Subjects -> BUSINESS AND ECONOMICS (Total: 3570 journals)
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MACROECONOMICS (17 journals)

Showing 1 - 14 of 14 Journals sorted alphabetically
American Economic Journal : Macroeconomics     Full-text available via subscription   (Followers: 120)
Corporate Governance and Sustainability Review     Open Access   (Followers: 2)
Growth     Open Access   (Followers: 2)
Journal of Governance and Regulation     Open Access  
Journal of Macroeconomics     Hybrid Journal   (Followers: 27)
Journal of Macromarketing     Hybrid Journal   (Followers: 4)
Macroeconomic Dynamics     Hybrid Journal   (Followers: 27)
Microeconomics and Macroeconomics     Open Access   (Followers: 3)
NBER Macroeconomics Annual     Full-text available via subscription   (Followers: 46)
Perfil de Coyuntura Económica     Open Access  
Review of Economic Studies     Hybrid Journal   (Followers: 188)
Review of Market Integration     Hybrid Journal   (Followers: 2)
South Asian Journal of Macroeconomics and Public Finance     Hybrid Journal   (Followers: 1)
Studies in Political Economy     Hybrid Journal   (Followers: 3)
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Review of Economic Studies
Journal Prestige (SJR): 9.589
Citation Impact (citeScore): 4
Number of Followers: 188  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 0034-6527 - ISSN (Online) 1467-937X
Published by Oxford University Press Homepage  [419 journals]
  • Erratum to: Collateral Booms and Information Depletion

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      Pages: 1039 - 1039
      Abstract: VLADIMIR ASRIYAN, LUC LAEVEN and ALBERTO MARTÍN. (2021), “Collateral Booms and Information Depletion”, Review of Economic Studies, 1–39, https://doi.org/10.1093/restud/rdab046.
      PubDate: Tue, 08 Feb 2022 00:00:00 GMT
      DOI: 10.1093/restud/rdab083
      Issue No: Vol. 89, No. 2 (2022)
       
  • Collateral Booms and Information Depletion

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      Authors: Asriyan V; Laeven L, Martín A.
      Pages: 517 - 555
      Abstract: AbstractWe develop a new theory of information production during credit booms. Entrepreneurs need credit to undertake investment projects, some of which enable them to divert resources. Lenders can protect themselves from such diversion in two ways: collateralization, and costly screening that generates durable information about projects. In equilibrium, the collateralization-screening mix depends on the value of aggregate collateral. High collateral values make it possible to reallocate resources towards productive projects, but they also crowd out screening. This has important dynamic implications. During credit booms driven by high collateral values (e.g. real estate booms), economic activity expands but the economy’s stock of information on existing projects gets depleted. As a result, collateral-driven booms end in deep crises and slow recoveries: when booms end, investment is constrained both by the lack of collateral and by the lack of information on existing projects, which takes time to rebuild. We provide empirical support for the mechanism using US firm-level data.
      PubDate: Sat, 25 Sep 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab046
      Issue No: Vol. 89, No. 2 (2021)
       
  • Spatial Equilibrium, Search Frictions, and Dynamic Efficiency in the Taxi
           Industry

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      Authors: Buchholz N.
      Pages: 556 - 591
      Abstract: AbstractThis article analyses the dynamic spatial equilibrium of taxicabs and shows how common taxi regulations lead to substantial inefficiencies as a result of search frictions and mis-allocation. To analyse the role of regulation on frictions and efficiency, I pose a dynamic model of spatial search and matching between taxis and passengers. Using a comprehensive dataset of New York City yellow medallion taxis, I use this model to compute the equilibrium spatial distribution of vacant taxis and estimate intraday demand given price and medallion regulations. My estimates show that the weekday New York market achieves about $\$$5.7 million in daily welfare or about $\$$27 per trip, but an additional 53 thousand customers fail to find cabs due to search frictions. Counterfactual analysis shows that implementing simple tariff pricing changes can enhance allocative efficiency and expand the market, offering daily consumer surplus gains of up to $\$$227 thousand and up to 49 thousand additional daily taxi-passenger matches, a similar magnitude to the gain in matches generated by adopting a perfect static matching technology.
      PubDate: Sat, 25 Sep 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab050
      Issue No: Vol. 89, No. 2 (2021)
       
  • Skill-Biased Structural Change

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      Authors: Buera F; Kaboski J, Rogerson R, et al.
      Pages: 592 - 625
      Abstract: AbstractUsing a broad panel of advanced economies, we document that increases in GDP per capita are associated with a systematic shift in the composition of value added to sectors that are intensive in high-skill labour, a process we label as skill-biased structural change. It follows that further development in these economies leads to an increase in the relative demand for skilled labour. We develop a quantitative two-sector model of this process as a laboratory to assess the sources of the rise of the skill premium in the U.S. and a set of ten other advanced economies, over the period 1977 to 2005. For the U.S., we find that the sector-specific skill neutral component of technical change accounts for 18–24% of the overall increase of the skill premium due to technical change, and that the mechanism through which this component of technical change affects the skill premium is via skill-biased structural change.
      PubDate: Fri, 30 Jul 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab035
      Issue No: Vol. 89, No. 2 (2021)
       
  • Risky Matching

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      Authors: Chade H; Lindenlaub I, Guerrieri V.
      Pages: 626 - 665
      Abstract: AbstractWe develop a model where risk-averse workers can costly invest in their skills before matching with heterogenous firms. At the investment stage, workers face multiple sources of risk. They are uncertain about how skilled they will turn out and also about their income shock realizations at the time of employment. We analyse the equilibria of two versions of the model that depend on when uncertainty resolves, which determines the available risk-sharing possibilities between workers and firms. We provide a thorough analysis of equilibrium comparative statics regarding changes in risk, worker and firm heterogeneity, and technology. We derive conditions on the match output function and risk attitudes under which these shifts lead to more investment and show how this affects matching and wages. To illustrate the applied relevance of our theory, we provide a stylized quantitative assessment of the model and analyse the sources (risk, heterogeneity, or technology) of rising U.S. wage inequality. We find that changes in risk were the most important driver behind the surge in inequality, followed by technological change. We show that these conclusions are significantly altered if one neglects the key feature of our model, which is that educational investment is endogenous.
      PubDate: Thu, 10 Jun 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab033
      Issue No: Vol. 89, No. 2 (2021)
       
  • Structural Breaks in an Endogenous Growth Model

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      Authors: Cogley T; Jovanovic B.
      Pages: 666 - 694
      Abstract: AbstractWe study the effects of parameter uncertainty prompted by structural breaks. In our model, agents respond differently to uncertainty prompted by regime shifts in shock processes than they react to comparable perceived increases in shock volatility. The magnitude of the response to an increase in uncertainty about TFP associated with a structural break is greater than that of a response to a comparable perceived rise in volatility. This is because lifetime utility varies more when shocks shift beliefs and perceived wealth.
      PubDate: Wed, 29 Sep 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab045
      Issue No: Vol. 89, No. 2 (2021)
       
  • Corruption and Firms

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      Authors: Colonnelli E; Prem M.
      Pages: 695 - 732
      Abstract: AbstractWe estimate the causal real economic effects of a randomized anti-corruption crackdown on local governments in Brazil using rich micro-data on corruption and firms. After anti-corruption audits, municipalities experience an increase in the number of firms concentrated in sectors most dependent on government relationships and public procurement. Through the estimation of geographic spillovers and additional tests, we show that audits operate via both a direct detection effect as well as through indirect deterrence channels. Politically connected firms suffer after the audits. Our estimates indicate the anti-corruption program generates significant local multipliers which are consistent with the presence of a large corruption tax on government-dependent firms.
      PubDate: Sun, 25 Jul 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab040
      Issue No: Vol. 89, No. 2 (2021)
       
  • International Spillovers and Local Credit Cycles

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      Authors: di Giovanni J; Kalemli-Özcan Ş, Ulu M, et al.
      Pages: 733 - 773
      Abstract: AbstractThis article studies the transmission of the Global Financial Cycle (GFC) to domestic credit market conditions in a large emerging market, Turkey, over 2003–13. We use administrative data covering the universe of corporate credit transactions matched to bank balance sheets to document four facts: (1) an easing in global financial conditions leads to lower borrowing costs and an increase in local lending; (2) domestic banks more exposed to international capital markets transmit the GFC locally; (3) the fall in local currency borrowing costs is larger than foreign currency borrowing costs due to the co-movement of the uncovered interest rate parity (UIP) premium with the GFC over time; (4) data on posted collateral for new loan issuances show that collateral constraints do not relax during the boom phase of the GFC.
      PubDate: Tue, 12 Oct 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab044
      Issue No: Vol. 89, No. 2 (2021)
       
  • Roman Transport Network Connectivity and Economic Integration

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      Authors: Flückiger M; Hornung E, Larch M, et al.
      Pages: 774 - 810
      Abstract: AbstractWe show that the creation of the first integrated multi-modal pan-European transport network during Roman times influences economic integration over two millennia. Drawing on spatially highly disaggregated data on excavated Roman ceramics, we document that contemporary interregional trade was influenced by connectivity within the network. Today, these connectivity differentials continue to influence integration as approximated by cross-regional firm investment behaviour. Continuity is partly explained by selective infrastructure routing and cultural integration due to bilateral convergence in preferences and values. We show that our results are Roman-connectivity specific and do not reflect pre-existing patterns of exchange using pre-Roman trade data.
      PubDate: Sat, 10 Jul 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab036
      Issue No: Vol. 89, No. 2 (2021)
       
  • From Immigrants to Americans: Race and Assimilation during the Great
           Migration

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      Authors: Fouka V; Mazumder S, Tabellini M.
      Pages: 811 - 842
      Abstract: AbstractHow does the arrival of a new minority group affect the social acceptance and outcomes of existing minorities' We study this question in the context of the First Great Migration. Between 1915 and 1930, 1.5 million African Americans moved from the U.S. South to Northern urban centres, which were home to millions of European immigrants arrived in previous decades. We formalize and empirically test the hypothesis that the inflows of Black Americans changed perceptions of outgroup distance among native-born whites, reducing the barriers to the social integration of European immigrants. Predicting Black in-migration with a version of the shift-share instrument, we find that immigrants living in areas that received more Black migrants experienced higher assimilation along a range of outcomes, such as naturalization rates and intermarriages with native-born spouses. Evidence from the historical press and patterns of heterogeneity across immigrant nationalities provide additional support to the role of shifting perceptions of the white majority.
      PubDate: Wed, 30 Jun 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab038
      Issue No: Vol. 89, No. 2 (2021)
       
  • Conditional Superior Predictive Ability

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      Authors: Li J; Liao Z, Quaedvlieg R, et al.
      Pages: 843 - 875
      Abstract: AbstractThis article proposes a test for the conditional superior predictive ability (CSPA) of a family of forecasting methods with respect to a benchmark. The test is functional in nature: under the null hypothesis, the benchmark’s conditional expected loss is no more than those of the competitors, uniformly across all conditioning states. By inverting the CSPA tests for a set of benchmarks, we obtain confidence sets for the uniformly most superior method. The econometric inference pertains to testing conditional moment inequalities for time series data with general serial dependence, and we justify its asymptotic validity using a uniform non-parametric inference method based on a new strong approximation theory for mixingales. The usefulness of the method is demonstrated in empirical applications on volatility and inflation forecasting.
      PubDate: Wed, 30 Jun 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab039
      Issue No: Vol. 89, No. 2 (2021)
       
  • Long-Term Effects of Childhood Nutrition: Evidence from a School Lunch
           Reform

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      Authors: Lundborg P; Rooth D, Alex-Petersen J.
      Pages: 876 - 908
      Abstract: AbstractWe study the long-term impact of a policy-driven change in childhood nutrition. For this purpose, we evaluate a program that rolled out nutritious school lunches free of charge to all pupils in Swedish primary schools between 1959 and 1969. We estimate the impact of the program on children’s economic, educational, and health outcomes throughout life. Our results show that the school lunch program generated substantial long-term benefits, where pupils exposed to the program during their entire primary school period have 3% higher lifetime income. The effect was greater for pupils that were exposed at earlier ages and for pupils from poor households, suggesting that the program reduced socioeconomic inequalities in adulthood. Exposure to the program also had substantial effects on educational attainment and health, which can explain a large part of the effect of the program on lifetime income.
      PubDate: Tue, 11 May 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab028
      Issue No: Vol. 89, No. 2 (2021)
       
  • The Extensive Margin of Aggregate Consumption Demand

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      Authors: Michelacci C; Paciello L, Pozzi A.
      Pages: 909 - 947
      Abstract: AbstractAbout half of the change in U.S. non-durable consumption expenditure is due to changes in the products entering households’ consumption basket (the extensive margin). Changes in the basket are driven by fluctuations in the rate at which households add products; removals fluctuate little. These patterns reflect that, in response to income increases, households adopt consumer products already available in the market. Household adoption amplifies the effects of fiscal transfers on consumption by more than 30%. Cyclical household adoption of products also implies that inflation measures based on a representative household consuming all varieties available in the market underestimate true household-level inflation by as much as 1% per year over the Great Recession in the consumption categories covered by our data.
      PubDate: Wed, 30 Jun 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab041
      Issue No: Vol. 89, No. 2 (2021)
       
  • Rationalizability, Observability, and Common Knowledge*

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      Authors: Penta A; Zuazo-Garin P.
      Pages: 948 - 975
      Abstract: AbstractWe study the strategic impact of players’ higher-order uncertainty over the observability of actions in general two-player games. More specifically, we consider the space of all belief hierarchies generated by the uncertainty over whether the game will be played as a static game or with perfect information. Over this space, we characterize the correspondence of a solution concept which captures the behavioural implications of Rationality and Common Belief in Rationality (RCBR), where “rationality” is understood as sequential whenever the game is dynamic. We show that such a correspondence is generically single-valued, and that its structure supports a robust refinement of rationalizability, which often has very sharp implications. For instance, (1) in a class of games which includes both zero-sum games with a pure equilibrium and coordination games with a unique efficient equilibrium, RCBR generically ensures efficient equilibrium outcomes (eductive coordination); (2) in a class of games which also includes other well-known families of coordination games, RCBR generically selects components of the Stackelberg profiles (Stackelberg selection); (3) if it is commonly known that player $2$’s action is not observable (e.g. because $1$ is commonly known to move earlier, etc.), in a class of games which includes all of the above RCBR generically selects the equilibrium of the static game most favourable to player $1$ (pervasiveness of first-mover advantage).
      PubDate: Mon, 18 Oct 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab047
      Issue No: Vol. 89, No. 2 (2021)
       
  • Uncertainty in the Hot Hand Fallacy: Detecting Streaky Alternatives to
           Random Bernoulli Sequences

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      Authors: Ritzwoller D; Romano J.
      Pages: 976 - 1007
      Abstract: AbstractWe study a class of permutation tests of the randomness of a collection of Bernoulli sequences and their application to analyses of the human tendency to perceive streaks of consecutive successes as overly representative of positive dependence—the hot hand fallacy. In particular, we study permutation tests of the null hypothesis of randomness (i.e. that trials are i.i.d.) based on test statistics that compare the proportion of successes that directly follow $k$ consecutive successes with either the overall proportion of successes or the proportion of successes that directly follow $k$ consecutive failures. We characterize the asymptotic distributions of these test statistics and their permutation distributions under randomness, under a set of general stationary processes, and under a class of Markov chain alternatives, which allow us to derive their local asymptotic power. The results are applied to evaluate the empirical support for the hot hand fallacy provided by four controlled basketball shooting experiments. We establish that substantially larger data sets are required to derive an informative measurement of the deviation from randomness in basketball shooting. In one experiment, for which we were able to obtain data, multiple testing procedures reveal that one shooter exhibits a shooting pattern significantly inconsistent with randomness—supplying strong evidence that basketball shooting is not random for all shooters all of the time. However, we find that the evidence against randomness in this experiment is limited to this shooter. Our results provide a mathematical and statistical foundation for the design and validation of experiments that directly compare deviations from randomness with human beliefs about deviations from randomness and thereby constitute a direct test of the hot hand fallacy.
      PubDate: Thu, 22 Jul 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab020
      Issue No: Vol. 89, No. 2 (2021)
       
  • Welfare Effects of Dynamic Matching: An Empirical Analysis

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      Authors: Verdier V; Reeling C.
      Pages: 1008 - 1037
      Abstract: AbstractAllocating resources without monetary payments is expected to yield inefficient allocations. Theory suggests that introducing rationing when resources are allocated repeatedly over time can mitigate this issue, while the magnitude of the resulting efficiency gains is an empirical question in most settings. We study a dynamic assignment mechanism used by the Michigan Department of Natural Resources to allocate bear hunting licenses and find that it yields a more efficient allocation than static mechanisms, allocating participants to types of resources for which they have a higher value without crowding out participants with a high overall value for hunting. Our empirical analysis also highlights the importance of heterogeneity across participants and across allocated resources for determining the efficiency of a dynamic allocation mechanism.
      PubDate: Thu, 30 Sep 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab048
      Issue No: Vol. 89, No. 2 (2021)
       
  • Corrigendum to: A Theory of Foreign Exchange Interventions

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      Pages: 1038 - 1038
      Abstract: S. FANELLI AND LUDWIG STRAUB. (2021), “A Theory of Foreign Exchange Interventions”, The Review of Economic Studies, https://doi.org/10.1093/restud/rdab013.
      PubDate: Mon, 27 Dec 2021 00:00:00 GMT
      DOI: 10.1093/restud/rdab076
      Issue No: Vol. 89, No. 2 (2021)
       
 
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