Pub Date : 2024-12-13DOI: 10.1016/j.frl.2024.106657
László Kamocsai, Mihály Ormos
We investigate the asymmetry in gasoline price volatility using a new pseudo leverage heterogeneous autoregressive (P-LHAR) model. The model introduces a common leverage factor derived through principal component regression, replacing the traditional individual leverage factor. We apply this model to forecast the volatility of RBOB gasoline prices. Our results show that the P-LHAR model outperforms the traditional HAR, LHAR and combination models, especially in turbulent periods, on weekly and monthly horizons. In-sample estimates indicate the relevance of the common leverage factor, which further strengthened by the superior out-of-sample predictive performance across various horizons. Robustness checks confirm the model's reliability.
{"title":"Modeling gasoline price volatility","authors":"László Kamocsai, Mihály Ormos","doi":"10.1016/j.frl.2024.106657","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106657","url":null,"abstract":"We investigate the asymmetry in gasoline price volatility using a new pseudo leverage heterogeneous autoregressive (P-LHAR) model. The model introduces a common leverage factor derived through principal component regression, replacing the traditional individual leverage factor. We apply this model to forecast the volatility of RBOB gasoline prices. Our results show that the P-LHAR model outperforms the traditional HAR, LHAR and combination models, especially in turbulent periods, on weekly and monthly horizons. In-sample estimates indicate the relevance of the common leverage factor, which further strengthened by the superior out-of-sample predictive performance across various horizons. Robustness checks confirm the model's reliability.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"25 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884060","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}
Building on the differentiated analysis of India’s agrarian crisis, this article argues for centring ecology in understanding the crisis faced by agricultural labour. The empirical case is of landless Dalit women in Punjab, India, experiencing the shift from a cotton-dominated labour regime to a paddy-dominated one. It delineates the materiality(s) of commodity, workplace, and body associated with the two regimes and explores its contingent intersections with social reproduction, caste oppression, capital’s strategies, and the state. Overall, the article argues that labour’s agrarian crisis is both produced through ecology and manifests in/as ecology across different moments and levels of analysis.
{"title":"Shifting agrarian labour regimes, ecology, and the crisis for Dalit women’s work in India","authors":"Shreya Sinha","doi":"10.1093/jeg/lbae047","DOIUrl":"https://doi.org/10.1093/jeg/lbae047","url":null,"abstract":"Building on the differentiated analysis of India’s agrarian crisis, this article argues for centring ecology in understanding the crisis faced by agricultural labour. The empirical case is of landless Dalit women in Punjab, India, experiencing the shift from a cotton-dominated labour regime to a paddy-dominated one. It delineates the materiality(s) of commodity, workplace, and body associated with the two regimes and explores its contingent intersections with social reproduction, caste oppression, capital’s strategies, and the state. Overall, the article argues that labour’s agrarian crisis is both produced through ecology and manifests in/as ecology across different moments and levels of analysis.","PeriodicalId":48251,"journal":{"name":"Journal of Economic Geography","volume":"15 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142815785","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}
Pub Date : 2024-12-13DOI: 10.1177/00420980241298607
Desirée Enlund, Katherine Harrison
Smart cities build on visions for using technology to optimise various infrastructural functions andãmake city management more efficient, sustainable, and reliable. However, scholarship on smart cities has drawn attention to how data-centric planning simplifies the complexity of the urban environment and how a dichotomous approach to smart cities as either top-down or bottom-up may be overly reductive. This paper attempts to remedy this divide by highlighting the horizontal tensions in smart city planning, where tensions around implementing smart technologies appear as multiple actors and discourses converge in creating complex governance structures. We offer a case study of how scalar, temporal and social tensions around implementing smart city technologies are negotiated, based on interviews with employees in a Swedish municipality and several municipal corporations. We elaborate on three themes around time, the role of the municipality and infrastructure to gain a deeper understanding of the governance of and attitudes towards smartification. The interviewees described the complexities of implementing smart technology in reality, spanning various scales and intermingling public and private interests. These issues matter for how the municipality and the municipal corporations work with implementing smart technologies, making it anything but a straightforward process.
{"title":"The complexities of smartification: Exploring horizontal tensions in smart city governance","authors":"Desirée Enlund, Katherine Harrison","doi":"10.1177/00420980241298607","DOIUrl":"https://doi.org/10.1177/00420980241298607","url":null,"abstract":"Smart cities build on visions for using technology to optimise various infrastructural functions andãmake city management more efficient, sustainable, and reliable. However, scholarship on smart cities has drawn attention to how data-centric planning simplifies the complexity of the urban environment and how a dichotomous approach to smart cities as either top-down or bottom-up may be overly reductive. This paper attempts to remedy this divide by highlighting the horizontal tensions in smart city planning, where tensions around implementing smart technologies appear as multiple actors and discourses converge in creating complex governance structures. We offer a case study of how scalar, temporal and social tensions around implementing smart city technologies are negotiated, based on interviews with employees in a Swedish municipality and several municipal corporations. We elaborate on three themes around time, the role of the municipality and infrastructure to gain a deeper understanding of the governance of and attitudes towards smartification. The interviewees described the complexities of implementing smart technology in reality, spanning various scales and intermingling public and private interests. These issues matter for how the municipality and the municipal corporations work with implementing smart technologies, making it anything but a straightforward process.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"20 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142820626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using contract-level data for the Canadian mortgage market, this paper provides evidence of an “invest-and-harvest” pricing pattern. We build a dynamic model of price negotiation with search and switching frictions to capture key market features. We estimate the model and use it to investigate the effects of market frictions and the resulting dynamic competition on borrowers' and banks' payoffs. We show that dynamic pricing and the presence of search and switching costs have important implications for public policies.
{"title":"Dynamic Competition in Negotiated Price Markets","authors":"JASON ALLEN, SHAOTENG LI","doi":"10.1111/jofi.13408","DOIUrl":"https://doi.org/10.1111/jofi.13408","url":null,"abstract":"Using contract-level data for the Canadian mortgage market, this paper provides evidence of an “invest-and-harvest” pricing pattern. We build a dynamic model of price negotiation with search and switching frictions to capture key market features. We estimate the model and use it to investigate the effects of market frictions and the resulting dynamic competition on borrowers' and banks' payoffs. We show that dynamic pricing and the presence of search and switching costs have important implications for public policies.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"41 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142820660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-12-13DOI: 10.1016/j.eneco.2024.108118
Laura Wallenko, Gabriel Bachner
In 2022 Austria has introduced a CO2 pricing scheme that aims at emissions from activities not covered by the EU Emissions Trading System. To increase social acceptability, the policy includes a region-specific compensation scheme, with higher transfers for households living in less densely populated areas. This is motivated by the hypothesis that rural households are hit harder by a CO2 price due to their relatively higher emission intensity of consumption. We test this hypothesis by using a recursive-dynamic computable general equilibrium model. Specifically, we compare the macroeconomic and distributional effects of three recycling schemes: i) region-specific transfers (the system in place), ii) no compensation but increased public consumption and iii) region- and income-specific transfers. At the macroeconomic level we find negative effects on GDP and welfare, compared to a baseline scenario without unilateral CO2 pricing under all three schemes. Interestingly, welfare effects are progressive irrespective of the recycling measure. Furthermore, we find that the scheme without compensation does not burden households in rural areas substantially more than those in urban areas. This results from an income side effect that works against the relatively stronger rise of consumer prices for rural households. However, the latter finding is sensitive to the labour market model closure, with a slightly higher burden for rural households under the assumption of full employment (as compared to our default closure with endogenous labour supply). Overall, we conclude that carbon pricing policies do not necessarily need to contain region- or income-based compensation schemes to enhance distributional equity.
{"title":"Are rural households hit hardest? Exploring the distributional effects of region-specific compensation payments in the Austrian CO2 pricing scheme","authors":"Laura Wallenko, Gabriel Bachner","doi":"10.1016/j.eneco.2024.108118","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108118","url":null,"abstract":"In 2022 Austria has introduced a CO<ce:inf loc=\"post\">2</ce:inf> pricing scheme that aims at emissions from activities not covered by the EU Emissions Trading System. To increase social acceptability, the policy includes a region-specific compensation scheme, with higher transfers for households living in less densely populated areas. This is motivated by the hypothesis that rural households are hit harder by a CO<ce:inf loc=\"post\">2</ce:inf> price due to their relatively higher emission intensity of consumption. We test this hypothesis by using a recursive-dynamic computable general equilibrium model. Specifically, we compare the macroeconomic and distributional effects of three recycling schemes: i) region-specific transfers (the system in place), ii) no compensation but increased public consumption and iii) region- and income-specific transfers. At the macroeconomic level we find negative effects on GDP and welfare, compared to a baseline scenario without unilateral CO<ce:inf loc=\"post\">2</ce:inf> pricing under all three schemes. Interestingly, welfare effects are progressive irrespective of the recycling measure. Furthermore, we find that the scheme without compensation does not burden households in rural areas substantially more than those in urban areas. This results from an income side effect that works against the relatively stronger rise of consumer prices for rural households. However, the latter finding is sensitive to the labour market model closure, with a slightly higher burden for rural households under the assumption of full employment (as compared to our default closure with endogenous labour supply). Overall, we conclude that carbon pricing policies do not necessarily need to contain region- or income-based compensation schemes to enhance distributional equity.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"14 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142873877","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}
Eva M. Berger, Ernst Fehr, Henning Hermes, Daniel Schunk, Kirsten Winkel
Journal of Political Economy, Ahead of Print.
{"title":"The Impact of Working-Memory Training on Children’s Cognitive and Noncognitive Skills","authors":"Eva M. Berger, Ernst Fehr, Henning Hermes, Daniel Schunk, Kirsten Winkel","doi":"10.1086/732884","DOIUrl":"https://doi.org/10.1086/732884","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"22 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142820658","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-12-12DOI: 10.1016/j.frl.2024.106592
Xiao Chen, Rui Wu
This study uses provincial data from 2011 to 2022 to explore the impact of rural industrial revitalization and education level on the urban–rural income gap. The findings reveal that rural industrial revitalization can reduce the urban–rural income gap. Improving the rural education level is conducive to narrowing this income gap. Furthermore, the registered unemployment rate in urban areas moderates the relationship between rural education level and the urban–rural income gap. Notably, differences exist in the impact of rural industrial revitalization on the urban–rural income gap in different regions, with the most pronounced effect being observed in the western region.
{"title":"How can rural industrial revitalization and rural education level reduce the urban–rural income gap?","authors":"Xiao Chen, Rui Wu","doi":"10.1016/j.frl.2024.106592","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106592","url":null,"abstract":"This study uses provincial data from 2011 to 2022 to explore the impact of rural industrial revitalization and education level on the urban–rural income gap. The findings reveal that rural industrial revitalization can reduce the urban–rural income gap. Improving the rural education level is conducive to narrowing this income gap. Furthermore, the registered unemployment rate in urban areas moderates the relationship between rural education level and the urban–rural income gap. Notably, differences exist in the impact of rural industrial revitalization on the urban–rural income gap in different regions, with the most pronounced effect being observed in the western region.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884063","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}
Pub Date : 2024-12-12DOI: 10.1016/j.frl.2024.106604
Mengya Shang, Lin Zhang, Hongcheng Duan, Lizhi Wang, Nanyun Xiao
This study examines the impact of trade policy uncertainty (TPU) on commodity market volatility through shipping risk. We decompose realized volatility into common and idiosyncratic components. Using the time-varying parameter vector autoregression Diebold–Yilmaz model, we explore the spillover effects of TPU and shipping risk and the connectedness of commodity market returns. Findings reveal that the connectedness is highest for common volatility, followed by realized volatility, and lowest for idiosyncratic volatility. TPU has notable net spillover effects on all types of volatility. However, shipping risk has notable net spillover effects only on idiosyncratic volatility. We also demonstrate that TPU directly impacts realized volatility and common volatility in the commodity market. By contrast, for idiosyncratic volatility, TPU indirectly affects the commodity market through shipping risk.
{"title":"Trade policy uncertainty, shipping risk, and commodity markets","authors":"Mengya Shang, Lin Zhang, Hongcheng Duan, Lizhi Wang, Nanyun Xiao","doi":"10.1016/j.frl.2024.106604","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106604","url":null,"abstract":"This study examines the impact of trade policy uncertainty (TPU) on commodity market volatility through shipping risk. We decompose realized volatility into common and idiosyncratic components. Using the time-varying parameter vector autoregression Diebold–Yilmaz model, we explore the spillover effects of TPU and shipping risk and the connectedness of commodity market returns. Findings reveal that the connectedness is highest for common volatility, followed by realized volatility, and lowest for idiosyncratic volatility. TPU has notable net spillover effects on all types of volatility. However, shipping risk has notable net spillover effects only on idiosyncratic volatility. We also demonstrate that TPU directly impacts realized volatility and common volatility in the commodity market. By contrast, for idiosyncratic volatility, TPU indirectly affects the commodity market through shipping risk.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"130 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142884062","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}
{"title":"Insider Imitation","authors":"Erik Madsen, Nikhil Vellodi","doi":"10.1086/732888","DOIUrl":"https://doi.org/10.1086/732888","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"30 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142816142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：