","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 spillover and contagion effects of sovereign risk on stock markets 主权风险对股市的溢出效应和蔓延效应

IF 4.2 2区经济学

Economic Modelling Pub Date : 2024-10-22 DOI: 10.1016/j.econmod.2024.106921

Pascal Xavier Gnagne, Beatrice D. Simo-Kengne, Mathias Mandla Manguzvane

{"title":"The spillover and contagion effects of sovereign risk on stock markets","authors":"Pascal Xavier Gnagne, Beatrice D. Simo-Kengne, Mathias Mandla Manguzvane","doi":"10.1016/j.econmod.2024.106921","DOIUrl":"10.1016/j.econmod.2024.106921","url":null,"abstract":"<div><div>This study examines the spillover effects of sovereign risk on international stock markets using a dynamic spatial Durbin model (SDM) on a panel of forty countries from 2009Q1 to 2024Q2. The findings show that an increase in sovereign risk, as measured by CDS spreads, leads to a significant decrease in both local and foreign stock prices, with 0.027 percent reductions across foreign markets on average. These effects are transmitted through geographical, and economic and financial channels, with exchange rates, gross fixed capital formation, and industrial production playing crucial roles in influencing stock market performance. Additionally, the negative (positive) spillover effects from rising gross fixed capital formation and sovereign risk (industrial production) demonstrate how foreign markets are more impacted than domestic ones. The study highlights the interconnected nature of global financial markets, reinforcing the need for coordinated international policy responses to mitigate the transmission of sovereign risk across borders. These findings provide new insights into how global economic factors influence stock market volatility, particularly through specific transmission channels, underscoring the importance of multilateral collaboration in managing sovereign risk.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"141 ","pages":"Article 106921"},"PeriodicalIF":4.2,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142531595","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