经济学
Recent research has documented a reversal from divergence to convergence in income levels between rich and poor countries after 2000. This paper employs a growth accounting framework to investigate the proximate sources of convergence over…
This study investigates the causal impact of takeovers on firm-level financial accounts on a sample of 4,482 targets in the European Union in the period 2007- 2021. Findings suggest that horizontal integrations do not have a statistically…
The second-tier patent system, known as utility models (UMs), has been considered a tool for supporting technological learning in catching-up economies. UMs often impose lower inventive step requirements than patents, making them accessible…
In an era of rapid change, timely and disaggregated economic insights are crucial for effective policymaking. This study explores the potential of real-time payment data to complement traditional economic measurement. Using anonmysed UK…
We introduce a high-dimensional multiplier bootstrap for time series data based on capturing dependence through a sparsely estimated vector autoregressive model. We prove its consistency for inference on high-dimensional means under two…
We explore the potential of Large Language Models (LLMs) to replicate human behavior in economic market experiments. Compared to previous studies, we focus on dynamic feedback between LLM agents: the decisions of each LLM impact the market…
This paper investigates the impact of monetary policy surprises on U.S. Treasury bond yields and the implications for portfolio managers. Based on the supply and demand model, traditional economic theories suggest that Federal Reserve bond…
This paper explores price competition with exogenous product differentiation in a spatial model similar to that of Nakagawa (2023). Nakagawa examines product differentiation within the framework of Varian (1980). Nakagawa integrates…
This study measures the impact of COVID-19 outbreaks on financial technology (FinTech) lending in Indonesia. Using monthly FinTech data published by Financial Services Authority (OJK) over the period 2018M02-2021M04, the article examines…
I introduce a high-dimensional Bayesian vector autoregressive (BVAR) framework designed to estimate the effects of conventional monetary policy shocks. The model captures structural shocks as latent factors, enabling computationally…
This study investigates the impact of acute health shocks on early labour market exits among individuals aged 50 and over in Europe. Utilising data from Waves 1-8 of the Survey of Health, Ageing, and Retirement in Europe (SHARE),…
This study focuses on the coffee chain of Sultan Kudarat - the coffee capital of the Philippines, where most of the farmers are smallholders. Coffee farmers in this area allocate their harvested cherries as fresh cherries, dried cherries,…
This paper examines strategic effort and positioning choices resulting in bandwagon effects under externalities in finite multi-stage games using causal evidence from triathlon (Reichel, 2025). Focusing on open-water swim drafting where…
Prior literature on two-firm two-market and two-stage extended dynamic models has introduced what Guth (2016) succinctly terms a social dilemma. A state in which conglomerate firms competing in a Bertrand duopoly consider jointly optimizing…
Active labor market policies are widely used by the Swiss government, enrolling over half of all unemployed individuals. This paper evaluates the effectiveness of Swiss programs in improving employment and earnings outcomes using causal…
We study undominated mechanisms with transfers for regulating a monopolist who privately observes the marginal cost of production. We show that in any undominated mechanism, there is a quantity floor, which depends only on the primitives,…
We study distributed knowledge, which is what privately informed agents come to know by communicating freely with one another and sharing everything they know. Knowledge is not necessarily partitional: agents may be boundedly rational and…
We consider estimation and inference for a regression coefficient in panels with interactive fixed effects (i.e., with a factor structure). We demonstrate that existing estimators and confidence intervals (CIs) can be heavily biased and…
Lee (2009) is a common approach to bound the average causal effect in the presence of selection bias, assuming the treatment effect on selection has the same sign for all subjects. This paper generalizes Lee bounds to allow the sign of this…
Integrated autoregressive conditional duration (ACD) models serve as natural counterparts to the well-known integrated GARCH models used for financial returns. However, despite their resemblance, asymptotic theory for ACD is challenging and…