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Do country sustainability practices matter to happiness? 国家可持续发展实践对幸福有影响吗？
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-27 DOI: 10.1016/j.econmod.2025.107277
Pei-Fen Chen , Mei-Ping Chen
{"title":"Do country sustainability practices matter to happiness?","authors":"Pei-Fen Chen ,&nbsp;Mei-Ping Chen","doi":"10.1016/j.econmod.2025.107277","DOIUrl":"10.1016/j.econmod.2025.107277","url":null,"abstract":"<div><div>This study pioneers a global, longitudinal analysis of how country-level ESG (environmental, social, and governance) metrics shape national happiness across 136 nations from 2006 to 2021. By examining both happiness and corruption perceptions as two opposite indicators, the research reveals that ESG impacts vary across income levels and quantiles, with low-income nations being less influenced, indicating that some infrastructures are more vital than ESG. Using quantile and panel threshold regression, the study uncovers asymmetric effects of ESG-related practices (e.g., land surface temperature, renewable energy output, internet, and access to electricity), and identifies nonlinear relationships—such as U-shaped and inverted U-shaped patterns—between ESG indices and happiness or corruption. These findings expose a “too-much-of-a-good-thing” phenomenon and reinforce the nuanced role of ESG in sustainable development.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107277"},"PeriodicalIF":4.7,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144925433","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
Monopsony in labor markets: Not important in the aggregate 劳动力市场的垄断：总体上不重要
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-27 DOI: 10.1016/j.econmod.2025.107274
Sami Alpanda
{"title":"Monopsony in labor markets: Not important in the aggregate","authors":"Sami Alpanda","doi":"10.1016/j.econmod.2025.107274","DOIUrl":"10.1016/j.econmod.2025.107274","url":null,"abstract":"<div><div>I construct a New Keynesian dynamic stochastic general equilibrium model, where labor market power and wage rigidities arise partly on the labor demand and partly on the labor supply side. In particular, households supply two types of labor, one where labor market power lies with households as in the standard setup and one where labor market power lies with firms (i.e., monopsony). Estimations using Bayesian likelihood methods indicate that the fit of the hybrid model is slightly better than the standard setup in the literature with labor market power modeled fully on the household side. However, the estimated share of labor operating in monopsonistic markets is relatively small (about 12%), and thus, the hybrid model generates very similar dynamics to the standard setup.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107274"},"PeriodicalIF":4.7,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144925435","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 role of government credit in enhancing agricultural productivity: Evidence from Chile 政府信贷在提高农业生产力中的作用：来自智利的证据
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-22 DOI: 10.1016/j.econmod.2025.107267
Ricardo Andrés Troncoso Sepúlveda , José María Gil Roig
{"title":"The role of government credit in enhancing agricultural productivity: Evidence from Chile","authors":"Ricardo Andrés Troncoso Sepúlveda ,&nbsp;José María Gil Roig","doi":"10.1016/j.econmod.2025.107267","DOIUrl":"10.1016/j.econmod.2025.107267","url":null,"abstract":"<div><div>This study investigates the impact of public agricultural credit on factor misallocation and productivity, addressing a gap in the literature on capital market distortions in developing countries. While existing research emphasizes land market imperfections, little is known about the role of credit in shaping input allocation and output. The analysis applies a calibrated equilibrium model and causal inference methods using nationally representative agricultural census microdata. Findings show that access to credit reduces the efficiency gap by up to 26 %, mainly by alleviating capital market distortions. Effects are stronger among farms with lower productivity and increase when land market frictions are removed. The results highlight the structural importance of credit in improving allocative efficiency and reveal heterogeneity in policy impact across the productivity distribution. Evidence suggests that credit interventions are more effective when land market institutions are functional, underscoring the need for integrated policy design to enhance productivity in rural economies.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107267"},"PeriodicalIF":4.7,"publicationDate":"2025-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893858","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 booms and child health: Pathways of income, nutrition, and maternal care in sub-Saharan Africa 出口繁荣与儿童健康：撒哈拉以南非洲的收入、营养和孕产妇保健之路
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-22 DOI: 10.1016/j.econmod.2025.107266
Pallavi Panda
{"title":"Export booms and child health: Pathways of income, nutrition, and maternal care in sub-Saharan Africa","authors":"Pallavi Panda","doi":"10.1016/j.econmod.2025.107266","DOIUrl":"10.1016/j.econmod.2025.107266","url":null,"abstract":"<div><div>This paper investigates the effects of export expansion on child health across 22 sub-Saharan African countries, using a natural experiment tied to a U.S. trade policy change. While theoretical models suggest links between trade and health, empirical studies focusing on micro-level impacts are scarce. Utilizing individual health data from the Demographic and Health Surveys (DHS) and a cohort-level Difference-in-Differences methodology, the study reveals that the policy significantly reduced child wasting and underweight, with no observed effect on child illness. The analysis highlights that increased maternal income—boosted by greater employment opportunities and reduced asset poverty—played a crucial role. We observe higher rates of antenatal care and increased protein-rich food consumption among children. However, results show that oil-exporting countries did not experience similar benefits. These findings emphasize the importance of sectoral context in understanding the impact of export expansions and offer valuable insights for crafting policies to maximize societal welfare.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107266"},"PeriodicalIF":4.7,"publicationDate":"2025-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144909048","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
Analyzing price efficiency using machine learning generated price indices: The case of the Chilean used car market 使用机器学习生成的价格指数分析价格效率：以智利二手车市场为例
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-22 DOI: 10.1016/j.econmod.2025.107257
Fernando Lefort , Fernando Díaz
{"title":"Analyzing price efficiency using machine learning generated price indices: The case of the Chilean used car market","authors":"Fernando Lefort ,&nbsp;Fernando Díaz","doi":"10.1016/j.econmod.2025.107257","DOIUrl":"10.1016/j.econmod.2025.107257","url":null,"abstract":"<div><div>This paper examines how the prices of newly imported cars affect the valuation of used vehicles in Chile’s secondary car market, offering a novel perspective on price efficiency within durable goods markets. Previous studies analyze substitution effects between new and used vehicles in the context of equilibrium models with demand-side heterogeneity. Leveraging a dataset of 2.7 million used car advertisements, we employ Machine Learning techniques to construct synthetic price indices, which serve as the foundation for an event study. Our findings reveal a prompt and statistically significant adjustment in used car prices, particularly among newer and higher-end models, even before the public release of import price data. These results suggest a high degree of informational efficiency in Chile’s used car market and are consistent with demand substitution effects between new and used cars and the incorporation of supply-side shocks by market participants into price valuations.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107257"},"PeriodicalIF":4.7,"publicationDate":"2025-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893860","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 monetary policy influence euro area fiscal sustainability? 货币政策影响欧元区财政可持续性吗？
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-21 DOI: 10.1016/j.econmod.2025.107273
António Afonso , Francisco Gomes-Pereira
{"title":"Does monetary policy influence euro area fiscal sustainability?","authors":"António Afonso ,&nbsp;Francisco Gomes-Pereira","doi":"10.1016/j.econmod.2025.107273","DOIUrl":"10.1016/j.econmod.2025.107273","url":null,"abstract":"<div><div>This paper studies the impact of monetary policy on fiscal sustainability in the euro area. We extend a standard fiscal reaction function by introducing a monetary policy stance variable as an interaction term, allowing us to assess how monetary policy influenced fiscal dynamics. Our study yields two main findings. First, an expansionary monetary policy stance in response to rising debt-to-GDP levels is associated with lower primary balance changes, potentially supporting fiscal sustainability in the short term. Second, when considering exogenous monetary policy shocks, a monetary tightening significantly deteriorates primary balances, potentially straining fiscal sustainability. These results highlight the importance of monetary-fiscal interactions for fiscal sustainability in the euro area.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107273"},"PeriodicalIF":4.7,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144909049","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
Fertility and career choices in an overlapping generations model with sandwich caregivers 具有三明治照顾者的重叠代模型中的生育和职业选择
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-21 DOI: 10.1016/j.econmod.2025.107262
Quang-Thanh Tran
{"title":"Fertility and career choices in an overlapping generations model with sandwich caregivers","authors":"Quang-Thanh Tran","doi":"10.1016/j.econmod.2025.107262","DOIUrl":"10.1016/j.econmod.2025.107262","url":null,"abstract":"<div><div>This study examines how the “sandwich burden” of simultaneously caring for children and elderly parents influences middle-aged adults’ fertility and career choices. A novel mechanism is introduced where declining fertility can intensify the caregiving burden, as individuals have fewer siblings to share responsibility. The dual care duties can affect career choices between regular and non-regular employment, with the latter enabling more time for caregiving duties. Using an overlapping generations framework, the model identifies two possible long-run equilibria: one with full regular employment and another with a mix of regular and non-regular workers. A high training time cost or long unpaid work requirement can push the economy toward the latter equilibrium. Calibrating the model to Japanese data since 1970, I replicate the observed decline in fertility and the regular employment rate. These findings highlight the importance of intergenerational externalities in shaping labor market outcomes and demographic trends.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107262"},"PeriodicalIF":4.7,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144889356","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 policy uncertainty, geopolitical risk, oil volatility, and global food price volatility: A time-varying analysis 气候政策不确定性、地缘政治风险、石油波动和全球粮食价格波动：时变分析
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-21 DOI: 10.1016/j.econmod.2025.107272
Mohamed Abdelaziz Eissa , Hisham Al Refai , Georgios Chortareas
{"title":"Climate policy uncertainty, geopolitical risk, oil volatility, and global food price volatility: A time-varying analysis","authors":"Mohamed Abdelaziz Eissa ,&nbsp;Hisham Al Refai ,&nbsp;Georgios Chortareas","doi":"10.1016/j.econmod.2025.107272","DOIUrl":"10.1016/j.econmod.2025.107272","url":null,"abstract":"<div><div>This study investigates the impact of climate policy uncertainty (CPU), geopolitical risk (GPR), economic policy uncertainty (EPU), and oil volatility (OVX) on global food price volatility (VFPI), addressing gaps in the literature on dynamic and multi-source uncertainty effects. Prior research has explored individual determinants of food price fluctuations, but few studies integrate multiple uncertainty indices in a time-varying framework. Using monthly data from June 2007 to August 2023, we apply a Time-Varying Coefficient Vector Autoregression (TVC-VAR) and Markov Switching VAR (MS-VAR) model to assess how these shocks propagate over time. Our results show that CPU has become an increasingly influential driver of food price volatility, especially post-2015, while GPR and OVX exert strong short-run effects. EPU displays a stabilizing influence, particularly during crises. These findings reveal evolving transmission mechanisms of uncertainty into food markets and highlight the need for adaptive, coordinated policy frameworks to safeguard global food security in an era of rising climate and geopolitical risks.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107272"},"PeriodicalIF":4.7,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144892125","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 climate risk impact household consumption? Evidence from China 气候风险会影响家庭消费吗？来自中国的证据
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-19 DOI: 10.1016/j.econmod.2025.107270
Jialong Li , Jiao Li
{"title":"Does climate risk impact household consumption? Evidence from China","authors":"Jialong Li ,&nbsp;Jiao Li","doi":"10.1016/j.econmod.2025.107270","DOIUrl":"10.1016/j.econmod.2025.107270","url":null,"abstract":"<div><div>Climate change is gradually reshaping consumption patterns, with extreme weather events exerting substantial negative effects. This paper examines the causal connection between household consumption and physical climate risk for a sample of households from the China Household Finance Survey (CHFS) between 2011 and 2019. The findings reveal that physical climate risks significantly decrease household consumption, which is driven by reductions in household income. We also find that commercial insurance can mitigate the negative impact of physical climate risk on household consumption, and the effects are stronger for households with low education levels, and those in adverse climatic regions and rural areas. These findings offer new insights into consumer behavior amid physical climate risks and provide implications for targeted policies supporting vulnerable groups.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107270"},"PeriodicalIF":4.7,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144909050","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
Government procurement and corporate investment: Evidence from China's A-share listed companies 政府采购与企业投资：来自中国a股上市公司的证据
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-08-19 DOI: 10.1016/j.econmod.2025.107271
Jia Xia, Wei Wei
{"title":"Government procurement and corporate investment: Evidence from China's A-share listed companies","authors":"Jia Xia,&nbsp;Wei Wei","doi":"10.1016/j.econmod.2025.107271","DOIUrl":"10.1016/j.econmod.2025.107271","url":null,"abstract":"<div><div>Corporate investment serves as a crucial engine driving economic growth, and government procurement, as an important fiscal policy instrument, warrants in-depth investigation regarding its impact on corporate investment behavior. Based on micro-level data from China's A-share listed companies spanning 2015–2022, this empirical analysis demonstrates that government procurement significantly promotes corporate investment by enhancing supply chain stability and alleviating financing constraints. Heterogeneity analysis reveals that this effect is more pronounced among non-state-owned enterprises, firms without political connections, and enterprises operating in highly competitive markets. Further analysis indicates that while government procurement facilitates corporate physical investment, it also guides firms to reduce financial asset investment and enhances both investment efficiency and market value. These findings provide novel evidence for understanding the micro-level transmission mechanisms of government procurement policies, while offering important theoretical foundations and practical guidance for policymakers in optimizing government procurement system design, strengthening supply chain governance, promoting real economy development, and improving macroeconomic regulatory policy frameworks.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107271"},"PeriodicalIF":4.7,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144889357","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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