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The Effects of Combat Deployments on Veterans’ Outcomes Journal of Political Economy (IF 6.9) Pub Date : 2024-07-18 Jesse Bruhn, Kyle Greenberg, Matthew Gudgeon, Evan K. Rose, Yotam Shem-Tov
Journal of Political Economy, Ahead of Print.
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Expectations, Infections, and Economic Activity Journal of Political Economy (IF 6.9) Pub Date : 2024-07-18 Martin Eichenbaum, Miguel Godinho de Matos, Francisco Lima, Sergio Rebelo, Mathias Trabandt
Journal of Political Economy, Ahead of Print.
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Advisors for micro-entrepreneurs: is one as good as another in accessing alternative finance? Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-18 Maria Gaia Soana, Doriana Cucinelli, Beatrice Ronchini
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How can a regional innovation system meet circular economy challenges? Conceptualization and empirical insights from Germany Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-19 Martina Fromhold-Eisebith
Promoting the circular economy (CE) increasingly draws on regional approaches. But in particular the potentially supportive role of regionally provided innovations requires more exploration. This paper suggests an expanded categorization of innovation demands for the regional CE and integrates them into an enriched conceptualization of the challenge-oriented regional innovation system (CORIS). How
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Is Money Essential? An Experimental Approach Journal of Political Economy (IF 6.9) Pub Date : 2024-07-17 Janet Hua Jiang, Peter Norman, Daniela Puzzello, Bruno Sultanum, Randall Wright
Journal of Political Economy, Ahead of Print.
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Unbundling Quantitative Easing: Taking a Cue from Treasury Auctions Journal of Political Economy (IF 6.9) Pub Date : 2024-07-11 Walker Ray, Michael Droste, Yuriy Gorodnichenko
Journal of Political Economy, Ahead of Print.
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Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-10 Johannes Fuchs, Paul P. Momtaz
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Amsterdam’s circular economy at a world-ecological crossroads: postcapitalist degrowth or the next regime of capital accumulation? Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-10 Matthew Thompson, Charlotte Cator, David Beel, Ian Rees Jones, Martin Jones, Kevin Morgan
This article conceptualises the circular economy as a space of immaterial, as well as material, metabolic flows mediated by capitalism and planetary urbanisation. World-ecology provides us with the critical lens to view the circular economy as part of an emergent regime of accumulation that may supersede neoliberalism. However, if each regime entails new frontier zones for appropriating cheap natures
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Dispatch strategies for large-scale heat pump based district heating under high renewable share and risk-aversion: A multistage stochastic optimization approach Energy Econ. (IF 13.6) Pub Date : 2024-07-09 Muhammad Bilal Siddique, Dogan Keles, Fabian Scheller, Per Sieverts Nielsen
Heat pumps play an essential role in decarbonizing the heating sector, and their adoption is projected to rise significantly. The high share of large-scale heat pumps in district heating exposes heating utilities to uncertainty in electricity markets. This challenge is further exacerbated by 1) future high share of renewable energy resulting in increased uncertainty of electricity prices, and 2) introduction
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Natural resource extraction and economic diversification in Russian regions: Application of dynamic DID Energy Econ. (IF 13.6) Pub Date : 2024-07-08 Kazi Sohag, Rogneda Vasilyeva, Valentin Voytenkov, Shawkat Hammoudeh
The abundance of natural resources can hinder economic diversification. Russia's heavy reliance on natural resources has not thoroughly been examined to determine whether a resource extraction boom promotes or stifles economic diversification. This study uses a dynamic DiD event approach to analyze panel data for 83 Russian regions over the 1996–2019 period. We compare regions with and without oil
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Keeping pace with the digital transformation — exploring the digital orientation of SMEs Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-06 Kevin Escoz Barragan, Felix Simon Rudolf Becker
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Are cryptos different? Evidence from retail trading J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-06 Shimon Kogan, Igor Makarov, Marina Niessner, Antoinette Schoar
Trading in cryptocurrencies grew rapidly over the last decade, dominated by retail investors. Using data from eToro, we show that retail traders are contrarian in stocks and gold, yet the same traders follow a momentum-like strategy in cryptocurrencies. The differences are not explained by individual characteristics, investor composition, inattention, differences in fees, or preference for lottery-like
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Towards a Territorial and Political Ecology of “circular bioeconomy”: a 30-year review of metabolism studies Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-06 Simon Joxe, Jean-Baptiste Bahers
In the context of the increasingly present policies of circular economy and the emergence of “Circular Bioeconomy” (CB), this article presents the results of a literature review on the sociometabolic research of biomasses. Six schools of thought are identified and distinguished according to their authors, their conceptions of metabolism, methodologies and social and spatial dimensions. Based on this
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Cyberattack, cyber risk mitigation capabilities, and firm productivity in Kenya Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-05 Godsway Korku Tetteh, Chuks Otioma
Most scholarly work has focused on the positive effects of digitalisation in Sub-Saharan Africa without accounting for the associated risks and mitigation measures at the firm level. Using the 2016 Enterprise ICT Survey of Kenya which provides a rich source of information on the use of ICT among firms, we examine the effect of cybersecurity breach on labour productivity and show how this effect is
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Macroeconomic shocks and volatility spillovers between stock, bond, gold and crude oil markets Energy Econ. (IF 13.6) Pub Date : 2024-07-04 Yongdeng Xu, Bo Guan, Wenna Lu, Saeed Heravi
This paper introduces a novel model to analyze the impact of macroeconomic shocks on volatility spillovers within key financial markets, such as Stock, Bond, Gold and Crude Oil. By treating macroeconomic variables as external factors to financial market volatility, our study distinguishes between internal financial volatility spillovers and external shocks arising from macroeconomic changes. Our analysis
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Monetary tightening and U.S. bank fragility in 2023: Mark-to-market losses and uninsured depositor runs? J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-04 Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski, Amit Seru
We develop a conceptual framework and an empirical methodology to analyze the effect of rising interest rates on the value of U.S. bank assets and bank stability. We mark-to-market the value of banks’ assets due to interest rate increases from Q1 2022 to Q1 2023, revealing an average decline of 10 %, totaling about $2 trillion in aggregate. We present a model illustrating how asset value declines due
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A multiscale time-series decomposition learning for crude oil price forecasting Energy Econ. (IF 13.6) Pub Date : 2024-07-03 Jinghua Tan, Zhixi Li, Chuanhui Zhang, Long Shi, Yuansheng Jiang
Crude oil price forecasting is important for market participants and policymakers. However, accurately tracking oil prices is quite a challenging task due to the complexity of temporal oil data and the nonlinear relationships involved in the forecasting task. In this study, a multiscale time-series decomposition learning framework is proposed to deal with this issue. First, a multiscale temporal processing
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High-frequency trading in the stock market and the costs of options market making J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-03 Mahendrarajah Nimalendran, Khaladdin Rzayev, Satchit Sagade
We investigate how high-frequency trading (HFT) in equity markets affects options market liquidity. We find that increased aggressive HFT activity in the stock market leads to wider bid–ask spreads in the options market through two main channels. First, options market makers’ quotes are exposed to sniping risk from HFTs exploiting put–call parity violations. Second, informed trading in the options
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Responsibility fixes: patching up circular economy value chains Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-03 Anna Barford, Saffy Rose Ahmad
Recycled plastics value chains are being collaboratively constructed amid calls for greater responsibility of the corporates driving today’s plastic waste crisis. The resulting ‘responsibility fix’ bolts new arrangements onto linear production processes, offering a mechanism to push linear processes towards circularity, while starting to patch up some of the social and economic injustices associated
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Risky business: venture capital, pivoting and scaling Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-02 Pehr-Johan Norbäck, Lars Persson, Joacim Tåg
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Recent Referees Journal of Political Economy (IF 6.9) Pub Date : 2024-07-01
Journal of Political Economy, Volume 132, Issue 7, July 2024.
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JPE Turnaround Times Journal of Political Economy (IF 6.9) Pub Date : 2024-07-01
Journal of Political Economy, Volume 132, Issue 7, Page 2530-2530, July 2024.
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Front Matter Journal of Political Economy (IF 6.9) Pub Date : 2024-07-01
Journal of Political Economy, Volume 132, Issue 7, July 2024.
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Differentiated pricing for the retail electricity provider optimizing demand response to renewable energy fluctuations Energy Econ. (IF 13.6) Pub Date : 2024-07-01 He Li, Pengyu Wang, Debin Fang
As renewable energy expands, its fluctuations challenge grid security. Demand response (DR) is a crucial solution for ensuring grid stability. This paper designs a two-stage optimization model for the retail electricity provider (REP), aiming to develop differentiated prices to incentivize multiple types of users in DR. In the first stage, the REP utilizes energy storage to adjust electricity purchases
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The effect of PV generation's hourly variations on Israel's solar investment Energy Econ. (IF 13.6) Pub Date : 2024-07-01 I. Milstein, A. Tishler, C.K. Woo
Limited by sunniness and conversion efficiency, one installed MW of photovoltaic (PV) capacity can only produce MWh of electricity in daytime hour , where = positive fraction that we call PV's (HEC). Based on a sample of commercially operating PV plants in Israel, HEC rises throughout the 08:00–11:00 period, peaks in the 11:00–14:00 period and then declines in the 14:00–18:00 period. Further, HEC values
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Monetary policies on green financial markets: Evidence from a multi-moment connectedness network Energy Econ. (IF 13.6) Pub Date : 2024-07-01 Tingguo Zheng, Hongyin Zhang, Shiqi Ye
This paper introduces a novel multi-moment connectedness network approach for analyzing the interconnectedness of green financial market. Focusing on the impact of monetary policy shocks, our study reveals that connectedness within the green bond and equity markets varies with different moments (returns, volatility, skewness, and kurtosis) and changes significantly around Federal Open Market Committee
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Renewable energy investment under stochastic interest rate with regime-switching volatility Energy Econ. (IF 13.6) Pub Date : 2024-07-01 Jérôme Detemple, Yerkin Kitapbayev, A. Max Reppen
We examine the impact of the interest rate and its characteristics, such as long run mean and instantaneous variance risk (VR), on renewable energy investments in the power sector. The model has stochastic electricity price, stochastic interest rate, and variance regime switches. We show that an increase in the interest rate, while generally increasing the value of a power project, can have a non-monotone
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Volatility dynamics of agricultural futures markets under uncertainties Energy Econ. (IF 13.6) Pub Date : 2024-07-01 Anupam Dutta, Gazi Salah Uddin, Lin Wen Sheng, Donghyun Park, Xuening Zhu
The objective of this study is to examine the effect of various uncertainty measures on the realized volatility of agricultural futures markets. In doing so, we use a range of uncertainty indicators in our analysis to investigate whether news-based uncertainty measures (e.g., geopolitical risk and economic policy uncertainty) have better predictive contents than the market-based uncertainty measures
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Government procurement contracts, external audit certification, and financing of small- and medium-sized enterprises Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-28 Kelvin Mugambi Kinyua, Frederick Kibon Changwony, Kevin Campbell
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Using Divide-and-Conquer to Improve Tax Collection Q. J. Econ. (IF 11.1) Pub Date : 2024-06-27 Samuel Kapon, Lucia Del Carpio, Sylvain Chassang
Tax collection with limited enforcement capacity may be consistent with both high- and low-delinquency regimes: high delinquency reduces the effectiveness of threats, thereby reinforcing high delinquency. We explore the practical challenges of unraveling the high-delinquency equilibrium using a mechanism design insight known as divide-and-conquer. Our preferred mechanism takes the form of prioritized
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Dynamic quantile connectedness between oil and stock markets: The impact of the interest rate Energy Econ. (IF 13.6) Pub Date : 2024-06-26 Jingrui Qin, Xiaoping Cong, Di Ma, Xueyun Rong
This paper explores the heterogeneous and dynamic connectedness between the oil and stock markets of emerging economies under various market conditions by introducing a novel quantile regression TVP-VAR network method. Moreover, a semiparametric model is used to analyze the impact of interest rates on the connectedness. The results show that (1) the total connectedness between the oil and stock markets
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Alternative monetary policies and renewable energy stock returns Energy Econ. (IF 13.6) Pub Date : 2024-06-26 Natali Gordo, Alistair Hunt, Bruce Morley
The aim of this study is to determine how monetary policy interacts with the financial sector specialising in renewable energy, especially since the implementation of Quantitative Easing (QE). Using EU data and the VAR approach incorporating the interest rate, representing monetary policy, an index of renewable energy stock prices, oil prices, technology and the VIX, this paper applies Granger causality
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Shock transmission between climate policy uncertainty, financial stress indicators, oil price uncertainty and industrial metal volatility: Identifying moderators, hedgers and shock transmitters Energy Econ. (IF 13.6) Pub Date : 2024-06-26 Muhammad Shahbaz, Umaid A. Sheikh, Mosab I. Tabash, Zhilun Jiao
This research initially examines the shock transmission from news-related Climate Policy Uncertainty (CPU), the CBOE crude oil volatility index as a proxy for Oil Price Uncertainty (OPU), and global Financial Stress Indicators (FSI) such as “Credit, ““Equity-Valuation, ““Funding,” “Safe-Assets,” and “Volatility,” towards the conditional volatility of global steel, iron ore, and aluminum prices using
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An inquiry into the nexus between artificial intelligence and energy poverty in the light of global evidence Energy Econ. (IF 13.6) Pub Date : 2024-06-26 Tao Ding, Hao Li, Li Liu, Kui Feng
Energy poverty is a global challenge that constrains economic development, jeopardizes people's health, and impedes the improvement of people's lives. Artificial intelligence (AI) could be an important tool to reverse this dilemma. We utilize a panel data covering 64 countries during 2000–2019 to examine AI's impact on energy poverty. The findings reveal that the application of AI effectively alleviates
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Intensive personal mentoring: accelerators’ secret sauce Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-25 Eyal Rechter, Gil Avnimelech
Over the past fifteen years, the startup accelerator sector has emerged as a vital component in the entrepreneurial ecosystem, offering structured support to novice entrepreneurs. This study explores the impact of mentorship within accelerators, shedding light on the critical role mentors play in the success of early-stage entrepreneurs. Utilizing comprehensive data from 779 graduates of Israeli accelerators
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Interdependencies and risk management strategies between green cryptocurrencies and traditional energy sources Energy Econ. (IF 13.6) Pub Date : 2024-06-25 Zaghum Umar, Muhammad Usman, Muhammad Umar, Farah Ktaish
This study delves into the intricate relationship between environmentally friendly cryptocurrencies, often termed ‘green cryptocurrencies,’ and traditional energy sources, commonly referred to as ‘dirty fuels’, by employing Copula-CoVaR methodology, along with evaluating hedge ratios and the effectiveness of hedging strategies. This research aims to uncover the dynamics of risk and return spillovers
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Borrow now, pay even later: A quantitative analysis of student debt payment plans J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-25 Michael Boutros, Nuno Clara, Francisco Gomes
In the U.S., student debt is currently the second largest component of consumer debt. Households are required to repay these loans early in their lifecycle, when marginal utility is particularly high. We study alternative contracts that offer partial or full payment deferral until later in life. We calibrate an economy with the current contracts, and then solve for counterfactual equilibria. The alternative
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Measuring the energy poverty premium in Great Britain and identifying its main drivers based on longitudinal household survey data Energy Econ. (IF 13.6) Pub Date : 2024-06-24 Fiona Rasanga, Tina Harrison, Raffaella Calabrese
Following the consistent hike in energy prices in recent years, energy affordability by low-income households in Great Britain has become a significant concern. These concerns are further compounded by the disproportionate cost of energy that poor households are likely to pay, compared to the non-poor. In this study, we examine the exposure of poor households to energy premiums by measuring the additional
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Electrification or deforestation? Evidence from household practices in Côte d’Ivoire Energy Econ. (IF 13.6) Pub Date : 2024-06-24 Alpha Ly, Raja Chakir, Anna Creti
This paper investigates the impact of electrification on household practices related to deforestation in Côte d’Ivoire, specifically focusing on the expansion of arable farms and the use of biomass fuels. A theoretical framework inspired by the heterogeneous agricultural households model proposed by is employed to theoretically elucidate the relationship between electrification and the expansion of
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Mapping the landscape of energy markets research: A bibliometric analysis and predictive assessment using machine learning Energy Econ. (IF 13.6) Pub Date : 2024-06-24 Thiago Christiano Silva, Tercio Braz, Benjamin Miranda Tabak
This study examines the evolving dynamics of research on the energy market that focuses on understanding its interactions and interdependencies with other markets. Using published articles from 2002 to 2022 indexed by the Web of Science, we employ bibliometric methods, complex network measurements, and machine learning algorithms to analyze trends and predict academic success or interest. Our bibliometric
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The impact of oil shocks on green, clean, and socially responsible markets Energy Econ. (IF 13.6) Pub Date : 2024-06-24 Ahmed H. Elsayed, Rabeh Khalfaoui, Samia Nasreen, David Gabauer
The study employs novel empirical approaches, namely wavelet quantile correlation (WQC) and cross-quantilogram analysis, to examine the interrelationship between green bonds (GB), clean energy (GCE), socially responsible stocks (ESG), and variants of oil shocks during the period spanning from June 28th, 2013 to June 1st, 2023. Empirical findings from the WQC highlight consistent diversification benefits
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Perceptions About Monetary Policy Q. J. Econ. (IF 11.1) Pub Date : 2024-06-24 Michael D Bauer, Carolin E Pflueger, Adi Sunderam
We estimate perceptions about the Federal Reserve’s monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions varies substantially over time, in particular over the monetary policy cycle. Forecasters update their perceptions about the Fed’s policy rule in response to monetary
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Predicting energy source diversification in emerging Asia: The role of global supply chain pressure Energy Econ. (IF 13.6) Pub Date : 2024-06-23 Yunpeng Sun, Shreya Pal, Mantu Kumar Mahalik, Giray Gozgor, Chi Keung Marco Lau
This study investigates energy diversification trends in six Emerging Asian countries from 1998 to 2021 while exploring the predicting effects of the global supply chain pressure, total investment, innovation, economic growth, and globalisation on energy diversification. This study considers the Kernel-Based Regularized Least Squares (KRLS) estimations and prediction models (Adam and Stochastic Gradient
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The reserve supply channel of unconventional monetary policy J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-21 William Diamond, Zhengyang Jiang, Yiming Ma
We find that central bank reserves injected by QE crowd out bank lending. We estimate a structural model with cross-sectional instrumental variables for deposit and loan demand. Our results are determined by the elasticity of loan demand and the impact of reserve holdings on the cost of supplying loans. The reserves injected by QE raise loan rates by 7.4 basis points, and each dollar of reserves reduces
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Financial statement audit and regulatory focus in equity crowdfunding decisions Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-20 Regan Stevenson, Jared Eutsler, Bradley Lang, Jesse C. Robertson
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On transmission channels of energy prices and monetary policy shocks to household consumption: Evidence from India Energy Econ. (IF 13.6) Pub Date : 2024-06-20 Pragati Priya, Chandan Sharma
This study examines the channels of transmission of unanticipated energy price changes and monetary policy shocks to household consumption decisions. We use a large and dynamic panel data set of Indian households for the analysis. Our findings show that both shocks have adverse effects on aggregate consumption and its categories. Furthermore, rising energy prices and monetary tightening policies disproportionately
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Estimating the emissions reductions from supply-side fossil fuel interventions Energy Econ. (IF 13.6) Pub Date : 2024-06-20 Brian C. Prest, Harrison Fell, Deborah Gordon, TJ Conway
Supply-side interventions that retire highly emitting fossil fuel assets have received increased attention from policymakers and private actors alike. Yet concerns about market leakage—wherein reduced supply from one source is partially offset by increased production from other sources—have raised questions about how much emissions reductions they can achieve. In this paper, we estimate the effects
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Estimating the income-related inequality aversion to energy limiting behavior in the United States Energy Econ. (IF 13.6) Pub Date : 2024-06-19 Luling Huang, Destenie Nock
Distributive energy justice is measured by the degree to which, and whether, different members of society have equal share in the benefits and burdens of the energy system. One way to achieve distributional energy justice is to ensure all households, regardless of income, can use as much energy as they need to heat and cool their home to desired temperature. We define a household's (CBP) as the ideal
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Do climate risks affect dirty–clean energy stock price dynamic correlations? Energy Econ. (IF 13.6) Pub Date : 2024-06-19 Di Li, Zhige Wu, Yixuan Tang
Prior studies have extensively exhibited an interest in exploring the connectedness between dirty and clean energy stock prices alongside the drivers of such price connectedness, shedding light on hedging strategies for finance practitioners. Nevertheless, no empirical research has examined whether climate risks, the emerging indicator for investors to handle the divestment of dirty energy stocks,
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The impact of renewable energy on inflation in G7 economies: Evidence from artificial neural networks and machine learning methods Energy Econ. (IF 13.6) Pub Date : 2024-06-19 Long Zhang, Hemachandra Padhan, Sanjay Kumar Singh, Monika Gupta
This paper examines the impact of cleaner energy adoption (i.e., renewable energy consumption and generation) on inflation rates in G7 economies from 1997 to 2021. The Principal Component Analysis is used to construct the renewable energy consumption and generation indices. Then, the paper runs various artificial neural networks and machine learning methods to test the validity of the cleaner energy-led
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Importance of transaction costs for asset allocation in foreign exchange markets J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-19 Ilias Filippou, Thomas A. Maurer, Luca Pezzo, Mark P. Taylor
Transaction costs have a first-order effect on the performance of currency portfolios. Proportional costs based on quoted bid–ask spread are relatively small, but when a fund is large, costs due to the trading volume price impact are sizable and quickly erode returns, leaving many popular strategies unprofitable. A mean–variance-transaction-cost optimized approach (MVTC) that accounts for costs in
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Bottlenecks for Evidence Adoption Journal of Political Economy (IF 6.9) Pub Date : 2024-06-18 Stefano DellaVigna, Woojin Kim, Elizabeth Linos
Journal of Political Economy, Ahead of Print.
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Environmental policy stringency and ecological footprint linkage: Mitigation measures of renewable energy and innovation Energy Econ. (IF 13.6) Pub Date : 2024-06-18 Kazi Sohag, Shaiara Husain, Ugur Soytas
We scrutinize the environmental policies' efficacy in reducing ecological footprint by interweaving two other vibrant parameters of environmental degradation mitigation, i.e., renewable energy sources and innovation. To this end, we apply a Cross-Sectional Autoregressive Distributed Lags (CS-ARDL) approach to analyze panel time-series data (1990–2018) in the context of OECD countries. Our analysis
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Crises and energy markets reforms Energy Econ. (IF 13.6) Pub Date : 2024-06-15 Luca Bettarelli, Davide Furceri, Pietro Pizzuto, Khatereh Yarveisi
The spikes in energy prices observed following recent major global shocks—e.g., COVID-19 and Russia-Ukraine war —as well as issues related to the diffusion of renewable energy power generation, have reopened the debate about the design of electricity markets and the role of the “state” vs. “market” in the electricity markets governance. In this article, we contribute to this debate by looking at the
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Evolution vs. Creationism in the Classroom: The Lasting Effects of Science Education Q. J. Econ. (IF 11.1) Pub Date : 2024-06-15 Benjamin W Arold
Anti-scientific attitudes can impose substantial costs on societies. Can schools be an important agent in mitigating the propagation of such attitudes? This paper investigates the effect of the content of science education on anti-scientific attitudes, knowledge, and choices. The analysis exploits staggered reforms that reduce or expand the coverage of evolution theory in US state science education
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The effects of policy interventions to limit illegal money lending J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-15 Kaiwen Leong, Huailu Li, Nicola Pavanini, Christoph Walsh
We estimate a structural model of borrowing and lending in the illegal money lending market using a unique panel survey of 1,090 borrowers taking out 11,032 loans from loan sharks. We use the model to evaluate the effects of interventions aimed at limiting this market. We find that an enforcement crackdown that occurred during our sample period increased lenders’ unit cost of harassment and interest
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Non-firm vs priority access: On the long run average and marginal costs of renewables in Australia Energy Econ. (IF 13.6) Pub Date : 2024-06-14 Paul Simshauser, David Newbery
In Australia, the National Electricity Market (NEM) has experienced a rapid expansion of Variable Renewable Electricity (VRE) projects, not without obstacles. Entry frictions such as movements in Marginal Loss Factors and/or network congestion adversely impacted ∼15% of new projects. Are these the expected results in a workably functioning market, or due to market design defects? Policy advisors have
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The short-termism trap: Catering to informed investors with limited horizons J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-14 James Dow, Jungsuk Han, Francesco Sangiorgi
Does the stock market exert short-term pressure on listed firms, do they respond, and is this response value reducing? We show that limited investor horizons indeed have those consequences, as follows. First, informative stock prices increase firm value; in our model, they reduce the agency cost of incentivizing managers. Second, short project maturity improves stock price informativeness by catering
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Financial market concentration and misallocation J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-14 Daniel Neuhann, Michael Sockin
How does financial market concentration affect capital allocation? We propose a complete-markets model in which real investment and financial price impact are jointly determined in general equilibrium. We identify a two-way feedback mechanism whereby price impact induces misallocation and misallocation raises price impact. The mechanism is stronger if productivity is low or productivity dispersion
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Culture and social entrepreneurship: the role of value-practice misalignment Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-13 Katrina M. Brownell, Diana M. Hechavarria, Colleen C. Robb, Jill Kickul