Economic Inquiry最新文献

{"title":"Correction to “Inflation targeting, output stabilization, and real indeterminacy in monetary models with an interest rate rule”","authors":"","doi":"10.1111/ecin.13299","DOIUrl":"https://doi.org/10.1111/ecin.13299","url":null,"abstract":"<p>Full citation:</p><p>Platonov, K. (2024) Inflation targeting, output stabilization, and real indeterminacy in monetary models with an interest rate rule. <i>Economic Inquiry</i>, 62(4), 1467–1493. Available from: https://doi.org/10.1111/ecin.13248.</p><p>Correction 1:</p><p>The exponent on the term <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mo>(</mo>\u0000 <mrow>\u0000 <mn>1</mn>\u0000 <mo>−</mo>\u0000 <mi>ω</mi>\u0000 </mrow>\u0000 <mo>)</mo>\u0000 </mrow>\u0000 <annotation> $(1-omega )$</annotation>\u0000 </semantics></math> should be <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mfrac>\u0000 <mn>1</mn>\u0000 <mrow>\u0000 <mi>ν</mi>\u0000 <mo>−</mo>\u0000 <mn>1</mn>\u0000 </mrow>\u0000 </mfrac>\u0000 </mrow>\u0000 <annotation> $frac{1}{nu -1}$</annotation>\u0000 </semantics></math>. In the published version, the exponent is <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mi>ν</mi>\u0000 <mo>−</mo>\u0000 <mn>1</mn>\u0000 </mrow>\u0000 <annotation> $nu -1$</annotation>\u0000 </semantics></math>. This typo does not alter any results because the exact closed-form expression for <i>z</i><sub><i>t</i></sub> was not used in any derivations.</p><p>Correction 2:</p><p>In the published version, the multiplier <i>A</i> is missing. This typo does not alter any results because later it is assumed that <i>A</i> = 1.</p><p>Correction 3:</p><p>The exponent on the term <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mo>(</mo>\u0000 <mfrac>\u0000 <msub>\u0000 <mi>i</mi>\u0000 <mi>t</mi>\u0000 </msub>\u0000 <mrow>\u0000 <mn>1</mn>\u0000 <mo>+</mo>\u0000 <msub>\u0000 <mi>i</mi>\u0000 <mi>t</mi>\u0000 </msub>\u0000 </mrow>\u0000 </mfrac>\u0000 <mo>)</mo>\u0000 </mrow>\u0000 <annotation> $(frac{{i}_{t}}{1+{i}_{t}})$</annotation>\u0000 </semantics></math> should be <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mn>1</mn>\u0000 <mo>−</mo>\u0000 <mi>η</mi>\u0000 </mrow>\u0000 <annotation> $1-eta $</annotation>\u0000 </semantics></math>. In the published version, the exponent is <span></span><math>\u0000 ","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"1003-1004"},"PeriodicalIF":1.7,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13299","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The economic impact of uncertainty about U.S. regulations of the energy sector","authors":"Xiaohan Ma,&nbsp;Zhoudan Xie","doi":"10.1111/ecin.13295","DOIUrl":"https://doi.org/10.1111/ecin.13295","url":null,"abstract":"<p>This paper examines the economic impact of uncertainty surrounding U.S. regulatory policies of the energy sector. We first construct a monthly-frequency measure of regulatory uncertainty related to oil and gas production using natural language processing on over 600,000 U.S. newspaper articles published from 1985 to 2021. We then conduct empirical analysis via structural VAR models with the constructed oil regulatory uncertainty index, oil market variables, and aggregate economic data. The impulse response functions suggest that an increase in oil regulatory uncertainty reduces oil production and drilling activity and negatively affects national and state-level economic outcomes.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"985-1002"},"PeriodicalIF":1.7,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social-benefits stigma and subsequent competitiveness","authors":"Natalia I. Valdez Gonzalez,&nbsp;Alexander L. Brown,&nbsp;Marco A. Palma","doi":"10.1111/ecin.13293","DOIUrl":"https://doi.org/10.1111/ecin.13293","url":null,"abstract":"<p>We conduct a laboratory experiment to explore how benefit-eligibility stigma drives subsequent decisions to enter competition. We induce a stigma associated with a low-status benefit and then introduce “plausible deniability” to reduce this stigma by expanding benefit eligibility to a middle-status group. When newly-eligible individuals qualify for the benefit, their rate of entry into a subsequent and unrelated tournament is reduced by 17–20 percentage points compared to the treatment in which they do not qualify. A potential interpretation of our results would suggest expanding for certain government assistance programs may produce unintended consequences for the newly eligible.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"903-925"},"PeriodicalIF":1.7,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13293","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Why do peers influence college major selection?","authors":"Michael A. Insler,&nbsp;Ahmed S. Rahman,&nbsp;Katherine A. Smith","doi":"10.1111/ecin.13294","DOIUrl":"https://doi.org/10.1111/ecin.13294","url":null,"abstract":"<p>Why do peers influence people's choices? Is it for information (social learning) or for socializing (social utility)? Exploiting unique data and natural experiments from the United States Naval Academy (USNA), we analyze data on major selections of USNA students. We find peers influence students into selecting different academic paths than they would have chosen independently. Through random reassignments, “shot-guns”, of students into new peer groups along with random assignments into courses, we explore the reasons why herding occurs. Evidence suggests that social learning, as opposed to social utility, is an important driver for herding behavior.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"715-739"},"PeriodicalIF":1.7,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Housing market connectedness and transmission of monetary policy","authors":"Woo Suk Lee,&nbsp;Eunseong Ma","doi":"10.1111/ecin.13292","DOIUrl":"https://doi.org/10.1111/ecin.13292","url":null,"abstract":"<p>This paper investigates whether interconnectivity among local housing markets influences the effectiveness of the (United States) U.S. monetary transmission mechanism. We construct measures of housing market connectedness and employ a state-dependent local projection method to estimate nonlinear impulse responses of macroeconomic variables to monetary policy (MP) shocks. The findings show that MP has a greater impact when regional housing markets are more synchronized. Higher interconnectivity amplifies spillover effects across local markets, enhancing MP effectiveness. Additionally, we find that MP is particularly effective when highly connected states experience economic expansion.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"961-984"},"PeriodicalIF":1.7,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13292","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessing the benefits of education in early childhood: Evidence from a Pre-K lottery in Georgia","authors":"Henry Woodyard,&nbsp;Tim Sass,&nbsp;Ishtiaque Fazlul","doi":"10.1111/ecin.13288","DOIUrl":"https://doi.org/10.1111/ecin.13288","url":null,"abstract":"<p>Using enrollment lotteries for over-subscribed school-based sites in Georgia's universal pre-K program, we analyze the impact of participation on elementary school outcomes. We find that lottery-winning school-based Georgia Pre-K enrollees enter kindergarten more prepared in both math and reading than non-winning peers. Gains fade by the end of kindergarten, and some negative achievement effects emerge by grade 4. Free-and-reduced-price meal (FRPM) students benefit more compared to non-FRPM students in later grades, suggesting greater benefits from attendance for disadvantaged students. Although we found no effects on discipline, school-based pre-K enrollees had one fewer absence each grade after kindergarten.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"663-680"},"PeriodicalIF":1.7,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecin.13288","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The hidden cost of political connection: Evidence from China's stock market responses to land transactions","authors":"Haoyuan Ding,&nbsp;Kang Shi,&nbsp;Juanyi Xu,&nbsp;Xiaoyu Zhang","doi":"10.1111/ecin.13291","DOIUrl":"https://doi.org/10.1111/ecin.13291","url":null,"abstract":"<p>We construct a matched database of land transactions and Chinese listed companies. By analyzing the stock market's reaction to these transactions, we investigate the hidden cost of political connections for firms. Our results show a negative market response to land deals by politically connected companies. This suggests that potential future political or legal risks associated with the land transaction could harm the firm. To strengthen our findings, we leverage the anti-corruption campaign as a natural experiment and employ a difference-in-differences approach. This analysis yields consistent results. Furthermore, we discover that short-term and long-term investors have differing views on political connections.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"785-804"},"PeriodicalIF":1.7,"publicationDate":"2025-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A simple model of competitive testing","authors":"Boris Ginzburg","doi":"10.1111/ecin.13289","DOIUrl":"https://doi.org/10.1111/ecin.13289","url":null,"abstract":"<p>Multiple agents are competing for a prize. Each agent is privately informed about his type. The principal who allocates the prize wants to give it to the agent with the highest type. Each agent can take a test that reveals his type at a cost. I show that an increase in competition makes the principal more informed when the cost is high, and less informed when the cost is low. Nevertheless, the principal always benefits from greater competition. Making the test mandatory for receiving the prize is Pareto-dominated by voluntary verification unless competition is low.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"888-902"},"PeriodicalIF":1.7,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Unconditional cash transfers & voter turnout","authors":"Alexander James,&nbsp;Nathaly M. Rivera,&nbsp;Brock Smith","doi":"10.1111/ecin.13287","DOIUrl":"https://doi.org/10.1111/ecin.13287","url":null,"abstract":"<p>We estimate the effect of unconditional cash transfers on voter turnout, leveraging a large-scale natural experiment, the Alaska Permanent Fund Dividend (PFD) program, which has provided residents with a check of varying size 1 month before election day since 1982. We find that larger transfers cause people to vote, especially in gubernatorial elections in which a 10% increase in cash ($190) causes a 1.4 percentage point increase in turnout. Effects are concentrated among the young and poor. Survey data suggests the mechanism is reduced voter apathy. Implications are discussed.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"805-829"},"PeriodicalIF":1.7,"publicationDate":"2025-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Employment effects of minimum wage indexing: Establishment evidence from Oregon restaurants","authors":"Stephen Miller,&nbsp;Gary A. Wagner,&nbsp;Alicia Plemmons","doi":"10.1111/ecin.13284","DOIUrl":"https://doi.org/10.1111/ecin.13284","url":null,"abstract":"<p>Though 18 states will index their minimum wage to the Consumer Price Index by 2025, few studies have examined indexing's differential employment effects. Leveraging a period of stability in minimum wages (2000–2007) and two distinct national geocoded databases of establishments, we explore how indexing affected employment in Oregon restaurants, one of the earliest indexing states (2003). Nearest-neighbor matching is used as a preprocessing step before regression, pairing individual restaurants in Oregon to restaurants with similar characteristics in states where the minimum wage was unchanged. We find evidence that establishment employment falls 3.6% after indexing, implying an employment elasticity of −0.18.</p>","PeriodicalId":51380,"journal":{"name":"Economic Inquiry","volume":"63 3","pages":"681-714"},"PeriodicalIF":1.7,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144493011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}