Journal of Economic Surveys最新文献

We survey UK labor productivity over the long run, comparing it with other advanced economies, and focus on the sharp slowdown since the global financial crisis. Using a growth accounting framework, we highlight the primary role of total factor productivity (TFP), while noting that the contribution of capital shallowing is influenced by methodological choices. We assess the UK's productivity performance through standard neoclassical models and revisit the secular stagnation debate. Long-term trends, including a 30-year decline in real interest rates and increased labor supply since 2008 ought to have spurred investment, and yet private and public investment as a share of GDP has declined. The economic literature points to poor TFP growth, government decisions on public investment, flexible labor supply, heightened uncertainty and the distortion of investment decisions in an era of ultra-low interest rates as probable culprits behind the disappointing investment trends.

This review article examines the challenge of eliciting truthful information from multiple individuals when such information cannot be verified, a problem known as “information elicitation without verification.” This article reviews over 25 mechanisms designed to incentivize truth-telling in such scenarios and their effectiveness in empirical studies. Although many mechanisms theoretically ensure truthfulness as a Bayesian Nash equilibrium, empirical evidence regarding the effects of mechanisms on truth-telling is limited and generally weak. Consequently, more empirical research is needed to validate mechanisms. However, empirical validation is difficult because most mechanisms are very complex and cannot be easily conveyed to research subjects. This review suggests that simple and intuitive mechanisms may be easier to empirically test and apply.

This comprehensive literature review examines the role of central banks in supporting climate actions. It explores the reasons why central banks should be concerned about climate change, the policy instruments available to them, the challenges they face in integrating climate considerations into their mandates and operations, and the differences in approaches between advanced and emerging economies. While national governments bear primary responsibility for climate policies—due to their political mandate, financial resources, and available instruments—central banks play a crucial role in recognizing and addressing the threats that climate change poses to price stability, as well as overall economic and financial stability. Central banks in advanced nations carefully consider their potential involvement in climate policy before implementing actions, while those in emerging markets actively utilize a broader range of tools. These differences reflect varying mandates, which closely align with the development goals of governments in emerging economies. Given the heterogeneous impacts of unabated climate change across regions, policy recommendations must be tailored to the specific circumstances of each central bank.

Regional disparities within the EU remain a persistent challenge, demanding comprehensive research. Enhancing cohesion and convergence while promoting sustainability between and within its regions is crucial to addressing these disparities. This study conducts a systematic literature review on regional development in the EU, identifying key determinants and potential sources of these disparities through a multidimensional lens. Using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses methodology, our database considers 92 papers related to regional development in the EU. Our analysis shows that most studies predominantly focus on economic factors like employment and GDP, and there is an emerging recognition of the necessity to incorporate social and environmental aspects into regional development studies. This study maps the current state of literature and identifies gaps, particularly the need for more multidimensional and holistic approaches on regional development. These findings underscore the importance of a comprehensive approach in future research and policymaking are crucial for addressing regional disparities and promoting sustainable development across the EU regions.

(2025). Issue Information. Journal of Economic Surveys, 39(2), 403–404. https://doi.org/10.1111/joes.12639

The title of the special section published in Journal of Economic Surveys Volume 39 Issue 2 was incorrect. The correct title is:

 Development and inequality: A long-run view

The correct title is now reflected in the online version of the publication.

We apologize for this error.