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The great reshuffle: Remote work and residential sorting 大洗牌:远程工作和居家分拣
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-02-01 Epub Date: 2025-11-13 DOI: 10.1016/j.euroecorev.2025.105195
Wenli Li , Yichen Su
This paper studies the significance of migration in evaluating the welfare impacts of remote work. By analyzing individual location history data, we first document an increase in net migration toward suburbs and smaller cities in the US since 2020. We demonstrate that the migration wave has been disproportionately fueled by high-income individuals, who were more likely to move due to remote work. Consequently, regions with substantial in-migration observed the greatest rise in housing expenses. This also led to changes in local demand for services and associated employment. Employing a stylized welfare accounting framework, we show that migration mitigated the increase in housing cost burdens for both high- and low-income groups, with the advantages being greater for low-income individuals. Conversely, dispersed job growth, as a result of migration away from major urban centers, curtailed the increase in job accessibility, especially for high-income groups. Factoring in the spatial impacts of migration on housing costs and job accessibility, the welfare inequality surge related to remote work is considerably tempered.
本文研究了迁移对评估远程工作的福利影响的意义。通过分析个人位置历史数据,我们首先记录了自2020年以来美国郊区和小城市净移民的增加。我们证明,高收入人群不成比例地推动了移民浪潮,他们更有可能因远程工作而迁移。因此,有大量移民的地区的住房费用上涨幅度最大。这也导致当地对服务和相关就业的需求发生变化。采用程式化的福利会计框架,我们表明,移民减轻了高收入群体和低收入群体住房成本负担的增加,对低收入群体的好处更大。相反,由于移民远离主要城市中心,分散的就业增长限制了就业机会的增加,特别是对高收入群体而言。考虑到移民对住房成本和工作可及性的空间影响,与远程工作相关的福利不平等激增得到了相当大的缓和。
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引用次数: 0
Institutional housing investors and the Great Recession 机构住房投资者和大衰退
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-02-01 Epub Date: 2025-11-21 DOI: 10.1016/j.euroecorev.2025.105211
Dick Oosthuizen
Before the Great Recession, residential institutional investors predominantly bought and rented out condos, but then they increased their market share of rental houses from 15 percent in 2001 to 27 percent in 2018. Along with this change, rental survey data show that the annual house operating-cost premium of institutional investors relative to homeowners fell from 44 percent in 2001 to 28 percent in 2015. To measure how these reduced costs affected the housing bust of 2007–2011, I build a heterogeneous agent model of the housing market featuring corporate investors and two types of dwellings: condos and houses. A transition experiment intended to replicate the Great Recession yields three results. First, house prices would have fallen by 1.6 percentage points more without the corporate-cost reduction. Second, the corporate-cost reduction can explain the fall in the homeownership rate. Third, the cost reduction produced a welfare gain of 0.4 percent for homeowners and 0.6 percent for individual investors.
在大衰退之前,住宅机构投资者主要购买和出租公寓,但随后他们将租赁房屋的市场份额从2001年的15%增加到2018年的27%。伴随着这一变化,租赁调查数据显示,机构投资者相对于房主的年度房屋运营成本溢价从2001年的44%下降到2015年的28%。为了衡量这些降低的成本是如何影响2007-2011年的房地产泡沫破裂的,我建立了一个房地产市场的异质代理模型,其中包括企业投资者和两种类型的住宅:公寓和住宅。一项旨在复制大衰退(Great Recession)的转型实验产生了三个结果。首先,如果没有企业成本的降低,房价还会再下跌1.6个百分点。其次,企业成本的降低可以解释住房拥有率的下降。第三,成本的降低为房主带来了0.4%的福利收益,为个人投资者带来了0.6%的福利收益。
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引用次数: 0
Labor-market effects of introducing the 8-hour workday 引入8小时工作制对劳动力市场的影响
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-02-01 Epub Date: 2025-11-25 DOI: 10.1016/j.euroecorev.2025.105220
Marius F. Gunnesmo , Casper W. Hansen
In 1919, the Danish craft and industrial sector permanently adopted the 8-hour workday, representing the largest reduction in working hours in the country’s history. We collected quarterly data on hourly wages and employment from 1914 to 1931 across occupation groups, covering Copenhagen and the aggregate of the provinces in Denmark. By exploiting variation in percent work-time reductions across occupation groups and regions, we examine the income and employment effects of the reform. Our findings reveal only a compensating rise in hourly wages in Copenhagen, though this increase was insufficient to offset the decline in weekly earnings due to fewer working hours. Furthermore, we observe that the reduction in working hours was mitigated by new hires, particularly of unskilled workers. Overall, our results suggest that reductions in working hours were not (in any region) fully compensated by gains in hourly wages but tend to support the “work-sharing” hypothesis.
1919年,丹麦工艺和工业部门永久采用了8小时工作日,这是该国历史上工作时间减少最多的一次。我们收集了1914年至1931年各职业群体的每季度时薪和就业数据,涵盖了哥本哈根和丹麦各省的总和。通过利用不同职业群体和地区工作时间减少百分比的差异,我们研究了改革对收入和就业的影响。我们的研究结果显示,哥本哈根的时薪只有补偿性的增长,尽管这种增长不足以抵消由于工作时间减少而导致的周收入下降。此外,我们观察到,新雇员,特别是非技术工人,减轻了工作时间的减少。总的来说,我们的研究结果表明,工作时间的减少并没有(在任何地区)完全被小时工资的增长所补偿,而是倾向于支持“工作分担”假说。
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引用次数: 0
Climate change, catastrophes, insurance and the macroeconomy 气候变化、灾难、保险和宏观经济
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-02-01 Epub Date: 2025-11-21 DOI: 10.1016/j.euroecorev.2025.105210
Margherita Giuzio , Sujit Kapadia , Hradayesh Kumar , Luisa Mazzotta , Miles Parker , Linda Rousová , Dimitris Zafeiris
This paper examines the role of insurance in mitigating the adverse macroeconomic effects of climate-related catastrophes. We first develop a stylised theoretical growth model which incorporates a role for natural catastrophes, climate change and insurance. This illustrates how insurance can mitigate the impact of catastrophes and articulates the potential effect of falling insurance coverage as global warming intensifies. The model also provides a basis for our empirical analysis which explores the link between insurance coverage and the macroeconomic impact of catastrophes for a sample of several thousand disaster events across 47 developed and middle income countries between 1996 and 2019. The results confirm that higher insurance coverage is associated with less severe macroeconomic consequences of disasters. With climate-related catastrophes becoming ever more frequent and severe, our findings highlight the importance of developing policies to reduce the climate insurance protection gap.
本文探讨了保险在减轻气候相关灾害的不利宏观经济影响中的作用。我们首先开发了一个风格化的理论增长模型,其中包含了自然灾害、气候变化和保险的作用。这说明了保险如何减轻灾难的影响,并阐明了随着全球变暖加剧,保险覆盖面下降的潜在影响。该模型还为我们的实证分析提供了基础,该实证分析以1996年至2019年期间47个发达国家和中等收入国家的数千起灾害事件为样本,探讨了保险覆盖率与灾害的宏观经济影响之间的联系。研究结果证实,较高的保险覆盖率与灾害造成的较轻的宏观经济后果有关。随着气候相关灾难变得越来越频繁和严重,我们的研究结果强调了制定政策以缩小气候保险保护缺口的重要性。
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引用次数: 0
Family stress and the intergenerational correlation in self-control 家庭压力与自我控制的代际关系
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-02-01 Epub Date: 2025-11-20 DOI: 10.1016/j.euroecorev.2025.105209
Deborah A. Cobb-Clark , Haniene Tayeb
We first examine the correlation in self-control between parents and their young-adult children, drawing on two decades of population-representative panel data. We then exploit variation in the family environment during childhood to investigate how family stress related to: i) parenting responsibilities; ii) parents’ relationship quality; iii) household finances; and iv) poor mental health shape the self-control of young adults. A finite mixture model is used to account for unobserved heterogeneity in young adults’ capacity for self-control. Our results indicate that some young people may be particularly sensitive to growing up in a stressful environment, opening the door for family stress to affect the formation of self-control.
我们首先利用20年的人口代表性面板数据,研究了父母和他们年幼的子女在自我控制方面的相关性。然后,我们利用儿童时期家庭环境的变化来调查家庭压力与以下因素的关系:1)养育责任;Ii)父母关系质量;Iii)家庭财务;第四,不良的心理健康状况影响了年轻人的自我控制能力。有限混合模型用于解释年轻人自我控制能力的未观察到的异质性。我们的研究结果表明,一些年轻人可能对在压力环境中长大特别敏感,这为家庭压力影响自我控制的形成打开了大门。
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引用次数: 0
Let’s (not) escalate this! Leadership and communication in a group contest 让我们(不要)升级这件事!小组竞赛中的领导能力和沟通能力
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 Epub Date: 2025-10-27 DOI: 10.1016/j.euroecorev.2025.105161
Florian Heine , Arno Riedl
Economic and social situations where groups have to compete are ubiquitous. Such group contests create both a coordination problem within and between groups. Introducing leaders may help to mitigate these coordination problems, but little is known about the effect of leadership in group contests. In a group contest experiment, we compare two types of leadership – leading-by-example and transactional leadership – and also investigate the effect of communication between leaders under both leadership styles. We find that the introduction of leaders mostly increases contest investment. Transactional leaders increase followers’ investment through the allocation of a relatively larger share of the prize to followers who have invested more. Communication between leaders decreases contest investments when there is leading-by-example but not when there is transactional leadership. Overall, leaders do not mitigate the over-investment problem in group contests.
群体竞争的经济和社会环境无处不在。这样的小组竞赛在小组内部和小组之间都产生了协调问题。引入领导可能有助于缓解这些协调问题,但对领导在群体竞争中的作用知之甚少。在小组竞赛实验中,我们比较了两种类型的领导-以身作则和交易型领导-并研究了两种领导风格下领导者之间沟通的效果。我们发现领导者的引入主要增加了竞赛投资。交易型领导者通过将相对较大份额的奖励分配给投资更多的追随者来增加追随者的投资。领导者之间的沟通在以身作则的领导下会减少竞争投资,而在交易型领导下则不会。总体而言,领导者并不能缓解团队竞赛中的过度投资问题。
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引用次数: 0
Migratory responses to air pollution reduction: Evidence from large-scale desulfurization programme 减少空气污染的迁移响应:来自大规模脱硫计划的证据
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 Epub Date: 2025-10-16 DOI: 10.1016/j.euroecorev.2025.105154
Štěpán Mikula , Mariola Pytliková
This paper examines how improvements in air quality affect migration behavior. We exploit a natural experiment in the Czech Republic, where rapid desulfurization of coal-fired power plants in the 1990s led to a sharp reduction in SO2 pollution—from extremely high levels to below EU/WHO limits—without directly impacting economic activity. Using a difference-in-differences approach, we find that cleaner air reduced emigration from previously heavily polluted municipalities by 24% and increased net migration by 78%, with effects strongest in the most formerly polluted areas. The impact was particularly pronounced among highly educated individuals. Migration responses were strongest in municipalities with weaker social capital and fewer public amenities, suggesting that environmental improvements matter most where other local advantages are limited. In contrast, anti-emigration monetary subsidies—such as those offered during the socialist period in polluted areas—had no effect. Overall, our findings highlight the potential of environmental policies to support re-population and regional revitalization—especially when combined with investments in infrastructure and public services.
本文探讨了空气质量的改善如何影响迁移行为。我们利用了捷克共和国的一个自然实验,在20世纪90年代,捷克燃煤电厂的快速脱硫导致了二氧化硫污染的急剧减少——从极高的水平降至低于欧盟/世界卫生组织的限制——而没有直接影响经济活动。使用差异中的差异方法,我们发现,更清洁的空气使以前污染严重的城市的移民减少了24%,使净移民增加了78%,在以前污染最严重的地区影响最大。这种影响在受过高等教育的人群中尤为明显。在社会资本较弱、公共设施较少的城市,移民反应最为强烈,这表明在其他地方优势有限的地方,环境改善最为重要。相比之下,反移民的货币补贴——比如社会主义时期在污染地区提供的补贴——没有效果。总的来说,我们的研究结果强调了环境政策在支持人口重新增长和区域振兴方面的潜力,特别是在与基础设施和公共服务投资相结合的情况下。
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引用次数: 0
Unveiling inflation: Oil shocks, supply chain pressures, and expectations 揭露通胀:石油冲击、供应链压力和预期
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.euroecorev.2025.105192
Knut Are Aastveit , Hilde C. Bjørnland , Jamie L. Cross , Helene O. Kalstad
After decades of low and stable inflation, advanced economies experienced a sharp and persistent surge in inflation following the COVID-19 pandemic. While many studies have examined the sources of this inflation, less attention has been paid to how domestic inflation expectations amplify global shocks. This paper makes a novel contribution by quantifying that amplification mechanism across six advanced, inflation-targeting economies: the United States, Canada, New Zealand, the Euro Area, the United Kingdom, and Norway. Using a structural Bayesian vector autoregression model, we jointly identify global demand and supply shocks, including various oil market shocks and global supply chain disruptions, as well as domestic shocks to inflation and inflation expectations. We show that these global shocks were key drivers of the post-pandemic inflation surge in all countries studied. Importantly, our counterfactual analysis reveals that inflation expectations have significantly amplified the transmission of global shocks, particularly in Canada, New Zealand, and the US. These findings demonstrate that the interaction between global forces and country-specific expectations is central to understanding inflation dynamics, and underscore the importance of managing inflation expectations as a tool to mitigate persistent inflation.
在经历了数十年的低而稳定的通货膨胀之后,发达经济体在2019冠状病毒病大流行后经历了通货膨胀的急剧持续飙升。虽然许多研究都考察了这种通胀的来源,但很少有人关注国内通胀预期如何放大全球冲击。本文通过量化六个发达通胀目标制经济体(美国、加拿大、新西兰、欧元区、英国和挪威)的放大机制,做出了一项新颖的贡献。使用结构贝叶斯向量自回归模型,我们共同识别全球需求和供应冲击,包括各种石油市场冲击和全球供应链中断,以及国内对通胀和通胀预期的冲击。我们表明,这些全球冲击是所有研究国家大流行后通胀飙升的主要驱动因素。重要的是,我们的反事实分析显示,通胀预期显著放大了全球冲击的传导,尤其是在加拿大、新西兰和美国。这些研究结果表明,全球力量与具体国家预期之间的相互作用对于理解通胀动态至关重要,并强调了管理通胀预期作为缓解持续通胀的工具的重要性。
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引用次数: 0
A peer like me? Early exposure to high achievers in math and later educational outcomes 像我这样的同辈?早期接触数学成绩优异的学生,以及后来的教育成果
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 Epub Date: 2025-10-15 DOI: 10.1016/j.euroecorev.2025.105177
Laura Pagani , Giovanni Pica
Thanks to data allowing us to observe children’s peers multiple times, we investigate whether exposure during primary school to same- and opposite-gender high achievers affects children’s outcomes after termination of the exposure. Exploiting the as-good-as random allocation of children across classes within Italian primary schools, we find that exposure to a higher share of same-gender math high achievers is related to better academic performance, for both boys and girls, three years after termination of the exposure. Negative effects are observed in case of exposure to a higher share of opposite-gender high achievers. Results are consistent with a role model channel.
由于数据允许我们多次观察儿童的同龄人,我们调查了小学期间接触同性和异性高成就者是否会影响儿童在接触结束后的表现。通过对意大利小学各个班级的孩子进行随机分配,我们发现,接触到更高比例的同性数学优等生,在接触结束三年后,无论是男孩还是女孩,都能获得更好的学习成绩。如果接触到较高比例的异性高成就者,则会观察到负面影响。结果与榜样渠道一致。
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引用次数: 0
Technology: Theory-driven experimentation and combinatorial salience 技术:理论驱动的实验和组合突出
IF 2.4 2区 经济学 Q1 ECONOMICS Pub Date : 2026-01-01 Epub Date: 2025-10-18 DOI: 10.1016/j.euroecorev.2025.105186
Teppo Felin , Madison Singell
Recombination has long been seen as a central mechanism for explaining technological evolution and economic growth. Yet this view suggests several puzzles. First, the set of potential combinations is astronomically large, raising the question of how humans somehow arrive at useful combinations (amongst indefinite possibilities). And second, just as possible combinations are “unprestatable” in advance, the same goes for the elements or components that might serve as building blocks of combination. The central question, then, is how actors generate salience for useful combinations as well as plausible combinatorial components. We argue that theory-driven experimentation generates combinatorial salience by providing a shortcut for brute force search—making the combinatorial explosion analytically tractable. We link our argument to existing approaches to combination and technology, in particular, Koppl et al.’s Explaining Technology. We augment long-run, evolutionary explanations of combinatorial technology with a more decision-oriented approach. In all, we argue that human theorizing—the forward-looking use of science and causal reasoning—functions as a generative metatechnology that guides experimentation and enables the discovery of useful combinations.
长期以来,重组一直被视为解释技术进化和经济增长的核心机制。然而,这种观点提出了几个难题。首先,潜在的组合是天文数字般的大,这就提出了一个问题:人类是如何以某种方式(在无限的可能性中)找到有用的组合的。其次,正如可能的组合在事先是“不可预估的”一样,可能作为组合的构建块的元素或组件也是如此。那么,核心问题是参与者如何为有用的组合和合理的组合组件产生显著性。我们认为,理论驱动的实验通过为蛮力搜索提供捷径来产生组合显著性,使组合爆炸在分析上易于处理。我们将我们的论点与现有的组合和技术方法联系起来,特别是Koppl等人的《解释技术》。我们用一种更面向决策的方法来增强组合技术的长期、进化解释。总之,我们认为人类的理论化——前瞻性地使用科学和因果推理——作为一种生成元技术发挥作用,指导实验并使发现有用的组合成为可能。
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引用次数: 0
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European Economic Review
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