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A meta-analysis of the multiplier effects of the money supply on prices 货币供给对价格的乘数效应的元分析
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-07-31 DOI: 10.1007/s10663-023-09580-1
B. Nguyên
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引用次数: 0
Government debt: the impact of fiscal rules at the European and national level 政府债务:欧洲和国家层面财政规则的影响
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-07-05 DOI: 10.1007/s10663-023-09582-z
R. Kraemer, Jonne Lehtimäki
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引用次数: 1
Sovereign risk connectedness: the impact of ECB’s policy announcements in Central and Eastern Europe 主权风险连通性:欧洲央行在中欧和东欧政策公告的影响
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-06-28 DOI: 10.1007/s10663-023-09583-y
C. Ciocîrlan, M. Niţoi
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引用次数: 0
Productive capacity and international competitiveness: evidence from Latin America and Caribbean countries 生产能力和国际竞争力:来自拉丁美洲和加勒比国家的证据
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-06-26 DOI: 10.1007/s10663-023-09581-0
Néstor Le Clech
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引用次数: 1
Wage inequality dynamics in Turkey 土耳其的工资不平等动态
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-06-18 DOI: 10.1007/s10663-023-09579-8
Ozan Bakış, Sezgin Polat
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引用次数: 1
Deficit sustainability and fiscal theory of price level: the case of Italy, 1861-2020. 赤字可持续性与物价水平的财政理论:以意大利为例,1861-2020年。
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-05-17 DOI: 10.1007/s10663-023-09577-w
Emilio Congregado, Carmen Díaz-Roldán, Vicente Esteve

We test sustainability of the Italian government deficit over the period 1861-2020 using the fiscal theory of the price level (FTPL). This approach takes into account monetary and fiscal policy interactions and assumes that fiscal policy may determine the price level even if monetary authorities pursue an inflation-targeting strategy. We consider a cointegrated model with multiple structural changes to characterize the sustainability of public finances and the prevalence of monetary or fiscal dominance during subperiods. We also use recursive unit root tests for explosiveness to test fiscal sustainability and to detect episodes of potential explosive behaviour in Italian public debt. We find two structural changes for the public debt and one change in the primary budget surplus, the alternation of monetary and fiscal dominant regimes, as well as evidence of bubbles related to three episodes of the Italian fiscal performance. Our results reveal the sensitiveness of the primary balance and the debt paths to shocks hitting fiscal, macroeconomic, and financial variables.

我们使用价格水平财政理论(FTPL)测试了1861-2020年期间意大利政府赤字的可持续性。这种方法考虑了货币和财政政策的相互作用,并假设即使货币当局采取通胀目标策略,财政政策也可能决定价格水平。我们考虑了一个具有多重结构变化的协整模型,以表征公共财政的可持续性以及货币或财政主导地位在子时期的普遍性。我们还使用递归单位根爆炸性测试来测试财政可持续性,并检测意大利公共债务中潜在的爆炸行为。我们发现了公共债务的两个结构性变化和一个主要预算盈余的变化,货币和财政主导体制的交替,以及与意大利财政表现的三个阶段相关的泡沫证据。我们的结果揭示了初级余额和债务路径对冲击财政、宏观经济和金融变量的敏感性。
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引用次数: 0
Monetary policy responses to COVID-19 in emerging European economies: measuring the QE announcement effects on foreign exchange markets. 欧洲新兴经济体应对新冠肺炎的货币政策:衡量量化宽松政策对外汇市场的影响。
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-05-14 DOI: 10.1007/s10663-023-09578-9
Idil Uz Akdogan

This paper examines the effects of quantitative easing (QE) announcements by emerging market central banks in Europe during the COVID-19 pandemic, particularly on exchange rates with a higher frequency setting. Two different methodologies are used for analysing the policy announcement effects. The first methodology is the event study method that measures the sample exchange rates' mean and cumulative mean abnormal return around the time of event. The second one is the time series approach that measures asymmetric behaviour of the exchange rate volatility to monetary policy shocks by employing exponential GARCH model. The results show that the foreign exchange markets respond to QE announcements in all selected countries. The response of exchange rates varies across countries and event windows. QE announcements cause appreciation of domestic currency in Hungary and Poland, and depreciation in Turkey. Additionally, the QE announcements increase exchange rate volatility in Hungary and Poland while they reduce volatility in Turkey. The asymmetric behaviour of domestic currencies prevails in all selected countries, but this asymmetry is sensitive to the exchange rate and the length of the window.

本文研究了新冠肺炎大流行期间欧洲新兴市场央行宣布量化宽松(QE)的影响,特别是对更高频率设定的汇率的影响。使用两种不同的方法来分析政策公告的影响。第一种方法是事件研究方法,该方法测量事件发生时样本汇率的平均值和累积平均异常回报率。第二种是时间序列方法,通过指数GARCH模型来衡量汇率波动对货币政策冲击的不对称行为。结果显示,所有选定国家的外汇市场都对量化宽松政策做出了反应。汇率的反应因国家和活动窗口而异。量化宽松政策导致匈牙利和波兰本币升值,土耳其贬值。此外,量化宽松政策的宣布增加了匈牙利和波兰的汇率波动,同时降低了土耳其的波动。本国货币的不对称行为在所有选定的国家都普遍存在,但这种不对称对汇率和窗口长度很敏感。
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引用次数: 0
Economic complexity and environmental pollution: evidence from the former socialist transition countries 经济复杂性与环境污染:来自前社会主义转型国家的证据
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-04-28 DOI: 10.1007/s10663-023-09575-y
F. Bucher, Lucas Scheu, Benedikt Schröpf
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引用次数: 1
The impact of COVID-19 on the European short-term rental market. 新冠肺炎对欧洲短期租赁市场的影响。
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-04-27 DOI: 10.1007/s10663-023-09576-x
E Guglielminetti, M Loberto, A Mistretta

The diffusion of COVID-19 and related containment measures practically halted tourism flows, which in many countries generate a significant share of GDP. By leveraging Airbnb data covering the main touristic destinations in Europe, we investigate the impact of the pandemic on the market for short-term rentals up to early 2021. We find that the epidemic reduced dramatically both the supply of apartments available for rents and customers' demand, with travellers cancelling many reservations and reducing new bookings even many months in advance. Accommodations relying relatively more on foreign tourism were the hardest hit and reacted by cutting prices. By exploiting the different timing of the epidemic spread across Europe and the timelines and intensity of the measures adopted to contain it, we show that government mandated restrictions had a stronger impact than the spread of the infection itself. All in all, our results point to a persistent and heterogeneous impact of COVID-19 on the accommodation industry.

新冠肺炎的扩散和相关遏制措施实际上阻止了旅游业的流动,而旅游业在许多国家占国内生产总值的很大一部分。通过利用Airbnb覆盖欧洲主要旅游目的地的数据,我们调查了疫情对截至2021年初的短期租赁市场的影响。我们发现,疫情大大减少了可供出租的公寓供应和客户需求,旅行者甚至提前几个月取消了许多预订,减少了新预订。相对更依赖外国旅游业的住宿受到的打击最为严重,其反应是降价。通过利用疫情在欧洲传播的不同时间以及为遏制疫情而采取的措施的时间表和强度,我们表明,政府强制实施的限制措施比感染本身的传播产生了更大的影响。总而言之,我们的研究结果表明,新冠肺炎对住宿业的持续和异质影响。
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引用次数: 5
The trade effects of product market regulation in global value chains: evidence from OECD and BRICS countries between 2000 and 2015 全球价值链中产品市场监管的贸易效应:2000年至2015年间经合组织和金砖国家的证据
IF 1.3 4区 经济学 Q2 ECONOMICS Pub Date : 2023-03-28 DOI: 10.1007/s10663-023-09574-z
Moritz Böhmecke-Schwafert, K. Blind
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引用次数: 0
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