Pub Date : 2025-09-01Epub Date: 2025-07-24DOI: 10.1016/j.jedc.2025.105146
Lilia Maliar , Christopher Naubert
We study how the transmission of monetary policy innovations is affected by the endogenous response of the central bank to macroeconomic aggregates in a two-agent New Keynesian model. We focus on how the stance of monetary policy and the fraction of savers in the economy affect transmission. We show that the indirect effect of an innovation is negative when the indirect real rate effect exceeds the indirect income effect. The relative magnitude of the indirect real rate effect increases with the share of savers and the strength of the central bank's response and decreases with the horizon of the innovation.
{"title":"Monetary policy transmission with endogenous central bank responses in TANK","authors":"Lilia Maliar , Christopher Naubert","doi":"10.1016/j.jedc.2025.105146","DOIUrl":"10.1016/j.jedc.2025.105146","url":null,"abstract":"<div><div>We study how the transmission of monetary policy innovations is affected by the endogenous response of the central bank to macroeconomic aggregates in a two-agent New Keynesian model. We focus on how the stance of monetary policy and the fraction of savers in the economy affect transmission. We show that the indirect effect of an innovation is negative when the indirect real rate effect exceeds the indirect income effect. The relative magnitude of the indirect real rate effect increases with the share of savers and the strength of the central bank's response and decreases with the horizon of the innovation.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105146"},"PeriodicalIF":2.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144721893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-07-11DOI: 10.1016/j.jedc.2025.105142
Serdar Birinci , Yusuf Mercan , Kurt See
We examine the extent to which mismatch unemployment—employment losses relative to an efficient allocation where the planner can costlessly reallocate unemployed workers across sectors to maximize output—shaped labor market dynamics during the COVID-19 pandemic and the subsequent recovery episode characterized by labor shortages. We find that, for the first time in our sample, mismatch unemployment turned negative at the onset of the pandemic. This result suggests that the efficient allocation of job seekers would involve reallocating workers toward longer-tenure and more-productive jobs, even at the expense of fewer hires. We show that sectoral differences in job separations were the main driver behind this result, while differences in vacancies caused positive mismatch unemployment during the recovery episode. We also establish an empirical link between mismatch unemployment and the surge in the labor cost during the recovery, documenting that sectors with larger mismatch unemployment experienced higher employment cost growth.
{"title":"Mismatch unemployment during COVID-19 and the post-pandemic labor shortages","authors":"Serdar Birinci , Yusuf Mercan , Kurt See","doi":"10.1016/j.jedc.2025.105142","DOIUrl":"10.1016/j.jedc.2025.105142","url":null,"abstract":"<div><div>We examine the extent to which mismatch unemployment—employment losses relative to an efficient allocation where the planner can costlessly reallocate unemployed workers across sectors to maximize output—shaped labor market dynamics during the COVID-19 pandemic and the subsequent recovery episode characterized by labor shortages. We find that, for the first time in our sample, mismatch unemployment turned negative at the onset of the pandemic. This result suggests that the efficient allocation of job seekers would involve reallocating workers toward longer-tenure and more-productive jobs, even at the expense of fewer hires. We show that sectoral differences in job separations were the main driver behind this result, while differences in vacancies caused positive mismatch unemployment during the recovery episode. We also establish an empirical link between mismatch unemployment and the surge in the labor cost during the recovery, documenting that sectors with larger mismatch unemployment experienced higher employment cost growth.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105142"},"PeriodicalIF":1.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144632802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-08-06DOI: 10.1016/j.jedc.2025.105162
Markku Lanne, Savi Virolainen
We introduce a new smooth transition vector autoregressive model with a Gaussian conditional distribution and transition weights that, for a pth order model, depend on the full distribution of the preceding p observations. Specifically, the transition weight of each regime increases in its relative weighted likelihood. This data-driven approach facilitates capturing complex switching dynamics, enhancing the identification of gradual regime shifts. In an empirical application to the macroeconomic effects of a severe weather shock, we find that in monthly U.S. data from 1961:1 to 2022:3, the shock has stronger impact in the regime prevailing in the early part of the sample and in certain crisis periods than in the regime dominating the latter part of the sample. While the overall evidence is somewhat mixed, this may lend some support to overall adaptation of the U.S. economy to severe weather over time.
{"title":"A Gaussian smooth transition vector autoregressive model: An application to the macroeconomic effects of severe weather shocks","authors":"Markku Lanne, Savi Virolainen","doi":"10.1016/j.jedc.2025.105162","DOIUrl":"10.1016/j.jedc.2025.105162","url":null,"abstract":"<div><div>We introduce a new smooth transition vector autoregressive model with a Gaussian conditional distribution and transition weights that, for a <em>p</em>th order model, depend on the full distribution of the preceding <em>p</em> observations. Specifically, the transition weight of each regime increases in its relative weighted likelihood. This data-driven approach facilitates capturing complex switching dynamics, enhancing the identification of gradual regime shifts. In an empirical application to the macroeconomic effects of a severe weather shock, we find that in monthly U.S. data from 1961:1 to 2022:3, the shock has stronger impact in the regime prevailing in the early part of the sample and in certain crisis periods than in the regime dominating the latter part of the sample. While the overall evidence is somewhat mixed, this may lend some support to overall adaptation of the U.S. economy to severe weather over time.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105162"},"PeriodicalIF":2.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144810461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-09-01Epub Date: 2025-07-31DOI: 10.1016/j.jedc.2025.105160
Yuqian Zhang , Zhaojun Yang
We address a dynamic contracting model in which a principal hires an agent to manage a project. The key new ingredient is that either the principal or the agent can dynamically control the project risk. Increasing the risk has three effects: (i) a positive drift effect due to the risk premium, (ii) a negative drift effect that captures inefficiencies arising from risk-shifting, and (iii) a mechanical mean-preserving spread effect. We show that if the principal instead of agent controls the risk, we get a higher contract efficiency. The higher the agent's promised value, the more pronounced the advantage. The non-contractibility of risk induces the agent's risk-taking behavior. The contract efficiency in the exogenous no-savings environment is higher than that in the endogenous one due to additional costs of no-savings incentives. These findings contribute to the allocation of control rights, bringing forth a corporate governance perspective.
{"title":"Dynamic incentive contracts with controllable risk","authors":"Yuqian Zhang , Zhaojun Yang","doi":"10.1016/j.jedc.2025.105160","DOIUrl":"10.1016/j.jedc.2025.105160","url":null,"abstract":"<div><div>We address a dynamic contracting model in which a principal hires an agent to manage a project. The key new ingredient is that either the principal or the agent can dynamically control the project risk. Increasing the risk has three effects: (i) a positive drift effect due to the risk premium, (ii) a negative drift effect that captures inefficiencies arising from risk-shifting, and (iii) a mechanical mean-preserving spread effect. We show that if the principal instead of agent controls the risk, we get a higher contract efficiency. The higher the agent's promised value, the more pronounced the advantage. The non-contractibility of risk induces the agent's risk-taking behavior. The contract efficiency in the exogenous no-savings environment is higher than that in the endogenous one due to additional costs of no-savings incentives. These findings contribute to the allocation of control rights, bringing forth a corporate governance perspective.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"178 ","pages":"Article 105160"},"PeriodicalIF":2.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144767175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-01Epub Date: 2025-06-23DOI: 10.1016/j.jedc.2025.105134
Álvaro Cartea , Fayçal Drissi , Marcello Monga
Automated market makers (AMMs) are a new prototype of decentralised exchanges which are revolutionising market interactions. The majority of AMMs are constant product markets (CPMs) where exchange rates are set by a trading function. This work studies optimal trading and statistical arbitrage in CPMs where balancing exchange rate risk and execution costs is key. Empirical evidence shows that execution costs are accurately estimated by the convexity of the trading function. These convexity costs are linear in the trade size and are nonlinear in the depth of liquidity and in the exchange rate. We develop models for when exchange rates form in a competing centralised exchange, in a CPM, or in both venues. Finally, we derive computationally efficient strategies that account for stochastic convexity costs and we showcase their out-of-sample performance.
{"title":"Decentralised finance and automated market making: Execution and speculation","authors":"Álvaro Cartea , Fayçal Drissi , Marcello Monga","doi":"10.1016/j.jedc.2025.105134","DOIUrl":"10.1016/j.jedc.2025.105134","url":null,"abstract":"<div><div>Automated market makers (AMMs) are a new prototype of decentralised exchanges which are revolutionising market interactions. The majority of AMMs are constant product markets (CPMs) where exchange rates are set by a trading function. This work studies optimal trading and statistical arbitrage in CPMs where balancing exchange rate risk and execution costs is key. Empirical evidence shows that execution costs are accurately estimated by the convexity of the trading function. These convexity costs are linear in the trade size and are nonlinear in the depth of liquidity and in the exchange rate. We develop models for when exchange rates form in a competing centralised exchange, in a CPM, or in both venues. Finally, we derive computationally efficient strategies that account for stochastic convexity costs and we showcase their out-of-sample performance.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"177 ","pages":"Article 105134"},"PeriodicalIF":1.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144491428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-01Epub Date: 2025-05-19DOI: 10.1016/j.jedc.2025.105122
Rabah Amir , Dominika Machowska , Andrzej Nowakowski
This research deals with comparative advertising strategies of firms in an oligopolistic market in the presence of the sleeper effect, through the lens of a differential game with time delay. We examine the open-loop Nash equilibrium and, for its validation, propose a new verification theorem that determines if a given strategy profile constitutes a Nash equilibrium. Our results reveal how the sleeper effect influences the equilibrium of comparative advertising strategies across two decision-making periods. Moreover, we highlight how market factors and firm attributes can significantly affect these strategies and derive conditions under which a firm will abstain from such strategies. Overall, our study provides novel insights into how market dynamics, firm attributes, and the sleeper effect interact in shaping comparative advertising strategies.
{"title":"The sleeper effect of comparative advertising in oligopolistic markets","authors":"Rabah Amir , Dominika Machowska , Andrzej Nowakowski","doi":"10.1016/j.jedc.2025.105122","DOIUrl":"10.1016/j.jedc.2025.105122","url":null,"abstract":"<div><div>This research deals with comparative advertising strategies of firms in an oligopolistic market in the presence of the sleeper effect, through the lens of a differential game with time delay. We examine the open-loop Nash equilibrium and, for its validation, propose a new verification theorem that determines if a given strategy profile constitutes a Nash equilibrium. Our results reveal how the sleeper effect influences the equilibrium of comparative advertising strategies across two decision-making periods. Moreover, we highlight how market factors and firm attributes can significantly affect these strategies and derive conditions under which a firm will abstain from such strategies. Overall, our study provides novel insights into how market dynamics, firm attributes, and the sleeper effect interact in shaping comparative advertising strategies.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"177 ","pages":"Article 105122"},"PeriodicalIF":1.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144106676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-01Epub Date: 2025-06-23DOI: 10.1016/j.jedc.2025.105133
Bart Frijns , Thanh Huynh , Remco C.J. Zwinkels
We set up an endowment based asset pricing model in which agents have heterogeneous expectations about future price levels. Expectations are a function of fundamentals or trends, both interacted with sentiment. Agents are able to switch between expectation formation functions based on past performance combined with sentiment. Estimation results on the S&P500 index as well as its constituents reveal that there is heterogeneity between agents, with substantial switching between groups. We find that sentiment has both a direct and an indirect effect on expectations. Specifically, heterogeneity between groups is increasing in sentiment, and higher sentiment reduces the frequency of switching between functions. Our results imply that the true expectation formation process is a dynamic process based on multiple information sources.
{"title":"Expectation formation in financial markets: Heterogeneity and sentiment","authors":"Bart Frijns , Thanh Huynh , Remco C.J. Zwinkels","doi":"10.1016/j.jedc.2025.105133","DOIUrl":"10.1016/j.jedc.2025.105133","url":null,"abstract":"<div><div>We set up an endowment based asset pricing model in which agents have heterogeneous expectations about future price levels. Expectations are a function of fundamentals or trends, both interacted with sentiment. Agents are able to switch between expectation formation functions based on past performance combined with sentiment. Estimation results on the S&P500 index as well as its constituents reveal that there is heterogeneity between agents, with substantial switching between groups. We find that sentiment has both a direct and an indirect effect on expectations. Specifically, heterogeneity between groups is increasing in sentiment, and higher sentiment reduces the frequency of switching between functions. Our results imply that the true expectation formation process is a dynamic process based on multiple information sources.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"177 ","pages":"Article 105133"},"PeriodicalIF":1.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144491427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-01Epub Date: 2025-05-14DOI: 10.1016/j.jedc.2025.105114
Frédéric Babonneau , Alain Haurie , Marc Vielle
A three-region optimal economic growth model is proposed to represent the global energy transition to net-zero emissions when carbon dioxide removal (CDR) technologies are available. The main features of the model are (i) the representation of the economy and energy use with nested CES production functions; (ii) the representation of climate policy through the use of a safety cumulative emissions budget concept; and (iii) the introduction of an international emissions trading scheme for the implementation of climate policy. Using an infinite horizon optimal control paradigm, several contrasting scenarios are analyzed both in an asymptotic steady state or “turnpike” point, and in an optimal transition to sustainability. This very compact model produces dynamic path simulations that are consistent with the main recommendations from IPCC for long term climate policies. The potential use of this simple model in future developments in climate and economic modeling is discussed.
{"title":"A robust asymptotic control model to analyze climate policy with CDR options","authors":"Frédéric Babonneau , Alain Haurie , Marc Vielle","doi":"10.1016/j.jedc.2025.105114","DOIUrl":"10.1016/j.jedc.2025.105114","url":null,"abstract":"<div><div>A three-region optimal economic growth model is proposed to represent the global energy transition to net-zero emissions when carbon dioxide removal (CDR) technologies are available. The main features of the model are (i) the representation of the economy and energy use with nested CES production functions; (ii) the representation of climate policy through the use of a safety cumulative emissions budget concept; and (iii) the introduction of an international emissions trading scheme for the implementation of climate policy. Using an infinite horizon optimal control paradigm, several contrasting scenarios are analyzed both in an asymptotic steady state or “turnpike” point, and in an optimal transition to sustainability. This very compact model produces dynamic path simulations that are consistent with the main recommendations from IPCC for long term climate policies. The potential use of this simple model in future developments in climate and economic modeling is discussed.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"177 ","pages":"Article 105114"},"PeriodicalIF":1.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-01Epub Date: 2025-06-06DOI: 10.1016/j.jedc.2025.105130
Xiaoqing Yin , Haijun Wang
This paper explores how payoff volatility (idiosyncratic volatility), time preference and investment-wealth ratio affect an entrepreneur's real investment decision in a constant relative risk aversion (CRRA) framework, when the investment project generates a flow payoff. We find that time preference has an important effect on the optimal investment threshold, which comes from wealth effects on the implied project value and the implied option value. Particularly, we discover that the optimal investment threshold is convex in time discount rate. At most cases, a larger payoff volatility increases the optimal investment threshold and makes the entrepreneur invest later. However, if the entrepreneur has lower risk aversion and more sufficient patience, a larger payoff volatility may decrease the optimal investment threshold and makes the entrepreneur invest earlier. Moreover, a higher investment-wealth ratio makes the entrepreneur invest later.
{"title":"Real investment decision under CRRA utility: The flow payoff case","authors":"Xiaoqing Yin , Haijun Wang","doi":"10.1016/j.jedc.2025.105130","DOIUrl":"10.1016/j.jedc.2025.105130","url":null,"abstract":"<div><div>This paper explores how payoff volatility (idiosyncratic volatility), time preference and investment-wealth ratio affect an entrepreneur's real investment decision in a constant relative risk aversion (CRRA) framework, when the investment project generates a flow payoff. We find that time preference has an important effect on the optimal investment threshold, which comes from wealth effects on the implied project value and the implied option value. Particularly, we discover that the optimal investment threshold is convex in time discount rate. At most cases, a larger payoff volatility increases the optimal investment threshold and makes the entrepreneur invest later. However, if the entrepreneur has lower risk aversion and more sufficient patience, a larger payoff volatility may decrease the optimal investment threshold and makes the entrepreneur invest earlier. Moreover, a higher investment-wealth ratio makes the entrepreneur invest later.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"177 ","pages":"Article 105130"},"PeriodicalIF":1.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144241321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-01Epub Date: 2025-06-13DOI: 10.1016/j.jedc.2025.105129
Stéphane Auray , Aurélien Eyquem
We develop an open-economy model of endogenous automation with heterogeneous firms and labor-market reallocation to quantify the contribution of various trends to the adoption of robots in the U.S. economy. The decline in the relative price of robots is the major trend leading to automation, but interacts with other trends that either hinder (rising entry costs, rising markups) or slightly foster (rising labor productivity, declining trade costs) the adoption of robots. Taken alone, the decline in the relative price of robots produces moderate welfare gains in the long run, but less than labor productivity growth. We then exploit our model to show that a decline in the relative price of robots (i) generates small positive cross-country automation spillovers and (ii) produces inefficient labor-market reallocation since a small subsidy on robots combined with a training subsidy can generate small welfare gains. Our main conclusion is that automation can not be simply modeled as an exogenous decline in the price of robots, and must be analyzed in a broader framework taking into account trends affecting firms, such as the decline in business dynamism and the rise in markups.
{"title":"On automation, labor reallocation and welfare","authors":"Stéphane Auray , Aurélien Eyquem","doi":"10.1016/j.jedc.2025.105129","DOIUrl":"10.1016/j.jedc.2025.105129","url":null,"abstract":"<div><div>We develop an open-economy model of endogenous automation with heterogeneous firms and labor-market reallocation to quantify the contribution of various trends to the adoption of robots in the U.S. economy. The decline in the relative price of robots is the major trend leading to automation, but interacts with other trends that either hinder (rising entry costs, rising markups) or slightly foster (rising labor productivity, declining trade costs) the adoption of robots. Taken alone, the decline in the relative price of robots produces moderate welfare gains in the long run, but less than labor productivity growth. We then exploit our model to show that a decline in the relative price of robots (<em>i</em>) generates small positive cross-country automation spillovers and (<em>ii</em>) produces inefficient labor-market reallocation since a small subsidy on robots combined with a training subsidy can generate small welfare gains. Our main conclusion is that automation can not be simply modeled as an exogenous decline in the price of robots, and must be analyzed in a broader framework taking into account trends affecting firms, such as the decline in business dynamism and the rise in markups.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"177 ","pages":"Article 105129"},"PeriodicalIF":1.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144312720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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