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 61, issue 6, 2021

Does the macroeconomy matter to market volatility? Evidence from US industries pp. 2931-2962

Zhang Wu and Terence Tai Leung Chong

Time-varying relationship between conventional and unconventional monetary policies and risk aversion: international evidence from time- and frequency-domains pp. 2963-2983

Besma Hkiri, Juncal Cunado, Mehmet Balcilar and Rangan Gupta

Lack of fiscal transparency and economic growth expectations: an empirical assessment from a large emerging economy pp. 2985-3027

Helder de Mendonça and Vítor Ribeiro Laufer Calafate

Does national income mediate the relationship between trade and government size? pp. 3029-3057

Kevin Williams

Is it good to be bad or bad to be good? Assessing the aggregate impact of abnormal weather on consumer spending pp. 3059-3085

Anna Sandqvist and Boriss Siliverstovs

Economic disasters and aggregate investment pp. 3087-3124

Bruno Ćorić and Vladimir Šimić

Estimating poverty and vulnerability to monetary and non-monetary poverty: the case of Vietnam pp. 3125-3177

Anh Thu Quang Pham, Pundarik Mukhopadhaya and Ha Vu

Model-based indicators for the identification of cyclical systemic risk pp. 3179-3211

Jorge Galan and Javier Mencía

Does cross-shareholding lead to China's stock returns comovement? Evidence from a GMM-based spatial AR model pp. 3213-3237

Yun Feng and Xin Li

Real estate listings and their usefulness for hedonic regressions pp. 3239-3269

Jens Kolbe, Rainer Schulz, Martin Wersing and Axel Werwatz

Housing boom and non-housing consumption: evidence from urban households in China pp. 3271-3313

Dong Cheng

Forecasting building permits with Google Trends pp. 3315-3345

David Coble and Pablo Pincheira

Constraints in models of production and cost via slack-based measures pp. 3347-3374

Caroline Khan and Mike Tsionas

Workload, staff composition, and sickness absence: findings from employees in child care centers pp. 3375-3400

Nina Drange, Trude Gunnes and Kjetil Telle

Has healthcare expenditure converged across Australian states and territories? pp. 3401-3417

Kris Ivanovski and Sefa Awaworyi Churchill

On the evolution of athlete anthropometric measurements: racial integration, expansion, and steroids pp. 3419-3443

Martin Schmidt

Sunk costs in the NBA: the salary cap and free agents pp. 3445-3478

Quinn Keefer

Live large or die young: subsidized loans and firm survival in Brazil pp. 3479-3503

Philipp Ehrl

FDI and educational outcomes in developing countries pp. 3505-3539

Miao Wang and Hong Zhuang

Price relationship among domestic and imported beef products in South Korea pp. 3541-3555

Hanpil Moon and Jun Ho Seok

Correction to: Alternative estimation approaches for the factor augmented panel data model with small T pp. 3557-3558

Jörg Breitung and Philipp Hansen

Correction to: Persistent and transient inefficiency in adult education pp. 3559-3560

Oleg Badunenko, Deni Mazrekaj, Subal Kumbhakar and Kristof De Witte

Volume 61, issue 5, 2021

Semi-parametric models of spatial market integration pp. 2335-2361

Barry K. Goodwin, Matthew T. Holt and Jeffrey P. Prestemon

Firms’ knowledge investment and market responses pp. 2363-2394

Kyriakos Drivas, Claire Economidou, Elena Ketteni and Constantina Kottaridi

Bargaining power and information asymmetry in China’s water market: an empirical two-tier stochastic frontier analysis pp. 2395-2418

Changxin Xu, Lihua Yang, Bin Zhang and Min Song

Innovation spillover and merger decisions pp. 2419-2448

Mahdiyeh Entezarkheir and Saeed Moshiri

What’s behind firms’ inflation forecasts? pp. 2449-2475

Cristina Conflitti and Roberta Zizza

Forecasting inflation in the euro area: countries matter! pp. 2477-2499

Angela Capolongo and Claudia Pacella

Are the responses of output and investment to oil price shocks asymmetric?: The case of an oil-importing small open economy pp. 2501-2516

Ozge Kandemir Kocaaslan

Revisiting the asymmetric impacts of the exchange market pressure on the inflation, interest rate and foreign trade balance in Eastern Europe pp. 2517-2538

Oguzhan Ozcelebi, Kaya Tokmakcioglu and Emre Su

Macroeconomic effects of inflation targeting in emerging market economies pp. 2539-2585

Martin Stojanovikj and Goran Petrevski

Macroeconomic effects of the ECB’S forward guidance pp. 2587-2611

Andrejs Zlobins

Fiscal policy in the US: a new measure of uncertainty and its effects on the American economy pp. 2613-2634

Alessio Anzuini and Luca Rossi

Okun’s law revisited in the time–frequency domain: introducing unemployment into a wavelet-based control model pp. 2635-2662

Patrick Crowley and David Hudgins

The volatility of Bitcoin and its role as a medium of exchange and a store of value pp. 2663-2683

Dirk G. Baur and Thomas Dimpfl

Bayesian estimation of stochastic tail index from high-frequency financial data pp. 2685-2711

Osman Doğan, Süleyman Taşpınar and Anil K. Bera

The dual-financial-threshold effect in the “club convergence” of economic growth: a dynamic panel threshold model pp. 2713-2737

Yang Song, Dayu Liu and Qiaoru Wang

Finance and inequality in a panel of US States pp. 2739-2795

Ọláyínká Oyèkọ́lá

Long run trails of poverty, 1925–2010 pp. 2797-2825

Michail Moatsos

Were they a shock or an opportunity?: The heterogeneous impacts of the 9/11 attacks on refugees as job seekers—a nonlinear multi-level approach pp. 2827-2864

Seonho Shin

Preference estimation in centralized college admissions from reported lists pp. 2865-2911

Hayri A. Arslan

Crude oil price point forecasts of the Norwegian GDP growth rate pp. 2913-2930

Nima Nonejad

Volume 61, issue 4, 2021

A mixed-frequency smooth measure for business conditions pp. 1699-1724

Yi-Ting Chen

Price controls, hyperinflation, and the inflation–relative price variability relationship pp. 1725-1748

Rodrigo Cerda, Álvaro Silva and Rolf Lüders

A study of financial cycles and the macroeconomy in Taiwan pp. 1749-1778

Han-Liang Cheng and Nan-Kuang Chen

The impact of non-banking financial institutions on monetary policy transmission in Euro area pp. 1779-1817

Darja Milic

Market news co-moments and currency returns pp. 1819-1863

Mohammadreza Tavakoli Baghdadabad and Girijasankar Mallik

Modelling currency demand: the case of the euro pp. 1865-1881

António Rua

A statistical analysis of investor preferences for portfolio selection pp. 1883-1915

Doron Nisani and Amit Shelef

Time-varying influence of household debt on inequality in United Kingdom pp. 1917-1933

Edmond Berisha, David Gabauer, Rangan Gupta and Chi Keung Lau

Long-term determinants of income inequality: evidence from panel data over 1870–2016 pp. 1935-1958

Abebe Hailemariam, Tutsirai Sakutukwa and Ratbek Dzhumashev

Tools of the trade: trade flexibility with respect to margins and buyers pp. 1959-1983

Frank Asche, Atle Oglend and Hans-Martin Straume

Financial depth and electricity consumption in Africa: Does education matter? pp. 1985-2039

Philip Adom

Is the Korean housing market following Gangnam style? pp. 2041-2072

Khamis Hamed Al-Yahyaee, Walid Mensi, Hee-Un Ko, Massimiliano Caporin and Sang Hoon Kang

Long-term effects of institutional instability pp. 2073-2112

Simon Hartmann and Rok Spruk

Measuring Knightian uncertainty pp. 2113-2141

Andreas Dibiasi and David Iselin

Semiparametric modeling of the right-censored time-series based on different censorship solution techniques pp. 2143-2172

Dursun Aydın and Ersin Yılmaz

The effect of sibship size on educational attainment of the first born: evidence from three decennial censuses of Taiwan pp. 2173-2204

Cheng Chen, Sabrina Terrizzi, Shin-Yi Chou and Hsien-Ming Lien

Testing urban efficiency wages in France and Spain pp. 2205-2236

José Ignacio Giménez-Nadal, José Alberto Molina and Jorge Velilla

Gender pay gaps in domestic and foreign-owned firms pp. 2237-2263

Iga Magda and Katarzyna Sałach-Dróżdż

How do extremely high temperatures affect labor market performance? Evidence from rural China pp. 2265-2291

Chengzheng Li and Zheng Pan

Does moderate weight loss affect subjective health perception in obese individuals? Evidence from field experimental data pp. 2293-2333

Lucas Hafner, Harald Tauchmann and Ansgar Wübker

Volume 61, issue 3, 2021

Who revolts? Income, political freedom and the Egyptian revolution pp. 1135-1150

Fady Mansour, Tesa Leonce and Franklin Mixon

On time and frequency-varying Okun’s coefficient: a new approach based on ensemble empirical mode decomposition pp. 1151-1188

Myeong Jun Kim, Stanley Iat-Meng Ko and Sung Y. Park

Is the future really observable? A practical approach to model monetary policy rules pp. 1189-1223

Hardik A. Marfatia

Net external position, financial development, and banking crisis pp. 1225-1251

Mahir Binici and Aytul Ganioglu

Housing wealth, household debt, and financial assets: Are there implications for consumption? pp. 1253-1279

Konstantina Manou, Panagiotis Palaios and Evangelia Papapetrou

Classification with segmentation for credit scoring and bankruptcy prediction pp. 1281-1309

Dalila Boughaci, Abdullah A. K. Alkhawaldeh, Jamil Jaber and Nawaf Hamadneh

The real effects of loan-to-value limits: empirical evidence from Korea pp. 1311-1350

Victor Pontines

Backtesting and estimation error: value-at-risk overviolation rate pp. 1351-1396

Georges Tsafack and James Cataldo

Can profit and loss sharing (PLS) financing instruments reduce the credit risk of Islamic banks? pp. 1397-1414

Shahari Farihana and Md. Saifur Rahman

Persistence and efficiency of OECD stock markets: linear and nonlinear fractional integration approaches pp. 1415-1433

Oluwasegun Adekoya

Nonparametric portfolio efficiency measurement with higher moments pp. 1435-1459

Jens J. Krüger

Oil price volatility and the US stock market pp. 1461-1489

Sajjadur Rahman

Does the source of oil supply shock matter in explaining the behavior of U.S. consumer spending and sentiment? pp. 1491-1518

Zeina Alsalman

Willingness to pay to ensure a continuous water supply with minimum restrictions pp. 1519-1537

Clevo Wilson, Wasantha Athukorala, Benno Torgler, Robert Gifford, Maria A. Garcia-Valiñas and Shunsuke Managi

Networks, human capital and export success: evidence from Bangladesh pp. 1539-1566

Mohammad Tariful Bari and Kankesu Jayanthakumaran

Misreporting of program take-up in survey data and its consequences for measuring non-take-up: new evidence from linked administrative and survey data pp. 1567-1616

Kerstin Bruckmeier, Regina Riphahn and Jürgen Wiemers

Adverse shocks, household expenditure and child marriage: evidence from India and Vietnam pp. 1617-1639

Trong-Anh Trinh and Quanda Zhang

SNAP participation, diet quality, and obesity: robust evidence with estimation techniques without external instrumental variables pp. 1641-1667

Susan Chen and Le Wang

The catalogue raisonné and art auction prices: the case of Berthe Morisot pp. 1669-1687

Eddie Oczkowski

Innovation, institutional ownership and financial constraints pp. 1689-1697

Jan Philip Schain and Joel Stiebale

Volume 61, issue 2, 2021

On Zipf’s law and the bias of Zipf regressions pp. 529-548

Christian Schluter

Can licensing induce productivity? Exploring the IPR effect pp. 549-586

Gustavo Canavire-Bacarreza and Luis Castro Peñarrieta

Does high debt ratio influence Chinese firms’ performance? A semiparametric stochastic frontier approach with zero inefficiency pp. 587-636

Taining Wang, Jinjing Tian and Feng Yao

Electricity derivatives: an application to the futures Italian market pp. 637-666

Laura Casula and Giovanni Masala

Horizon confidence sets pp. 667-692

Jack Fosten and Daniel Gutknecht

Cost of CO2 emission mitigation and its decomposition: evidence from coal-fired thermal power sector in India pp. 693-717

Surender Kumar and Rakesh Kumar Jain

Dynamic linkage between oil prices and exchange rates: new global evidence pp. 719-742

Bwo-Nung Huang, Chi-Chuan Lee, Yu-Fang Chang and Chien-Chiang Lee

Revisiting the link between output growth and volatility: panel GARCH analysis pp. 743-771

Pinar Deniz, Thanasis Stengos and M. Ege Yazgan

International confidence spillovers and business cycles in small open economies pp. 773-798

Michal Brzoza-Brzezina and Jacek Kotłowski

A model selection approach to jointly testing for structural breaks and cointegration with application to the Eurocurrency interest rates market pp. 799-825

Yan Qian and Zijun Wang

Bank stability and economic growth: trade-offs or opportunities? pp. 827-853

Robert Stewart, Murshed Chowdhury and Vaalmikki Arjoon

Financial distress and real economic activity in Lithuania: a Granger causality test based on mixed-frequency VAR pp. 855-881

Andrea Cipollini and Ieva Mikaliunaite-Jouvanceau

Return and volatility spillovers to African equity markets and their determinants pp. 883-918

Eric Martial Etoundi Atenga and Mbodja Mougoue

Crises, market shocks, and herding behavior in stock price forecasts pp. 919-945

Yoichi Tsuchiya

Multivariate time-varying parameter modelling for stock markets pp. 947-972

Serdar Neslihanoglu, Stelios Bekiros, John McColl and Duncan Lee

Using the conditional volatility channel to improve the accuracy of aggregate equity return predictions pp. 973-1009

Nima Nonejad

Racial demographics and cigarette tax shifting: evidence from scanner data pp. 1011-1037

Hyunchul Kim and Dongwon Lee

Embedding effect and the consequences of advanced disclosure: evidence from the valuation of cultural goods pp. 1039-1062

Moisés Carrasco Garcés, Felipe Vasquez-Lavin, Roberto D. Ponce Oliva, José Luis Bustamante Oporto, Manuel Barrientos and Arcadio A. Cerda

Convergence in obesity and overweight rates across OECD countries: evidence from the stochastic and club convergence tests pp. 1063-1096

Saadet Kasman and Adnan Kasman

“Who’ll take the chair?” Maternal employment effects of a Polish (pre)school reform pp. 1097-1133

Yusuf Emre Akgunduz, Thomas Huizen and Janneke Plantenga

Volume 61, issue 1, 2021

The impact of fiscal consolidations on growth in sub-Saharan Africa pp. 1-33

Francisco Arizala, Jesus Gonzalez-Garcia, Charalambos Tsangarides and Mustafa Yenice

Measuring monetary policy: rules versus discretion pp. 35-60

Narek Ohanyan and Aleksandr Grigoryan

Exchange rate pass-through to import prices in Europe: a panel cointegration approach pp. 61-100

Antonia Arsova

Evaluation of performance of stock and real estate investment trust markets in Japan pp. 101-120

Jiro Hodoshima

Adjustment dynamics between broker–dealer leverage and stock market: a threshold cointegration analysis pp. 121-144

M. Iqbal Ahmed and Quazi Fidia Farah

Sup-ADF-style bubble-detection methods under test pp. 145-172

Verena Monschang and Bernd Wilfling

The robustness of forecast combination in unstable environments: a Monte Carlo study of advanced algorithms pp. 173-199

Yongchen Zhao

No place like home: geography and culture in the dissemination of economic research articles pp. 201-229

Christiane Hellmanzik and Lukas Kuld

A Bayesian spatial autoregressive logit model with an empirical application to European regional FDI flows pp. 231-257

Tamás Krisztin and Philipp Piribauer

Public perceptions of the tax avoidance of corporations and the wealthy pp. 259-277

Steven Sheffrin and Rujun Zhao

Does the belt and road initiative resolve the steel overcapacity in China? Evidence from a dynamic model averaging approach pp. 279-307

Zhongxin Ni, Xing Lu and Wenjun Xue

Financing constraints and exports: Evidence from manufacturing firms in India pp. 309-337

Shahana Mukherjee and Rupa Chanda

Gibrat’s law in the trucking industry pp. 339-354

Andrew T. Balthrop

Does energy aid improve energy efficiency in developing countries? pp. 355-388

Admasu Asfaw Maruta and Rajabrata Banerjee

Using repeated cross-sectional data to examine the role of immigrant birth-country networks on unemployment duration: an application of Guell and Hu (2006) approach pp. 389-415

Kusum Mundra and Fernando Rios-Avila

Higher frequency hedonic property price indices: a state-space approach pp. 417-441

Robert Hill, Alicia Rambaldi and Michael Scholz

Market prices, spatial distribution of consumers and firms’ optimal locations in a linear city pp. 443-467

Raúl Bajo-Buenestado

Optimal pricing of alpine ski passes in the case of crowdedness and reduced skiing capacity pp. 469-487

Erik Haugom, Iveta Malasevska and Gudbrand Lien

Does the choice of balance-measure matter under genetic matching? pp. 489-502

Adeola Oyenubi and Martin Wittenberg

Intergenerational transmission of risk attitudes in Burkina Faso pp. 503-527

Mohammad Sepahvand and Roujman Shahbazian