Pub Date : 2026-03-01Epub Date: 2026-01-13DOI: 10.1016/j.jmoneco.2026.103896
Toyoichiro Shirota
This study explores optimal monetary policy in an economy with seasonal wage staggering. The findings reveal that the slope of the Phillips curve and the weights in the welfare loss function systematically differ by quarter. Consequently, optimal policy responses vary depending on the timing of shocks within a calendar year. However, implementing history-dependent policy rules can effectively mitigate much of the welfare deterioration that would otherwise occur when policymakers fail to adopt these quarter-specific optimal policy responses.
{"title":"The timing of shocks matters in optimal monetary policy","authors":"Toyoichiro Shirota","doi":"10.1016/j.jmoneco.2026.103896","DOIUrl":"10.1016/j.jmoneco.2026.103896","url":null,"abstract":"<div><div>This study explores optimal monetary policy in an economy with seasonal wage staggering. The findings reveal that the slope of the Phillips curve and the weights in the welfare loss function systematically differ by quarter. Consequently, optimal policy responses vary depending on the timing of shocks within a calendar year. However, implementing history-dependent policy rules can effectively mitigate much of the welfare deterioration that would otherwise occur when policymakers fail to adopt these quarter-specific optimal policy responses.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"158 ","pages":"Article 103896"},"PeriodicalIF":4.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145979291","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 : 2026-03-01Epub Date: 2026-02-06DOI: 10.1016/j.jmoneco.2026.103902
Richard Audoly
I build a tractable random search model with firm dynamics, on-the-job search, and aggregate shocks. Multi-worker firms make recruitment decisions, choose whether to enter or exit the market, and design wage contracts. Tractability is obtained by showing that, under a set of assumptions on the recruitment technology, the decisions of workers and firms are fully summarized by the firms’ current productivity. I confront the model to salient business cycle moments on the reallocation of workers across the firm productivity distribution derived from firm-level data that the model successfully replicates. I use this framework to quantify the drivers of worker reallocation over the post-war business cycle in Britain.
{"title":"Firm dynamics and random search over the business cycle","authors":"Richard Audoly","doi":"10.1016/j.jmoneco.2026.103902","DOIUrl":"10.1016/j.jmoneco.2026.103902","url":null,"abstract":"<div><div>I build a tractable random search model with firm dynamics, on-the-job search, and aggregate shocks. Multi-worker firms make recruitment decisions, choose whether to enter or exit the market, and design wage contracts. Tractability is obtained by showing that, under a set of assumptions on the recruitment technology, the decisions of workers and firms are fully summarized by the firms’ current productivity. I confront the model to salient business cycle moments on the reallocation of workers across the firm productivity distribution derived from firm-level data that the model successfully replicates. I use this framework to quantify the drivers of worker reallocation over the post-war business cycle in Britain.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"158 ","pages":"Article 103902"},"PeriodicalIF":4.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188535","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 : 2026-03-01Epub Date: 2026-01-23DOI: 10.1016/j.jmoneco.2026.103897
Camelia Minoiu , Rebecca Zarutskie , Andrei Zlate
We study the effects of the Main Street Lending Program (MSLP)—a Federal Reserve emergency program which sought to support bank lending to small- and medium-sized businesses by purchasing 95% of eligible loans from banks—on the provision of bank credit to non-financial firms. We show the MSLP increased banks’ willingness to lend outside the program by serving as an “implicit backstop.” Participating banks were more likely to grant new loans, increase loan volumes, and reduce loan spreads, with stronger effects for ex-ante riskier firms and for lower-capital banks. We estimate that every $1 of take-up increased lending by $1.95.
{"title":"Motivating banks to lend? Credit spillover effects of the Main Street Lending Program","authors":"Camelia Minoiu , Rebecca Zarutskie , Andrei Zlate","doi":"10.1016/j.jmoneco.2026.103897","DOIUrl":"10.1016/j.jmoneco.2026.103897","url":null,"abstract":"<div><div>We study the effects of the Main Street Lending Program (MSLP)—a Federal Reserve emergency program which sought to support bank lending to small- and medium-sized businesses by purchasing 95% of eligible loans from banks—on the provision of bank credit to non-financial firms. We show the MSLP increased banks’ willingness to lend outside the program by serving as an “implicit backstop.” Participating banks were more likely to grant new loans, increase loan volumes, and reduce loan spreads, with stronger effects for ex-ante riskier firms and for lower-capital banks. We estimate that every $1 of take-up increased lending by $1.95.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"158 ","pages":"Article 103897"},"PeriodicalIF":4.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146078549","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 : 2026-01-01Epub Date: 2025-11-20DOI: 10.1016/j.jmoneco.2025.103870
Serdar Birinci , Miguel Faria-e-Castro , Kurt See
Between 2020 and 2023, the fraction of retirees in the working-age population in the U.S. increased above its pre-pandemic trend. Several explanations have been proposed to rationalize this gap, including increases in net worth, the deterioration of the labor market with higher job separations, the expansion of fiscal transfer programs, and higher mortality risk. We develop an incomplete markets, overlapping generations model with a frictional labor market to quantitatively study the interaction of these factors and decompose their contributions to the rise in retirements. We find that new retirements were concentrated at the bottom of the income distribution, and the most important factors driving the rise in retirements were higher job separations and the expansion of fiscal transfers. We show that our model’s predictions on aggregate labor market moments and cross-sectional moments on retirement patterns across income and wealth distributions are in line with the data.
{"title":"Dissecting the great retirement boom","authors":"Serdar Birinci , Miguel Faria-e-Castro , Kurt See","doi":"10.1016/j.jmoneco.2025.103870","DOIUrl":"10.1016/j.jmoneco.2025.103870","url":null,"abstract":"<div><div>Between 2020 and 2023, the fraction of retirees in the working-age population in the U.S. increased above its pre-pandemic trend. Several explanations have been proposed to rationalize this gap, including increases in net worth, the deterioration of the labor market with higher job separations, the expansion of fiscal transfer programs, and higher mortality risk. We develop an incomplete markets, overlapping generations model with a frictional labor market to quantitatively study the interaction of these factors and decompose their contributions to the rise in retirements. We find that new retirements were concentrated at the bottom of the income distribution, and the most important factors driving the rise in retirements were higher job separations and the expansion of fiscal transfers. We show that our model’s predictions on aggregate labor market moments and cross-sectional moments on retirement patterns across income and wealth distributions are in line with the data.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"157 ","pages":"Article 103870"},"PeriodicalIF":4.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145694221","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 : 2026-01-01Epub Date: 2025-11-20DOI: 10.1016/j.jmoneco.2025.103872
Sergio Villalvazo
This paper studies the cross-sectional dimension of Fisher’s debt-deflation mechanism that triggers endogenous Sudden Stop crises — i.e., episodes with large reversals in the current account. Analyzing microdata from Mexico, we show that this dimension has macroeconomic implications that operate via opposing effects. First, an amplifying effect by which households with high leverage fire-sale their assets during crises, increasing downward pressure on asset prices. Second, a dampening effect by which wealthy households with low leverage buy depressed assets, relieving downward pressure on asset prices. As a result, the role of inequality during crises is ambiguous. We conduct a quantitative analysis using a calibrated small open economy, asset-pricing model with heterogeneous agents and aggregate risk to measure the effects of inequality during crises. The model suggests that economies with lower inequality, whether due to reduced idiosyncratic risk or wealth redistribution across agents, experience less severe crises, as observed in the data.
{"title":"Inequality and asset prices during Sudden Stops","authors":"Sergio Villalvazo","doi":"10.1016/j.jmoneco.2025.103872","DOIUrl":"10.1016/j.jmoneco.2025.103872","url":null,"abstract":"<div><div>This paper studies the cross-sectional dimension of Fisher’s debt-deflation mechanism that triggers endogenous Sudden Stop crises — i.e., episodes with large reversals in the current account. Analyzing microdata from Mexico, we show that this dimension has macroeconomic implications that operate via opposing effects. First, an amplifying effect by which households with high leverage fire-sale their assets during crises, increasing downward pressure on asset prices. Second, a dampening effect by which wealthy households with low leverage buy depressed assets, relieving downward pressure on asset prices. As a result, the role of inequality during crises is ambiguous. We conduct a quantitative analysis using a calibrated small open economy, asset-pricing model with heterogeneous agents and aggregate risk to measure the effects of inequality during crises. The model suggests that economies with lower inequality, whether due to reduced idiosyncratic risk or wealth redistribution across agents, experience less severe crises, as observed in the data.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"157 ","pages":"Article 103872"},"PeriodicalIF":4.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145694239","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 : 2026-01-01Epub Date: 2025-11-03DOI: 10.1016/j.jmoneco.2025.103859
Ali Zarifhonarvar
This paper studies the generation of inflation expectations using generative AI in survey experiments, examining diverse agents created with both proprietary and open-source large language models (LLMs). It shows that model architecture significantly impacts expectations, with proprietary models generally exhibiting less disagreement in their responses than open-source alternatives. Some LLMs predict higher inflation than actual rates, aligning with patterns observed in the Survey of Consumer Expectations. Information treatments, particularly forward guidance on inflation, influence LLMs’ inflation expectations, though with varying magnitudes across model types. Customizing prompts with demographic personas induces heterogeneous responses that mirror human survey behaviors, with some biases similar to those documented in household surveys. The paper also demonstrates how central banks could leverage these models as communication policy tools to test messaging strategies before implementation.
{"title":"Generating inflation expectations with large language models","authors":"Ali Zarifhonarvar","doi":"10.1016/j.jmoneco.2025.103859","DOIUrl":"10.1016/j.jmoneco.2025.103859","url":null,"abstract":"<div><div>This paper studies the generation of inflation expectations using generative AI in survey experiments, examining diverse agents created with both proprietary and open-source large language models (LLMs). It shows that model architecture significantly impacts expectations, with proprietary models generally exhibiting less disagreement in their responses than open-source alternatives. Some LLMs predict higher inflation than actual rates, aligning with patterns observed in the Survey of Consumer Expectations. Information treatments, particularly forward guidance on inflation, influence LLMs’ inflation expectations, though with varying magnitudes across model types. Customizing prompts with demographic personas induces heterogeneous responses that mirror human survey behaviors, with some biases similar to those documented in household surveys. The paper also demonstrates how central banks could leverage these models as communication policy tools to test messaging strategies before implementation.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"157 ","pages":"Article 103859"},"PeriodicalIF":4.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145694219","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 : 2026-01-01Epub Date: 2025-12-01DOI: 10.1016/j.jmoneco.2025.103874
Chun-Che Chi
This paper studies how the lender structure of external debt affects open economies’ credit conditions via a model with lenders of varying sizes. While atomistic lenders take the collateral price as given, large lenders internalize the pecuniary externality whereby selling foreclosed collateral injects supply and reduces its price. Thus, concentrating external debt in a few large lenders supports a high collateral price during financial downturns, leading borrowers to demand less precautionary savings and overborrow. I document that emerging countries borrow from significantly fewer banks than advanced countries, implying that emerging countries tend to overborrow. This new mechanism complements the existing view of overborrowing due to the pecuniary externality of the borrowers. Under plausible parameterization, the size of the pecuniary externality internalized by lenders is two-thirds of that internalized by borrowers. Finally, allowing lender countries to optimally choose lender structure increases lender concentration, raises debt, and improves borrowers’ welfare.
{"title":"Lender concentration of external debts and sudden stops","authors":"Chun-Che Chi","doi":"10.1016/j.jmoneco.2025.103874","DOIUrl":"10.1016/j.jmoneco.2025.103874","url":null,"abstract":"<div><div>This paper studies how the lender structure of external debt affects open economies’ credit conditions via a model with lenders of varying sizes. While atomistic lenders take the collateral price as given, large lenders internalize the pecuniary externality whereby selling foreclosed collateral injects supply and reduces its price. Thus, concentrating external debt in a few large lenders supports a high collateral price during financial downturns, leading borrowers to demand less precautionary savings and overborrow. I document that emerging countries borrow from significantly fewer banks than advanced countries, implying that emerging countries tend to overborrow. This new mechanism complements the existing view of overborrowing due to the pecuniary externality of the borrowers. Under plausible parameterization, the size of the pecuniary externality internalized by lenders is two-thirds of that internalized by borrowers. Finally, allowing lender countries to optimally choose lender structure increases lender concentration, raises debt, and improves borrowers’ welfare.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"157 ","pages":"Article 103874"},"PeriodicalIF":4.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145694241","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 : 2026-01-01Epub Date: 2025-11-27DOI: 10.1016/j.jmoneco.2025.103873
Minsu Chang , Hanbaek Lee
This paper investigates the fiscal multiplier of infrastructure investment using an estimated heterogeneous-firm general equilibrium model. We theoretically and quantitatively show that the firm-level non-rivalry in infrastructure usage drives a significant discrepancy in the estimated input elasticities between the firm and state levels. Moreover, it microfounds the increasing returns to scale assumption in a representative-agent framework (Baxter and King, 1993). The quantitative findings indicate a fiscal multiplier of approximately 1.15 over a 2-year horizon, suggesting a significantly greater net economic benefit than the representative-agent model prediction. This is due to the low sensitivity of the firm-level investment to the general equilibrium effect, followed by a significantly dampened crowding out.
本文利用估计的异质企业一般均衡模型研究了基础设施投资的财政乘数。我们从理论上和定量上表明，企业在基础设施使用方面的非竞争导致了企业和州之间估计的投入弹性的显著差异。此外，它还在代表-代理框架中微观发现了规模收益递增假设（Baxter and King, 1993）。定量研究结果表明，在2年的时间跨度内，财政乘数约为1.15，这表明净经济效益明显高于代表性代理模型的预测。这是由于企业层面的投资对一般均衡效应的敏感性较低，其次是明显抑制的挤出效应。
{"title":"Bridging micro and macro production functions: The fiscal multiplier of infrastructure investment","authors":"Minsu Chang , Hanbaek Lee","doi":"10.1016/j.jmoneco.2025.103873","DOIUrl":"10.1016/j.jmoneco.2025.103873","url":null,"abstract":"<div><div>This paper investigates the fiscal multiplier of infrastructure investment using an estimated heterogeneous-firm general equilibrium model. We theoretically and quantitatively show that the firm-level non-rivalry in infrastructure usage drives a significant discrepancy in the estimated input elasticities between the firm and state levels. Moreover, it microfounds the increasing returns to scale assumption in a representative-agent framework (Baxter and King, 1993). The quantitative findings indicate a fiscal multiplier of approximately 1.15 over a 2-year horizon, suggesting a significantly greater net economic benefit than the representative-agent model prediction. This is due to the low sensitivity of the firm-level investment to the general equilibrium effect, followed by a significantly dampened crowding out.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"157 ","pages":"Article 103873"},"PeriodicalIF":4.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145694240","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 : 2026-01-01Epub Date: 2025-11-24DOI: 10.1016/j.jmoneco.2025.103871
James Bullard , Alex Grimaud , Isabelle Salle , Gauthier Vermandel
We discuss the timing and strength of the Fed’s reaction to the recent inflation surge within an estimated macroeconomic model where long-run inflation expectations are heterogeneous and can lose their anchoring to the target. The resulting inflation scare worsens the real cost of disinflation. We derive a closed-form solution that retains the entire time-varying cross-sectional distribution of subjective inflation beliefs. We estimate the model using Bayesian techniques on both US macroeconomic time series and forecast data from the Survey of Professional Forecasters. Counterfactual simulations show that the timing – rather than the strength – of the policy reaction to the inflation surge is critical to contain the development of an inflation scare and prevent the entrenchment of above-target inflation. We show that the Fed fell behind the curve in 2021 since an earlier tightening could have reduced the inflation peak without triggering a recession. However, further delays would have unanchored inflation expectations, aggravated the inflation scare and strengthened the inflation surge, resulting in larger output losses.
{"title":"Soft landing and inflation scares","authors":"James Bullard , Alex Grimaud , Isabelle Salle , Gauthier Vermandel","doi":"10.1016/j.jmoneco.2025.103871","DOIUrl":"10.1016/j.jmoneco.2025.103871","url":null,"abstract":"<div><div>We discuss the timing and strength of the Fed’s reaction to the recent inflation surge within an estimated macroeconomic model where long-run inflation expectations are heterogeneous and can lose their anchoring to the target. The resulting inflation scare worsens the real cost of disinflation. We derive a closed-form solution that retains the entire time-varying cross-sectional distribution of subjective inflation beliefs. We estimate the model using Bayesian techniques on both US macroeconomic time series and forecast data from the Survey of Professional Forecasters. Counterfactual simulations show that the timing – rather than the strength – of the policy reaction to the inflation surge is critical to contain the development of an inflation scare and prevent the entrenchment of above-target inflation. We show that the Fed fell behind the curve in 2021 since an earlier tightening could have reduced the inflation peak without triggering a recession. However, further delays would have unanchored inflation expectations, aggravated the inflation scare and strengthened the inflation surge, resulting in larger output losses.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"157 ","pages":"Article 103871"},"PeriodicalIF":4.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145624931","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 : 2026-01-01Epub Date: 2025-11-01DOI: 10.1016/j.jmoneco.2025.103858
Phurichai Rungcharoenkitkul, Fabian Winkler
We propose a novel explanation for persistent movements in the natural rate of interest, or r-star, based on a model of two-sided learning between the central bank and the private sector. Each side has some information about r-star fundamentals and also learns from observing output, inflation and interest rates. When both sides fail to recognise that their actions influence the other’s beliefs, a “hall-of-mirrors” effect arises that causes persistent shifts in r-star in response to cyclical shocks. The model can explain the post-2008 decline in r-star without changes in long-run fundamentals, as well as the excess sensitivity of long-term yields to monetary policy surprises and the underreaction of interest rate forecasts. Aggressive policy easing designed to counter a recession can inadvertently lower r-star and endogenously narrow policy space.
{"title":"The natural rate of interest through a hall of mirrors","authors":"Phurichai Rungcharoenkitkul, Fabian Winkler","doi":"10.1016/j.jmoneco.2025.103858","DOIUrl":"10.1016/j.jmoneco.2025.103858","url":null,"abstract":"<div><div>We propose a novel explanation for persistent movements in the natural rate of interest, or r-star, based on a model of two-sided learning between the central bank and the private sector. Each side has some information about r-star fundamentals and also learns from observing output, inflation and interest rates. When both sides fail to recognise that their actions influence the other’s beliefs, a “hall-of-mirrors” effect arises that causes persistent shifts in r-star in response to cyclical shocks. The model can explain the post-2008 decline in r-star without changes in long-run fundamentals, as well as the excess sensitivity of long-term yields to monetary policy surprises and the underreaction of interest rate forecasts. Aggressive policy easing designed to counter a recession can inadvertently lower r-star and endogenously narrow policy space.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"157 ","pages":"Article 103858"},"PeriodicalIF":4.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145694218","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}
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