Empirical Economics

1976 - 2025

Current editor(s): Robert M. Kunst, Arthur H.O. van Soest, Bertrand Candelon, Subal C. Kumbhakar and Joakim Westerlund

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Volume 68, issue 3, 2025

Dynamic treatment effect of capital controls on macroeconomic and financial stability in emerging market economies pp. 963-999

Richa Jain and Amlendu Dubey

House prices and ultra-low interest rates: exploring the nonlinear nexus pp. 1001-1037

Daniel Dieckelmann, Hannah S. Hempell, Barbara Jarmulska, Jan Hannes Lang and Marek Rusnák

A Markov regime-switching event response model: beef price spread response to processing capacity shocks pp. 1039-1071

Eunchun Park, Christopher N. Boyer and Clinton L. Neill

Revisiting the drivers of inflation in Sub-Saharan Africa after COVID-19 pp. 1073-1112

Dennis Nsafoah, Cosmas Dery and Ayobami E. Ilori

Variable selection in macroeconomic stress test: a Bayesian quantile regression approach pp. 1113-1169

Mai Dao and Lam Nguyen

A new Bayesian method for estimation of value at risk and conditional value at risk pp. 1171-1189

Jacinto Martín, M. Isabel Parra, Mario M. Pizarro and Eva L. Sanjuán

Household debt, self-insurance, and subjective medical expenses risk pp. 1191-1231

Daniel Kaliski

Revisiting the Productivity Effects of Public Capital pp. 1233-1264

Zhezhi Hou, Shunan Zhao and Subal C. Kumbhakar

Firm retention and productivity of apprentices pp. 1265-1280

Jérémy Hervelin

Urban environmental evaluation using an affiliated private value auction model pp. 1281-1343

Hayato Nakanishi

Can new infrastructure promote regional economic development? An examination based on administrative boundaries pp. 1345-1377

Yuan Ma, Zi-ran Zhang and Yu-ling Yang

Economic activity and $$\hbox {CO}_2$$ CO 2 emissions in Spain pp. 1379-1408

Aránzazu Juan, Pilar Poncela and Esther Ruiz

The impact of a large-scale natural disaster on local economic activity: evidence from the 2003 Bam earthquake in Iran pp. 1409-1428

Mohammad Reza Farzanegan and Sven Fischer

Revisiting the effects of cigarette taxation on smoking outcomes pp. 1429-1475

Vinish Shrestha

How do we measure trade elasticity for services? pp. 1477-1494

Satoshi Nakano and Kazuhiko Nishimura

Correction to: The individual Laffer curve: evidence from the Spanish income tax pp. 1495-1495

Ana Gamarra Rondinel, José Félix Sanz-Sanz and María Arrazola

Volume 68, issue 2, 2025

Stochastic instability: a dynamic quantile approach pp. 485-509

Jean-Paul Chavas

Revisiting precious metal mining stocks and precious metals as hedge, diversifiers and safe-havens: a multidimensional scaling and wavelet quantile correlation perspective pp. 511-533

Zubair Ahmad Parrey, Arif Billah Dar and Manas Paul

Introducing shrinkage in heavy-tailed state space models to predict equity excess returns pp. 535-553

Florian Huber, Gregor Kastner and Michael Pfarrhofer

Pandemic, policy, and markets: insights and learning from COVID-19’s impact on global stock behavior pp. 555-583

Shuxin Yang

Estimating the impact of social distance policy in mitigating COVID-19 spread with factor-based imputation approach pp. 585-601

Difang Huang, Ying Liang, Boyao Wu and Yanyi Ye

COVID-19 diagnoses and university student performance: evidence from linked administrative health and education data pp. 603-637

Timothy F. Harris and C. Lockwood Reynolds

Unconditional cash transfers and child schooling: a meta-analysis pp. 639-666

Zhi Zheng Chong and Siew Yee Lau

On the drivers of financial literacy: the role of intergenerational mobility pp. 667-695

Sara Lamboglia and Massimiliano Stacchini

Effect of media attention on corporate green technology innovation: mechanism and evidence from China pp. 697-727

Jingjing Deng, Yi Li, Yu Ding and Fengqi Liu

Does the Kyoto Protocol have a structural impact on the environmental Kuznets curve? An application of the varying coefficient model pp. 729-758

Chi-Yang Chu, Chien-Ho Wang and Wan-Jiun Chen

Modeling aggregate investment under financial constraints pp. 759-781

Dimitris Hatzinikolaou and Dimitrios Hatzinikolaou

Macroeconomic effects of monetary policy in Japan: an analysis using interest rate futures surprises pp. 783-801

Hiroyuki Kubota and Mototsugu Shintani

Euro area inflation differentials: the role of fiscal policies revisited pp. 803-854

Cristina Checherita-Westphal, Nadine Leiner-Killinger and Teresa Schildmann

Central bank information effects in Japan: the role of uncertainty channel pp. 855-877

Hiroshi Morita, Ryo Matsumoto and Taiki Ono

Instrumental variable estimation with observed and unobserved heterogeneity of the treatment and instrument effect: a latent class approach pp. 879-914

Pablo Rodriguez and Mauricio Sarrias

Import shock and local labour market outcomes: A Sino-Indian case study pp. 915-962

Feiyang Shi

Volume 68, issue 1, 2025

Random Forest estimation of the ordered choice model pp. 1-106

Michael Lechner and Gabriel Okasa

Measuring and explaining efficiency of pre-vaccine country responses to COVID-19 pandemic: a conditional robust nonparametric approach pp. 107-137

Arthur S. Kuchenbecker, Hudson S. Torrent and Flavio A. Ziegelmann

The hiring of older workers: evidence from Germany pp. 139-163

Fabian Busch, Robert Fenge and Carsten Ochsen

From past to present: ancestry and student achievement in Brazil pp. 165-212

Daniel Lopes, Geraldo Silva Filho and Leonardo Monasterio

This must be the place: local amenities and superstars’ wages pp. 213-235

Mattia Filomena and Francesco Principe

A new investigation into whether households are excessively sensitive to predictable changes in income pp. 237-252

Charles Grant

Housing prices and import competition pp. 253-280

Sheida Teimouri and Joachim Zietz

Short-run impact of electricity on social capital: evidence from a rural electricity program pp. 281-325

Ngawang Dendup, Dil Bahadur Rahut and Yayue Xiao

Modelling green knowledge production and environmental policies with semiparametric panel data regression models pp. 327-352

Antonio Musolesi, Davide Golinelli and Massimiliano Mazzanti

How do climate policy uncertainty and renewable energy and clean technology stock prices co-move? evidence from Canada pp. 353-371

Seyed Alireza Athari and Dervis Kirikkaleli

Enhancing stock price prediction using GANs and transformer-based attention mechanisms pp. 373-403

Siyi Li and Sijie Xu

Are the loans of state-owned banks politically motivated? pp. 405-432

Erik Figueiredo, João Ricardo Faria, Jaime Orrillo and Rodrigo Pereira

Threshold mixed data sampling logit model with an application to forecasting US bank failures pp. 433-477

Lixiong Yang, Mingjian Ren and Jianming Bai

Rebuttal to “Historical state and its legacy: another perspective on Dai Viet-Khmer economic division in Vietnam” pp. 479-481

Melissa Dell, Nathaniel Lane and Pablo Querubin

Correction to: Rebuttal to “Historical state and its legacy: another perspective on Dai Viet–Khmer economic division in Vietnam” pp. 483-483

Melissa Dell, Nathaniel Lane and Pablo Querubin

Volume 67, issue 6, 2024

Global liquidity effect of quantitative easing on emerging markets pp. 2449-2461

Mehmet Balcilar, Ojonugwa Usman, Mark Wohar, David Roubaud and Hasan Güngör

Cross-border spillovers in G20 sovereign CDS markets: cluster analysis based on K-means machine learning algorithm and TVP–VAR models pp. 2463-2502

Zhizhen Chen, Guifen Shi and Boyang Sun

The stability of government bond markets’ equilibrium and the interdependence of lending rates pp. 2503-2538

Paulo Rodrigues, Philipp Sibbertsen and Michelle Voges

Systemic risk in Chinese interbank lending networks: insights from short-term and long-term lending data pp. 2539-2564

Shuyue Jin, Lei Song, Lei Shu, Qifeng Gao and Yu Chen

The impact of diversification on the profitability and risk of Chinese banks: evidence from a semiparametric approach pp. 2565-2606

Minzhi Wu, Emili Tortosa-Ausina and Paula Cruz-García

The power of news data in forecasting tail risk: evidence from China pp. 2607-2642

Yong Ma, Lu Yan and Dongtao Pan

Command thy blessing from above: vertically delegated carbon reduction targets and firm export performance in China pp. 2643-2675

Limin Du, Zheng Wang and Zhaohua Xiao

Measuring market power: macro- and micro-evidence from Italy pp. 2677-2717

Emanuela Ciapanna, Sara Formai, Andrea Linarello and Gabriele Rovigatti

The individual Laffer curve: evidence from the Spanish income tax pp. 2719-2769

Ana Gamarra Rondinel, José Félix Sanz-Sanz and María Arrazola

New evidence on the health and employment effects of non-pharmaceutical COVID-19 interventions on workers in the United States pp. 2771-2819

Ege Aksu, Prabal K. De and Laxman Timilsina

Work from home arrangements and organizational performance in Italian SMEs: evidence from the COVID-19 pandemic pp. 2821-2863

Laura Abrardi, Elena Grinza, Alessandro Manello and Flavio Porta

Unconditional cash transfer programs and women’s empowerment: evidence from Pakistan pp. 2865-2892

Chris Heaton, Asma Kashif and Pundarik Mukhopadhaya

Educational hypogamy and female employment in rural India pp. 2893-2931

Punarjit Roychowdhury and Gaurav Dhamija

Historical state and its legacy: another perspective on Dai Viet–Khmer economic division in Vietnam pp. 2933-2970

Lam Ho Bao

Combining cluster analysis with synthetic control for evaluating economic impacts of the dam breach in Mariana, Brazil pp. 2971-2991

Leonardo Biazoli, Ednilson Sebastião Ávila and Izabela Regina Cardoso Oliveira

Volume 67, issue 5, 2024

Uncertainty and financial asset return spillovers: are they related? Empirical evidence from three continents pp. 1891-1918

Stilianos Fountas, Dimitra Kontana and Paraskevi Tzika

Commodity markets and the global macroeconomy: evidence from machine learning and GVAR pp. 1919-1965

Ernest Owusu Boakye, Kari Heimonen and Juha Junttila

Macroeconomic attention and commodity market volatility pp. 1967-2007

Fameliti Stavroula and Vasiliki Skintzi

From bits to emissions: how FinTech benefits climate resilience? pp. 2009-2037

Qingyang Wu

Do consumer price indices in oil-producing economies respond differently to oil market shocks? Evidence from Canada pp. 2039-2076

Andre Harrison and Annika Segelhorst

Local spatial difference-in-differences models: treatment correlations, response interactions, and expanded local models pp. 2077-2107

Shanxia Sun and Michael S. Delgado

“Fly down”: the impact of new accounting standards on the airline industry risk assessment pp. 2109-2133

Niccolò Comerio, Fausto Pacicco and Massimiliano Serati

Contesting the public works domain: examining the factors affecting presence and success of SMES in public procurement pp. 2135-2173

Peter Nemec

Measuring productivity when technology is heterogeneous using a latent class stochastic frontier model pp. 2175-2205

K Hervé Dakpo, Laure Latruffe, Yann Desjeux and Philippe Jeanneaux

Adults in the room? The auditor and dividends in small firms: evidence from a natural experiment pp. 2207-2240

Hakim Lyngstadås and Johannes Mauritzen

‘Bargain your share’: the role of workers’ bargaining power for labor share, with reference to transition economies pp. 2241-2288

Marjan Petreski and Stefan Tanevski

Gender segregation: analysis across sectoral dominance in the UK labour market pp. 2289-2343

Riccardo Leoncini, Mariele Macaluso and Annalivia Polselli

Impact of terrorism on child sex at birth: evidence from Pakistan pp. 2345-2370

Khusrav Gaibulloev, Gerel Oyun and Javed Younas

A model of errors in BMI based on self-reported and measured anthropometrics with evidence from Brazilian data pp. 2371-2410

Apostolos Davillas, Victor Hugo Oliveira and Andrew Jones

Intergenerational earnings mobility in Chile: the tale of the upper tail pp. 2411-2447

Javier Cortés Orihuela, Juan D. Díaz, Pablo Gutiérrez Cubillos, Pablo Troncoso and Gabriel I. Villarroel

Volume 67, issue 4, 2024

Constructing alternative unemployment statistics in China pp. 1319-1354

Qian Sun

The costs of job loss and task usage: Do social tasks soften the drop? pp. 1355-1374

Antti Kauhanen and Krista Riukula

Unraveling wage inequality: tangible and intangible assets, globalization and labor market regulations pp. 1375-1420

Antonio Francesco Gravina and Neil Foster-McGregor

Output, employment, and price effects of U.S. narrative tax changes: a factor-augmented vector autoregression approach pp. 1421-1471

Masud Alam

Covid-19 lockdown, gender and income dynamics in household energy consumption: evidence from Japan pp. 1473-1496

Shigeru Matsumoto, Viet-Ngu Hoang and Clevo Wilson

Point forecasts of the price of crude oil: an attempt to “beat” the end-of-month random-walk benchmark pp. 1497-1539

Nima Nonejad

Testing for Granger causality in heterogeneous panels with cross-sectional dependence pp. 1541-1579

Saban Nazlioglu and Cagin Karul

Testing the aggregation of goods and services without separability using panel data pp. 1581-1613

Manami Ogura

Does one size fit all in the Euro Area? Some counterfactual evidence pp. 1615-1647

Sergio Destefanis, Matteo Fragetta and Emanuel Gasteiger

Measuring economic country-specific uncertainty in Türkiye pp. 1649-1689

Ilhan Kilic and Faruk Balli

Natural disasters, salience and public support for climate change policy pp. 1691-1704

Shawn J. McCoy, Ian K. McDonough and Constant Tra

Exchange rate misalignments, growth, and institutions pp. 1705-1799

Jaromir Baxa and Michal Paulus

Volatile capital flows and economic growth in sub-Saharan Africa: the role of transparency pp. 1801-1827

Augustine C. Odo, Nathaniel E. Urama and Joseph Chukwudi Odionye

Calorie decomposition by gender, caste, and religion in India: an entitlement approach pp. 1829-1887

Biswabhusan Bhuyan, Bimal Kishore Sahoo and Damodar Suar

Correction to: Co-payment exemption and healthcare consumption: quasi-experimental evidence from Italy pp. 1889-1890

Vanessa Cirulli, Giuliano Resce and Marco Ventura

Volume 67, issue 3, 2024

Revisiting the countercyclicality of fiscal policy pp. 877-914

Joao Jalles, Youssouf Kiendrebeogo, Raphael Lam and Roberto Piazza

Uncovering heterogeneous regional impacts of Chinese monetary policy pp. 915-940

Andrew Tsang

Money demand stability in India: allowing for an unknown number of breaks pp. 941-983

Masudul Hasan Adil and Aditi Chaubal

A joint test of predictability and structural break in predictive regressions pp. 985-1013

Yijie Fei

Institutions and carbon emissions: an investigation employing STIRPAT and machine learning methods pp. 1015-1044

Arusha Cooray and Ibrahim Özmen

How to detect what drives deviations from Benford’s law? An application to bank deposit data pp. 1045-1061

Karlo Kauko

The dynamic connectedness between collateralized loan obligations and major asset classes: a TVP-VAR approach and portfolio hedging strategies for investors pp. 1063-1089

Spyros Papathanasiou, Dimitris Kenourgios, Drosos Koutsokostas and Georgios Pergeris

Global liquidity spillovers in the Asia–Pacific region: policy-driven versus market-driven effects pp. 1091-1113

Chau Le, Huyen Nguyen and Duc Vo

Assessing the financial impacts of significant wildfires on US capital markets: sectoral analysis pp. 1115-1148

Tchai Tavor

Endogeneity-corrected stochastic frontier with market imperfections pp. 1149-1183

Dibyendu Maiti and Chiranjib Neogi

The impact of robots on labor demand: evidence from job vacancy data in South Korea pp. 1185-1209

Hyejin Kim

Hybrid measures of multidimensional poverty pp. 1211-1233

Tomson Ogwang and Jean-François Lamarche

Educational choice, initial wage and wage growth pp. 1235-1274

Hans Ophem and Jacopo Mazza

Reasons for college major-job mismatch and subsequent job mobility and earnings growth pp. 1275-1301

Shengjun Jiang

Asynchronous fieldwork in cross-country surveys: an application to physical activity pp. 1303-1318

Stavros Poupakis and Francesco Salustri

Volume 67, issue 2, 2024

Fertility and the oil curse pp. 381-416

Dong-Hyeon Kim and Shu-Chin Lin

University expansion and female adolescents’ educational attainment in Ethiopia pp. 417-448

Musa Ahmed

The return to classroom instruction time in private and public schools pp. 449-464

Jeffrey Schiman and Rand Ressler

An empirical assessment of effectiveness of the US tobacco control policies: a smoothed instrumental variables quantile regression approach pp. 465-493

Vardges Hovhannisyan, Vahé Heboyan and Magdana Kondaridze

Electoral cycles in tax reforms pp. 495-529

Antonio David and Can Sever

Indirect estimation of the monthly transport turnover indicator in Italy pp. 531-566

Barbara Guardabascio, Filippo Moauro and Luke Mosley

The impact of digital economy on income inequality from the perspective of technological progress-biased transformation: evidence from China pp. 567-607

Mao Wu, Ying Ma, Yu Gao and Zhanhui Ji

Which financial inclusion indicators and dimensions matter for income inequality? A Bayesian model averaging approach pp. 609-654

Rogelio Mercado and Victor Pontines

Easing financial constraints through carbon trading pp. 655-691

Qingyang Wu, Siyu Ren, Yao Hou, Zaoli Yang, Congyu Zhao and Xusheng Yao

Macroeconomic, industry-specific and bank-specific determinants of the profitability of Brazilian banks: dynamic panel evidence pp. 693-726

Leandro Coghi Bernardelli and Carlos Enrique Carrasco-Gutierrez

Improved inference for interactive fixed effects model under cross-sectional dependence pp. 727-760

Zhenhao Gong and Min Seong Kim

Evidence of non-fundamentalness in OECD capital stocks pp. 761-772

Antonio Aguirre and Ignacio N. Lobato

Foreign direct investment and inclusive finance: do financial markets and quality of institutions matter? pp. 773-815

Joshua Yindenaba Abor, Richard Dwumfour, Elikplimi Komla Agbloyor and Lei Pan

A real-time regional accounts database for Germany with applications to GDP revisions and nowcasting pp. 817-838

Robert Lehmann

Cross-country convergence: to be or not to be, that is the question pp. 839-875

Sakari Lähdemäki

Volume 67, issue 1, 2024

Business cycles in the USA: the role of monetary policy and oil shocks pp. 1-30

Cosmas Dery and Apostolos Serletis

The factor structure of exchange rates volatility: global and intermittent factors pp. 31-45

Massimiliano Caporin, C. Vladimir Rodríguez-Caballero and Esther Ruiz

A mixed-frequency VAR application to studying joint dynamics of foreign investor trading and stock market returns pp. 47-73

Burak Alparslan Eroğlu, Deniz İkizlerli and Numan Ülkü

Forecasting the volatility of European Union allowance futures with macroeconomic variables using the GJR-GARCH-MIDAS model pp. 75-96

Huawei Niu and Tianyu Liu

Gloomy expectations after the invasion of Ukraine pp. 97-109

Domenico Depalo

k-Class instrumental variables quantile regression pp. 111-141

David Kaplan and Xin Liu

Telecommunication capital and productivity growth: further insights using network characteristics and nonlinearities pp. 143-163

Elena Ketteni

Japan’s dual labor market and its macroeconomic characteristics pp. 165-196

Hirokazu Mizobata

Regression discontinuity design with principal stratification in the mixed proportional hazard model: an application to the long-run impact of education on longevity pp. 197-223

Govert Bijwaard and Andrew Jones

School starting age and the impact on school admission pp. 225-251

Julio Caceres-Delpiano and Eugenio Giolito

Old-age unemployment and labour supply: an application to Belgium pp. 253-287

Octave Brouwer and Ilan Tojerow

Does gender equality in labor participation bring equality? Evidence from developing and developed countries pp. 289-311

Federica Alfani, Fabio Clementi, Michele Fabiani, Vasco Molini and Enzo Valentini

Family-oriented versus career seekers: mixture regression separation pp. 313-335

Lara Delsalle and Oleksii Birulin

Determining economic factors for sex trafficking in the United States using count time series regression pp. 337-354

Yuhyeong Jang, Raanju R. Sundararajan, Wagner Barreto-Souza and Elizabeth Wheaton-Paramo

Co-payment exemption and healthcare consumption: quasi-experimental evidence from Italy pp. 355-380

Vanessa Cirulli, Giuliano Resce and Marco Ventura