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 60, issue 6, 2021

Applications of efficiency and productivity analysis: editors’ introduction pp. 2657-2663

Subal C. Kumbhakarⓡ, Emir Malikovⓡ and Christopher F. Parmeterⓡ

Benchmarking the performance of US Municipalities pp. 2665-2700

Caitlin T. O’Loughlin and Paul Wilson

Predicting recessions with a frontier measure of output gap: an application to Italian economy pp. 2701-2740

Camilla Mastromarco, Leopold Simar and Valentin Zelenyuk

Spatial effects of nutrient pollution on drinking water production pp. 2741-2764

Roberto Mosheim and Robin Sickles

Direct and network effects of idiosyncratic TFP shocks pp. 2765-2793

Kristina Barauskaite (Griskeviciene) and Anh Nguyen

Aggregate efficiency of industry and its groups: the case of Queensland public hospitals pp. 2795-2836

Bao Hoang Nguyen and Valentin Zelenyuk

Wrong skewness and finite sample correction in the normal-half normal stochastic frontier model pp. 2837-2866

Jun Cai, Qu Feng, William Horrace and Guiying Wu

Managing power supply interruptions: a bottom-up spatial (frontier) model with an application to a Spanish electricity network pp. 2867-2896

Pablo Argüelles and Luis Orea

Determining the efficiency of residential electricity consumption pp. 2897-2923

Mark Andor, David Bernstein and Stephan Sommer

Persistent and transient inefficiency in adult education pp. 2925-2942

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

Maximum simulated likelihood estimation of the seemingly unrelated stochastic frontier regressions pp. 2943-2968

Hung-pin Lai

Determinants of profitability of community banks in the USA: a cost-frontier-based decomposition approach pp. 2969-2992

Guohua Feng and Chuan Wang

India’s calorie consumption puzzle: insights from the stochastic cost frontier analysis of calorie purchases pp. 2993-3010

Gautam Hazarika and Sourabh Paul

Measuring the effect of management on production: a two-tier stochastic frontier approach pp. 3011-3041

Alecos Papadopoulos

Estimation of semi- and nonparametric stochastic frontier models with endogenous regressors pp. 3043-3068

Artem Prokhorov, Kien Tran and Mike Tsionas

Is the productivity premium of internationalized firms technology-driven? pp. 3069-3102

Michele Battisti, Filippo Belloc and Massimo Gatto

Unrestricted geometric distance functions and the Geometric Young productivity index: an analysis of Indian manufacturing pp. 3103-3134

Subhash Ray, Arnab K. Deb and Kankana Mukherjee

Estimation of firm productivity in the presence of spillovers and common shocks pp. 3135-3170

Shunan Zhao, Man Jin and Subal Kumbhakar

Evaluating the cdf of the Skew Normal distribution pp. 3171-3202

Christine Amsler, Alecos Papadopoulos and Peter Schmidt

Volume 60, issue 5, 2021

Does the green inspiration effect matter for stock returns? Evidence from the Chinese stock market pp. 2155-2176

Tong Fang, Zhi Su and Libo Yin

Optimal quantile hedging under Markov regime switching pp. 2177-2201

Donald Lien, Ziling Wang and Xiaojian Yu

Credit default swap spreads: market conditions, firm performance, and the impact of the 2007–2009 financial crisis pp. 2203-2225

Xiaoqing Fu, Matthew C. Li and Philip Molyneux

Why do Turkish REITs trade at discount to net asset value? pp. 2227-2259

Yener Coskun, Isil Erol and Giacomo Morri

The impact of financial openness on public debt in developing countries pp. 2261-2291

Daxin Dong

The role of nonlinearity on the financial development–economic performance nexus: an econometric application to Italian banks pp. 2293-2322

Cristian Barra and Nazzareno Ruggiero

Revisiting the nexus of the financial development and economic development: new international evidence using a wavelet approach pp. 2323-2350

Hyunjoo Kim Karlsson, Kristofer Månsson and Scott Hacker

A simple wavelet-based test for serial correlation in panel data models pp. 2351-2363

Yushu Li and Fredrik Andersson

Monitoring memory parameter change-points in long-memory time series pp. 2365-2389

Zhanshou Chen, Yanting Xiao and Fuxiao Li

Evidence on PPP with China along the belt and road using the three-regime TAR cointegration tests pp. 2391-2405

Kai-yin Woo, Shu-kam Lee and Paul Kwok Shum

The macroeconomic impact of the electricity price: lessons from Chile pp. 2407-2428

Renato Agurto, Fernando Fuentes, Carlos García and Esteban Skoknic

Forecasting exports across Europe: What are the superior survey indicators? pp. 2429-2453

Robert Lehmann

How you pay matters: performance-related pay and learning by exporting pp. 2455-2475

Youngho Kang

The effect of training on workers’ perceived job match quality pp. 2477-2498

Yi Zhang, Martin Salm and Arthur Soest

Human capital versus signaling is empirically unresolvable pp. 2499-2531

Nick Huntington-Klein

The ins and outs of unemployment over different time horizons pp. 2533-2556

Ajax Moreira, Miguel Foguel and Carlos Henrique Corseuil

Heterogeneity in labor income profiles: evidence from Turkey pp. 2557-2587

Emrehan Aktug, Tolga Kuzubas and Orhan Torul

Sources of firm-level heterogeneity in labour productivity in Egypt’s manufacturing sector pp. 2589-2612

Abeer Elshennawy and Mohammed Bouaddi

An analysis of risk aversion in biotechnology adoption: the case of US genetically modified corn pp. 2613-2635

Do-il Yoo and Jean-Paul Chavas

Untalented but successful? Rosen and Adler superstar Pokemons pp. 2637-2655

Olivier Gergaud and Vincenzo Verardi

Volume 60, issue 4, 2021

The dynamics and volatility of prices in multiple markets: a quantile approach pp. 1607-1628

Jean-Paul Chavas

Assessing differences in household needs: a comparison of approaches for the estimation of equivalence scales using German expenditure data pp. 1629-1659

Christian Dudel, Jan Marvin Garbuszus and Julian Schmied

Combining experimental evidence with machine learning to assess anti-corruption educational campaigns among Russian university students pp. 1661-1684

Elena Denisova-Schmidt, Martin Huber, Elvira Leontyeva and Anna Solovyeva

On the productivity effects of training apprentices in Hungary: evidence from a unique matched employer–employee dataset pp. 1685-1718

Sofie Cabus and Eszter Nagy

Are active labor market policies (cost-)effective in the long run? Evidence from the Netherlands pp. 1719-1746

Marloes Lammers and Lucy Kok

Public–private sector wage gap in a group of European countries: an empirical perspective pp. 1747-1775

Kamila Sławińska

Taxation, credit frictions and the cyclical behavior of the labor wedge pp. 1777-1816

Salem Abo-Zaid

Estimating a time-varying financial conditions index for South Africa pp. 1817-1844

Alain Kabundi and Asithandile Mbelu

Tell me where to stop: thresholds in the bank lending and output growth relationship pp. 1845-1873

Demetris Koursaros, Nektarios Michail and Christos Savva

Testing for relevant dependence change in financial data: a CUSUM copula approach pp. 1875-1894

Tim Kutzker, Florian Stark and Dominik Wied

Herding and capitalization size in the Chinese stock market: a micro-foundation evidence pp. 1895-1911

Zhenxi Chen and Jing Ru

The fundamental drivers of electricity price: a multi-scale adaptive regression analysis pp. 1913-1938

Dmitriy Afanasyev, Elena A. Fedorova and Evgeniy V. Gilenko

Nonlinear impact of financial deepening on income inequality pp. 1939-1967

Peter Benczur and Virmantas Kvedaras

Differential effects of decentralization on income inequality: evidence from developed and developing countries pp. 1969-2004

Antonio Bojanic and LaPorchia Collins

Fiscal transparency, legal system and perception of the control on corruption: empirical evidence from panel data pp. 2005-2037

Gabriel Montes and Paulo Henrique Luna

Regional economic growth in Turkey: the effects of physical, social and financial infrastructure investment pp. 2039-2061

Hülya Saygılı and K. Azim Özdemir

A sturdy values analysis of motor vehicle fatalities pp. 2063-2081

Richard Fowles and Peter D. Loeb

Health care policy uncertainty, real health expenditures and health care inflation in the USA pp. 2083-2103

Chak Hung Jack Cheng and Nopphol Witvorapong

Federal Reserve policy after the zero lower bound: an indirect inference approach pp. 2105-2124

Lealand Morin and Ying Shang

Sources of current account fluctuations in Taiwan: 1989–2015 pp. 2125-2151

Yu-Hsi Chou and Chun-Yen Tsai

Correction to: Conditional growth volatility and sectoral comovement in U.S. industrial production, 1828–1915 pp. 2153-2153

Gustavo Freire and Marcelo Resende

Volume 60, issue 3, 2021

Asymmetry in the distribution of daily stock returns pp. 1115-1125

Walter Krämer

Dynamic cross-correlation and dynamic contagion of stock markets: a sliding windows approach with the DCCA correlation coefficient pp. 1127-1156

Oussama Tilfani, Paulo Ferreira and My Youssef El Boukfaoui

On fitting cryptocurrency log-return exchange rates pp. 1157-1174

Ayman Alzaatreh and Hana Sulieman

Is gold a useful hedge against inflation across multiple time horizons? pp. 1175-1189

Yingying Xu, Chi-Wei Su and Jaime Ortiz

Effects of monetary policy and credibility on financial intermediation: evidence from the Brazilian banking sector pp. 1191-1219

Gabriel Montes, José Américo Pereira Antunes and Alexei Ferreira Araújo

Specification errors, nonlinearities, and structural breaks in the Central Bank of Brazil’s reaction function pp. 1221-1243

Edilean da Silva Bejarano Aragón

Financial liberalization, political institutions, and income inequality pp. 1245-1281

Dong-Hyeon Kim, Joyce Hsieh and Shu-Chin Lin

Structural breaks, debt limits and the tax smoothing hypothesis: theory and evidence from the OECD countries pp. 1283-1307

Constantine Angyridis and Leo Michelis

The asymmetric impact of human capital on economic growth pp. 1309-1334

Roman Matousek and Nickolaos G. Tzeremes

FDI, growth and trade partisan conflict in the US: TVP-BVAR approach pp. 1335-1362

Yifei Cai and Angeliki Menegaki

The impact of CHF/EUR exchange rate uncertainty on Swiss exports to the Eurozone: evidence from a threshold VAR pp. 1363-1385

Julius Loermann

Beyond Okun’s law: output growth and labor market flows pp. 1387-1409

Guay Lim, Robert Dixon and Jan C. Ours

Married women’s labor force participation and intra-household bargaining power pp. 1411-1448

Safoura Moeeni

Hidden in plain sight: using household data to measure the shadow economy pp. 1449-1476

Tomáš Lichard, Jan Hanousek and Randall Filer

Bayesian treatment effects due to a subsidized health program: the case of preventive health care utilization in Medellín (Colombia) pp. 1477-1506

Andrés Ramírez–Hassan and Rosember Guerra–Urzola

Tourism, economic growth, and tourism-induced EKC hypothesis: evidence from the Mediterranean region pp. 1507-1529

Jing Gao, Wen Xu and Lei Zhang

Disaggregate productivity growth sources of regional industries in China pp. 1531-1557

Lan-Bing Li, Cong-Cong Zhang, Jin-Li Hu and Ching-Ren Chiu

“All along the curves”: Bridging the gap between comparative statics and simultaneous econometric models pp. 1559-1573

Eivind Hestvik Brækkan and Øystein Myrland

On the estimation of Okun’s coefficient in some countries in Latin America: a comparison between OLS and GME estimators pp. 1575-1592

Luca Zanin

The common-interest game between terrorists and the media: replication and extension pp. 1593-1606

Youssef Akil and Hendrik Sonnabend

Volume 60, issue 2, 2021

Equity fund flows and stock market returns in the USA before and after the global financial crisis: a VAR-GARCH-in-mean analysis pp. 539-555

Vassilios Babalos, Guglielmo Maria Caporale and Nicola Spagnolo

Exploring the driving forces of the Bitcoin currency exchange rate dynamics: an EGARCH approach pp. 557-606

Siwen Zhou

Human capital, energy and economic growth in China: evidence from multivariate nonlinear Granger causality tests pp. 607-632

Zheng Fang and Marcin Wolski

The effects of macroprudential policy on Hong Kong’s housing market: a multivariate ordered probit-augmented vector autoregressive approach pp. 633-660

William W. Chow and Michael K. Fung

Modeling fractional cointegration between high and low stock prices in Asian countries pp. 661-682

Alia Afzal and Philipp Sibbertsen

An ARFIMA multi-level model of dual-component expectations in repeated cross-sectional survey data pp. 683-699

Steven D. Silver and Marko Raseta

Direct and indirect effects of private- and government-sponsored venture capital pp. 701-735

Erik Engberg, Patrik Gustavsson Tingvall and Daniel Halvarsson

Regulatory enforcement: discipline for BHC-affiliated banks pp. 737-772

Chris Tsoumas

Growth effects of corporate balance sheet adjustments in the EU pp. 773-801

Romanos Priftis and Anastasia Theofilakou

Understanding US firm efficiency and its asset pricing implications pp. 803-827

Giovanni Calice, Levent Kutlu and Ming Zeng

Competition and microcredit interest rates: international evidence pp. 829-868

Moh’d Al-Azzam and Christopher Parmeter

Measuring economic and economic policy uncertainty and their macroeconomic effects: the case of Spain pp. 869-892

Corinna Ghirelli, María Gil, Javier Pérez and Alberto Urtasun

Hurdling through the great recession: winners and losers among post-communist EU countries in pro-poor growth pp. 893-918

Tomáš Domonkos, Filip Ostrihoň and Brian König

Tax pass-through in the European beer market pp. 919-940

Aria Ardalan and Sebastian Kessing

Dimensions of human capital and technological diffusion pp. 941-967

Zainab Asif and Radhika Lahiri

The impacts of workers’ remittances on poverty and inequality in developing countries pp. 969-991

SeyedSoroosh Azizi

The impact of earnings gaps and networks on migration decisions: an empirical study of undocumented Mexican migrants pp. 993-1012

Andre Oliveira, Rossitza Wooster and Michael Paruszkiewicz

Oil at work: natural resource effects on household well-being in Ghana pp. 1013-1058

Akwasi Ampofo

Spousal age gap and identity and their impact on the allocation of housework pp. 1059-1083

Eiji Yamamura and Yoshiro Tsutsui

A distributional analysis of upper secondary school performance pp. 1085-1113

John Cullinan, Kevin Denny and Darragh Flannery

Volume 60, issue 1, 2021

Essays in honor of Professor Badi H Baltagi pp. 1-11

Qi Li, Vasilis Sarafidis and Joakim Westerlund

General diagnostic tests for cross-sectional dependence in panels pp. 13-50

Mohammad Pesaran

Joint tests for dynamic and spatial effects in short panels with fixed effects and heteroskedasticity pp. 51-92

Zhenlin Yang

A homogeneous approach to testing for Granger non-causality in heterogeneous panels pp. 93-112

Artūras Juodis, Yiannis Karavias and Vasilis Sarafidis

Can a time-varying structure provide a more robust panel construction of counterfactuals-straitjacket or straitjackets? pp. 113-129

Shui Ki Wan, Cheng Hsiao and Qiankun Zhou

How measurement error affects inference in linear regression pp. 131-155

Erik Meijer, Eddie Oczkowski and Tom Wansbeek

Bayesian estimation of bidding process and bidder’s preference under shape restrictions pp. 157-176

Dong Li, Luya Wang and Ximing Wu

Cross-sectional quasi-maximum likelihood and bias-corrected pooled least squares estimators for short dynamic panels pp. 177-203

In Choi and Sanghyun Jung

A bias-corrected fixed effects estimator in the dynamic panel data model pp. 205-225

Chihwa Kao, Long Liu and Rui Sun

Bayesian panel quantile regression for binary outcomes with correlated random effects: an application on crime recidivism in Canada pp. 227-259

Georges Bresson, Guy Lacroix and Mohammad Arshad Rahman

Modal regression for fixed effects panel data pp. 261-308

Aman Ullah, Tao Wang and Weixin Yao

Feasible generalized least squares for panel data with cross-sectional and serial correlations pp. 309-326

Jushan Bai, Sung Hoon Choi and Yuan Liao

Alternative estimation approaches for the factor augmented panel data model with small T pp. 327-351

Jörg Breitung and Philipp Hansen

A hierarchical panel data stochastic frontier model for the estimation of stochastic metafrontiers pp. 353-363

Christine Amsler, Yi Yi Chen, Peter Schmidt and Hung Jen Wang

Gravity models of interprovincial migration flows in Canada with hierarchical multifactor structure pp. 365-390

Laura Serlenga and Yongcheol Shin

The agency problem revisited: a structural analysis of managerial productivity and CEO compensation in large US commercial banks pp. 391-418

Shasha Liu and Robin Sickles

Productive efficiency in processing social security disability claims: a look back at the 1989–95 surge pp. 419-457

Kajal Lahiri and Jianting Hu

The role of price spillovers: what is different in China pp. 459-485

Xintong Yang, Yu Zhang and Qi Li

Dynamic network and own effects on abnormal returns: evidence from China’s stock market pp. 487-512

Peter Egger and Jiaqing Zhu

RETRACTED ARTICLE: Green innovations and patenting renewable energy technologies pp. 513-538

Esfandiar Maasoumi, Almas Heshmati and Inhee Lee