European Economic Review最新文献

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It hurts to ask 问是伤人的

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-26 DOI: 10.1016/j.euroecorev.2024.104911

Roland Bénabou , Ania Jaroszewicz , George Loewenstein

We analyze the offering, asking, and granting of help or other benefits as a three-stage game with bilateral private information between a person in need of help and a potential helper. Asking entails the risk of rejection, which can be painful: since unawareness of the need can no longer be an excuse, a refusal reveals that the person in need, or the relationship, is not valued very much. We show that people may fail to ask even when most helpers would help if told about the need, and that even though a greater need makes help both more valuable and more likely to be granted, it can reduce the propensity to ask. When potential helpers concerned about the recipient’s ask-shyness can make spontaneous offers, this can be a double-edged sword: offering reveals a more caring type and helps solve the failure-to-ask problem, but not offering reveals a not-so-caring one, and this itself deters asking. This discouragement effect can also generate a trap where those in need hope for an offer while willing helpers hope for an ask, resulting in significant inefficiencies.

我们将提供、请求和给予帮助或其他利益作为需要帮助的人与潜在帮助者之间的双边私人信息的三阶段博弈来分析。请求需要冒着被拒绝的风险，这可能是痛苦的：因为意识不到需要不再是借口，拒绝表明有需要的人或关系不是很受重视。我们的研究表明，即使大多数帮助者在被告知需要帮助时都会提供帮助，人们也可能不会提出请求。而且，尽管更大的需求使帮助更有价值，更有可能被给予，但它可以减少人们提出请求的倾向。当潜在的帮助者担心受助者会害羞而自发地提出帮助时，这可能是一把双刃剑：提供帮助表明你是一个更关心别人的人，有助于解决不主动提出问题，但不提供帮助则表明你不关心别人，这本身就会阻碍你提出问题。这种令人沮丧的效果也会产生一个陷阱，那些需要帮助的人希望得到一个提议，而愿意帮助的人则希望得到一个要求，从而导致效率低下。

引用次数: 0

Economic expectations under the shadow of party polarization: Evidence from 135 government changes 政党两极化阴影下的经济预期：来自135届政府更迭的证据

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-26 DOI: 10.1016/j.euroecorev.2024.104910

Luis Guirola

I study the behavior of economic expectations under political polarization. Using microdata spanning 27 countries over three decades, I follow a difference-in-differences design exploiting 135 government changes to identify the differential update of expectations along partisan lines. I then show that this difference is stronger in more polarized settings; in fact, 57% of its variation can be accounted for by the polarization of political parties. The resulting gap in supporters’ expectations cannot be rationalized as reflecting expectations about the government’s economic policy, suggesting instead that political (non-economic) conflicts contaminate economic expectations.

我研究政治两极分化下的经济预期行为。我使用了27个国家30年来的微数据，采用了一种差异中的差异设计，利用135次政府更迭来确定党派之间预期的差异更新。然后我展示了这种差异在更极化的环境中更强；事实上，57%的差异可以用政党的两极化来解释。支持者期望的差距不能被合理化为反映了对政府经济政策的期望，而是表明政治（非经济）冲突污染了经济预期。

引用次数: 0

Firms and economic performance: A view from trade 企业与经济表现：贸易视角

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-25 DOI: 10.1016/j.euroecorev.2024.104912

Alessandra Bonfiglioli , Rosario Crinò , Gino Gancia

We use transaction-level US import data to compare firms from virtually all countries in the world competing in a single destination market. First, we decompose countries’ sales into the contribution of the number of firm-products, their average appeal and its dispersion. Then, by making distributional assumptions consistent with the data, we identify new structural parameters that are useful in understanding the role of firm heterogeneity for trade and economic performance. We find that differences in the dispersion of appeal are quantitatively important in explaining exports, even after controlling for selection, average appeal and other determinants of trade, and that they are relevant for welfare. We also find that countries with a higher GDP per capita export more per firm largely because they have a higher dispersion of appeal, hence more heterogeneous firms.

我们使用交易级的美国进口数据来比较世界上几乎所有国家在同一目的地市场竞争的公司。首先，我们将各国的销售额分解为企业产品数量的贡献、平均吸引力和分散度。然后，通过与数据一致的分布假设，我们确定了新的结构参数，这些参数有助于理解企业异质性对贸易和经济绩效的作用。我们发现，即使在控制了选择、平均吸引力和其他贸易决定因素之后，吸引力分散的差异在解释出口方面在数量上也是重要的，而且它们与福利有关。我们还发现，人均GDP较高的国家，每家公司的出口更多，主要是因为它们的吸引力分散程度更高，因此异质性企业更多。

引用次数: 0

Portfolio flows and household portfolios 投资组合流动和家庭投资组合

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-23 DOI: 10.1016/j.euroecorev.2024.104904

Dominik Boddin , Daniel Marcel te Kaat , Chang Ma , Alessandro Rebucci

In this paper, we show that cross-border portfolio flows around the peak of the European Crisis induced households to rebalance their portfolios towards housing. Estimating difference-in-differences regressions around Draghi’s “Whatever It Takes” speech in July 2012 with household data from the ECB’s Household Finance and Consumption Survey, we find that portfolio inflows induce households with larger ex-ante bond and equity shares to rebalance more strongly towards housing. The effect is not driven by higher pre-treatment access to credit or higher credit growth during the treatment period and is stronger for wealthier and less risk-averse households.

在本文中，我们证明了欧洲危机高峰前后的跨境投资组合流动促使家庭重新平衡其投资组合，转向住房。根据欧洲央行《家庭金融与消费调查》（household Finance and Consumption Survey）的家庭数据，对德拉吉2012年7月“不惜一切代价”演讲前后的差异回归进行估计，我们发现，投资组合流入促使持有更多债券和股票的家庭更强烈地向住房再平衡。这种影响不是由治疗前更高的信贷获得率或治疗期间更高的信贷增长所驱动的，而是对富裕和不太厌恶风险的家庭更为强烈。

引用次数: 0

Labor reallocation effects of furlough schemes: Evidence from two recessions in Spain 休假计划的劳动力再分配效应：西班牙两次经济衰退的证据

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-16 DOI: 10.1016/j.euroecorev.2024.104894

Antonia Diaz , Juan J. Dolado , Álvaro Jáñez , Felix Wellschmied

We examine the impact of furlough schemes in scenarios where aggregate risk has a large sector-specific component and workers accumulate sector-specific human capital. In particular, we investigate the different dynamic responses of the Spanish labor market during the Great Recession and the Great Contagion as both downturns were triggered by such shocks. A big difference between these recessions is that job losses were much lower during the pandemic crisis, possibly due to firms’ widespread use of furlough schemes (ERTEs), which had been seldom activated during the Great Recession. In line with the consensus view, we find that this policy helps stabilize the unemployment rate by keeping matches alive in those industries hardest hit by a crisis. However, under their current design, we argue both empirically and theoretically that ERTEs: (i) crowd out labor hoarding by employers in the absence of those schemes, (ii) increase the volatility of effective working rates and output, and (iii) hinder worker reallocation, especially in short recessions.

我们研究了在总体风险具有很大的行业特定成分和工人积累行业特定人力资本的情况下，休假计划的影响。我们特别研究了西班牙劳动力市场在大衰退和大传染期间的不同动态反应，因为这两次衰退都是由此类冲击引发的。这两次经济衰退的一个显著区别是，大传染危机期间的失业率要低得多，这可能是由于企业广泛采用了休假计划（ERTEs），而在大衰退期间，这种计划很少启动。我们发现，这项政策有助于稳定失业率，因为它能使受危机打击最严重的行业中的配额继续存在。然而，在目前的设计下，我们从经验和理论两方面论证了 ERTEs：（i）在没有这些计划的情况下会挤掉雇主的劳动力囤积，（ii）增加有效工作率和产出的波动性，以及（iii）阻碍工人的重新分配，尤其是在短期衰退中。

引用次数: 0

Navigating the housing channel of monetary policy across euro area regions 引导欧元区各地区货币政策的住房渠道

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-16 DOI: 10.1016/j.euroecorev.2024.104897

Niccolò Battistini , Matteo Falagiarda , Angelina Hackmann , Moreno Roma

This paper assesses the role of the housing market in the transmission of monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that conventional and unconventional monetary policy shocks propagate effectively to the economy, particularly to the housing sector, albeit in a heterogeneous fashion across regions. A formal econometric analysis relates this heterogeneous impact of monetary policy to housing-related long-run regional economic and institutional characteristics. The analysis indicates a prominent role for the housing channel in the transmission of monetary policy to the economy, via both housing wealth and balance sheet effects. Moreover, heterogeneity in institutional features (share of fixed-rate mortgages) and labour income help explain the transmission of monetary policy across regions.

本文评估了房地产市场在整个欧元区货币政策传导中的作用。通过利用住房相关变量的新区域数据集，结构面板VAR分析表明，传统和非常规货币政策冲击有效地传播到经济，特别是住房部门，尽管不同地区的方式不同。一项正式的计量经济学分析将货币政策的这种异质影响与住房相关的长期区域经济和制度特征联系起来。分析表明，通过住房财富和资产负债表效应，住房渠道在货币政策向经济的传导中发挥了突出作用。此外，制度特征（固定利率抵押贷款的份额）和劳动收入的异质性有助于解释货币政策在地区间的传导。

引用次数: 0

The effects of digitalization on production 数字化对生产的影响

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-15 DOI: 10.1016/j.euroecorev.2024.104896

Florentine Schwark , Andreas Tryphonides

How does digitalization transform the macroeconomic production function? Using a model where firms can choose their technology, we find that sectors with more digital capital exhibit a higher elasticity of substitution between value added and intermediate inputs and between capital and labor. This shift in the elasticity of substitution is consistent with a higher complementarity of input-specific technologies on the technology frontier. We further show that the link between technological complementarity and digital intensity can be rationalized using a task-based approach. Out of the three types of digital capital, only the levels of information technology and software/databases have a significant impact on the production function, whereas communication technology has no effects. We also find that digital technical change in value added is Hicks-neutral.

数字化如何改变宏观经济的生产函数？利用企业可以选择技术的模型，我们发现，拥有更多数字资本的部门在附加值与中间投入之间以及资本与劳动力之间表现出更高的替代弹性。这种替代弹性的变化与技术前沿上特定投入技术的更高互补性是一致的。我们进一步表明，技术互补性与数字密集度之间的联系可以通过基于任务的方法加以合理化。在三类数字资本中，只有信息技术和软件/数据库的水平对生产函数有显著影响，而通信技术则没有影响。我们还发现，增值中的数字技术变化是希克斯中性的。

引用次数: 0

Where are the female composers? Human capital and gender inequality in music history 女性作曲家在哪里？音乐史上的人力资本和性别不平等

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-12 DOI: 10.1016/j.euroecorev.2024.104893

Karol Jan Borowiecki , Martin Hørlyk Kristensen , Marc T. Law

Ludwig van Beethoven, Johann Sebastian Bach, and Frédéric Chopin are household names, but few will recognize Francesca Caccini, Elisabeth Lutyens or Amy M. Beach, who are among the top-10 female composers of all time. Why are female composers overshadowed by their male counterparts? Using novel data on over 17,000 composers who represent the entire history of western classical music, we conduct the first quantitative exploration of the gender gap among composers. We use the length of a composer’s biographical entry in Grove Music Online to measure composer prominence, and shed light on the determinants of the gender gap with a focus on the development of composers’ human capital through families, teachers, and institutionalized music education. The evidence suggests that parental musical background matters for composers’ prominence, that the effects of teachers vary by the gender of the composer but the effects of parents do not, and while musician mothers and female teachers are important, they do not narrow the gender gap in composer prominence. We also find that the institutionalization of music education in conservatories increases the relative prominence of female composers.

路德维希-凡-贝多芬（Ludwig van Beethoven）、约翰-塞巴斯蒂安-巴赫（Johann Sebastian Bach）和弗雷德里克-肖邦（Frédéric Chopin）都是家喻户晓的作曲家，但很少有人知道弗朗西斯卡-卡西尼（Francesca Caccini）、伊丽莎白-卢廷斯（Elisabeth Lutyens）或艾米-M-比奇（Amy M. Beach），她们是有史以来排名前十的女作曲家。为什么女性作曲家的光芒会被男性作曲家所掩盖？我们利用代表整个西方古典音乐史的 17,000 多位作曲家的新数据，首次对作曲家之间的性别差距进行了定量研究。我们使用格罗夫音乐在线（Grove Music Online）中作曲家传记条目的长度来衡量作曲家的知名度，并通过家庭、教师和制度化音乐教育对作曲家人力资本的发展进行研究，从而揭示了性别差距的决定因素。证据表明，父母的音乐背景对作曲家的崛起很重要，教师的影响因作曲家的性别而异，但父母的影响则不然，虽然音乐家母亲和女教师很重要，但她们并没有缩小作曲家崛起的性别差距。我们还发现，音乐学院音乐教育的制度化提高了女性作曲家的相对地位。

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引用次数: 0

Regional variations in corporate tax responsiveness: Evidence from Switzerland 企业税收反应能力的地区差异：瑞士的证据

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-12 DOI: 10.1016/j.euroecorev.2024.104891

Matthias Krapf , David Staubli

Drawing on panel variation across Swiss municipalities and cantons, we show that the elasticity of corporate taxable income is large in remote, non-central locations and insignificant in cities. In the full panel, we find that an increase in a jurisdiction’s corporate net-of-tax rate by 1% results in an increase in aggregate corporate income by around 3.5%. This effect becomes small and insignificant if we weight by initial tax base, which is large in cities, indicating that the overall tax base is inelastic. We explore margins of firms’ responsiveness, revenue effects, and implications for regional policy.

根据瑞士各城市和各州的面板变化，我们发现在偏远的非中心地区，企业应税收入的弹性很大，而在城市则微不足道。在整个面板中，我们发现一个辖区的企业净税率每提高 1%，企业总收入就会增加约 3.5%。如果我们按初始税基加权，这一影响就会变得很小且不显著，而城市的初始税基很大，这表明整体税基缺乏弹性。我们探讨了企业响应的幅度、税收效应以及对地区政策的影响。

引用次数: 0

Identifying and quantifying the extraterritorial effects of sanctions 确定和量化制裁的域外影响

IF 2.8 2区经济学 Q1 ECONOMICS

European Economic Review

Pub Date : 2024-11-01 DOI: 10.1016/j.euroecorev.2024.104888

Ohyun Kwon, Constantinos Syropoulos, Yoto V. Yotov

We identify the extraterritorial effects of trade sanctions and provide quantitative evidence that they are strong. Additionally, we show that the estimates of the primary effects may be significantly biased if the aforementioned extraterritorial effects are not taken into account. In the context of the U.S. embargo on Cuba, we confirm the presence of large and significant extraterritorial effects that vary across Cuba’s trade partners — most non-sanctioning states trade less with Cuba while its economic allies and states in close proximity to it trade more. Moreover, our complementary general-equilibrium analysis establishes that the U.S.’s sanctions have inflicted large welfare losses on Cuba but their effects on the rest of the world were small. As such, our analysis sheds new light on the significance (in terms of effectiveness) of extraterritorial sanctions and suggests that the motives for the opposition of third countries to such sanctions may be more political and legal than economic.

我们确定了贸易制裁的域外效应，并提供了量化证据证明这些效应很强。此外，我们还表明，如果不考虑上述域外效应，对主要效应的估计可能会有很大偏差。在美国对古巴实施封锁的背景下，我们证实了巨大而显著的域外效应的存在，这些效应因古巴贸易伙伴的不同而不同--大多数非制裁国与古巴的贸易量减少，而古巴的经济盟友和与古巴关系密切的国家与古巴的贸易量增加。此外，我们的补充性一般均衡分析表明，美国的制裁给古巴造成了巨大的福利损失，但对世界其他国家的影响却很小。因此，我们的分析为域外制裁的重要性（就有效性而言）提供了新的启示，并表明第三国反对此类制裁的动机可能更多的是政治和法律方面的，而非经济方面的。

引用次数: 0

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