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The exchange rate pass-through to domestic prices: A meta-analysis 汇率对国内价格的传递：元分析
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-06-05 DOI: 10.1111/joes.12647
Tersoo David Iorngurum
{"title":"The exchange rate pass-through to domestic prices: A meta-analysis","authors":"Tersoo David Iorngurum","doi":"10.1111/joes.12647","DOIUrl":"10.1111/joes.12647","url":null,"abstract":"<p>Estimates of the exchange rate pass-through vary significantly across studies. Therefore, I conduct a meta-analysis to understand why estimates differ and provide consensus for the conflicting results. The dataset includes 72 primary studies containing 1219 estimates of the pass-through from nominal effective exchange rates to consumer prices for 111 countries. Because there are many potential causes of heterogeneity, I use Bayesian model averaging to identify the important ones. I find that results vary mainly due to a combination of country-specific and methodological characteristics, even though factors such as asymmetry and product-specific characteristics also play a role. The country-specific characteristics include trade openness, exchange rate flexibility, economic development status, exchange rate persistence, and commodity dependence. On the other hand, the methodological factors include estimation methods, data characteristics, endogeneity bias, and the researcher's choice of control variables. Finally, I model the exchange rate pass-through, taking into account asymmetry and the best practices in the literature. I find that a 1% increase in the exchange rate leads to a 0.09% decrease in the consumer price level, whereas a 1% decrease leads to a 0.19% increase.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"39 3","pages":"1092-1124"},"PeriodicalIF":5.9,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141381974","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 global warming worsen poverty and inequality? An updated review 全球变暖会加剧贫困和不平等吗？最新评论
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-06-03 DOI: 10.1111/joes.12636
Hai-Anh H. Dang, Stephane Hallegatte, Trong-Anh Trinh
{"title":"Does global warming worsen poverty and inequality? An updated review","authors":"Hai-Anh H. Dang,&nbsp;Stephane Hallegatte,&nbsp;Trong-Anh Trinh","doi":"10.1111/joes.12636","DOIUrl":"https://doi.org/10.1111/joes.12636","url":null,"abstract":"<p>We offer an updated and comprehensive review of recent studies on the impacts of climate change, particularly global warming, on poverty and inequality, paying special attention to data sources as well as empirical methods. While studies consistently find negative impacts of higher temperatures on poverty across different geographical regions, with higher vulnerability especially in poorer Sub-Saharan Africa, there is inconclusive evidence on climate change impacts on inequality. Further analyzing a recently constructed global database at the subnational unit level derived from official national household income and consumption surveys, we find that temperature change has larger impacts in the short term and more impacts on chronic poverty than transient poverty. The results are robust to different model specifications and measures of chronic poverty and are more pronounced for poorer countries. Our findings offer relevant inputs into current efforts to fight climate change.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 5","pages":"1873-1905"},"PeriodicalIF":5.9,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12636","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142596317","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
Carbon market integration, productivity, and welfare: A quantitative analysis 碳市场一体化、生产力和福利：定量分析
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-30 DOI: 10.1111/joes.12637
Yuying Liu, Yongjin Wang, Xiaofan Li
{"title":"Carbon market integration, productivity, and welfare: A quantitative analysis","authors":"Yuying Liu,&nbsp;Yongjin Wang,&nbsp;Xiaofan Li","doi":"10.1111/joes.12637","DOIUrl":"https://doi.org/10.1111/joes.12637","url":null,"abstract":"<p>China's carbon market is far from being integrated. This paper studies how carbon emissions reduction and carbon market integration affect China's aggregate productivity and welfare via a quantitative spatial general equilibrium model with <span></span><math>\u0000 <semantics>\u0000 <msub>\u0000 <mi>CO</mi>\u0000 <mn>2</mn>\u0000 </msub>\u0000 <annotation>${rm CO}_2$</annotation>\u0000 </semantics></math> as a by-product of production. We find that (1) were carbon emission rights to be allowed to be traded across regions, (i) if there is no technological growth, China's overall productivity and real GDP would increase by 10.26%, and 27.19% respectively, and welfare would decline slightly by 0.92%; (ii) if the technology grows at the present growth rate, China's total output, real GDP and welfare would increase by 9.97, 38.57, and 7.79%, respectively; (2) were nine regional carbon trading markets integrated, China's overall productivity, real GDP and welfare would increase by 4.35, 29.17, and 7.75%, respectively.  Carbon market integration enables China to achieve economic development at a lower <span></span><math>\u0000 <semantics>\u0000 <msub>\u0000 <mi>CO</mi>\u0000 <mn>2</mn>\u0000 </msub>\u0000 <annotation>${rm CO}_2$</annotation>\u0000 </semantics></math> cost.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 5","pages":"1819-1845"},"PeriodicalIF":5.9,"publicationDate":"2024-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142596307","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
Water rights trading and corporate productivity: Evidence from a quasi-natural experiment of China's pilot policy 水权交易与企业生产力：来自中国试点政策准自然实验的证据
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-30 DOI: 10.1111/joes.12646
Duan Liu, Nizhou Yu, Hong Wan, Jinghua Ou, Shujie Yao, Qiuhong Wang
{"title":"Water rights trading and corporate productivity: Evidence from a quasi-natural experiment of China's pilot policy","authors":"Duan Liu,&nbsp;Nizhou Yu,&nbsp;Hong Wan,&nbsp;Jinghua Ou,&nbsp;Shujie Yao,&nbsp;Qiuhong Wang","doi":"10.1111/joes.12646","DOIUrl":"https://doi.org/10.1111/joes.12646","url":null,"abstract":"<p>The economic consequences of water efficiency that results from water policies remains controversial. Studies on how water rights trading (WRT), which allocates water resources in and across industries, influences corporate efficiency can reveal the behavioral response of market participants to increase water efficiency. Considering the WRT pilot implemented in 2014 as a quasi-natural experiment, we adopt the difference-in-difference-in-differences method to evaluate its impact on corporate total factor productivity (TFP). Our findings show that WRT significantly stimulates the TFP of firms with high water costs. This effect is achieved by promoting water-related green innovation and optimizing resource allocation instead of alleviating corporate risks. Furthermore, the impact of WRT is more pronounced in areas with lower levels of water endowment and market development. The research findings have strikingly important policy implications regarding water management in China through WRT.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 5","pages":"1846-1872"},"PeriodicalIF":5.9,"publicationDate":"2024-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142596308","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 behavioral, economic, and political impact of the Internet and social media: Empirical challenges and approaches 互联网和社交媒体对行为、经济和政治的影响：实证挑战与方法
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-21 DOI: 10.1111/joes.12629
Fabio Sabatini
{"title":"The behavioral, economic, and political impact of the Internet and social media: Empirical challenges and approaches","authors":"Fabio Sabatini","doi":"10.1111/joes.12629","DOIUrl":"10.1111/joes.12629","url":null,"abstract":"<p>This paper presents a review of empirical methods used to assess the behavioral, economic, and political outcomes of Internet and social media usage. Instead of merely surveying the various impacts of the Internet, we examine the methods adopted to identify these impacts. We describe two main approaches for establishing causal effects, each with strengths and limitations. The first approach involves searching for exogenous sources of variation in the access to fast Internet or specific content. The second approach takes the form of field or laboratory experiments. In this paper, we focus on the first approach, delving into the methodological threats, empirical design, and main findings of the most prominent studies that exploit natural or quasi-experiments for identifying the causal impact of high-speed Internet or specific social media. This undertaking allows us to highlight the key empirical challenges in the field of Internet and social media economics while summarizing the causal relationships that the literature has uncovered so far.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"39 3","pages":"1000-1036"},"PeriodicalIF":5.9,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141149016","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
Conventional wisdom, meta-analysis, and research revision in economics 经济学中的传统智慧、元分析和研究修正
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-20 DOI: 10.1111/joes.12630
Sebastian Gechert, Bianka Mey, Matej Opatrny, Tomas Havranek, T. D. Stanley, Pedro R. D. Bom, Hristos Doucouliagos, Philipp Heimberger, Zuzana Irsova, Heiko J. Rachinger
{"title":"Conventional wisdom, meta-analysis, and research revision in economics","authors":"Sebastian Gechert,&nbsp;Bianka Mey,&nbsp;Matej Opatrny,&nbsp;Tomas Havranek,&nbsp;T. D. Stanley,&nbsp;Pedro R. D. Bom,&nbsp;Hristos Doucouliagos,&nbsp;Philipp Heimberger,&nbsp;Zuzana Irsova,&nbsp;Heiko J. Rachinger","doi":"10.1111/joes.12630","DOIUrl":"10.1111/joes.12630","url":null,"abstract":"<p>Over the past several decades, meta-analysis has emerged as a widely accepted tool to understand economics research. Meta-analyses often challenge the established conventional wisdom of their respective fields. We systematically review a wide range of influential meta-analyses in economics and compare them to “conventional wisdom.” After correcting for observable biases, the empirical economic effects are typically much closer to zero and sometimes switch signs. Typically, the relative reduction in effect sizes is 45%–60%.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"39 3","pages":"980-999"},"PeriodicalIF":5.9,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12630","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141121522","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
Determinants of stock market participation 参与股市的决定因素
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-10 DOI: 10.1111/joes.12634
Lukas Menkhoff, Jannis Westermann
{"title":"Determinants of stock market participation","authors":"Lukas Menkhoff,&nbsp;Jannis Westermann","doi":"10.1111/joes.12634","DOIUrl":"10.1111/joes.12634","url":null,"abstract":"<p>The low degree of stock market participation (SMP) is one of the big puzzles in finance. Numerous determinants have been proposed. We put these determinants into a structure that is derived from a standard static portfolio model. Then we discuss arguments put forward regarding specific SMP determinants and the empirical evidence that has been provided. The focus of our survey is on the identification of a causal impact of determinants on SMP via shocks. We summarize the evidence by suggesting established and likely SMP determinants and providing an outlook for future research and policy.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"39 3","pages":"953-979"},"PeriodicalIF":5.9,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12634","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140938948","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
The effect of bubbles on production: The state of the literature 泡沫对生产的影响：文献现状
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-06 DOI: 10.1111/joes.12635
Cristhian Fernández-González, Luis A. Hierro, Helena Domínguez-Torres
{"title":"The effect of bubbles on production: The state of the literature","authors":"Cristhian Fernández-González,&nbsp;Luis A. Hierro,&nbsp;Helena Domínguez-Torres","doi":"10.1111/joes.12635","DOIUrl":"10.1111/joes.12635","url":null,"abstract":"<p>In this paper, a comprehensive review is carried out on the strand of the literature related to the effects of bubbles on production, which includes the scarce empirical literature. The content is structured according to the bubble phase, since a major part of the literature considers that during the boom, there can be a crowding-in effect that can even offset the crowding-out effect derived from the bursting of the bubble. This possibility is due to the influence of two opposing mechanisms: a substitution effect derived from the possible diversion of resources previously allocated to productive investments, and an income effect derived from the fact that investors have more resources obtained from the sale of the bubble assets and from the role of these assets as collateral in loan operations. Studies also show the negative effect derived from the involvement of banks in bubbles. In this paper, both the results of the research and the main methodological framework are reviewed, thereby identifying as a gap in the literature to be considered for future research: the scarcity of empirical research, of studies that include demand factors, of papers that address bubbles in nonfinancial and nonhousing markets, and in undeveloped and emerging countries.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"39 3","pages":"932-952"},"PeriodicalIF":5.9,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12635","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140942361","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
The economics of copyright in the digital age 数字时代的版权经济学
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-06 DOI: 10.1111/joes.12632
Christian Peukert, Margaritha Windisch
{"title":"The economics of copyright in the digital age","authors":"Christian Peukert,&nbsp;Margaritha Windisch","doi":"10.1111/joes.12632","DOIUrl":"10.1111/joes.12632","url":null,"abstract":"<p>Intellectual property rights are fundamental to how economies organize innovation and steer the diffusion of knowledge. Copyright law, in particular, has developed constantly to keep up with emerging technologies and the interests of creators, consumers, and intermediaries of the different creative industries. We provide a synthesis of the literature on the law and economics of copyright in the digital age, with a particular focus on the available empirical evidence. First, we discuss the legal foundations of the copyright system and developments of length and scope throughout the era of digitization. Second, we review the literature on technological change with its opportunities and challenges for the stakeholders involved. We give special attention to empirical evidence on online copyright enforcement, changes in the supply of works due to digital technology, and the importance of creative re-use and new licensing and business models. We then set out avenues for further research identifying critical gaps in the literature regarding the scope of empirical copyright research, the effects of technology that enables algorithmic licensing, and copyright issues related to software, data and artificial intelligence.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"39 3","pages":"877-903"},"PeriodicalIF":5.9,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12632","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140939252","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
Accounting for sample overlap in economics meta-analyses: The generalized-weights method in practice 经济学荟萃分析中的样本重叠问题：广义加权法的实践
IF 5.9 2区 经济学
Journal of Economic Surveys Pub Date : 2024-05-06 DOI: 10.1111/joes.12633
Pedro R. D. Bom, Heiko Rachinger
{"title":"Accounting for sample overlap in economics meta-analyses: The generalized-weights method in practice","authors":"Pedro R. D. Bom,&nbsp;Heiko Rachinger","doi":"10.1111/joes.12633","DOIUrl":"10.1111/joes.12633","url":null,"abstract":"<p>Meta-analyses in economics frequently exhibit considerable overlap among primary samples. If not addressed, sample overlap leads to efficiency losses and inflated rates of false positives at the meta-analytical level. In previous work, we proposed a generalized-weights (GW) approach to handle sample overlap. This approach effectively approximates the correlation structure between primary estimates using information on sample sizes and overlap degrees in the primary studies. This paper demonstrates the application of the GW method to economics meta-analyses, addressing practical challenges that are likely to be encountered. We account for variations in data aggregation levels, estimation methods, and effect size metrics, among other issues. We derive explicit covariance formulas for different scenarios, evaluate the accuracy of the approximations, and employ Monte Carlo simulations to demonstrate how the method enhances efficiency and restores the false positive rate to its nominal level.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"39 3","pages":"904-931"},"PeriodicalIF":5.9,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12633","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140939251","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
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