We examined the relationships between the compositional changes in demographic and socioeconomic factors and the changes in the prevalence of material deprivation in rural and urban areas in Poland. Using the European Union Statistics on Income and Living Conditions (EU-SILC) data for 2019-2020,...

What are the contributions of demand and supply factors to inflation? To address this question, we follow Shapiro (2022) and construct quarterly demand-driven and supply-driven inflation series for 32 countries utilizing sectoral Personal Consumption Expenditures (PCE) data. We highlight global...

Climate change poses an unprecedented challenge to the world economy and the global financial system. This paper sets out to understand and quantify the impact of climate mitigation, with a focus on climate-related news, which represents an important information source that investors use to...

A rise in the aggregate markup can be decomposed into an effect coming from changes in firm-level markups and an effect coming from reallocation of economic activity toward high-markup firms. I show that such a decomposition is heavily influenced by measurement error of firm-level markups. When...

We propose a proxy for global equity mispricing (mispricing $R^2$) based on an instrumented principal component analysis of the return variation of 198 mispricing anomalies. We find that mispricing $R^2$ is higher for countries with lower market development, lower accounting quality, and higher...

With the rise of global value chains (GVCs) countries increasingly specialise in business functions rather than industries. Fragmentation of production processes across the globe into upstream and downstream stages also influences innovation along GVCs. Research has shown that technological...

The risk premiums on real estate investment trusts (REITs) have exceeded and remained higher than those of stocks since the financial crisis of 2007--2008. In this paper, we investigate the reason why. Using the Campbell-Shiller beta decomposition, we find that REIT returns are more sensitive to...

Studies have shown that the previously growing inequality in China has stabilized and even declined since 2008 (Kanbur et al., 2021), nevertheless, the drivers of the latest trans-formation in income inequality remain to be unraveled. We address this research gap by examining the changes in the...