Pub Date : 2025-02-01DOI: 10.1016/j.econmod.2024.106946
Maryam Mirfatah , Vasco J. Gabriel , Paul Levine
We develop a small open economy model interacting with a rest-of-the-world bloc, containing relevant emerging economies’ features: heterogeneous agents with one household type displaying limited asset markets participation (LAMP), and an informal sector. We show that monetary growth rules are stable regardless of the level of asset market participation, i.e., unlike standard interest rate rules, they avoid the inversion of the Taylor principle. Estimation results using data from Mexico reveal that specifications with money growth rules are empirically superior and shocks are amplified by the presence of LAMP. In contrast, the informal sector acts as a buffer, lowering the variability of aggregate and formal fluctuations through an expenditure switching effect, and by providing a flexible labour market adjustment mechanism.
{"title":"LAMP, informality and monetary growth rules in an emerging economy","authors":"Maryam Mirfatah , Vasco J. Gabriel , Paul Levine","doi":"10.1016/j.econmod.2024.106946","DOIUrl":"10.1016/j.econmod.2024.106946","url":null,"abstract":"<div><div>We develop a small open economy model interacting with a rest-of-the-world bloc, containing relevant emerging economies’ features: heterogeneous agents with one household type displaying limited asset markets participation (LAMP), and an informal sector. We show that monetary growth rules are stable regardless of the level of asset market participation, i.e., unlike standard interest rate rules, they avoid the inversion of the Taylor principle. Estimation results using data from Mexico reveal that specifications with money growth rules are empirically superior and shocks are amplified by the presence of LAMP. In contrast, the informal sector acts as a buffer, lowering the variability of aggregate and formal fluctuations through an expenditure switching effect, and by providing a flexible labour market adjustment mechanism.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106946"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-01DOI: 10.1016/j.econmod.2024.106968
Xun Xiong , Long Zhao
Identifying the factors that predict managers’ commitment to innovation is crucial for understanding firm growth and competitiveness. However, the impact of the textual tone in financial reports on corporate innovation is relatively understudied. This study investigates whether manager sentiment, captured through the textual tone in the Management Discussion and Analysis (MD&A) section of annual financial statements, helps predict firm innovation. Using data from China’s listed firms during 2003–2017, we provide robust evidence that manager sentiment is positively associated with corporate innovation, particularly for firms with low growth, low liquidity, low profitability, high distress, and state-owned enterprises. Our analysis shows that this relationship operates through increased institutional ownership, reduced capital costs, and improved access to external financing. These findings highlight the value of MD&A textual tone as a tool for stakeholders to assess a firm’s future innovation potential and competitiveness.
{"title":"Manager sentiment and its effect on corporate innovation","authors":"Xun Xiong , Long Zhao","doi":"10.1016/j.econmod.2024.106968","DOIUrl":"10.1016/j.econmod.2024.106968","url":null,"abstract":"<div><div>Identifying the factors that predict managers’ commitment to innovation is crucial for understanding firm growth and competitiveness. However, the impact of the textual tone in financial reports on corporate innovation is relatively understudied. This study investigates whether manager sentiment, captured through the textual tone in the Management Discussion and Analysis (MD&A) section of annual financial statements, helps predict firm innovation. Using data from China’s listed firms during 2003–2017, we provide robust evidence that manager sentiment is positively associated with corporate innovation, particularly for firms with low growth, low liquidity, low profitability, high distress, and state-owned enterprises. Our analysis shows that this relationship operates through increased institutional ownership, reduced capital costs, and improved access to external financing. These findings highlight the value of MD&A textual tone as a tool for stakeholders to assess a firm’s future innovation potential and competitiveness.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106968"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138856","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 : 2025-02-01DOI: 10.1016/j.econmod.2024.106975
Kaihua Deng , Qizhen Liu
We revisit the debate on the environmental impact of FDI by leveraging two comprehensive firm-level datasets and address identification issues via an instrumental variable difference-in-differences approach upon China's accession to the World Trade Organization. We examine two under-explored factors in the literature by showing that a higher FDI share in the industrial output significantly decreases firm pollution intensity beyond the effect of productivity gains and stricter environmental regulations. The impact of FDI varies across pollutants, which we relate to policy priorities. Consistent with the technology spillover mechanism, we show that the effect is more pronounced for firms in high-competition industries, exposed to higher local FDI inflows, with higher absorptive capacities, and works through both domestic and foreign-invested firms. The pollution-intensive industries have made more environmental progress. Our findings suggest a more nuanced role of FDI in pollution prevention and offer new insights for policy makers.
{"title":"Reevaluating the impact of FDI on industrial pollution: New evidence from microdata","authors":"Kaihua Deng , Qizhen Liu","doi":"10.1016/j.econmod.2024.106975","DOIUrl":"10.1016/j.econmod.2024.106975","url":null,"abstract":"<div><div>We revisit the debate on the environmental impact of FDI by leveraging two comprehensive firm-level datasets and address identification issues via an instrumental variable difference-in-differences approach upon China's accession to the World Trade Organization. We examine two under-explored factors in the literature by showing that a higher FDI share in the industrial output significantly decreases firm pollution intensity beyond the effect of productivity gains and stricter environmental regulations. The impact of FDI varies across pollutants, which we relate to policy priorities. Consistent with the technology spillover mechanism, we show that the effect is more pronounced for firms in high-competition industries, exposed to higher local FDI inflows, with higher absorptive capacities, and works through both domestic and foreign-invested firms. The pollution-intensive industries have made more environmental progress. Our findings suggest a more nuanced role of FDI in pollution prevention and offer new insights for policy makers.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106975"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138791","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 : 2025-02-01DOI: 10.1016/j.econmod.2024.106967
Liping Chen , Jiada Lin , Zhifeng Wang , Guansheng Wu
School violence can exert immediate and enduring effects on the human capital development of students. Despite extensive discussions on the causes of school violence, the role of peer effects has been underexplored in the literature. To fill this gap, this paper examines the effect of cognitive ability rankings on students' propensity for committing school violence. We select schools that randomly assign students to classes to mitigate selection biases and identify the causal effects. Our findings show that improving a student's rank from the lowest to the highest reduces school violence by 0.5 standard deviations. A mechanism is the higher opportunity cost for students with a high cognitive ability rank. We also find that high-ranking students are more likely to stay with high-quality peers.
{"title":"The impact of student's ordinal cognitive ability rank on school violence: Evidence from China","authors":"Liping Chen , Jiada Lin , Zhifeng Wang , Guansheng Wu","doi":"10.1016/j.econmod.2024.106967","DOIUrl":"10.1016/j.econmod.2024.106967","url":null,"abstract":"<div><div>School violence can exert immediate and enduring effects on the human capital development of students. Despite extensive discussions on the causes of school violence, the role of peer effects has been underexplored in the literature. To fill this gap, this paper examines the effect of cognitive ability rankings on students' propensity for committing school violence. We select schools that randomly assign students to classes to mitigate selection biases and identify the causal effects. Our findings show that improving a student's rank from the lowest to the highest reduces school violence by 0.5 standard deviations. A mechanism is the higher opportunity cost for students with a high cognitive ability rank. We also find that high-ranking students are more likely to stay with high-quality peers.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106967"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138799","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 : 2025-02-01DOI: 10.1016/j.econmod.2024.106974
Jelena Reljic , Francesco Zezza
This study investigates the impact of public spending on social infrastructure — including education, healthcare, childcare and social assistance — on the gender employment gap in Italian regions over the last two decades. Using a Panel Structural Vector Autoregressive (P-SVAR) model, we assess how these investments, while not explicitly targeting women, may plausibly support female employment—potentially by reducing the extent of unpaid care work and by creating jobs in care sectors that predominantly employ women. Our findings show that social infrastructure spending has a positive and long-lasting effect on private investment, GDP and employment across all regions. However, a reduction in the gender employment gap is detected only in Southern Italy and is limited to high-skilled women. These results highlight the need for targeted policies to address regional disparities and promote a more inclusive labour market, particularly in the South, where underinvestment is most severe.
{"title":"Breaking the divide: Can public spending on social infrastructure boost female employment in Italy?","authors":"Jelena Reljic , Francesco Zezza","doi":"10.1016/j.econmod.2024.106974","DOIUrl":"10.1016/j.econmod.2024.106974","url":null,"abstract":"<div><div>This study investigates the impact of public spending on social infrastructure — including education, healthcare, childcare and social assistance — on the gender employment gap in Italian regions over the last two decades. Using a Panel Structural Vector Autoregressive (P-SVAR) model, we assess how these investments, while not explicitly targeting women, may plausibly support female employment—potentially by reducing the extent of unpaid care work and by creating jobs in care sectors that predominantly employ women. Our findings show that social infrastructure spending has a positive and long-lasting effect on private investment, GDP and employment across all regions. However, a reduction in the gender employment gap is detected only in Southern Italy and is limited to high-skilled women. These results highlight the need for targeted policies to address regional disparities and promote a more inclusive labour market, particularly in the South, where underinvestment is most severe.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106974"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-01DOI: 10.1016/j.econmod.2024.106965
Stefano Castaldo , Mario Tirelli
While economists agree that prudent households save to hedge subjective risk in income, they still debate the relevance of precautionary saving. The main problem in estimating this saving motive is the lack of micro data on perceived income risk, preferences, trade opportunities, and its potential bias effects. In the present work we overcome this problem by exploiting a wave of the Italian Survey on Household Income and Wealth that contains unique information on households’: perceived income risk, risk aversion, patience, saving attitudes, liquidity and credit constraints. Results robustly indicate that precautionary saving is significant but low: an average of 4%–6% of households’ total net wealth. Data richness is used to produce a detailed analysis of the omission-variable bias discussed in earlier studies; both highlighting differences in signs and significance. Finally, we extend our analysis to group heterogeneity, with regard to precautionary saving of business owners and senior citizens.
{"title":"Subjective income risk and precautionary saving","authors":"Stefano Castaldo , Mario Tirelli","doi":"10.1016/j.econmod.2024.106965","DOIUrl":"10.1016/j.econmod.2024.106965","url":null,"abstract":"<div><div>While economists agree that prudent households save to hedge subjective risk in income, they still debate the relevance of precautionary saving. The main problem in estimating this saving motive is the lack of micro data on perceived income risk, preferences, trade opportunities, and its potential bias effects. In the present work we overcome this problem by exploiting a wave of the Italian Survey on Household Income and Wealth that contains unique information on households’: perceived income risk, risk aversion, patience, saving attitudes, liquidity and credit constraints. Results robustly indicate that precautionary saving is significant but low: an average of 4%–6% of households’ total net wealth. Data richness is used to produce a detailed analysis of the omission-variable bias discussed in earlier studies; both highlighting differences in signs and significance. Finally, we extend our analysis to group heterogeneity, with regard to precautionary saving of business owners and senior citizens.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106965"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-01DOI: 10.1016/j.econmod.2024.106957
Yuwei Tang , Yanlin Sun , Zhenyu He
Studies exploring the determinants of robot adoption are scarce, and majority of the literature attributes robot adoption to economic and social factors related to labor costs, neglecting the impact of air pollution as an environmental factor. This study examines the causal effect of air pollution on robot adoption by Chinese firms, using imported robot data from 2000 to 2012. We employ annual thermal inversion days as an instrument to perform a 2SLS estimation and find that air pollution positively affects firms' robot adoption in terms of probability and quantity. Reduced labor productivity and raised labor costs drive the documented impacts. Cross-sectionally, the observed effect is only significant for non-state-owned firms, firms in industries with more automation opportunities, and firms in areas with greater financial accessibility. Further analysis suggests a positive relationship between air pollution and firms’ automation levels.
{"title":"Air pollution and firms' robot adoption: Evidence from China","authors":"Yuwei Tang , Yanlin Sun , Zhenyu He","doi":"10.1016/j.econmod.2024.106957","DOIUrl":"10.1016/j.econmod.2024.106957","url":null,"abstract":"<div><div>Studies exploring the determinants of robot adoption are scarce, and majority of the literature attributes robot adoption to economic and social factors related to labor costs, neglecting the impact of air pollution as an environmental factor. This study examines the causal effect of air pollution on robot adoption by Chinese firms, using imported robot data from 2000 to 2012. We employ annual thermal inversion days as an instrument to perform a 2SLS estimation and find that air pollution positively affects firms' robot adoption in terms of probability and quantity. Reduced labor productivity and raised labor costs drive the documented impacts. Cross-sectionally, the observed effect is only significant for non-state-owned firms, firms in industries with more automation opportunities, and firms in areas with greater financial accessibility. Further analysis suggests a positive relationship between air pollution and firms’ automation levels.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106957"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138800","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 : 2025-02-01DOI: 10.1016/j.econmod.2024.106948
Isaac Otchere , Adam Abdulrahman , Jun Wang
Various stakeholders have pressed pension funds (PFs) to refocus their investment strategies on environmental, social and governance (ESG) principles; however, limited attention has been devoted to the impact of sustainable investing on PF assets. Using data from the Organisation for Economic Cooperation and Development (OECD) countries from 1999 to 2022 and using the generalised method of moment estimation, we find that the growth of pension assets in countries with high sustainability scores has slowed since the sustainable development goals were adopted. The impact is more pronounced in the European Union (EU) countries. This finding is noteworthy because EU countries are known for their leadership in sustainable development. Capital market returns are the primary channel through which sustainable investing contributes to reduced pension asset growth. Our findings provide policymakers with important information about the unintended costs of addressing climate risk through exclusionary PF policies. In OECD countries with low fertility rates and ageing populations, the cost exacerbates the sustainability challenges that PFs face.
{"title":"Environmental, social, and governance investing and sustainability of pension funds: Evidence from the organisation for economic cooperation and development countries","authors":"Isaac Otchere , Adam Abdulrahman , Jun Wang","doi":"10.1016/j.econmod.2024.106948","DOIUrl":"10.1016/j.econmod.2024.106948","url":null,"abstract":"<div><div>Various stakeholders have pressed pension funds (PFs) to refocus their investment strategies on environmental, social and governance (ESG) principles; however, limited attention has been devoted to the impact of sustainable investing on PF assets. Using data from the Organisation for Economic Cooperation and Development (OECD) countries from 1999 to 2022 and using the generalised method of moment estimation, we find that the growth of pension assets in countries with high sustainability scores has slowed since the sustainable development goals were adopted. The impact is more pronounced in the European Union (EU) countries. This finding is noteworthy because EU countries are known for their leadership in sustainable development. Capital market returns are the primary channel through which sustainable investing contributes to reduced pension asset growth. Our findings provide policymakers with important information about the unintended costs of addressing climate risk through exclusionary PF policies. In OECD countries with low fertility rates and ageing populations, the cost exacerbates the sustainability challenges that PFs face.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106948"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-02-01DOI: 10.1016/j.econmod.2024.106966
Alina Arefeva, Nikolay Arefyev
This study develops a novel identification method to analyze key shifts in US monetary policy, contributing to ongoing debates on policy effectiveness and macroeconomic stability. We find that before the mid-1980s, the Federal Reserve adhered to Friedman’s policy of a steady money growth, operating with no interest rate smoothing. In contrast, after the mid-1980s, the Fed transitioned to a Taylor rule that incorporated generalized interest rate smoothing and began relying on forward-looking indicators from financial and housing markets. The interest rate smoothing and the use of these indicators helped to reduce inflation and unemployment volatility, with the smoothing potentially reflecting the application of a Kalman-style information filter to improve data processing. Our findings underscore the importance of integrating broader economic indicators and advanced data analysis, which can enhance the Federal Reserve’s ability to fight high inflation and support employment without increasing macroeconomic volatility.
{"title":"Playing by the Taylor rules or sticking to Friedman’s policy: A new approach to monetary policy identification","authors":"Alina Arefeva, Nikolay Arefyev","doi":"10.1016/j.econmod.2024.106966","DOIUrl":"10.1016/j.econmod.2024.106966","url":null,"abstract":"<div><div>This study develops a novel identification method to analyze key shifts in US monetary policy, contributing to ongoing debates on policy effectiveness and macroeconomic stability. We find that before the mid-1980s, the Federal Reserve adhered to Friedman’s policy of a steady money growth, operating with no interest rate smoothing. In contrast, after the mid-1980s, the Fed transitioned to a Taylor rule that incorporated generalized interest rate smoothing and began relying on forward-looking indicators from financial and housing markets. The interest rate smoothing and the use of these indicators helped to reduce inflation and unemployment volatility, with the smoothing potentially reflecting the application of a Kalman-style information filter to improve data processing. Our findings underscore the importance of integrating broader economic indicators and advanced data analysis, which can enhance the Federal Reserve’s ability to fight high inflation and support employment without increasing macroeconomic volatility.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106966"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138789","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 : 2025-02-01DOI: 10.1016/j.econmod.2024.106961
Zeng Lian , Liang Chen , Hongru Tan
This study quantitatively assesses the impact of the North American Free Trade Agreement (NAFTA) on U.S. vehicle emissions, emphasizing consumption-driven pollution, which is often overlooked in trade-related environmental analyses. Using a Bayesian estimation approach, we analyze how NAFTA altered vehicle purchase behaviors and utilization patterns. Our findings indicate that NAFTA significantly increased U.S. vehicle emissions. This effect was primarily driven by income-induced increases in high-emission truck ownership and their expanded use. This research contributes to the literature by clarifying the environmental trade-offs of trade liberalization, providing essential insights for policymakers balancing economic gains and environmental impacts.
{"title":"How NAFTA affected U.S. vehicle emissions: Demand growth and usage patterns","authors":"Zeng Lian , Liang Chen , Hongru Tan","doi":"10.1016/j.econmod.2024.106961","DOIUrl":"10.1016/j.econmod.2024.106961","url":null,"abstract":"<div><div>This study quantitatively assesses the impact of the North American Free Trade Agreement (NAFTA) on U.S. vehicle emissions, emphasizing consumption-driven pollution, which is often overlooked in trade-related environmental analyses. Using a Bayesian estimation approach, we analyze how NAFTA altered vehicle purchase behaviors and utilization patterns. Our findings indicate that NAFTA significantly increased U.S. vehicle emissions. This effect was primarily driven by income-induced increases in high-emission truck ownership and their expanded use. This research contributes to the literature by clarifying the environmental trade-offs of trade liberalization, providing essential insights for policymakers balancing economic gains and environmental impacts.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"143 ","pages":"Article 106961"},"PeriodicalIF":4.2,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143138792","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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